Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 25, 2022 | Jun. 30, 2021 | |
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
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 | Yes | ||
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 | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Firm ID | 34 | ||
Auditor Location | McLean, VA | ||
Entity Shell Company | false | ||
Entity Public Float | $ 892 | ||
Entity Common Stock, Shares Outstanding | 65,394,886 | ||
Entity Central Index Key | 0001533615 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
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 $0.001 per share | ||
Trading Symbol | GMRE PrA | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment in real estate: | ||
Land | $ 152,060 | $ 128,857 |
Building | 985,091 | 851,427 |
Site improvements | 19,021 | 15,183 |
Tenant improvements | 58,900 | 49,204 |
Acquired lease intangible assets | 127,931 | 98,234 |
Investment in real estate, Total | 1,343,003 | 1,142,905 |
Less: accumulated depreciation and amortization | (143,255) | (94,462) |
Investment in real estate, net | 1,199,748 | 1,048,443 |
Cash and cash equivalents | 7,213 | 5,507 |
Restricted cash | 5,546 | 5,246 |
Tenant receivables, net | 6,070 | 5,596 |
Due from related parties | 163 | 103 |
Escrow deposits | 5,957 | 4,817 |
Deferred assets | 25,417 | 20,272 |
Derivative asset | 1,236 | 0 |
Goodwill | 5,903 | 5,903 |
Other assets | 6,232 | 5,019 |
Total assets | 1,263,485 | 1,100,906 |
Liabilities: | ||
Credit Facility, net of unamortized debt issuance costs of $8,033 and $3,559 at December 31, 2021 and December 31, 2020, respectively | 514,567 | 521,641 |
Notes payable, net of unamortized debt issuance costs of $607 and $835 at December 31, 2021 and December 31, 2020, respectively | 57,162 | 64,937 |
Accounts payable and accrued expenses | 10,344 | 7,279 |
Dividends payable | 15,668 | 12,470 |
Security deposits | 4,540 | 4,340 |
Due to related party | 0 | 0 |
Derivative liability | 7,790 | 18,086 |
Other liabilities | 7,709 | 6,171 |
Acquired lease intangible liability, net | 8,128 | 8,222 |
Total liabilities | 625,908 | 643,146 |
Commitments and Contingencies | ||
Equity: | ||
Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at December 31, 2021 and December 31, 2020, respectively (liquidation preference of $77,625 at December 31, 2021 and December 31, 2020, respectively) | 74,959 | 74,959 |
Common stock, $0.001 par value, 500,000 shares authorized; 64,880 shares and 49,461 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 65 | 49 |
Additional paid-in capital | 711,414 | 504,789 |
Accumulated deficit | (157,017) | (116,773) |
Accumulated other comprehensive loss | (6,636) | (18,219) |
Total Global Medical REIT Inc. stockholders' equity | 622,785 | 444,805 |
Noncontrolling interest | 14,792 | 12,955 |
Total equity | 637,577 | 457,760 |
Total liabilities and equity | $ 1,263,485 | $ 1,100,906 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Unamortized debt issuance costs | $ 607 | $ 835 |
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 | 64,880 | 49,461 |
Common stock, shares outstanding | 64,880 | 49,461 |
Credit facility [Member] | ||
Unamortized debt issuance costs | $ 8,033 | $ 3,559 |
Notes Payable [Member] | ||
Unamortized debt issuance costs | $ 607 | $ 835 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | |||
Rental revenue | $ 115,804 | $ 93,518 | $ 70,515 |
Other income | 132 | 212 | 211 |
Total revenue | 115,936 | 93,730 | 70,726 |
Expenses | |||
General and administrative | 16,453 | 11,935 | 6,536 |
Operating expenses | 15,488 | 10,867 | 5,958 |
Management fees - related party | 0 | 4,024 | 6,266 |
Depreciation expense | 33,825 | 26,747 | 19,066 |
Amortization expense | 13,050 | 9,606 | 5,569 |
Interest expense | 19,696 | 18,680 | 17,472 |
Management internalization expense | 0 | 14,005 | 0 |
Preacquisition expense | 151 | 365 | 271 |
Total expenses | 98,663 | 96,229 | 61,138 |
Income (loss) before gain on sale of investment property | 17,273 | (2,499) | 9,588 |
Gain on sale of investment property | 1,069 | 0 | 0 |
Net income (loss) | 18,342 | (2,499) | 9,588 |
Less: Preferred stock dividends | (5,822) | (5,822) | (5,822) |
Less: Net (income) loss attributable to noncontrolling interest | (720) | 574 | (354) |
Net income (loss) attributable to common stockholders | $ 11,800 | $ (7,747) | $ 3,412 |
Net income (loss) attributable to common stockholders per share - basic | $ 0.19 | $ (0.17) | $ 0.10 |
Net income (loss) attributable to common stockholders per share - diluted | $ 0.19 | $ (0.17) | $ 0.10 |
Weighted average shares outstanding - basic | 60,640 | 46,256 | 33,865 |
Weighted average shares outstanding - diluted | 60,640 | 46,256 | 33,865 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Comprehensive Income (Loss) | |||
Net income (loss) | $ 18,342 | $ (2,499) | $ 9,588 |
Other comprehensive income (loss): | |||
Increase (decrease) in fair value of interest rate swap agreements | 11,583 | (11,545) | (2,953) |
Total other comprehensive income (loss) | 11,583 | (11,545) | (2,953) |
Comprehensive income (loss) | 29,925 | (14,044) | 6,635 |
Less: Preferred stock dividends | (5,822) | (5,822) | (5,822) |
Less: Comprehensive (income) loss attributable to noncontrolling interest | (1,390) | 1,365 | (74) |
Comprehensive income (loss) attributable to common stockholders | $ 22,713 | $ (18,501) | $ 739 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ 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, 2018 | $ 26 | $ 74,959 | $ 243,038 | $ (45,007) | $ (3,721) | $ 269,295 | $ 30,455 | $ 299,750 |
Balance (in shares) at Dec. 31, 2018 | 25,944 | 3,105 | ||||||
Net income (loss) | $ 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 | |||||||
LTIP Units and OP Units redeemed for common stock | $ 0 | 0 | 1,081 | 0 | 0 | 1,081 | (1,081) | 0 |
LTIP Units and OP Units redeemed for common stock (in shares) | 97 | |||||||
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 | 0 | 3,336 | 3,336 |
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 | 0 | 0 | 0 | 0 | 0 | 506 | 506 |
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 | 3,105 | ||||||
Net income (loss) | $ 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 | |||||||
LTIP Units and OP Units redeemed for common stock | $ 1 | 0 | 18,186 | 0 | 0 | 18,187 | (18,187) | 0 |
LTIP Units and OP Units redeemed for common stock (in shares) | 1,407 | |||||||
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 | 0 | 0 | 0 | 5,319 | 5,319 |
Dividends to common stockholders | 0 | 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 | 3,105 | ||||||
Net income (loss) | $ 0 | $ 0 | 0 | 17,622 | 0 | 17,622 | 720 | 18,342 |
Issuance of shares of common stock, net | $ 16 | 0 | 205,586 | 0 | 0 | 205,602 | 0 | 205,602 |
Issuance of shares of common stock, net (in shares) | 15,350 | |||||||
LTIP Units and OP Units redeemed for common stock | $ 0 | 0 | 1,039 | 0 | 0 | 1,039 | (1,039) | 0 |
LTIP Units and OP Units redeemed for common stock (in shares) | 69 | |||||||
Change in fair value of interest rate swap agreements | $ 0 | 0 | 0 | 0 | 11,583 | 11,583 | 0 | 11,583 |
Stock-based compensation expense | 0 | 0 | 0 | 5,810 | 5,810 | |||
Dividends to common stockholders | 0 | 0 | (52,044) | 0 | (52,044) | 0 | (52,044) | |
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 | (3,654) | (3,654) |
Balances at Dec. 31, 2021 | $ 65 | $ 74,959 | $ 711,414 | $ (157,017) | $ (6,636) | $ 622,785 | $ 14,792 | $ 637,577 |
Balances (in shares) at Dec. 31, 2021 | 64,880 | 3,105 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Equity | |||
Dividends to common stockholders | $ 0.82 | $ 0.80 | $ 0.80 |
Dividends to preferred stockholders | $ 1.875 | $ 1.875 | $ 1.875 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income (loss) | $ 18,342 | $ (2,499) | $ 9,588 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation expense | 33,825 | 26,747 | 19,066 |
Amortization of acquired lease intangible assets | 12,963 | 9,567 | 5,569 |
Amortization of above market leases, net | 520 | 504 | 881 |
Amortization of debt issuance costs and other | 1,982 | 1,450 | 1,312 |
Stock-based compensation expense | 5,810 | 5,319 | 3,336 |
Capitalized preacquisition costs charged to expense | 168 | 131 | 231 |
Noncash lease expense | 0 | 0 | 111 |
Reserve for uncollectible receivables, net | 183 | 963 | 0 |
Gain on sale of investment property | (1,069) | 0 | 0 |
Other | 62 | (16) | 105 |
Changes in operating assets and liabilities: | |||
Tenant receivables | (657) | (1,602) | (2,142) |
Deferred assets | (5,298) | (5,761) | (5,160) |
Other assets and liabilities | 12 | (247) | (110) |
Accounts payable and accrued expenses | 1,924 | 1,562 | 857 |
Security deposits | 200 | 129 | 2,199 |
Accrued management fees due to related party | 0 | (1,727) | 584 |
Net cash provided by operating activities | 68,967 | 34,520 | 36,427 |
Investing activities | |||
Purchase of land, buildings, and other tangible and intangible assets and liabilities | (192,255) | (217,675) | (254,985) |
Internalization - cash paid for acquisition of Former Advisor, net of cash acquired of $559 | 0 | (5,093) | 0 |
Net proceeds from sale of investment property | 5,479 | 0 | 0 |
Escrow deposits for purchase of properties | 1,576 | 180 | (1,372) |
Loans (made to) repayments received from related parties | (60) | 28 | (16) |
Capital expenditures on existing real estate investments | (9,405) | (1,112) | (1,824) |
Net cash used in investing activities | (194,665) | (223,672) | (258,197) |
Financing activities | |||
Net proceeds received from common equity offerings | 205,522 | 53,088 | 189,498 |
Escrow deposits required by third party lenders | (2,716) | (1,539) | (293) |
Proceeds from notes payable | 0 | 14,800 | 0 |
Repayment of notes payable | (8,003) | (419) | (136) |
Proceeds from Credit Facility | 221,600 | 238,400 | 244,250 |
Repayment of Credit Facility | (224,200) | (64,550) | (173,175) |
Payment of debt issuance costs | (6,177) | (1,294) | (1,039) |
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders | (52,500) | (39,944) | (29,171) |
Dividends paid to preferred stockholders | (5,822) | (5,822) | (5,822) |
Net cash provided by financing activities | 127,704 | 192,720 | 224,112 |
Net increase in cash and cash equivalents and restricted cash | 2,006 | 3,568 | 2,342 |
Cash and cash equivalents and restricted cash-beginning of period | 10,753 | 7,185 | 4,843 |
Cash and cash equivalents and restricted cash-end of period | 12,759 | 10,753 | 7,185 |
Supplemental cash flow information: | |||
Cash payments for interest | 17,707 | 16,907 | 16,282 |
Noncash financing and investing activities: | |||
Accrued dividends payable | 15,668 | 12,470 | 11,091 |
Interest rate swap agreements fair value change recognized in other comprehensive income (loss) | (11,583) | 11,545 | 2,953 |
OP Units and LTIP Units redeemed for common stock | 1,039 | 18,187 | 1,081 |
CMBS loan assumed in connection with a facility acquisition | 0 | 12,074 | 0 |
Accrued common stock offering costs | 0 | 80 | 269 |
OP Units issued for property acquisitions | 0 | 0 | 506 |
Accrued capital expenditures included in accounts payable and accrued expenses | 1,220 | 698 | 276 |
Initial recognition of lease liability related to right of use asset | $ 0 | $ 0 | $ 3,143 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Cash Flows | ||
Cash acquired | $ 559 | $ 559 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
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”) and a taxable REIT subsidiary (“TRS”). 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, 2021, the Company was the 94.35% limited partner of the Operating Partnership, with an aggregate of 5.65% 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." Until July 9, 2020, the Company was externally managed and advised by its former advisor. On July 9, 2020, the Company completed its management internalization transaction, whereby the management agreement with the former advisor 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. Refer to Note 2 – “Summary of Significant Accounting Policies – Management Internalization Expense” for additional details. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 are capitalized for asset acquisitions and expensed as incurred for business combinations. All of the Company’s facility acquisitions for the years ended December 31, 2021 and 2020 were accounted for as asset acquisitions because substantially all of the fair value of the gross assets the Company acquired were 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 and Sales of Real Estate The Company classifies a property as held for sale when the criteria are met, in accordance with GAAP. 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. At that time, the Company presents the assets and obligations associated with the real estate held for sale separately in its Consolidated Balance Sheets and ceases recording depreciation and amortization expense related to that asset. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. None of the Company’s properties were classified as held for sale as of December 31, 2021 or 2020. Upon the disposition of a property, the Company recognizes a gain or loss at a point in time when the Company determines control of the underlying asset has been transferred to the buyer. The Company’s performance obligation is generally satisfied at the closing of the transaction. Any continuing involvement is analyzed as a separate performance obligation in the contract, and a portion of the sales price is allocated to each performance obligation. There is significant judgment applied to estimate the amount of any variable consideration identified within the sales price and assess its probability of occurrence based on current market information, historical transactions, and forecasted information that is reasonably available. For sales of real estate (or assets classified as held for sale), the Company evaluates whether the disposition is a strategic shift that will have a major effect on the Company’s operations and financial results. If a disposition represents a strategic shift that will have a major effect on the Company’s operations and financial results, it will be classified as discontinued operations in the Company’s consolidated financial statements for all periods presented. 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 a 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 related to 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, 2021 2020 Cash and cash equivalents $ 7,213 $ 5,507 Restricted cash 5,546 5,246 Total cash and cash equivalents and restricted cash $ 12,759 $ 10,753 Tenant Receivables, Net The tenant receivable balance as of December 31, 2021 and 2020 was $6,070 and $5,596, respectively. The balance as of December 31, 2021 consisted of $1,309 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $1,158 of loans that were made to two of the Company’s tenants, and $3,603 of tenant reimbursements. The balance as of December 31, 2020 consisted of $1,066 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 $3,330 of tenant reimbursements. Receivables arising from operating leases are accounted for in accordance with ASC Topic 842 “Leases” (“ASC Topic 842”). 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, 2021 and 2020, the Company had a portfolio level reserve of $350 and $450, respectively, 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, 2021 and 2020 was $5,957 and $4,817, 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, 2021 and 2020 was $25,417 and $20,272, respectively. The balance as of December 31, 2021 consisted of $25,356 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $61 of other deferred costs. 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. Other Assets The other assets balance as of December 31, 2021 and 2020 was $6,232 and $5,019, respectively. The balance as of December 31, 2021 consisted of $3,809 for right of use assets, $257 in preacquisition and other capitalized costs related to our properties, $1,916 in prepaid assets, and $250 for net capitalized software costs and miscellaneous assets. The balance as of December 31, 2020 consisted of $3,598 for right of use assets, $484 in capitalized preacquisition costs, $588 in prepaid assets, and $349 for net capitalized software costs and miscellaneous assets. Refer to Note 8 – “Leases” for additional details on right of use assets. Derivative Instruments - Interest Rate Swaps As of December 31, 2021 and 2020, 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 $6,554 and $18,086, 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 the counterparties in exchange for the Company making fixed-rate payments over the life of the agreements. 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. Other Liabilities The other liabilities balance as of December 31, 2021 and 2020 was $7,709 and $6,171, respectively. The balance as of December 31, 2021 consisted of $4,479 for right of use liabilities and $3,230 of prepaid rent. The balance as of December 31, 2020 consisted of $2,957 for right of use liabilities and 3,214 of prepaid rent. Refer to Note 8 – “Leases” for additional details on right of use liabilities. Net Income (Loss) 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 awards under ASC Topic 718, "Compensation-Stock Compensation." Refer to Note 7 – “Stock Based Compensation” for additional details. Depreciation and Amortization 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,” on July 9, 2020 the Company completed its management internalization transaction. The total amount of consideration for the internalization transaction, after a working capital adjustment, was $17,746. In accordance with ASC Topic 805, the portion of the consideration paid for the management internalization transaction 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 management internalization transaction 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 accompanying Consolidated Statements of Operations for the year ended December 31, 2021 includes the operations of the business acquired for the full year. 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, 2019. 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 period presented, nor does the pro forma information purport to represent the results of operations for future periods. Year Ended December 31, 2020 2019 (unaudited, in thousands) Pro forma total revenue $ 93,730 $ 70,726 Pro forma net income attributable to common stockholders $ 5,524 $ 4,500 Goodwill As of December 31, 2021 and 2020, the Company’s goodwill balance was $5,903. Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of businesses acquired. The Company’s goodwill balance was derived from the management internalization transaction. 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. The Company 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 in 2020, 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. A REIT is generally not subject to U.S. federal income taxes if it 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 the Company’s 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 Reference Rate Reform Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”) contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of December 31, 2021, the Company had 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. |
Property Portfolio
Property Portfolio | 12 Months Ended |
Dec. 31, 2021 | |
Property Portfolio | |
Property Portfolio | Note 3 – Property Portfolio Summary of Properties Acquired During the Year Ended December 31, 2021 During the year ended December 31, 2021 the Company completed 20 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, 2021 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, 2020 $ 128,857 $ 851,427 $ 15,183 $ 49,204 $ 98,234 $ 1,142,905 Facility Acquired – Date Acquired: El Paso – 1/12/21 899 7,549 71 160 1,338 10,017 Syracuse – 1/15/21 616 4,745 128 136 772 6,397 West El Paso – 1/15/21 851 7,160 144 567 856 9,578 Fort Worth – 3/9/21 1,817 13,020 143 395 2,069 17,444 Port St. Lucie – 4/6/21 590 3,583 70 185 359 4,787 Cape Coral and Fort Myers – 4/13/21 5,623 20,155 480 1,132 4,311 31,701 Dallas – 4/16/21 3,101 2,593 63 469 493 6,719 East Grand Forks – 4/19/21 845 6,248 278 815 2,092 10,278 Coos Bay – 4/21/21 861 5,095 56 50 410 6,472 Caledonia – 6/2/21 582 2,669 66 96 497 3,910 Tallahassee – 6/2/21 782 6,720 137 387 1,218 9,244 Forsyth – 7/28/21 1,554 9,627 348 456 7,439 19,424 North Charleston – 7/29/21 927 4,248 106 801 1,098 7,180 Munster – 9/15/21 780 4,451 161 391 953 6,736 Hialeah – 9/30/21 — 9,633 264 716 1,231 11,844 Athens – 9/30/21 564 4,106 58 63 548 5,339 Lemoyne – 12/3/21 299 3,661 113 359 904 5,336 Athens 200 – 12/13/21 327 1,336 42 134 204 2,043 Mentor – 12/16/21 2,249 6,291 354 253 1,322 10,469 Oklahoma City – 12/20/21 727 5,839 261 495 1,583 8,905 Capitalized costs (1) — 8,756 (2) 495 1,636 — 10,887 Total Additions: 23,994 137,485 3,838 9,696 29,697 204,710 Disposition of Prescott – 10/13/21 (791) (3,821) — — — (4,612) Balances as of December 31, 2021 $ 152,060 $ 985,091 $ 19,021 $ 58,900 $ 127,931 $ 1,343,003 (1) Represents capital projects that were completed and placed in service during the year ended December 31, 2021 related to the Company’s existing facilities. (2) During the year ended December 31, 2021, the Company completed and funded a $6,814 expansion at its Oklahoma City facility that was acquired in April 2019 with Mercy Rehabilitation Hospital as the tenant. Depreciation expense was $33,825, $26,747, and $19,066 for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, the Company had aggregate capital improvement commitments and obligations to improve, expand, and maintain the Company’s existing facilities of approximately $27,760. 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 $23,980. The following is a summary of the acquisitions completed during the year ended December 31, 2021. El Paso Facility Land and site improvements $ 970 Building and tenant improvements 7,709 In-place leases 750 Above-market lease intangibles 383 Leasing costs 205 Total purchase price $ 10,017 Syracuse Facility Land and site improvements $ 744 Building and tenant improvements 4,881 In-place leases 434 Leasing costs 338 Below-market lease intangibles (207) Total purchase price $ 6,190 West El Paso Facilities On January 15, 2021, the Company purchased two medical office buildings and an ambulatory surgical center located in El Paso, Texas (the “West El Paso Facilities”) for a total purchase price of approximately $9.6 million. Upon closing the Company entered into two new leases at the medical office buildings with 12-year Land and site improvements $ 995 Building and tenant improvements 7,727 In-place leases 432 Leasing costs 424 Total purchase price $ 9,578 Fort Worth Facility On March 9, 2021, the Company purchased an inpatient psychiatric hospital located in Fort Worth, Texas (the “Fort Worth Facility”) for a purchase price of approximately $17.4 million. Upon closing the Company assumed the existing lease at the Fort Worth Facility (the “Fort Worth Lease”). At acquisition, the Fort Worth Lease had a remaining term of approximately eight 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 $ 1,960 Building and tenant improvements 13,415 In-place leases 1,339 Leasing costs 730 Total purchase price $ 17,444 Port St. Lucie Facility On April 6, 2021, the Company purchased a medical office building with an ambulatory surgical center located in Port St. Lucie, Florida (the “Port St. Lucie Facility”) for a purchase price of approximately $4.8 million. Upon closing the Company assumed two existing leases at the Port St. Lucie Facility (the “Port St. Lucie Leases”). At acquisition, the Port St. Lucie Leases had a weighted-average remaining term of approximately six 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 $ 660 Building and tenant improvements 3,768 In-place leases 245 Leasing costs 114 Total purchase price $ 4,787 Cape Coral and Fort Myers Facilities On April 13, 2021, the Company purchased a six-property medical office portfolio located in Cape Coral, Florida and Fort Myers, Florida (the “Cape Coral and Fort Myers Facilities”) for a total purchase price of approximately $31.7 million. Upon closing the Company assumed six existing leases at the Cape Coral and Fort Myers Facilities (the “Cape Coral and Fort Myers Leases”). At acquisition, the Cape Coral and Fort Myers Leases had a weighted-average remaining term of approximately 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 $ 6,103 Building and tenant improvements 21,287 In-place leases 2,112 Above-market lease intangibles 1,418 Leasing costs 781 Total purchase price $ 31,701 Dallas Facility On April 16, 2021, the Company purchased a medical office building with a surgery center located in Dallas, Texas (the “Dallas Facility”) for a purchase price of approximately $6.4 million. Upon closing the Company assumed two existing leases at the Dallas Facility (the “Dallas Leases”). At acquisition, the Dallas Leases had a weighted-average remaining term of approximately seven 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 $ 3,164 Building and tenant improvements 3,062 In-place leases 275 Leasing costs 218 Below-market lease intangibles (295) Total purchase price $ 6,424 East Grand Forks Facilities On April 19, 2021, the Company purchased two medical office buildings located in East Grand Forks, Minnesota (the “East Grand Forks Facilities”) for a total purchase price of approximately $9.7 million. Upon closing the Company assumed two existing leases at the East Grand Forks Facilities (the “East Grand Forks Leases”). At acquisition, the East Grand Forks Leases had a weighted- average remaining term of approximately four 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 $ 1,123 Building and tenant improvements 7,063 In-place leases 1,839 Leasing costs 253 Below-market lease intangibles (554) Total purchase price $ 9,724 Coos Bay Facility On April 21, 2021, the Company purchased a medical office building in Coos Bay, Oregon (the “Coos Bay Facility”) for a purchase price of approximately $6.5 million. Upon closing the Company assumed the existing lease at the Coos Bay Facility (the “Coos Bay Lease”). At acquisition, the Coos Bay Lease had a remaining lease term of approximately three 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 $ 917 Building and tenant improvements 5,145 In-place leases 316 Leasing costs 94 Total purchase price $ 6,472 Caledonia Facility On June 2, 2021, the Company purchased a medical office building in Caledonia, Michigan (the “Caledonia Facility”) for a purchase price of approximately $3.9 million. Upon closing the Company assumed four existing leases at the Caledonia Facility (the “Caledonia Leases”). At acquisition, the Caledonia Leases had a remaining lease term of approximately four 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 $ 648 Building and tenant improvements 2,765 In-place leases 410 Leasing costs 87 Below-market lease intangibles (47) Total purchase price $ 3,863 Tallahassee Facility On June 2, 2021, the Company purchased a medical office building in Tallahassee, Florida (the “Tallahassee Facility”) for a purchase price of approximately $9.2 million. Upon closing the Company assumed two existing leases at the Tallahassee Facility (the “Tallahassee Leases”). At acquisition, the Tallahassee Leases had a remaining lease term of approximately nine 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 $ 919 Building and tenant improvements 7,107 In-place leases 708 Leasing costs 510 Total purchase price $ 9,244 Forsyth Facilities Land and site improvements $ 1,902 Building and tenant improvements 10,083 In-place leases 1,456 Above-market lease intangibles 4,946 Leasing costs 1,037 Below-market lease intangibles (164) Total purchase price $ 19,260 North Charleston Facility On July 29, 2021, the Company purchased a medical office building in North Charleston, South Carolina (the “North Charleston Facility”) for a purchase price of approximately $7.2 million. Upon closing the Company entered into a new lease with the existing tenant at the North Charleston Facility (the “North Charleston Lease”). The North Charleston Lease has a term of 15 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 $ 1,033 Building and tenant improvements 5,049 In-place leases 534 Leasing costs 564 Total purchase price $ 7,180 Munster Facility Land and site improvements $ 941 Building and tenant improvements 4,842 In-place leases 385 Above-market lease intangibles 292 Leasing costs 276 Below-market lease intangibles (57) Total purchase price $ 6,679 Hialeah Facility On September 30, 2021, the Company purchased a medical office building located in Hialeah, Florida (the “Hialeah Facility”) and the seller’s interest, as ground lessee, in an existing ground lease, for a total purchase price of approximately $11.7 million. At acquisition, the ground lease had a remaining term of approximately 39 years. Upon closing the Company assumed 42 existing leases at the Hialeah Facility (the “Hialeah Leases”). At acquisition, the Hialeah Leases had a weighted-average remaining term of approximately 2 years, exclusive of tenant renewal options; however, due to the number of leases at the Hialeah Facility, the weighted-average remaining lease term is not comparative to the weighted-average remaining lease terms of the Company’s single-tenant properties. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 264 Building and tenant improvements 10,349 In-place leases 931 Leasing costs 300 Below-market lease intangibles (150) Total purchase price $ 11,694 Athens Facility On September 30, 2021, the Company purchased certain condominium units within a medical office building in Athens, Georgia (the “Athens Facility”) for a purchase price of approximately $5.3 million. Upon closing the Company assumed the existing lease at the Athens Facility (the “Athens Lease”). At acquisition, the Athens Lease had a remaining lease term of approximately three 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 $ 622 Building and tenant improvements 4,169 In-place leases 472 Leasing costs 76 Total purchase price $ 5,339 Lemoyne Facilities On December 3, 2021, the Company purchased certain condominium units within two medical office buildings located in Lemoyne, Pennsylvania (the “Lemoyne Facilities”) for a total purchase price of approximately $5.2 million. Upon closing the Company assumed an existing lease with one tenant and entered into a new lease with one existing tenant at the Lemoyne Facilities (the “Lemoyne Leases”). At acquisition, the Lemoyne Leases had a weighted-average remaining term of approximately 12 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 $ 412 Building and tenant improvements 4,020 In-place leases 339 Above-market lease intangibles 267 Leasing costs 298 Below-market lease intangibles (123) Total purchase price $ 5,213 Athens 200 Facility On December 13, 2021, the Company purchased certain condominium units within a medical office building in Athens, Georgia (the “Athens 200 Facility”) for a purchase price of approximately $2.0 million. Upon closing the Company assumed the existing lease at the Athens 200 Facility (the “Athens 200 Lease”). At acquisition, the Athens 200 Lease had a remaining lease term of approximately two 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 $ 369 Building and tenant improvements 1,470 In-place leases 180 Leasing costs 24 Total purchase price $ 2,043 Mentor Facility On December 16, 2021, the Company purchased a medical office building located in Mentor, Ohio (the “Mentor Facility”) for a total purchase price of approximately $10.3 million. Upon closing the Company assumed 12 existing leases at the Mentor Facility (the “Mentor Leases”). At acquisition, the Mentor Leases had a weighted-average remaining term of approximately four 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 $ 2,603 Building and tenant improvements 6,544 In-place leases 1,140 Leasing costs 182 Below-market lease intangibles (172) Total purchase price $ 10,297 Oklahoma City Facility On December 20, 2021, the Company purchased a medical office building located in Oklahoma City, Oklahoma (the “Oklahoma City Facility”) for a total purchase price of approximately $8.9 million. Upon closing the Company assumed three existing leases with three tenants and entered into a new master lease with one tenant at the Oklahoma City Facility (the “Oklahoma City Leases”). At acquisition, the Oklahoma City Leases had a weighted-average remaining term of approximately six and a half years Land and site improvements $ 988 Building and tenant improvements 6,334 In-place leases 900 Above-market lease intangibles 334 Leasing costs 349 Total purchase price $ 8,905 Property Under Contract for Sale On October 5, 2021, the Company entered into an agreement to sell a medical office building located in Belpre, Ohio for gross proceeds of approximately $44.6 million. The property had a net book value of approximately $29.5 million as of December 31, 2021. The transaction is expected to be completed no earlier than June 2022. The buyer is currently in the due diligence period and the transaction is subject to various closing contingencies. Accordingly, the transaction may not close on a timely basis or the buyer may terminate the purchase agreement and not close the transaction. As of December 31, 2021 the transaction did not meet the criteria to be classified as held for sale. The Company acquired the facility as part of a portfolio of four medical office buildings in April 2018. 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 (3) Represents capital projects that were completed and placed in service during the year ended December 31, 2020 related to the Company’s existing facilities. 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. At acquisition, the ground lease had 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 a tenant renewal option. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,778 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 five 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 $ 1,341 Building and tenant improvements 11,437 In-place leases 756 Leasing costs 290 Total purchase price $ 13,824 Spring Hill and Hudson Facilities 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 approximately $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 Lease Intangible Assets and Liabilities The following is a summary of the carrying amount of lease intangible assets and liabilities as of December 31, 2021 and 2020: As of December 31, 2021 Accumulated Cost Amortization Net Assets In-place leases $ 70,527 $ (23,638) $ 46,889 Above market leases 22,615 (6,407) 16,208 Leasing costs 34,789 (10,201) 24,588 $ 127,931 $ (40,246) $ 87,685 Liability Below market leases $ 11,842 $ (3,714) $ 8,128 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 The following is a summary of the acquired lease intangible amortization: Year Ended December 31, 2021 2020 2019 Amortization expense related to in-place leases $ 9,046 $ 6,741 $ 3,814 Amortization expense related to leasing costs $ 3,917 $ 2,826 $ 1,755 Decrease in rental revenue related to above market leases $ 2,384 $ 1,657 $ 1,270 Increase in rental revenue related to below market leases $ (1,864) $ (1,153) $ (389) Future aggregate net amortization of the acquired lease intangible assets and liabilities as of December 31, 2021, is as follows: Net Decrease Net Increase in Revenue in Expenses 2022 $ (847) $ 14,695 2023 (887) 13,713 2024 (726) 11,596 2025 (1,116) 8,082 2026 (1,180) 6,653 Thereafter (3,324) 16,738 Total $ (8,080) $ 71,477 For the year ended December 31, 2021, the weighted average amortization period for asset lease intangibles and liability lease intangibles are 5.0 years and 4.0 years, respectively. |
Credit Facility, Notes Payable
Credit Facility, Notes Payable and Derivative Instruments | 12 Months Ended |
Dec. 31, 2021 | |
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 On May 3, 2021, the Company, the Operating Partnership, as borrower, and certain of its subsidiaries (such subsidiaries, the “Subsidiary Guarantors”) entered into an amended and restated $750 million unsecured syndicated credit facility with JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent (the “Credit Facility”). The Credit Facility consists of a $350 million term loan component (the “Term Loan”) and a $400 million revolver component (the “Revolver”). The Credit Facility also includes a $500 million accordion feature. The Term Loan matures in May 2026 and the Revolver matures in May 2025, with two six-month extension options. Amounts outstanding under the Credit Facility bear interest at a floating rate that is based on LIBOR plus a specified margin based on the Company’s leverage. The Operating Partnership is subject to a number of financial covenants under the Credit Facility, including, among other things, the following as of the end of each fiscal quarter, (i) a maximum consolidated unsecured leverage ratio of less than 60%, (ii) a maximum consolidated secured leverage ratio of less than 30%, (iii) a maximum consolidated secured recourse leverage ratio of less than 10%, (iv) a minimum fixed charge coverage ratio of 1.50:1.00, (v) a minimum unsecured interest coverage ratio of 1.50:1.00, (vi) a maximum consolidated leverage ratio of less than 60%, and (vii) a minimum net worth of $345 million plus 75% of all net proceeds raised through equity offerings subsequent to December 31, 2020. As of February 25, 2022, management believed it 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, 2021, the Company borrowed $221,600 under the Credit Facility and repaid $224,200, for a net amount repaid of $2,600. 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. Interest expense incurred on the Credit Facility was $14,705, $14,669, and $14,237 for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 2021 and 2020, the Company had the following outstanding borrowings under the Credit Facility: December 31, 2021 December 31, 2020 Revolver $ 172,600 $ 175,200 Term Loan 350,000 350,000 Less: Unamortized debt issuance costs (8,033) (3,559) Credit Facility, net $ 514,567 $ 521,641 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 $6,177 and $952 during the years ended December 31, 2021 and 2020, respectively, related to amendments and modifications to the Credit Facility as well as fees related to adding properties to the borrowing base. The amount paid during the year ended December 31, 2021 primarily related to costs incurred in connection with the amendment and restatement of the Credit Facility on May 3, 2021. Amortization expense incurred was $1,703, $1,225, and $1,129 for the years ended December 31, 2021, 2020, and 2019, respectively, and is included in the “Interest Expense” line item in the accompanying Consolidated Statements of Operations. Reference Rate Reform On March 5, 2021, the Financial Conduct Authority (“FCA”) announced that USD LIBOR will no longer be published after June 30, 2023. This announcement has several implications, including setting the spread that may be used to automatically convert contracts from LIBOR to the Secured Overnight Financing Rate ("SOFR"). Additionally, as of December 31, 2021, banks are expected to no longer issue any new LIBOR debt. The Company anticipates that LIBOR will continue to be available at least until June 30, 2023. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form. The Company has interest rate swaps that are indexed to LIBOR and is monitoring and evaluating the related risks. These risks arise in connection with transitioning contracts to an alternative rate, including any resulting value transfer that may occur, and are likely to vary by contract. The value of loans, securities, or derivative instruments tied to LIBOR, as well as interest rates on our current or future indebtedness, may also be impacted if LIBOR is limited or discontinued. For some instruments the method of transitioning to an alternative reference rate may be challenging, especially if the Company cannot agree with the respective counterparty about how to make the transition. While the Company expects LIBOR to be available in substantially its current form until at least June 30, 2023, 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 would be accelerated and magnified. Alternative rates and other market changes related to the replacement of LIBOR, including the introduction of financial products and changes in market practices, may lead to risk modeling and valuation challenges, such as adjusting interest rate accrual calculations and building a term structure for an alternative rate. The introduction of an alternative rate also may create additional basis risk and increased volatility as alternative rates are phased in and utilized in parallel with LIBOR. Adjustments to systems and mathematical models to properly process and account for alternative rates will be required, which may strain the model risk management and information technology functions and result in substantial incremental costs for the Company. 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 herein. The following table sets forth the balances of these loans as of December 31, 2021 and 2020. December 31, 2021 December 31, 2020 Notes payable, gross $ 66,349 $ 66,349 Unamortized debt issuance costs (607) (835) Cumulative principal repayments (8,580) (577) Notes payable, net $ 57,162 $ 64,937 In connection with the aforementioned loans, the Company paid no debt issuance and related costs during the year ended December 31, 2021 and 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 $228, $174, and $132, for the years ended December 31, 2021, 2020, and 2019, 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 loan with FVCbank 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 $361 and $109 during the years ended December 31, 2021 and 2020, respectively. The loan balance as of December 31, 2021 and 2020 was $14,330 and $14,691, respectively. Interest expense incurred on this loan was $566 and $249 for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, scheduled principal payments due for each year ended December 31 were as follows: 2022 $ 376 2023 391 2024 405 2025 13,158 Total $ 14,330 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 $275 and $175 during the years ended December 31, 2021 and 2020, respectively. The loan balance as of December 31, 2021 and 2020 was $11,624 and $11,899, respectively. Interest expense incurred on this loan was $550 and $383 for years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, scheduled principal payments due for each year ended December 31 were as follows: 2022 $ 288 2023 302 2024 11,034 Total $ 11,624 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 required interest-only payments through March 31, 2021 and thereafter principal and interest based on a 30-year The Company made principal payments of $282 during the year ended December 31, 2021. The loan balance as of December 31, 2021 and 2020 was $31,815 and $32,097, respectively. Interest expense incurred on this note was $1,695, $1,703, and $1,699 for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, scheduled principal payments due for each fiscal year ended December 31 are as follows: 2022 447 2023 471 2024 492 2025 523 2026 551 Thereafter 29,331 Total $ 31,815 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 Company made principal payments of $7,085 and $293 during the years ended December 31, 2021 and 2020. The loan was paid in full as of December 31, 2021. The loan balance as of December 31, 2020 was $7,085. Interest expense incurred on this note was $249, $277, and $274 for the years ended December 31, 2021, 2020, and 2019, respectively. Derivative Instruments - Interest Rate Swaps The Company has six interest rate swaps with a total notional amount of $350 million that are used to manage its interest rate risk and fix the LIBOR component on the Term Loan. An aggregate of $150 million of the swaps mature in August 2023 and the remaining $200 million mature in August 2024. In addition, the Company has five forward starting interest rate swaps that will be effective on the maturity dates of the existing interest rate swaps. The forward starting swaps each have a maturity date of April 2026 and will fix the LIBOR component on the Term Loan through its maturity. Currently, the interest rate swaps fix the LIBOR component of the Term Loan at a rate of 1.91% through August 2023. Subsequently, from August 2023 to August 2024 the LIBOR component of the Term Loan rate will be fixed at 1.61%. Finally, from August 2024 to April 2026 the LIBOR component of the Term Loan rate will be fixed at 1.45%. 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 $6,554 and $18,086 as of December 31, 2021 and 2020, 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, 2021 and 2020, respectively. The table below details the components of the income (loss) presented on the accompanying Consolidated Statements of Comprehensive Income (Loss) recognized on the Company’s interest rate swap agreements designated as cash flow hedges for the years ended December 31, 2021, 2020, and 2019. Years Ended December 31, 2021 2020 2019 Amount of (gain) loss recognized in other comprehensive income (loss) $ (5,220) $ 16,451 $ 3,922 Amount of loss reclassified from accumulated other comprehensive loss into interest expense (6,363) (4,906) (969) Total change in accumulated other comprehensive loss $ (11,583) $ 11,545 $ 2,953 During the next twelve months, the Company estimates that an additional $5,036 will be reclassified as an increase to interest expense. Additionally, during the years ended December 31, 2021, 2020, and 2019, the Company recorded total interest expense in its Consolidated Statements of Operations of $19,696, $18,680, $17,472, respectively. Weighted-Average Interest Rate and Term The weighted average interest rate and term of the Company’s debt was 2.87% and 4.28 years, respectively, at December 31, 2021, compared to 3.17% and 2.79 years, respectively, as of December 31, 2020. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020, 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 and is redeemable by the Company beginning in September 2022. Preferred stock dividend activity for the years ended December 31, 2021 and 2020 is summarized in the following table: Applicable Quarterly Dividends Date Announced Record Date Quarter Payment Date Dividend per Share 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 $ 0.46875 March 3, 2021 April 15, 2021 Q1 2021 April 30, 2021 $ 1,455 $ 0.46875 June 10, 2021 July 15, 2021 Q2 2021 August 2, 2021 $ 1,455 $ 0.46875 September 10, 2021 October 15, 2021 Q3 2021 November 1, 2021 $ 1,455 $ 0.46875 December 10, 2021 January 15, 2022 Q4 2021 January 31, 2022 $ 1,455 (1) $ 0.46875 (1) Two months of this amount, equal to $970 , was accrued at December 31, 2021. 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, 2021 and 2020, 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, 2021 and 2020, there were 64,880 and 49,461 outstanding shares of common stock, respectively. Common stock dividend activity for the years ended December 31, 2021 and 2020 is summarized in the following table: Applicable Dividend Dividends Date Announced Record Date Quarter Payment Date Amount (1) per Share 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 March 3, 2021 March 24, 2021 Q1 2021 April 8, 2021 $ 13,260 $ 0.205 June 10, 2021 June 24, 2021 Q2 2021 July 8, 2021 $ 13,964 $ 0.205 September 10, 2021 September 24, 2021 Q3 2021 October 8, 2021 $ 13,961 $ 0.205 December 10, 2021 December 27, 2021 Q4 2021 January 10, 2022 $ 14,055 $ 0.205 (1) Includes dividends on granted LTIP Units and OP Units issued to third parties. During the years ended December 31, 2021 and 2020, the Company paid total dividends on its common stock, LTIP Units, and OP Units in the aggregate amount of $52,500 and $39,944, respectively. As of December 31, 2021 and 2020, the Company had accrued dividend balances of $643 and $927 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, 2021, $458 of dividends were accrued and $742 of dividends were paid related to these units. During the year ended December 31, 2020, $922 of dividends were accrued and $575 of dividends were paid related to these 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. Capital Raising Activity On March 18, 2021, the Company closed an underwritten public offering of its common stock, including the related option to purchase additional shares granted to the underwriters. These transactions resulted in the issuance of 8,625 shares of the Company’s common stock at a public offering price of $13.30 per share, resulting in net proceeds to the Company of $109,550. In August 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 million of its common stock (the “2020 ATM Program”). During the year ended December 31, 2021, the Company generated net proceeds of $96,449 through equity issuances of 6,726 shares of the Company’s common stock at an average offering price of $14.56 per share through the 2020 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 2020 ATM Program and the Company’s prior ATM program, generating net proceeds of $53,717. OP Units During the year ended December 31, 2021, three OP Unit holders redeemed an aggregate of 62 OP Units for shares of the Company’s common stock with an aggregate redemption value of $919. During the 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. As of December 31, 2021 and 2020, there were 1,702 and 1,764 OP Units issued outstanding |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions | |
Related Party Transactions | Note 6 – Related Party Transactions Management Agreement and Management Fees On July 9, 2020, the Company completed the management internalization transaction. Prior to the completion of this transaction, the Company was subject to a management agreement dated July 1, 2016, by and between the Company and the former advisor. As a result of the completion of the management internalization transaction, for the year ended December 31, 2021, no management fees were incurred and expensed by the Company. For the years ended December 31, 2020 (prior to the completion of the management internalization transaction), and 2019, management fees of $4,024, and $6,266, respectively, were incurred and expensed by the Company. No incentive management fee was incurred by the Company during the years ended December 31, 2021, 2020, and 2019. Related Party Balances The due from related parties balance as of December 31, 2021 and 2020 was $163 and $103, respectively. These balances primarily consist of taxes paid on behalf of LTIP Unit and OP Unit holders that are reimbursable to the Company. The Company had no amounts due to related parties as of December 31, 2021 and 2020. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
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 of the Company, 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). On May 26, 2021, the Company’s stockholders approved an amendment to the Plan to increase the number of authorized shares available for issuance under the Plan by 1,500 shares. Based on the grants outstanding as of December 31, 2021, there were 1,469 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, 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, 2021, 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 2, 2021 Final awards under the 2018 Long-Term Incentive Plan 220 50% on March 2, 2021; and 50% on March 2, 2022 March 2, 2021 Final awards under the 2020 Annual Incentive Plan 267 50% on March 2, 2021; and 50% on March 2, 2022 March 2, 2021 Time-based awards under the 2021 Long-Term Incentive Plan 56 100% on March 2, 2024 May 26, 2021 Annual awards to independent directors 25 100% on May 26, 2022 During the year ended December 31, 2021, there were 17 time-based LTIP Units forfeited and seven LTIP units redeemed for the Company’s common stock. A detail of the Company’s outstanding time-based LTIP Units as of December 31, 2021 is as follows: Vested units 1,445 Unvested units 738 LTIP Units outstanding as of December 31, 2021 2,183 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. During the year ended December 31, 2021 there were eight performance-based LTIP awards forfeited. A detail of the Company’s Long-Term Awards under the 2019 and 2020 programs, and the Annual Awards and Long-Term Awards under the 2021 program as of December 31, 2021 is as follows: 2019 Long-Term Awards 82 2020 Long-Term Awards 68 2021 Annual Awards (1) 88 2021 Long-Term Awards (2) 74 Total target performance awards as of December 31, 2021 312 (1) Approved by the Board on March 2, 2021. The number of target LTIP Units was based on the average closing price of the Company’s common stock reported on the New York Stock Exchange (“NYSE”) over the 15 trading days preceding the grant date. (2) Approved by the Board on March 2, 2021. 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 ending December 31, 2021, as set forth in the 2021 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, 2021, management estimated that the Performance Goals would be met at a 105% level and, accordingly, estimated that 105% of the 2021 target Annual Awards were expected to be earned at the end of the performance period, and accordingly, cumulative stock-based compensation expense during the year ended December 31, 2021 reflects management’s estimate that 105% 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 2021 Annual Award LTIP Units that are not earned will be forfeited and cancelled. Vesting. Distributions. Long-Term Awards. Vesting. Distributions. Stock-Based Compensation Expense 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 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. 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: 2021 Long-Term 2020 Long-Term 2019 Long-Term Awards Awards Awards Fair value $ 14.86 $ 13.47 $ 10.07 Target awards 76 70 82 Volatility 42.37 % 28.75 % 31.70 % Risk-free rate 0.26 % 0.72 % 2.50 % Dividend assumption reinvested reinvested reinvested Expected term in years 3 3 3 The Company incurred stock compensation expense of $5,810, $5,319, and $3,336, for the years ended December 31, 2021, 2020, and 2019, 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, 2021, total unamortized compensation expense related to these awards of approximately $4.9 million is expected to be recognized over a weighted average remaining period of 1.6 years. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
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. 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 $115,804 and $93,518 of rental revenue related to operating lease payments for the years ended December 31, 2021 and 2020, respectively. Of these amounts $6,674 and $4,924, 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, 2021 is as follows for the subsequent years ended December 31: 2022 $ 105,985 2023 103,061 2024 94,320 2025 81,268 2026 73,663 Thereafter 360,131 Total $ 818,428 Information as Lessee Under ASC Topic 842 The Company has seven buildings located on land that is subject to operating ground leases with a weighted average remaining term of approximately 40 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 $166 and $140 of ground lease expense, of which $122 and $116 was paid in cash, during the years ended December 31, 2021 and 2020, 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, 2021 and a reconciliation 2022 $ 442 2023 206 2024 162 2025 163 2026 165 Thereafter 6,042 Total 7,180 Discount (3,950) Lease liability $ 3,230 T Tenant Concentration During the year ended December 31, 2021, the Company’s rental revenues were derived from 189 tenants leasing 105 facilities. During 2021 there were no tenants with rental revenue that exceeded 10% of the Company’s rental revenue. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 9 – 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. |
SCHEDULE III-CONSOLIDATED REAL
SCHEDULE III-CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2021 | |
SCHEDULE III-CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION | |
SCHEDULE III-CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION | (a)(2) Financial Statement Schedule SCHEDULE III CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION (dollars and OP Units in thousands) Costs Capitalized Subsequent to Initial Costs Acquisition Gross Value at Close of Period 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 12.31.21 / Renov Acquired Computed Omaha $ — $ 21,867 $ — $ — $ — $ 21,867 $ 21,867 $ 4,138 2008 2014 (1) Asheville 572 1,934 — — 572 1,934 2,506 353 2002 2014 (1) Pittsburgh 1,287 10,322 — — 1,287 10,322 11,609 1,617 2006 2015 (1) Memphis (4) 2,705 17,451 — — 2,705 17,451 20,156 2,603 (7) 2015 (1) Plano (4) 1,050 16,696 — — 1,050 16,696 17,746 2,474 2013 2016 (1) Westland (4) 230 4,520 — — 230 4,520 4,750 650 2009 2016 (1) Melbourne (4) 1,200 14,250 — — 1,200 14,250 15,450 2,049 2012 2016 (1) Reading 1,440 7,940 — — 1,440 7,940 9,380 1,082 1992/2002 2016 (1) East Orange 2,150 10,112 — 500 2,150 10,612 12,762 1,335 1996 2016 (1)(2) Watertown 1,100 8,002 45 249 1,145 8,251 9,396 1,086 2011/2015 2016 (1)(2)(3) Sandusky 791 10,710 — — 791 10,710 11,501 1,523 (8) 2016/2017 (1) Carson City 760 3,268 — — 760 3,268 4,028 423 1991 2016 (1) Ellijay 914 3,337 — — 914 3,337 4,251 654 2015 2016 (1)(2)(3) Altoona 1,184 18,505 — — 1,184 18,505 19,689 2,654 2000 2016 (1)(2)(3) Mechanicsburg 810 21,451 — — 810 21,451 22,261 3,003 2011 2016 (1)(2)(3) Mesa 3,620 16,265 — — 3,620 16,265 19,885 2,670 2011 2016 (1)(2)(3) Lewisburg 681 6,114 — — 681 6,114 6,795 1,185 2006 2017 (1)(2)(3) Cape Coral 353 7,017 — — 353 7,017 7,370 696 2007 2017 (1) Las Cruces 397 4,618 40 32 437 4,650 5,087 655 2012 2017 (1)(2)(3) Clermont 145 4,422 — — 145 4,422 4,567 514 2014 2017 (1)(2)(3) Oklahoma City 2,953 38,724 — — 2,953 38,724 41,677 5,314 2002/2007 2017 (1)(2)(3) Brockport 693 7,097 — — 693 7,097 7,790 1,085 2011 2017 (1)(2)(3) Flower Mound 730 3,155 — — 730 3,155 3,885 483 2014 2017 (1)(2)(3) Sherman 1,601 25,011 — 2,447 1,601 27,458 29,059 3,115 2009 2017 (1)(2) Lubbock 1,566 5,725 — — 1,566 5,725 7,291 994 2004 2017 (1)(2)(3) Germantown 3,050 8,385 — — 3,050 8,385 11,435 1,504 2002 2017 (1)(2)(3) Austin 7,223 29,616 — — 7,223 29,616 36,839 3,272 2012 2017 (1)(2)(3) Fort Worth 1,738 3,726 — — 1,738 3,726 5,464 540 2016 2017 (1)(2)(3) Albertville 1,154 4,444 193 — 1,347 4,444 5,791 971 2007 2017 (1)(2)(3) Moline 854 9,237 — — 854 9,237 10,091 1,303 2004 2017 (1)(2)(3) Lee’s Summit 571 2,929 — — 571 2,929 3,500 622 2007 2017 (1)(2)(3) Amarillo 1,437 7,254 — — 1,437 7,254 8,691 659 2011 2017 (1) Wyomissing 487 5,250 — — 487 5,250 5,737 467 2004 2017 (1) Saint George 435 5,372 — 76 435 5,448 5,883 540 1997 2017 (1)(2) Silvis 249 5,862 — 641 249 6,503 6,752 1,065 1997/2006 2018 (1)(2)(3) Fremont 162 8,335 — — 162 8,335 8,497 773 2018 2018 (1) Gainesville 625 9,885 — 554 625 10,439 11,064 981 2002 2018 (1)(2) East Dallas 6,272 17,012 1,450 6,272 18,462 24,734 2,174 1994 2018 (1)(2) Orlando 3,075 11,944 — 95 3,075 12,039 15,114 1,465 2007/2008/ 2009 2018 (1)(2)(3) Belpre 3,997 53,520 — — 3,997 53,520 57,517 5,421 2011/ 2013/2014/ 2017 2018 (1)(2)(3) McAllen 1,099 4,296 — — 1,099 4,296 5,395 500 2000 2018 (1) Derby 567 2,585 — 55 567 2,640 3,207 377 2005 2018 (1)(2)(3) Bountiful 720 4,185 — 65 720 4,250 4,970 361 2004 2018 (1)(2) Cincinnat 1,823 1,811 — — 1,823 1,811 3,634 414 2016 2018 (1)(2)(3) Melbourne Pine 732 5,980 — 649 732 6,629 7,361 610 1993 2018 (1)(2)(3) Southern IL 1,830 12,660 — — 1,830 12,660 14,490 1,137 (9) 2018 (1) Vernon 1,166 9,929 — — 1,166 9,929 11,095 1,021 1993/1999 2018 (1) Corona 1,601 14,689 — — 1,601 14,689 16,290 1,103 2009 2018 (1) Zachary 103 3,745 — — 103 3,745 3,848 324 2015 2019 (1)(2)(3) Chandler 4,616 11,643 — 31 4,616 11,674 16,290 979 2004/2007/ 2015 2019 (1)(2) Surprise 1,966 22,856 3 — 1,969 22,856 24,825 2,132 2015 2019 (1)(2)(3) South Bend 1,998 11,882 — — 1,998 11,882 13,880 1,679 2009 2019 (1)(2)(3) Las Vegas 2,723 17,482 — — 2,723 17,482 20,205 2,183 2007 2019 (1)(2)(3) Oklahoma Northwest 2,507 22,545 — 6,814 2,507 29,359 31,866 2,201 2012 2019 (1)(2)(3) San Marcos 2,448 7,338 — — 2,448 7,338 9,786 602 2009 2019 (1)(2)(3) Lansing 1,387 8,348 187 99 1,574 8,447 10,021 941 1997/2000/2002 2019 (1)(2)(3) Bannockburn 895 4,700 84 268 979 4,968 5,947 907 1999 2019 (1)(2)(3) Aurora 1,829 8,049 — — 1,829 8,049 9,878 788 2015 2019 (1)(2)(3) Livonia 1,181 8,071 — 388 1,181 8,459 9,640 1,192 1995 2019 (1)(2)(3) Gilbert 2,470 2,389 — — 2,470 2,389 4,859 246 2006 2019 (1)(2)(3) Morgantown 1,256 5,792 — — 1,256 5,792 7,048 468 2019 2019 (1)(2)(3) Beaumont 3,421 25,872 — — 3,421 25,872 29,293 1,625 2013 2019 (1)(2)(3) Bastrop -Freestanding ED 2,039 8,712 — — 2,039 8,712 10,751 610 2012 2019 (1)(2)(3) Panama City 1,779 9,718 — — 1,779 9,718 11,497 787 2008/2009/ 2019 2019 (1)(2)(3) Jacksonville 1,023 7,846 — — 1,023 7,846 8,869 438 2003/2004 2019 (1) Greenwood 892 4,956 — — 892 4,956 5,848 396 1986 2019 (1) Clinton 1,006 8,129 — 95 1,006 8,224 9,230 1,389 1964 2020 (1)(2)(3) High Point 2,189 21,236 — — 2,189 21,236 23,425 1,562 2007 2020 (1)(2)(3) West Allis 1,111 7,785 — — 1,111 7,785 8,896 462 1999 2020 (1)(2)(3) Grand Rapids 3,421 17,810 292 334 3,713 18,144 21,857 1,336 1988/ 1992/2000/ 2006 2020 (1)(2)(3) Dumfries (5) 2,886 14,863 — — 2,886 14,863 17,749 2,351 2019 2020 (1)(2)(3) Centerville 160 4,410 — — 160 4,410 4,570 183 2018 2020 (1)(2)(3) Fairfax 7,112 9,621 — 1,026 7,112 10,647 17,759 844 2019 2020 (1)(2)(3) Rosedale (6) 3,423 17,646 — — 3,423 17,646 21,069 951 2014/2017 2020 (1)(2)(3) Lancaster 805 4,385 — — 805 4,385 5,190 181 2009 2020 (1)(2)(3) Winston Salem 1,778 6,714 — — 1,778 6,714 8,492 348 2009 2020 (1)(2)(3) Decatur 1,626 2,706 — — 1,626 2,706 4,332 136 2010 2020 (1)(2)(3) Jackson 895 4,730 — — 895 4,730 5,625 184 2009 2020 (1)(2)(3) Sheboygan 583 6,223 — — 583 6,223 6,806 242 2005 2020 (1)(2)(3) Plymouth 758 5,214 — — 758 5,214 5,972 186 2010 2020 (1)(2)(3) Spring Hill 3,893 12,954 — — 3,893 12,954 16,847 536 2013/2017/ 2019 2020 (1)(2)(3) Cape Girardeau 1,223 4,865 — — 1,223 4,865 6,088 199 2002 2020 (1)(2)(3) Yuma 1,349 4,989 — — 1,349 4,989 6,338 229 2013 2020 (1)(2)(3) Las Vegas- 311 6,813 — — 311 6,813 7,124 171 2007/2015 2020 (1) Pensacola 2,118 6,153 — — 2,118 6,153 8,271 285 1985/1997 2020 (1)(2)(3) Venice 1,896 4,537 — — 1,896 4,537 6,433 201 2008 2020 (1)(2)(3) El Paso 970 7,709 — 150 970 7,859 8,829 237 2008 2021 (1)(2)(3) West El Paso 995 7,727 — — 995 7,727 8,722 219 2015/2018 2021 (1)(2)(3) Syracuse 744 4,881 25 — 769 4,881 5,650 171 2012 2021 (1)(2)(3) Fort Worth 1,960 13,453 — — 1,960 13,453 15,413 290 2013 2021 (1)(2)(3) Coos Bay 917 5,145 — — 917 5,145 6,062 106 2009 2021 (1)(2)(3) Port Saint Lucie 660 3,768 — — 660 3,768 4,428 107 1990 2021 (1)(2)(3) Dallas 3,164 3,062 — — 3,164 3,062 6,226 105 1989 2021 (1)(2)(3) Cape Coral 6,103 21,287 — — 6,103 21,287 27,390 594 1991/1999/ 2021 (1)(2)(3) East Grand Forks 1,123 7,063 — — 1,123 7,063 8,186 273 2004 2021 (1)(2)(3) Tallahassee 919 7,107 — — 919 7,107 8,026 129 2002 2021 (1)(2)(3) Caledonia 648 2,765 — — 648 2,765 3,413 52 2007 2021 (1)(2)(3) North Charleston 1,033 5,049 — — 1,033 5,049 6,082 78 2002 2021 (1)(2)(3) Forsyth- 1,902 10,083 — — 1,902 10,083 11,985 172 2003 2021 (1)(2)(3) Munster 941 4,842 — — 941 4,842 5,783 74 2005 2021 (1)(2)(3) Athens 622 4,169 — — 622 4,169 4,791 49 2003 2021 (1)(2)(3) Hialeah 264 10,349 — — 264 10,349 10,613 245 2019 2021 (1)(2)(3) Oklahoma City 988 6,334 — — 988 6,334 7,322 — 2001 2021 (1)(2)(3) Mentor 2,603 6,544 — — 2,603 6,544 9,147 — 1991 2021 (1)(2)(3) Athens 200 369 1,470 — — 369 1,470 1,839 — 2000 2021 (1)(2)(3) Lemoyne 412 4,020 — — 412 4,020 4,432 — 1990/2000 2021 (1)(2)(3) Totals $ 170,212 $ 1,027,973 $ 869 $ 16,018 $ 171,081 $ 1,043,991 $ 1,215,072 $ 103,010 The cost basis for income tax purposes of aggregate gross land, building, site improvements, and tenant improvements as of December 31, 2021 was $1,337 million. (1) Estimated remaining useful life for buildings is 18 (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 Cantor Loan, which had a balance of (5) The facility serves as collateral for the Dumfries note, which had a balance of (6) The facility serves as collateral for the Rosedale note, which had a balance of (7) Years of: 2001, 1984, 2003, 2006, 2009, 2011. (8) Years of: 1953, 1982, 2000, 1998, 2017. (9) Years of: 2002, 2006, 2012, 2014, 2015, 2016. Year Ended December 31, 2021 2020 2019 Real Estate Assets: Balance, beginning of period $ 1,044,671 $ 832,735 $ 604,398 Additions through acquisitions 175,013 211,936 228,337 Deductions (4,612) — — Balance, end of period $ 1,215,072 $ 1,044,671 $ 832,735 Accumulated Depreciation: Balance, beginning of period $ 69,563 $ 42,828 $ 23,762 Additions through expense 33,801 26,735 19,066 Deductions (354) — — Balance, end of period $ 103,010 $ 69,563 $ 42,828 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 are capitalized for asset acquisitions and expensed as incurred for business combinations. All of the Company’s facility acquisitions for the years ended December 31, 2021 and 2020 were accounted for as asset acquisitions because substantially all of the fair value of the gross assets the Company acquired were 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 and Sales of Real Estate | Assets Held for Sale and Sales of Real Estate The Company classifies a property as held for sale when the criteria are met, in accordance with GAAP. 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. At that time, the Company presents the assets and obligations associated with the real estate held for sale separately in its Consolidated Balance Sheets and ceases recording depreciation and amortization expense related to that asset. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. None of the Company’s properties were classified as held for sale as of December 31, 2021 or 2020. Upon the disposition of a property, the Company recognizes a gain or loss at a point in time when the Company determines control of the underlying asset has been transferred to the buyer. The Company’s performance obligation is generally satisfied at the closing of the transaction. Any continuing involvement is analyzed as a separate performance obligation in the contract, and a portion of the sales price is allocated to each performance obligation. There is significant judgment applied to estimate the amount of any variable consideration identified within the sales price and assess its probability of occurrence based on current market information, historical transactions, and forecasted information that is reasonably available. For sales of real estate (or assets classified as held for sale), the Company evaluates whether the disposition is a strategic shift that will have a major effect on the Company’s operations and financial results. If a disposition represents a strategic shift that will have a major effect on the Company’s operations and financial results, it will be classified as discontinued operations in the Company’s consolidated financial statements for all periods presented. |
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 a 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 related to 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, 2021 2020 Cash and cash equivalents $ 7,213 $ 5,507 Restricted cash 5,546 5,246 Total cash and cash equivalents and restricted cash $ 12,759 $ 10,753 |
Tenant Receivables, Net | Tenant Receivables, Net The tenant receivable balance as of December 31, 2021 and 2020 was $6,070 and $5,596, respectively. The balance as of December 31, 2021 consisted of $1,309 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $1,158 of loans that were made to two of the Company’s tenants, and $3,603 of tenant reimbursements. The balance as of December 31, 2020 consisted of $1,066 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 $3,330 of tenant reimbursements. Receivables arising from operating leases are accounted for in accordance with ASC Topic 842 “Leases” (“ASC Topic 842”). 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, 2021 and 2020, the Company had a portfolio level reserve of $350 and $450, respectively, 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, 2021 and 2020 was $5,957 and $4,817, 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, 2021 and 2020 was $25,417 and $20,272, respectively. The balance as of December 31, 2021 consisted of $25,356 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $61 of other deferred costs. 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. |
Other Assets | Other Assets The other assets balance as of December 31, 2021 and 2020 was $6,232 and $5,019, respectively. The balance as of December 31, 2021 consisted of $3,809 for right of use assets, $257 in preacquisition and other capitalized costs related to our properties, $1,916 in prepaid assets, and $250 for net capitalized software costs and miscellaneous assets. The balance as of December 31, 2020 consisted of $3,598 for right of use assets, $484 in capitalized preacquisition costs, $588 in prepaid assets, and $349 for net capitalized software costs and miscellaneous assets. Refer to Note 8 – “Leases” for additional details on right of use assets. |
Derivative Instruments - Interest Rate Swaps | Derivative Instruments - Interest Rate Swaps As of December 31, 2021 and 2020, 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 $6,554 and $18,086, 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 the counterparties in exchange for the Company making fixed-rate payments over the life of the agreements. 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. |
Other Liabilities | Other Liabilities The other liabilities balance as of December 31, 2021 and 2020 was $7,709 and $6,171, respectively. The balance as of December 31, 2021 consisted of $4,479 for right of use liabilities and $3,230 of prepaid rent. The balance as of December 31, 2020 consisted of $2,957 for right of use liabilities and 3,214 of prepaid rent. Refer to Note 8 – “Leases” for additional details on right of use liabilities. |
Net Income (Loss) Attributable to Common Stockholders Per Share | Net Income (Loss) 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 awards under ASC Topic 718, "Compensation-Stock Compensation." Refer to Note 7 – “Stock Based Compensation” for additional details. |
Depreciation and Amortization Expense | Depreciation and Amortization 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,” on July 9, 2020 the Company completed its management internalization transaction. The total amount of consideration for the internalization transaction, after a working capital adjustment, was $17,746. In accordance with ASC Topic 805, the portion of the consideration paid for the management internalization transaction 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 management internalization transaction 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 accompanying Consolidated Statements of Operations for the year ended December 31, 2021 includes the operations of the business acquired for the full year. 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, 2019. 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 period presented, nor does the pro forma information purport to represent the results of operations for future periods. Year Ended December 31, 2020 2019 (unaudited, in thousands) Pro forma total revenue $ 93,730 $ 70,726 Pro forma net income attributable to common stockholders $ 5,524 $ 4,500 |
Goodwill | Goodwill As of December 31, 2021 and 2020, the Company’s goodwill balance was $5,903. Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of businesses acquired. The Company’s goodwill balance was derived from the management internalization transaction. 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. The Company 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 in 2020, 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 | 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. A REIT is generally not subject to U.S. federal income taxes if it 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 the Company’s 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 Reference Rate Reform Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”) contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of December 31, 2021, the Company had elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
Schedule of cash and cash equivalents and restricted cash | As of December 31, 2021 2020 Cash and cash equivalents $ 7,213 $ 5,507 Restricted cash 5,546 5,246 Total cash and cash equivalents and restricted cash $ 12,759 $ 10,753 |
Summary of unaudited pro forma information | Year Ended December 31, 2020 2019 (unaudited, in thousands) Pro forma total revenue $ 93,730 $ 70,726 Pro forma net income attributable to common stockholders $ 5,524 $ 4,500 |
Schedule of tangible and intangible assets | The Company 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 in 2020, 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, 2021 | |
Schedule of Properties Acquired | Site Tenant Acquired Lease Gross Investment in Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2020 $ 128,857 $ 851,427 $ 15,183 $ 49,204 $ 98,234 $ 1,142,905 Facility Acquired – Date Acquired: El Paso – 1/12/21 899 7,549 71 160 1,338 10,017 Syracuse – 1/15/21 616 4,745 128 136 772 6,397 West El Paso – 1/15/21 851 7,160 144 567 856 9,578 Fort Worth – 3/9/21 1,817 13,020 143 395 2,069 17,444 Port St. Lucie – 4/6/21 590 3,583 70 185 359 4,787 Cape Coral and Fort Myers – 4/13/21 5,623 20,155 480 1,132 4,311 31,701 Dallas – 4/16/21 3,101 2,593 63 469 493 6,719 East Grand Forks – 4/19/21 845 6,248 278 815 2,092 10,278 Coos Bay – 4/21/21 861 5,095 56 50 410 6,472 Caledonia – 6/2/21 582 2,669 66 96 497 3,910 Tallahassee – 6/2/21 782 6,720 137 387 1,218 9,244 Forsyth – 7/28/21 1,554 9,627 348 456 7,439 19,424 North Charleston – 7/29/21 927 4,248 106 801 1,098 7,180 Munster – 9/15/21 780 4,451 161 391 953 6,736 Hialeah – 9/30/21 — 9,633 264 716 1,231 11,844 Athens – 9/30/21 564 4,106 58 63 548 5,339 Lemoyne – 12/3/21 299 3,661 113 359 904 5,336 Athens 200 – 12/13/21 327 1,336 42 134 204 2,043 Mentor – 12/16/21 2,249 6,291 354 253 1,322 10,469 Oklahoma City – 12/20/21 727 5,839 261 495 1,583 8,905 Capitalized costs (1) — 8,756 (2) 495 1,636 — 10,887 Total Additions: 23,994 137,485 3,838 9,696 29,697 204,710 Disposition of Prescott – 10/13/21 (791) (3,821) — — — (4,612) Balances as of December 31, 2021 $ 152,060 $ 985,091 $ 19,021 $ 58,900 $ 127,931 $ 1,343,003 (1) Represents capital projects that were completed and placed in service during the year ended December 31, 2021 related to the Company’s existing facilities. (2) During the year ended December 31, 2021, the Company completed and funded a $6,814 expansion at its Oklahoma City facility that was acquired in April 2019 with Mercy Rehabilitation Hospital as the tenant. 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 (3) Represents capital projects that were completed and placed in service during the year ended December 31, 2020 related to the Company’s existing facilities. |
Schedule of tangible and intangible assets | The Company 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 in 2020, 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, 2021 and 2020: As of December 31, 2021 Accumulated Cost Amortization Net Assets In-place leases $ 70,527 $ (23,638) $ 46,889 Above market leases 22,615 (6,407) 16,208 Leasing costs 34,789 (10,201) 24,588 $ 127,931 $ (40,246) $ 87,685 Liability Below market leases $ 11,842 $ (3,714) $ 8,128 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 |
Summary of the acquired lease intangible amortization | The following is a summary of the acquired lease intangible amortization: Year Ended December 31, 2021 2020 2019 Amortization expense related to in-place leases $ 9,046 $ 6,741 $ 3,814 Amortization expense related to leasing costs $ 3,917 $ 2,826 $ 1,755 Decrease in rental revenue related to above market leases $ 2,384 $ 1,657 $ 1,270 Increase in rental revenue related to below market leases $ (1,864) $ (1,153) $ (389) |
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, 2021, is as follows: Net Decrease Net Increase in Revenue in Expenses 2022 $ (847) $ 14,695 2023 (887) 13,713 2024 (726) 11,596 2025 (1,116) 8,082 2026 (1,180) 6,653 Thereafter (3,324) 16,738 Total $ (8,080) $ 71,477 |
El Paso Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 970 Building and tenant improvements 7,709 In-place leases 750 Above-market lease intangibles 383 Leasing costs 205 Total purchase price $ 10,017 |
Syracuse Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 744 Building and tenant improvements 4,881 In-place leases 434 Leasing costs 338 Below-market lease intangibles (207) Total purchase price $ 6,190 |
West El Paso Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 995 Building and tenant improvements 7,727 In-place leases 432 Leasing costs 424 Total purchase price $ 9,578 |
Fort Worth Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,960 Building and tenant improvements 13,415 In-place leases 1,339 Leasing costs 730 Total purchase price $ 17,444 |
Port St. Lucie Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 660 Building and tenant improvements 3,768 In-place leases 245 Leasing costs 114 Total purchase price $ 4,787 |
Cape Coral and Fort Myers Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 6,103 Building and tenant improvements 21,287 In-place leases 2,112 Above-market lease intangibles 1,418 Leasing costs 781 Total purchase price $ 31,701 |
Dallas Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 3,164 Building and tenant improvements 3,062 In-place leases 275 Leasing costs 218 Below-market lease intangibles (295) Total purchase price $ 6,424 |
East Grand Forks Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,123 Building and tenant improvements 7,063 In-place leases 1,839 Leasing costs 253 Below-market lease intangibles (554) Total purchase price $ 9,724 |
Coos Bay Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 917 Building and tenant improvements 5,145 In-place leases 316 Leasing costs 94 Total purchase price $ 6,472 |
Caledonia Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 648 Building and tenant improvements 2,765 In-place leases 410 Leasing costs 87 Below-market lease intangibles (47) Total purchase price $ 3,863 |
Tallahassee Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 919 Building and tenant improvements 7,107 In-place leases 708 Leasing costs 510 Total purchase price $ 9,244 |
Forsyth Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,902 Building and tenant improvements 10,083 In-place leases 1,456 Above-market lease intangibles 4,946 Leasing costs 1,037 Below-market lease intangibles (164) Total purchase price $ 19,260 |
North Charleston Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,033 Building and tenant improvements 5,049 In-place leases 534 Leasing costs 564 Total purchase price $ 7,180 |
Munster Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 941 Building and tenant improvements 4,842 In-place leases 385 Above-market lease intangibles 292 Leasing costs 276 Below-market lease intangibles (57) Total purchase price $ 6,679 |
Hialeah Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 264 Building and tenant improvements 10,349 In-place leases 931 Leasing costs 300 Below-market lease intangibles (150) Total purchase price $ 11,694 |
Athens Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 622 Building and tenant improvements 4,169 In-place leases 472 Leasing costs 76 Total purchase price $ 5,339 |
Lemoyne Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 412 Building and tenant improvements 4,020 In-place leases 339 Above-market lease intangibles 267 Leasing costs 298 Below-market lease intangibles (123) Total purchase price $ 5,213 |
Athens 200 Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 369 Building and tenant improvements 1,470 In-place leases 180 Leasing costs 24 Total purchase price $ 2,043 |
Mentor Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 2,603 Building and tenant improvements 6,544 In-place leases 1,140 Leasing costs 182 Below-market lease intangibles (172) Total purchase price $ 10,297 |
Oklahoma City Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 988 Building and tenant improvements 6,334 In-place leases 900 Above-market lease intangibles 334 Leasing costs 349 Total purchase price $ 8,905 |
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 |
Credit Facility, Notes Payabl_2
Credit Facility, Notes Payable and Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Payable and Revolving Credit Facility | |
Schedule of Outstanding borrowings | As of December 2021 and 2020, the Company had the following outstanding borrowings under the Credit Facility: December 31, 2021 December 31, 2020 Revolver $ 172,600 $ 175,200 Term Loan 350,000 350,000 Less: Unamortized debt issuance costs (8,033) (3,559) Credit Facility, net $ 514,567 $ 521,641 |
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 herein. The following table sets forth the balances of these loans as of December 31, 2021 and 2020. December 31, 2021 December 31, 2020 Notes payable, gross $ 66,349 $ 66,349 Unamortized debt issuance costs (607) (835) Cumulative principal repayments (8,580) (577) Notes payable, net $ 57,162 $ 64,937 |
Schedule of Comprehensive Income (Loss) | Years Ended December 31, 2021 2020 2019 Amount of (gain) loss recognized in other comprehensive income (loss) $ (5,220) $ 16,451 $ 3,922 Amount of loss reclassified from accumulated other comprehensive loss into interest expense (6,363) (4,906) (969) Total change in accumulated other comprehensive loss $ (11,583) $ 11,545 $ 2,953 |
Rosedale Loan [Member] | |
Notes Payable and Revolving Credit Facility | |
Schedule of Maturities of Long-term Debt | As of December 31, 2021, scheduled principal payments due for each year ended December 31 were as follows: 2022 $ 376 2023 391 2024 405 2025 13,158 Total $ 14,330 |
Dumfries Loan [Member] | |
Notes Payable and Revolving Credit Facility | |
Schedule of Maturities of Long-term Debt | As of December 31, 2021, scheduled principal payments due for each year ended December 31 were as follows: 2022 $ 288 2023 302 2024 11,034 Total $ 11,624 |
Cantor Loan [Member] | |
Notes Payable and Revolving Credit Facility | |
Schedule of Maturities of Long-term Debt | As of December 31, 2021, scheduled principal payments due for each fiscal year ended December 31 are as follows: 2022 447 2023 471 2024 492 2025 523 2026 551 Thereafter 29,331 Total $ 31,815 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Preferred Stock [Member] | |
Schedule of dividends payable | The Company’s charter authorizes the issuance of 10,000 shares of preferred stock, par value $0.001 per share. As of December 31, 2021 and 2020, 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 and is redeemable by the Company beginning in September 2022. Preferred stock dividend activity for the years ended December 31, 2021 and 2020 is summarized in the following table: Applicable Quarterly Dividends Date Announced Record Date Quarter Payment Date Dividend per Share 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 $ 0.46875 March 3, 2021 April 15, 2021 Q1 2021 April 30, 2021 $ 1,455 $ 0.46875 June 10, 2021 July 15, 2021 Q2 2021 August 2, 2021 $ 1,455 $ 0.46875 September 10, 2021 October 15, 2021 Q3 2021 November 1, 2021 $ 1,455 $ 0.46875 December 10, 2021 January 15, 2022 Q4 2021 January 31, 2022 $ 1,455 (1) $ 0.46875 (1) Two months of this amount, equal to $970 , was accrued at December 31, 2021. |
Common Stock [Member] | |
Schedule of dividends payable | Common stock dividend activity for the years ended December 31, 2021 and 2020 is summarized in the following table: Applicable Dividend Dividends Date Announced Record Date Quarter Payment Date Amount (1) per Share 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 March 3, 2021 March 24, 2021 Q1 2021 April 8, 2021 $ 13,260 $ 0.205 June 10, 2021 June 24, 2021 Q2 2021 July 8, 2021 $ 13,964 $ 0.205 September 10, 2021 September 24, 2021 Q3 2021 October 8, 2021 $ 13,961 $ 0.205 December 10, 2021 December 27, 2021 Q4 2021 January 10, 2022 $ 14,055 $ 0.205 (1) Includes dividends on granted LTIP Units and OP Units issued to third parties. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation | |
Schedule of LTIP Unit Activity | During the year ended December 31, 2021, 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 2, 2021 Final awards under the 2018 Long-Term Incentive Plan 220 50% on March 2, 2021; and 50% on March 2, 2022 March 2, 2021 Final awards under the 2020 Annual Incentive Plan 267 50% on March 2, 2021; and 50% on March 2, 2022 March 2, 2021 Time-based awards under the 2021 Long-Term Incentive Plan 56 100% on March 2, 2024 May 26, 2021 Annual awards to independent directors 25 100% on May 26, 2022 |
Schedule of time-based vesting LTIP unit activity | During the year ended December 31, 2021, there were 17 time-based LTIP Units forfeited and seven LTIP units redeemed for the Company’s common stock. A detail of the Company’s outstanding time-based LTIP Units as of December 31, 2021 is as follows: Vested units 1,445 Unvested units 738 LTIP Units outstanding as of December 31, 2021 2,183 |
Schedule of the annual awards and long-term 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. During the year ended December 31, 2021 there were eight performance-based LTIP awards forfeited. A detail of the Company’s Long-Term Awards under the 2019 and 2020 programs, and the Annual Awards and Long-Term Awards under the 2021 program as of December 31, 2021 is as follows: 2019 Long-Term Awards 82 2020 Long-Term Awards 68 2021 Annual Awards (1) 88 2021 Long-Term Awards (2) 74 Total target performance awards as of December 31, 2021 312 (1) Approved by the Board on March 2, 2021. The number of target LTIP Units was based on the average closing price of the Company’s common stock reported on the New York Stock Exchange (“NYSE”) over the 15 trading days preceding the grant date. (2) Approved by the Board on March 2, 2021. 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 | 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 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. 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: 2021 Long-Term 2020 Long-Term 2019 Long-Term Awards Awards Awards Fair value $ 14.86 $ 13.47 $ 10.07 Target awards 76 70 82 Volatility 42.37 % 28.75 % 31.70 % Risk-free rate 0.26 % 0.72 % 2.50 % Dividend assumption reinvested reinvested reinvested Expected term in years 3 3 3 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Schedule of aggregate annual cash to be received by the company | The aggregate annual cash to be received by the Company on the noncancelable operating leases related to its portfolio as of December 31, 2021 is as follows for the subsequent years ended December 31: 2022 $ 105,985 2023 103,061 2024 94,320 2025 81,268 2026 73,663 Thereafter 360,131 Total $ 818,428 |
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, 2021 and a reconciliation 2022 $ 442 2023 206 2024 162 2025 163 2026 165 Thereafter 6,042 Total 7,180 Discount (3,950) Lease liability $ 3,230 |
Organization (Details)
Organization (Details) | 12 Months Ended |
Dec. 31, 2021 | |
long-term incentive plan LTIP [Member] | |
Partnership interest | 5.65% |
Global Medical REIT GP LLC [Member] | |
Operating Partnership | 94.35% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 7,213 | $ 5,507 | ||
Restricted cash | 5,546 | 5,246 | ||
Total cash and cash equivalents and restricted cash | $ 12,759 | $ 10,753 | $ 7,185 | $ 4,843 |
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, 2021 | Dec. 31, 2020 | |
Pro forma total revenue | $ 93,730 | $ 70,726 |
Pro forma net income attributable to common stockholders | $ 5,524 | $ 4,500 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 18, 2020 |
Business Acquisition [Line Items] | |||
Internalization expense - settlement of a preexisting contractual relationship | $ 12,094 | ||
Fixed assets | $ 6,305 | ||
Goodwill | $ 5,903 | 5,903 | |
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) | (251) | |
Goodwill | $ 5,903 | $ 5,903 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Jul. 09, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Tenant Receivables | $ 6,070 | $ 5,596 | ||
Receivables Earned But Not Received Relating To Tenant Rent | 1,309 | 1,066 | ||
Loans receivable | 1,158 | 1,200 | ||
Tenant reimbursements | 3,603 | 3,330 | ||
Real estate held for sale | 0 | 0 | ||
Reserve for leases | 350 | 450 | ||
Escrow Deposit | 5,957 | 4,817 | ||
Deferred Costs and Other Assets | 25,417 | 20,272 | ||
Deferred Rent Receivables, Net | 25,356 | 20,192 | ||
Other Deferred Costs, Net | 61 | 80 | ||
Other Assets | 6,232 | 5,019 | ||
Prepaid Expense and Other Assets | 1,916 | 588 | ||
Capitalized preacquisition costs | 257 | 484 | ||
Capitalized software costs | 250 | 349 | ||
Operating Lease, Right-of-Use Asset | 3,809 | 3,598 | ||
Prepaid rent | 3,230 | 3,214 | ||
Derivative Liabilities | 7,790 | 18,086 | ||
Other liabilities | 7,709 | 6,171 | ||
Right of use liabilities | 4,479 | 2,957 | ||
Goodwill | 5,903 | 5,903 | ||
Management internalization expense | 0 | 14,005 | $ 0 | |
Cash acquired | 559 | 559 | ||
Internalization - cash paid for acquisition of Former Advisor, net of cash acquired | 0 | 5,093 | $ 0 | |
Interest Rate Swap [Member] | ||||
Derivative Liabilities | $ 6,554 | 18,086 | ||
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] | ||||
Total consideration | $ 17,746 | |||
Goodwill | $ 5,903 | 5,903 | ||
Total identifiable net liabilities | $ (251) | (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. 20, 2021 | Dec. 16, 2021 | Dec. 13, 2021 | Dec. 03, 2021 | Sep. 30, 2021 | Sep. 15, 2021 | Jul. 29, 2021 | Jul. 28, 2021 | Jun. 02, 2021 | Apr. 21, 2021 | Apr. 19, 2021 | Apr. 16, 2021 | Apr. 13, 2021 | Apr. 06, 2021 | Mar. 09, 2021 | Jan. 15, 2021 | Jan. 12, 2021 | 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. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Beginning Balance | $ 1,142,905 | $ 905,529 | ||||||||||||||||||||||||||||||||||
Acquisitions | 204,710 | 237,376 | ||||||||||||||||||||||||||||||||||
Capitalized costs | 10,887 | 1,799 | ||||||||||||||||||||||||||||||||||
Disposition of Great Bend | (4,612) | |||||||||||||||||||||||||||||||||||
Ending Balance | 1,343,003 | 1,142,905 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
El Paso Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 10,000 | 10,017 | ||||||||||||||||||||||||||||||||||
Syracuse Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 6,200 | 6,397 | ||||||||||||||||||||||||||||||||||
West El Paso Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 9,600 | 9,578 | ||||||||||||||||||||||||||||||||||
Fort Worth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 17,400 | 17,444 | ||||||||||||||||||||||||||||||||||
Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 4,800 | 4,787 | ||||||||||||||||||||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 31,700 | 31,701 | ||||||||||||||||||||||||||||||||||
Dallas Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 6,400 | 6,719 | ||||||||||||||||||||||||||||||||||
East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 9,700 | 10,278 | ||||||||||||||||||||||||||||||||||
Coos Bay Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 6,500 | 6,472 | ||||||||||||||||||||||||||||||||||
Caledonia Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 3,900 | 3,910 | ||||||||||||||||||||||||||||||||||
Tallahassee Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 9,200 | 9,244 | ||||||||||||||||||||||||||||||||||
Forsyth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 19,300 | 19,424 | ||||||||||||||||||||||||||||||||||
North Charleston Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 7,200 | 7,180 | ||||||||||||||||||||||||||||||||||
Munster Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 6,700 | 6,736 | ||||||||||||||||||||||||||||||||||
Hialeah Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 11,700 | 11,844 | ||||||||||||||||||||||||||||||||||
Athens Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 5,300 | 5,339 | ||||||||||||||||||||||||||||||||||
Lemoyne Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 5,200 | 5,336 | ||||||||||||||||||||||||||||||||||
Athens 200 Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 2,000 | 2,043 | ||||||||||||||||||||||||||||||||||
Mentor Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 10,300 | 10,469 | ||||||||||||||||||||||||||||||||||
Oklahoma City Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 8,900 | 8,905 | ||||||||||||||||||||||||||||||||||
Tenant improvements | 6,814 | |||||||||||||||||||||||||||||||||||
Land [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Beginning Balance | 128,857 | 95,381 | ||||||||||||||||||||||||||||||||||
Acquisitions | 23,994 | 33,476 | ||||||||||||||||||||||||||||||||||
Disposition of Great Bend | (791) | |||||||||||||||||||||||||||||||||||
Ending Balance | 152,060 | 128,857 | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Land [Member] | El Paso Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 899 | |||||||||||||||||||||||||||||||||||
Land [Member] | Syracuse Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 616 | |||||||||||||||||||||||||||||||||||
Land [Member] | West El Paso Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 851 | |||||||||||||||||||||||||||||||||||
Land [Member] | Fort Worth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 1,817 | |||||||||||||||||||||||||||||||||||
Land [Member] | Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 590 | |||||||||||||||||||||||||||||||||||
Land [Member] | Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 5,623 | |||||||||||||||||||||||||||||||||||
Land [Member] | Dallas Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 3,101 | |||||||||||||||||||||||||||||||||||
Land [Member] | East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 845 | |||||||||||||||||||||||||||||||||||
Land [Member] | Coos Bay Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 861 | |||||||||||||||||||||||||||||||||||
Land [Member] | Caledonia Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 582 | |||||||||||||||||||||||||||||||||||
Land [Member] | Tallahassee Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 782 | |||||||||||||||||||||||||||||||||||
Land [Member] | Forsyth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 1,554 | |||||||||||||||||||||||||||||||||||
Land [Member] | North Charleston Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 927 | |||||||||||||||||||||||||||||||||||
Land [Member] | Munster Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 780 | |||||||||||||||||||||||||||||||||||
Land [Member] | Athens Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 564 | |||||||||||||||||||||||||||||||||||
Land [Member] | Lemoyne Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 299 | |||||||||||||||||||||||||||||||||||
Land [Member] | Athens 200 Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 327 | |||||||||||||||||||||||||||||||||||
Land [Member] | Mentor Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 2,249 | |||||||||||||||||||||||||||||||||||
Land [Member] | Oklahoma City Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 727 | |||||||||||||||||||||||||||||||||||
Buildings | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Beginning Balance | 851,427 | 693,533 | ||||||||||||||||||||||||||||||||||
Acquisitions | 137,485 | 157,894 | ||||||||||||||||||||||||||||||||||
Capitalized costs | 8,756 | 1,230 | ||||||||||||||||||||||||||||||||||
Disposition of Great Bend | (3,821) | |||||||||||||||||||||||||||||||||||
Ending Balance | 985,091 | 851,427 | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Buildings | El Paso Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 7,549 | |||||||||||||||||||||||||||||||||||
Buildings | Syracuse Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 4,745 | |||||||||||||||||||||||||||||||||||
Buildings | West El Paso Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 7,160 | |||||||||||||||||||||||||||||||||||
Buildings | Fort Worth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 13,020 | |||||||||||||||||||||||||||||||||||
Buildings | Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 3,583 | |||||||||||||||||||||||||||||||||||
Buildings | Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 20,155 | |||||||||||||||||||||||||||||||||||
Buildings | Dallas Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 2,593 | |||||||||||||||||||||||||||||||||||
Buildings | East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 6,248 | |||||||||||||||||||||||||||||||||||
Buildings | Coos Bay Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 5,095 | |||||||||||||||||||||||||||||||||||
Buildings | Caledonia Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 2,669 | |||||||||||||||||||||||||||||||||||
Buildings | Tallahassee Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 6,720 | |||||||||||||||||||||||||||||||||||
Buildings | Forsyth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 9,627 | |||||||||||||||||||||||||||||||||||
Buildings | North Charleston Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 4,248 | |||||||||||||||||||||||||||||||||||
Buildings | Munster Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 4,451 | |||||||||||||||||||||||||||||||||||
Buildings | Hialeah Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 9,633 | |||||||||||||||||||||||||||||||||||
Buildings | Athens Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 4,106 | |||||||||||||||||||||||||||||||||||
Buildings | Lemoyne Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 3,661 | |||||||||||||||||||||||||||||||||||
Buildings | Athens 200 Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 1,336 | |||||||||||||||||||||||||||||||||||
Buildings | Mentor Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 6,291 | |||||||||||||||||||||||||||||||||||
Buildings | Oklahoma City Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 5,839 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Beginning Balance | 15,183 | 9,912 | ||||||||||||||||||||||||||||||||||
Acquisitions | 3,838 | 5,271 | ||||||||||||||||||||||||||||||||||
Capitalized costs | 495 | 203 | ||||||||||||||||||||||||||||||||||
Ending Balance | 19,021 | 15,183 | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | El Paso Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 71 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Syracuse Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 128 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | West El Paso Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 144 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Fort Worth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 143 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 70 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 480 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Dallas Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 63 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 278 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Coos Bay Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 56 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Caledonia Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 66 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Tallahassee Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 137 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Forsyth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 348 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | North Charleston Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 106 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Munster Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 161 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Hialeah Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 264 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Athens Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 58 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Lemoyne Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 113 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Athens 200 Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 42 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Mentor Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 354 | |||||||||||||||||||||||||||||||||||
Site Improvements [Member] | Oklahoma City Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 261 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Beginning Balance | 49,204 | 33,909 | ||||||||||||||||||||||||||||||||||
Acquisitions | 9,696 | 15,295 | ||||||||||||||||||||||||||||||||||
Capitalized costs | 1,636 | 194 | ||||||||||||||||||||||||||||||||||
Ending Balance | 58,900 | 49,204 | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | El Paso Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 160 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Syracuse Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 136 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | West El Paso Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 567 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Fort Worth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 395 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 185 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 1,132 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Dallas Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 469 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 815 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Coos Bay Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 50 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Caledonia Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 96 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Tallahassee Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 387 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Forsyth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 456 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | North Charleston Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 801 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Munster Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 391 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Hialeah Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 716 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Athens Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 63 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Lemoyne Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 359 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Athens 200 Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 134 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Mentor Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 253 | |||||||||||||||||||||||||||||||||||
Tenant improvements [Member] | Oklahoma City Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 495 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Beginning Balance | 98,234 | 72,794 | ||||||||||||||||||||||||||||||||||
Acquisitions | 29,697 | 25,440 | ||||||||||||||||||||||||||||||||||
Capitalized costs | 172 | |||||||||||||||||||||||||||||||||||
Ending Balance | 127,931 | 98,234 | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | El Paso Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 1,338 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Syracuse Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 772 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | West El Paso Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 856 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Fort Worth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 2,069 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 359 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 4,311 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Dallas Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 493 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 2,092 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Coos Bay Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 410 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Caledonia Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 497 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Tallahassee Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 1,218 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Forsyth Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 7,439 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | North Charleston Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 1,098 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Munster Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 953 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Hialeah Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 1,231 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Athens Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 548 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Lemoyne Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 904 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Athens 200 Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 204 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Mentor Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | 1,322 | |||||||||||||||||||||||||||||||||||
Intangibles [Member] | Oklahoma City Facility [Member] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||
Acquisitions | $ 1,583 |
Property Portfolio - Schedule o
Property Portfolio - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 20, 2021 | Dec. 16, 2021 | Dec. 13, 2021 | Dec. 03, 2021 | Sep. 30, 2021 | Sep. 15, 2021 | Jul. 29, 2021 | Jul. 28, 2021 | Jun. 02, 2021 | Apr. 21, 2021 | Apr. 19, 2021 | Apr. 16, 2021 | Apr. 13, 2021 | Apr. 06, 2021 | Mar. 09, 2021 | Jan. 15, 2021 | Jan. 12, 2021 | Dec. 30, 2020 | Dec. 29, 2020 | Dec. 14, 2020 | Dec. 01, 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 | Apr. 07, 2020 | Mar. 20, 2020 | Mar. 04, 2020 | Feb. 13, 2020 | Feb. 07, 2020 |
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,305 | ||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 23,980 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
El Paso Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 10,017 | ||||||||||||||||||||||||||||||||||
El Paso 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 | 970 | ||||||||||||||||||||||||||||||||||
El Paso 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 | 7,709 | ||||||||||||||||||||||||||||||||||
El Paso 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 | 750 | ||||||||||||||||||||||||||||||||||
El Paso 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 | 383 | ||||||||||||||||||||||||||||||||||
El Paso Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 205 | ||||||||||||||||||||||||||||||||||
Syracuse Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,190 | ||||||||||||||||||||||||||||||||||
Syracuse 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 | 744 | ||||||||||||||||||||||||||||||||||
Syracuse 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 | 4,881 | ||||||||||||||||||||||||||||||||||
Syracuse 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 | 434 | ||||||||||||||||||||||||||||||||||
Syracuse Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 338 | ||||||||||||||||||||||||||||||||||
Syracuse 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 | (207) | ||||||||||||||||||||||||||||||||||
West El Paso Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,578 | ||||||||||||||||||||||||||||||||||
West El Paso 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 | 995 | ||||||||||||||||||||||||||||||||||
West El Paso 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 | 7,727 | ||||||||||||||||||||||||||||||||||
West El Paso 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 | 432 | ||||||||||||||||||||||||||||||||||
West El Paso Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 424 | ||||||||||||||||||||||||||||||||||
Fort Worth Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 17,444 | ||||||||||||||||||||||||||||||||||
Fort Worth 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 | 1,960 | ||||||||||||||||||||||||||||||||||
Fort Worth 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 | 13,415 | ||||||||||||||||||||||||||||||||||
Fort Worth 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 | 1,339 | ||||||||||||||||||||||||||||||||||
Fort Worth Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 730 | ||||||||||||||||||||||||||||||||||
Port St. Lucie Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 4,787 | ||||||||||||||||||||||||||||||||||
Port St. Lucie 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 | 660 | ||||||||||||||||||||||||||||||||||
Port St. Lucie 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 | 3,768 | ||||||||||||||||||||||||||||||||||
Port St. Lucie 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 | 245 | ||||||||||||||||||||||||||||||||||
Port St. Lucie Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 114 | ||||||||||||||||||||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 31,701 | ||||||||||||||||||||||||||||||||||
Cape Coral and Fort Myers 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 | 6,103 | ||||||||||||||||||||||||||||||||||
Cape Coral and Fort Myers 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 | 21,287 | ||||||||||||||||||||||||||||||||||
Cape Coral and Fort Myers 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 | 2,112 | ||||||||||||||||||||||||||||||||||
Cape Coral and Fort Myers 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 | 1,418 | ||||||||||||||||||||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 781 | ||||||||||||||||||||||||||||||||||
Dallas Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,424 | ||||||||||||||||||||||||||||||||||
Dallas 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 | 3,164 | ||||||||||||||||||||||||||||||||||
Dallas 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 | 3,062 | ||||||||||||||||||||||||||||||||||
Dallas 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 | 275 | ||||||||||||||||||||||||||||||||||
Dallas Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 218 | ||||||||||||||||||||||||||||||||||
Dallas 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 | $ (295) | ||||||||||||||||||||||||||||||||||
East Grand Forks Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 9,724 | ||||||||||||||||||||||||||||||||||
East Grand Forks 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 | 1,123 | ||||||||||||||||||||||||||||||||||
East Grand Forks 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 | 7,063 | ||||||||||||||||||||||||||||||||||
East Grand Forks 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 | 1,839 | ||||||||||||||||||||||||||||||||||
East Grand Forks Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 253 | ||||||||||||||||||||||||||||||||||
East Grand Forks 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 | $ (554) | ||||||||||||||||||||||||||||||||||
Coos Bay Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,472 | ||||||||||||||||||||||||||||||||||
Coos Bay 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 | 917 | ||||||||||||||||||||||||||||||||||
Coos Bay 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 | 5,145 | ||||||||||||||||||||||||||||||||||
Coos Bay 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 | 316 | ||||||||||||||||||||||||||||||||||
Coos Bay Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 94 | ||||||||||||||||||||||||||||||||||
Caledonia Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 3,863 | ||||||||||||||||||||||||||||||||||
Caledonia 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 | 648 | ||||||||||||||||||||||||||||||||||
Caledonia 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 | 2,765 | ||||||||||||||||||||||||||||||||||
Caledonia 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 | 410 | ||||||||||||||||||||||||||||||||||
Caledonia Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 87 | ||||||||||||||||||||||||||||||||||
Caledonia 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 | (47) | ||||||||||||||||||||||||||||||||||
Tallahassee Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,244 | ||||||||||||||||||||||||||||||||||
Tallahassee 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 | 919 | ||||||||||||||||||||||||||||||||||
Tallahassee 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 | 7,107 | ||||||||||||||||||||||||||||||||||
Tallahassee 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 | 708 | ||||||||||||||||||||||||||||||||||
Tallahassee Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 510 | ||||||||||||||||||||||||||||||||||
Forsyth Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 19,260 | ||||||||||||||||||||||||||||||||||
Forsyth 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 | 1,902 | ||||||||||||||||||||||||||||||||||
Forsyth 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 | 10,083 | ||||||||||||||||||||||||||||||||||
Forsyth 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 | 1,456 | ||||||||||||||||||||||||||||||||||
Forsyth 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 | 4,946 | ||||||||||||||||||||||||||||||||||
Forsyth 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 | ||||||||||||||||||||||||||||||||||
Forsyth 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 | $ (164) | ||||||||||||||||||||||||||||||||||
North Charleston Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 7,180 | ||||||||||||||||||||||||||||||||||
North Charleston 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 | 1,033 | ||||||||||||||||||||||||||||||||||
North Charleston 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 | 5,049 | ||||||||||||||||||||||||||||||||||
North Charleston 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 | 534 | ||||||||||||||||||||||||||||||||||
North Charleston Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 564 | ||||||||||||||||||||||||||||||||||
Munster Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,679 | ||||||||||||||||||||||||||||||||||
Munster 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 | 941 | ||||||||||||||||||||||||||||||||||
Munster 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 | 4,842 | ||||||||||||||||||||||||||||||||||
Munster 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 | 385 | ||||||||||||||||||||||||||||||||||
Munster 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 | 292 | ||||||||||||||||||||||||||||||||||
Munster Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 276 | ||||||||||||||||||||||||||||||||||
Munster 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 | $ (57) | ||||||||||||||||||||||||||||||||||
Hialeah Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 11,694 | ||||||||||||||||||||||||||||||||||
Hialeah 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 | 264 | ||||||||||||||||||||||||||||||||||
Hialeah 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 | 10,349 | ||||||||||||||||||||||||||||||||||
Hialeah 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 | 931 | ||||||||||||||||||||||||||||||||||
Hialeah Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 300 | ||||||||||||||||||||||||||||||||||
Hialeah 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 | (150) | ||||||||||||||||||||||||||||||||||
Athens Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,339 | ||||||||||||||||||||||||||||||||||
Athens 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 | 622 | ||||||||||||||||||||||||||||||||||
Athens 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 | 4,169 | ||||||||||||||||||||||||||||||||||
Athens 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 | 472 | ||||||||||||||||||||||||||||||||||
Athens Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 76 | ||||||||||||||||||||||||||||||||||
Lemoyne Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 5,213 | ||||||||||||||||||||||||||||||||||
Lemoyne 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 | 412 | ||||||||||||||||||||||||||||||||||
Lemoyne 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 | 4,020 | ||||||||||||||||||||||||||||||||||
Lemoyne 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 | 339 | ||||||||||||||||||||||||||||||||||
Lemoyne 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 | 267 | ||||||||||||||||||||||||||||||||||
Lemoyne Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 298 | ||||||||||||||||||||||||||||||||||
Lemoyne 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 | $ (123) | ||||||||||||||||||||||||||||||||||
Athens 200 Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 2,043 | ||||||||||||||||||||||||||||||||||
Athens 200 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 | 369 | ||||||||||||||||||||||||||||||||||
Athens 200 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 | 1,470 | ||||||||||||||||||||||||||||||||||
Athens 200 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 | 180 | ||||||||||||||||||||||||||||||||||
Athens 200 Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 24 | ||||||||||||||||||||||||||||||||||
Mentor Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 10,297 | ||||||||||||||||||||||||||||||||||
Mentor 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 | 2,603 | ||||||||||||||||||||||||||||||||||
Mentor 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 | 6,544 | ||||||||||||||||||||||||||||||||||
Mentor 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 | 1,140 | ||||||||||||||||||||||||||||||||||
Mentor Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 182 | ||||||||||||||||||||||||||||||||||
Mentor 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 | $ (172) | ||||||||||||||||||||||||||||||||||
Oklahoma City Facility [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 8,905 | ||||||||||||||||||||||||||||||||||
Oklahoma City 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 | 988 | ||||||||||||||||||||||||||||||||||
Oklahoma City 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 | 6,334 | ||||||||||||||||||||||||||||||||||
Oklahoma City 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 | 900 | ||||||||||||||||||||||||||||||||||
Oklahoma City 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 | 334 | ||||||||||||||||||||||||||||||||||
Oklahoma City Facility [Member] | Leasing Costs [Member] | |||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 349 | ||||||||||||||||||||||||||||||||||
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, 2021 | Dec. 31, 2020 |
Assets | ||
Cost | $ 127,931 | $ 98,234 |
Accumulated Amortization | (40,246) | (24,899) |
Net | 87,685 | 73,335 |
Liabilities | ||
Cost | 11,842 | 10,072 |
Accumulated Amortization | (3,714) | (1,850) |
Net | 8,128 | 8,222 |
In-place leases [Member] | ||
Assets | ||
Cost | 70,527 | 55,561 |
Accumulated Amortization | (23,638) | (14,592) |
Net | 46,889 | 40,969 |
Above Market Lease intangibles [Member] | ||
Assets | ||
Cost | 22,615 | 14,972 |
Accumulated Amortization | (6,407) | (4,023) |
Net | 16,208 | 10,949 |
Leasing Costs | ||
Assets | ||
Cost | 34,789 | 27,701 |
Accumulated Amortization | (10,201) | (6,284) |
Net | $ 24,588 | $ 21,417 |
Property Portfolio - Summary _2
Property Portfolio - Summary of the acquired lease intangible amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
In-place leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 9,046 | $ 6,741 | $ 3,814 |
Leasing Costs | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 3,917 | 2,826 | 1,755 |
Above Market Lease intangibles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 2,384 | 1,657 | 1,270 |
Below Market Lease Intangible [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (1,864) | $ (1,153) | $ (389) |
Property Portfolio - Net amorti
Property Portfolio - Net amortization of the acquired lease intangible (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Net Decrease in Revenue | |
2022 | $ (847) |
2023 | (887) |
2024 | (726) |
2025 | (1,116) |
2026 | (1,180) |
Thereafter | (3,324) |
Total | (8,080) |
Net Increase in Expenses | |
2022 | 14,695 |
2023 | 13,713 |
2024 | 11,596 |
2025 | 8,082 |
2026 | 6,653 |
Thereafter | 16,738 |
Total | $ 71,477 |
Property Portfolio - (Details)
Property Portfolio - (Details) $ in Thousands | Dec. 20, 2021USD ($)leasetenant | Dec. 16, 2021USD ($)lease | Dec. 13, 2021USD ($) | Dec. 03, 2021USD ($)leasebuilding | Oct. 05, 2021USD ($) | Sep. 30, 2021USD ($)lease | Sep. 15, 2021USD ($)leasetenant | Jul. 29, 2021USD ($) | Jul. 28, 2021USD ($)leasebuilding | Jun. 02, 2021USD ($)lease | Apr. 21, 2021USD ($) | Apr. 19, 2021USD ($)leasebuilding | Apr. 16, 2021USD ($)lease | Apr. 13, 2021USD ($)propertylease | Apr. 06, 2021USD ($)lease | Mar. 09, 2021USD ($) | Jan. 15, 2021USD ($)leasebuilding | Jan. 12, 2021USD ($)lease | Dec. 30, 2020USD ($)leasebuilding | Dec. 29, 2020USD ($)buildingtenantlease | Dec. 14, 2020USD ($)leasebuilding | Dec. 01, 2020USD ($)buildinglease | Nov. 23, 2020USD ($) | Nov. 18, 2020USD ($)leasebuilding | Oct. 27, 2020USD ($)buildingleasetenant | Oct. 20, 2020USD ($)buildingleasetenant | Sep. 30, 2020USD ($)lease | Sep. 18, 2020USD ($) | Jul. 31, 2020USD ($)leasetenant | Jul. 17, 2020USD ($) | Jul. 16, 2020USD ($) | Apr. 27, 2020USD ($) | Mar. 20, 2020USD ($)lease | Mar. 04, 2020USD ($) | Feb. 27, 2020USD ($) | Feb. 13, 2020USD ($) | Dec. 31, 2021USD ($)tenantproperty | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) |
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 20 | 18 | |||||||||||||||||||||||||||||||||||||
Depreciation, Total | $ 33,825 | $ 26,747 | $ 19,066 | ||||||||||||||||||||||||||||||||||||
Tenant Improvement Allowances Receivable | 27,760 | ||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 204,710 | $ 237,376 | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 4 years 3 months 10 days | 2 years 9 months 14 days | |||||||||||||||||||||||||||||||||||||
Number of tenants | tenant | 189 | ||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 23,980 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 40 years | ||||||||||||||||||||||||||||||||||||||
Net book value of property being sold | $ 29,500 | ||||||||||||||||||||||||||||||||||||||
Gross proceeds from sale | $ 44,600 | ||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||
Lease Intangibles Liability [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||||||||||||||||||||||||||||||||||||
Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 23,994 | $ 33,476 | |||||||||||||||||||||||||||||||||||||
El Paso Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 10,000 | 10,017 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 3 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 4 years | ||||||||||||||||||||||||||||||||||||||
El Paso Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 899 | ||||||||||||||||||||||||||||||||||||||
Syracuse Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 6,200 | 6,397 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 8 years | ||||||||||||||||||||||||||||||||||||||
Syracuse Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 616 | ||||||||||||||||||||||||||||||||||||||
West El Paso Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Number of Properties Acquired | building | 2 | ||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 9,600 | 9,578 | |||||||||||||||||||||||||||||||||||||
Number of new leases entered into | lease | 2 | ||||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 12 years | ||||||||||||||||||||||||||||||||||||||
Leases with tenant renewal options | lease | 3 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 7 years | ||||||||||||||||||||||||||||||||||||||
West El Paso Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 851 | ||||||||||||||||||||||||||||||||||||||
Fort Worth Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 17,400 | 17,444 | |||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 8 years | ||||||||||||||||||||||||||||||||||||||
Fort Worth Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 1,817 | ||||||||||||||||||||||||||||||||||||||
Port St. Lucie Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 4,800 | 4,787 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 6 years | ||||||||||||||||||||||||||||||||||||||
Port St. Lucie Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 590 | ||||||||||||||||||||||||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 6 | ||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 31,700 | 31,701 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 6 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 5 years | ||||||||||||||||||||||||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 5,623 | ||||||||||||||||||||||||||||||||||||||
Dallas Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 6,400 | 6,719 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 7 years | ||||||||||||||||||||||||||||||||||||||
Dallas Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 3,101 | ||||||||||||||||||||||||||||||||||||||
East Grand Forks Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Number of Properties Acquired | building | 2 | ||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 9,700 | 10,278 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 4 years | ||||||||||||||||||||||||||||||||||||||
East Grand Forks Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 845 | ||||||||||||||||||||||||||||||||||||||
Coos Bay Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 6,500 | 6,472 | |||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 3 years | ||||||||||||||||||||||||||||||||||||||
Coos Bay Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 861 | ||||||||||||||||||||||||||||||||||||||
Caledonia Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 3,900 | 3,910 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 4 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 4 years | ||||||||||||||||||||||||||||||||||||||
Caledonia Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 582 | ||||||||||||||||||||||||||||||||||||||
Tallahassee Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 9,200 | 9,244 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 9 years | ||||||||||||||||||||||||||||||||||||||
Tallahassee Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 782 | ||||||||||||||||||||||||||||||||||||||
Forsyth Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Number of Properties Acquired | building | 2 | ||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 19,300 | 19,424 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 6 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 10 years | ||||||||||||||||||||||||||||||||||||||
Forsyth Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 1,554 | ||||||||||||||||||||||||||||||||||||||
North Charleston Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 7,200 | 7,180 | |||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 15 years | ||||||||||||||||||||||||||||||||||||||
North Charleston Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 927 | ||||||||||||||||||||||||||||||||||||||
Munster Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 6,700 | 6,736 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 5 | ||||||||||||||||||||||||||||||||||||||
Number of new leases entered into | lease | 3 | ||||||||||||||||||||||||||||||||||||||
Number of tenants assumed | tenant | 5 | ||||||||||||||||||||||||||||||||||||||
Number of tenants | tenant | 3 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 7 years | ||||||||||||||||||||||||||||||||||||||
Munster Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 780 | ||||||||||||||||||||||||||||||||||||||
Hialeah Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 11,700 | 11,844 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 42 | ||||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 39 years | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 2 years | ||||||||||||||||||||||||||||||||||||||
Athens Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 5,300 | 5,339 | |||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 3 years | ||||||||||||||||||||||||||||||||||||||
Athens Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 564 | ||||||||||||||||||||||||||||||||||||||
Lemoyne Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Number of Properties Acquired | building | 2 | ||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 5,200 | 5,336 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 1 | ||||||||||||||||||||||||||||||||||||||
Number of new leases entered into | lease | 1 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 12 years | ||||||||||||||||||||||||||||||||||||||
Lemoyne Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 299 | ||||||||||||||||||||||||||||||||||||||
Athens 200 Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 2,000 | 2,043 | |||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 2 years | ||||||||||||||||||||||||||||||||||||||
Athens 200 Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 327 | ||||||||||||||||||||||||||||||||||||||
Mentor Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 10,300 | 10,469 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 12 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 4 years | ||||||||||||||||||||||||||||||||||||||
Mentor Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 2,249 | ||||||||||||||||||||||||||||||||||||||
Oklahoma City Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 8,900 | 8,905 | |||||||||||||||||||||||||||||||||||||
Number or leases assumed | lease | 3 | ||||||||||||||||||||||||||||||||||||||
Number of new leases entered into | lease | 1 | ||||||||||||||||||||||||||||||||||||||
Number of tenants assumed | tenant | 3 | ||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 6 years 6 months | ||||||||||||||||||||||||||||||||||||||
Oklahoma City Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 727 | ||||||||||||||||||||||||||||||||||||||
High Point Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 25,100 | 25,081 | |||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 3 years | ||||||||||||||||||||||||||||||||||||||
High Point Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 1,749 | ||||||||||||||||||||||||||||||||||||||
Clinton Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 11,600 | 11,619 | |||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 4 years | ||||||||||||||||||||||||||||||||||||||
Clinton Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 664 | ||||||||||||||||||||||||||||||||||||||
West Allis Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 9,100 | 9,357 | |||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 4 years | ||||||||||||||||||||||||||||||||||||||
West Allis Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 974 | ||||||||||||||||||||||||||||||||||||||
Grand Rapids Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 2,951 | ||||||||||||||||||||||||||||||||||||||
Dumfries Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 19,600 | ||||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 9 years 6 months | ||||||||||||||||||||||||||||||||||||||
Centerville Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Weighted average remaining term | 49 years | ||||||||||||||||||||||||||||||||||||||
Fairfax Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 6,731 | ||||||||||||||||||||||||||||||||||||||
Rosedale Facilities [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 2,856 | ||||||||||||||||||||||||||||||||||||||
Lancaster Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 696 | ||||||||||||||||||||||||||||||||||||||
Winston-Salem Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 1,524 | ||||||||||||||||||||||||||||||||||||||
Decatur and Jackson Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 2,237 | ||||||||||||||||||||||||||||||||||||||
Sheboygan and Plymouth Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 1,088 | ||||||||||||||||||||||||||||||||||||||
Spring Hill and Hudson Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 3,473 | ||||||||||||||||||||||||||||||||||||||
Cape Girardeau Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 7,400 | 7,350 | |||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 6 years | ||||||||||||||||||||||||||||||||||||||
Cape Girardeau Facility [Member] | Land [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 1,150 | ||||||||||||||||||||||||||||||||||||||
Yuma Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 1,041 | ||||||||||||||||||||||||||||||||||||||
Las Vegas Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 311 | ||||||||||||||||||||||||||||||||||||||
Pensacola Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | 1,786 | ||||||||||||||||||||||||||||||||||||||
Venice Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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] | |||||||||||||||||||||||||||||||||||||||
Acquisitions | $ 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, 2021 | Dec. 31, 2020 |
Long-term Line of Credit | $ 514,567 | $ 521,641 |
Revolving Credit Facility [Member] | ||
Long-term Line of Credit | 172,600 | 175,200 |
Term Loan [Member] | ||
Long-term Line of Credit | 350,000 | 350,000 |
Credit facility [Member] | ||
Less: Unamortized deferred financing costs | $ (8,033) | $ (3,559) |
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, 2021 | Dec. 31, 2020 |
Credit Facility, Notes Payable and Derivative Instruments | ||
Notes payable, gross | $ 66,349 | $ 66,349 |
Less: Unamortized debt issuance costs | (607) | (835) |
Cumulative principal repayment | (8,580) | (577) |
Notes payable, net | $ 57,162 | $ 64,937 |
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, 2021 | Dec. 31, 2020 | Jul. 31, 2020 | Apr. 27, 2020 | Mar. 31, 2016 |
Rosedale Loan [Member] | |||||
Notes Payable and Revolving Credit Facility | |||||
2022 | $ 376 | ||||
2023 | 391 | ||||
2024 | 405 | ||||
2026 | 13,158 | ||||
Total | 14,330 | $ 14,691 | $ 14,800 | ||
Dumfries Loan [Member] | |||||
Notes Payable and Revolving Credit Facility | |||||
2022 | 288 | ||||
2023 | 302 | ||||
2024 | 11,034 | ||||
Total | 11,624 | 11,899 | $ 12,074 | ||
Cantor Loan [Member] | |||||
Notes Payable and Revolving Credit Facility | |||||
2022 | 447 | ||||
2023 | 471 | ||||
2024 | 492 | ||||
2025 | 523 | ||||
2026 | 551 | ||||
Thereafter | 29,331 | ||||
Total | $ 31,815 | $ 32,097 | $ 32,097 |
Credit Facility, Notes Payabl_6
Credit Facility, Notes Payable and Derivative Instruments - Schedule of interest rate swap agreement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Credit Facility, Notes Payable and Derivative Instruments | |||
Amount of (gain) loss recognized in other comprehensive income (loss) | $ (5,220) | $ 16,451 | $ 3,922 |
Amount of loss reclassified from accumulated other comprehensive loss into interest expense | (6,363) | (4,906) | (969) |
Total other comprehensive loss | $ (11,583) | $ 11,545 | $ 2,953 |
Credit Facility, Notes Payabl_7
Credit Facility, Notes Payable and Derivative Instruments (Details) $ in Thousands | May 03, 2021USD ($)item | Jul. 31, 2020USD ($) | Apr. 27, 2020USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 25, 2020 | Sep. 15, 2015USD ($) |
Notes Payable and Revolving Credit Facility | |||||||||
Debt issuance and related costs | $ 0 | $ 342 | $ 0 | ||||||
Amortization of financing costs | 228 | 174 | 132 | ||||||
Other Operating Activities, Cash Flow Statement | 221,600 | 238,400 | |||||||
Increase (Decrease) in Security Deposits | 200 | 129 | 2,199 | ||||||
Repayments of Lines of Credit | $ 224,200 | $ 64,550 | |||||||
Debt Instrument, Term | 4 years 3 months 10 days | 2 years 9 months 14 days | |||||||
Note balance | $ 66,349 | $ 66,349 | |||||||
Line Of Credit Cash Paid Other | 6,177 | 952 | |||||||
Additional Interest Expense | 5,036 | ||||||||
Interest Expense, Total | $ 19,696 | $ 18,680 | 17,472 | ||||||
Weighted average interest rate basis | 2.87% | 3.17% | |||||||
Interest Rate Swap [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Derivative, Notional Amount | $ 350,000 | ||||||||
Number of interest rate swaps entered | contract | 6 | ||||||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ 6,554 | $ 18,086 | |||||||
Interest Rate Swap Agreement One [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Derivative, Notional Amount | 150,000 | ||||||||
Interest Rate Swap Agreement Two [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Derivative, Notional Amount | $ 200,000 | ||||||||
Forward Starting Interest Rate Swaps [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Number of interest rate swaps entered | contract | 5 | ||||||||
Credit Facility [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Credit Facility maximum borrowing capacity | $ 750,000 | ||||||||
Maximum consolidated leverage ratio under financial covenants | 60 | ||||||||
Maximum consolidated secured recourse leverage ratio under financial covenant | 10.00% | ||||||||
Minimum fixed charge coverage ratio under financial covenants | 1.50 | ||||||||
Minimum unsecured interest coverage ratio under financial covenant | 1.50 | ||||||||
Maximum consolidated secured leverage ratio under financial covenants | 30.00% | ||||||||
Maximum consolidated unsecured leverage ratio under financial covenants | 60.00% | ||||||||
Percentage of net proceeds raised, covenant | 75.00% | ||||||||
Minimum Net Worth Required for Compliance | $ 345,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Credit Facility maximum borrowing capacity | $ 400,000 | ||||||||
Amortization of financing costs | $ 1,703 | 1,225 | 1,129 | ||||||
Increase (Decrease) in Security Deposits | 14,705 | 14,669 | 14,237 | ||||||
Note balance | 2,600 | 173,850 | |||||||
Debt instrument extensions | item | 2 | ||||||||
Extension option | 6 months | ||||||||
Term Loan [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Credit Facility maximum borrowing capacity | $ 350,000 | ||||||||
Rosedale Loan [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Long term debt | $ 14,800 | 14,330 | 14,691 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||||||||
Interest expense | 566 | 249 | |||||||
Debt Instrument, Term | 25 years | ||||||||
Principal payments made | 361 | 109 | |||||||
Note balance | 14,330 | ||||||||
Dumfries Loan [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Long term debt | $ 12,074 | 11,624 | 11,899 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.68% | ||||||||
Interest expense | 550 | 383 | |||||||
Debt Instrument, Term | 10 years | ||||||||
Principal payments made | 275 | 175 | |||||||
Note balance | 11,624 | ||||||||
Cantor Loan [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Long term debt | $ 32,097 | 31,815 | 32,097 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.22% | ||||||||
Interest expense | 1,695 | 1,703 | 1,699 | ||||||
Debt Instrument, Term | 30 years | ||||||||
Principal payments made | 282 | ||||||||
Note balance | 31,815 | ||||||||
West Mifflin Loan [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Long term debt | 7,085 | $ 7,378 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||||
Interest expense | 249 | 277 | $ 274 | ||||||
Principal payments made | $ 7,085 | $ 293 | |||||||
The Term loan [Member] | Interest Rate Swap Agreement One [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.91% | ||||||||
The Term loan [Member] | Interest Rate Swap Agreement Two [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.61% | ||||||||
The Term loan [Member] | Interest Rate Swap Agreement Three [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | ||||||||
Accordion [Member] | Credit Facility [Member] | |||||||||
Notes Payable and Revolving Credit Facility | |||||||||
Credit Facility maximum borrowing capacity | $ 500,000 |
Equity - Summary of Preferred S
Equity - Summary of Preferred Stock Dividend Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend Amount | $ 15,668 | $ 12,470 |
Common Stock [Member] | ||
Dividend Amount | $ 458 | $ 922 |
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 | |
Preferred Stock [Member] | Dividend declared on March 3, 2021 | ||
Date Announced | Mar. 3, 2021 | |
Record Date | Apr. 15, 2021 | |
Payment Date | Apr. 30, 2021 | |
Dividend Amount | $ 1,455 | |
Dividends per Share | $ 0.46875 | |
Preferred Stock [Member] | Dividend declared on June 10, 2021 | ||
Date Announced | Jun. 10, 2021 | |
Record Date | Jul. 15, 2021 | |
Payment Date | Aug. 2, 2021 | |
Dividend Amount | $ 1,455 | |
Dividends per Share | $ 0.46875 | |
Preferred Stock [Member] | Dividend declared on September 10, 2021 | ||
Date Announced | Sep. 10, 2021 | |
Record Date | Oct. 15, 2021 | |
Payment Date | Nov. 1, 2021 | |
Dividend Amount | $ 1,455 | |
Dividends per Share | $ 0.46875 | |
Preferred Stock [Member] | Dividend declared on December 10, 2021 | ||
Date Announced | Dec. 10, 2021 | |
Record Date | Jan. 15, 2022 | |
Payment Date | Jan. 31, 2022 | |
Dividend Amount | $ 1,455 | |
Dividends per Share | $ 0.46875 | |
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 | |
Common Stock [Member] | Dividend declared on March 3, 2021 | ||
Date Announced | Mar. 3, 2021 | |
Record Date | Mar. 24, 2021 | |
Payment Date | Apr. 8, 2021 | |
Dividend Amount | $ 13,260 | |
Dividends per Share | $ 0.205 | |
Common Stock [Member] | Dividend declared on June 10, 2021 | ||
Date Announced | Jun. 10, 2021 | |
Record Date | Jun. 24, 2021 | |
Payment Date | Jul. 8, 2021 | |
Dividend Amount | $ 13,964 | |
Dividends per Share | $ 0.205 | |
Common Stock [Member] | Dividend declared on September 10, 2021 | ||
Date Announced | Sep. 10, 2021 | |
Record Date | Sep. 24, 2021 | |
Payment Date | Oct. 8, 2021 | |
Dividend Amount | $ 13,961 | |
Dividends per Share | $ 0.205 | |
Common Stock [Member] | Dividend declared on December 10, 2021 | ||
Date Announced | Dec. 10, 2021 | |
Record Date | Dec. 27, 2021 | |
Payment Date | Jan. 10, 2022 | |
Dividend Amount | $ 14,055 | |
Dividends per Share | $ 0.205 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 18, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2020 |
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 | 64,880,000 | 49,461,000 | |||
Proceeds | $ 205,522 | $ 53,088 | $ 189,498 | ||
Payments of Dividends, Total | 5,822 | 5,822 | 5,822 | ||
Payment Of Dividends Common Stock Op And Ltip Units | 52,500 | 39,944 | 29,171 | ||
Dividends Payable | $ 15,668 | $ 12,470 | |||
Partners' Capital Account, Units, Treasury Units Purchased | 62,000 | 1,379,000 | |||
Partners' Capital Account, Treasury Units, Purchased | $ 919 | $ 17,882 | |||
Limited Partners' Capital Account, Units Issued | 1,702,000 | 1,764,000 | |||
Limited Partners' Capital Account, Units Outstanding | 1,702,000 | 1,764,000 | |||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 506 | ||||
Limited Partners' Capital Account | $ 9,080 | $ 9,999 | |||
IPO [Member] | |||||
Proceeds | $ 109,550 | ||||
Shares issued | 8,625 | ||||
Offering price (Dollars per share) | $ 13.30 | ||||
ATM | |||||
Authorized amount under sales agreement | $ 150,000 | ||||
Proceeds | $ 96,449 | $ 53,717 | |||
Shares issued | 6,726,000 | 4,248,000 | |||
Offering price (Dollars per share) | $ 14.56 | $ 12.84 | |||
Common Stock [Member] | |||||
Payments of Dividends, Total | $ 742 | $ 575 | |||
Dividends Payable | $ 458 | $ 922 | |||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 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 | ||||
Long Term Incentives Plan Units Member | |||||
Dividends Payable | $ 643 | $ 927 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions | |||
Management Fee Expense Incurred | $ 0 | $ 4,024 | $ 6,266 |
Incentive management fee | 0 | 0 | $ 0 |
Due from related parties | 163 | 103 | |
Due to related party | $ 0 | $ 0 |
Stock-Based Compensation - TRIP
Stock-Based Compensation - TRIP Unit Activity (Details) - Long Term Incentives Plan Units [Member] - shares | May 26, 2021 | Mar. 02, 2021 | Dec. 31, 2021 |
2018 Long-Term Awards | |||
Number of units issued | 220 | ||
Long Term Incentive Plan 2020 [Member] | |||
Number of units issued | 267 | ||
Time-based awards under the 2021 Long-Term Incentive Plan [Member] | |||
Number of units issued | 56 | ||
Share-based Compensation Award, Tranche One [Member] | |||
Vesting percentage | 50.00% | ||
Share-based Compensation Award, Tranche One [Member] | 2018 Long-Term Awards | |||
Vesting percentage | 50.00% | ||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentive Plan 2020 [Member] | |||
Vesting percentage | 50.00% | ||
Share-based Compensation Award, Tranche One [Member] | Time-based awards under the 2021 Long-Term Incentive Plan [Member] | |||
Vesting percentage | 100.00% | ||
Share-based Compensation Award, Tranche Two [Member] | |||
Vesting percentage | 50.00% | ||
Share-based Compensation Award, Tranche Two [Member] | 2018 Long-Term Awards | |||
Vesting percentage | 50.00% | ||
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentive Plan 2020 [Member] | |||
Vesting percentage | 50.00% | ||
Independent Directors [Member] | Annual Award Agreements [Member] | |||
Number of units issued | 25 | ||
Independent Directors [Member] | Share-based Compensation Award, Tranche One [Member] | Annual Award Agreements [Member] | |||
Vesting percentage | 100.00% |
Stock-Based Compensation - Vest
Stock-Based Compensation - Vested and unvested LTIP units (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2021shares | |
Stock-Based Compensation | |
Total vested units | 1,445 |
Total unvested units | 738 |
LTIP Units outstanding as of September 30, 2020 | 2,183 |
Stock-Based Compensation - Long
Stock-Based Compensation - Long-Term Awards (Details) shares in Thousands | Dec. 31, 2021shares |
Total target performance awards as of December 31, 2020 | 312 |
2018 Long-Term Awards | Long-Term Awards [Member] | |
Total target performance awards as of December 31, 2020 | 82 |
2019 Long-Term Awards | Long-Term Awards [Member] | |
Total target performance awards as of December 31, 2020 | 68 |
2020 Program [Member] | Annual Awards [Member] | |
Total target performance awards as of December 31, 2020 | 88 |
2020 Program [Member] | Long-Term Awards [Member] | |
Total target performance awards as of December 31, 2020 | 74 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Long-Term Awards (Details) - Long-Term Awards [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
2020 Program [Member] | |||
Fair value | $ 14.86 | ||
Target awards | 76 | ||
Volatility | 42.37% | ||
Risk-free rate | 0.26% | ||
Dividend assumption | reinvested | ||
Expected term in years | 3 years | ||
2019 Long-Term Awards | |||
Fair value | $ 13.47 | ||
Target awards | 70 | ||
Volatility | 28.75% | ||
Risk-free rate | 0.72% | ||
Dividend assumption | reinvested | ||
Expected term in years | 3 years | ||
2018 Long-Term Awards | |||
Fair value | $ 10.07 | ||
Target awards | 82 | ||
Volatility | 31.70% | ||
Risk-free rate | 2.50% | ||
Dividend assumption | reinvested | ||
Expected term in years | 3 years |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | May 26, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Expected dividend rate | 0.00% | |||
Stock-based compensation expense | $ 5,810 | $ 5,319 | $ 3,336 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,900 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | |||
Long-Term Awards [Member] | ||||
Performance period | 3 years | |||
Share based compensation maximum percentage of target that may be earned | 200.00% | |||
Long-Term Awards [Member] | Annual Award Agreements [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 8 | |||
Long Term Incentives Plan Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | 7 | |||
Share based compensation maximum percentage of target that may be earned | 150.00% | |||
Long Term Incentives Plan Units [Member] | 2016 Equity Incentive Plan [Member] | ||||
Additional shares authorized for issuance | 1,500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,469,000 | |||
Long Term Incentives Plan Units [Member] | Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 17 | |||
Long Term Incentives Plan Units [Member] | Annual Award Agreements [Member] | ||||
Performance period | 1 year | |||
Share Based Compensation Estimated Percentage Of Performance Goals | 105.00% | |||
Share-based Compensation Award, Tranche One [Member] | Long-Term Awards [Member] | ||||
Share Based Compensation Estimated Percentage Of Performance Goals | 75.00% | |||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentives Plan Units [Member] | ||||
Vesting percentage | 50.00% | |||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentives Plan Units [Member] | 2018 Long-Term Awards | ||||
Vesting percentage | 50.00% | |||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentives Plan Units [Member] | Annual Award Agreements [Member] | Independent Directors [Member] | ||||
Vesting percentage | 100.00% | |||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentives Plan Units [Member] | Long Term Incentive Plan 2020 [Member] | ||||
Vesting percentage | 50.00% | |||
Share-based Compensation Award, Tranche Two [Member] | Long-Term Awards [Member] | ||||
Share Based Compensation Estimated Percentage Of Performance Goals | 25.00% | |||
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentives Plan Units [Member] | ||||
Vesting percentage | 50.00% | |||
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentives Plan Units [Member] | 2018 Long-Term Awards | ||||
Vesting percentage | 50.00% | |||
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentives Plan Units [Member] | Long Term Incentive Plan 2020 [Member] | ||||
Vesting percentage | 50.00% |
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, 2021USD ($) |
Leases | |
2022 | $ 105,985 |
2023 | 103,061 |
2024 | 94,320 |
2025 | 81,268 |
2025 | 73,663 |
Thereafter | 360,131 |
Total | $ 818,428 |
Leases - Scheduled obligations
Leases - Scheduled obligations for future minimum payments on operating ground leases (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases | |
2022 | $ 442 |
2023 | 206 |
2024 | 162 |
2025 | 163 |
2025 | 165 |
Thereafter | 6,042 |
Total | 7,180 |
Discount | (3,950) |
Lease liability | $ 3,230 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)propertytenantbuilding | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Leases | |||
Operating Lease Average Remaining Lease Term | 10 years | ||
Rental revenue | $ 115,804 | $ 93,518 | $ 70,515 |
Variable lease payments | $ 6,674 | 4,924 | |
Weighted average remaining term | 40 years | ||
Weighted average discount rate | 7.50% | ||
Lease Expense | $ 166 | 140 | |
Paid in cash | $ 122 | $ 116 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | ||
Buildings located on land that is subject to operating ground leases | building | 7 | ||
Number of tenants | tenant | 189 | ||
Number of facilities leased | property | 105 | ||
Concentration Risk, Customer | During 2021 there were no tenants with rental revenue that exceeded 10% of the Company’s rental revenue. |
SCHEDULE III-CONSOLIDATED REA_2
SCHEDULE III-CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gross Value at Close of Period | ||||
Total Assets | $ 1,215,072 | $ 1,044,671 | $ 832,735 | $ 604,398 |
Accumulated Depreciation | 103,010 | 69,563 | $ 42,828 | $ 23,762 |
Note balance | 66,349 | $ 66,349 | ||
Investments at cost for income tax purposes | 1,337,000 | |||
Cantor Loan [Member] | ||||
Gross Value at Close of Period | ||||
Note balance | 31,815 | |||
Dumfries Loan [Member] | ||||
Gross Value at Close of Period | ||||
Note balance | 11,624 | |||
Rosedale Loan [Member] | ||||
Gross Value at Close of Period | ||||
Note balance | 14,330 | |||
Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 170,212 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 869 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 171,081 | |||
Buildings | ||||
Initial Costs | ||||
Building & Improvements | 1,027,973 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 16,018 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 1,043,991 | |||
Omaha-LTACH | ||||
Gross Value at Close of Period | ||||
Total Assets | 21,867 | |||
Accumulated Depreciation | 4,138 | |||
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 | 353 | |||
Asheville-ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 572 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 572 | |||
Asheville-ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 1,934 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 1,934 | |||
Pittsburgh-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,609 | |||
Accumulated Depreciation | 1,617 | |||
Pittsburgh-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,287 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,287 | |||
Pittsburgh-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 10,322 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 10,322 | |||
Memphis-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 20,156 | |||
Accumulated Depreciation | 2,603 | |||
Memphis-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,705 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,705 | |||
Memphis-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 17,451 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 17,451 | |||
Plano-Surgical Hospital | ||||
Gross Value at Close of Period | ||||
Total Assets | 17,746 | |||
Accumulated Depreciation | 2,474 | |||
Plano-Surgical Hospital | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,050 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,050 | |||
Plano-Surgical Hospital | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 16,696 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 16,696 | |||
Westland-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,750 | |||
Accumulated Depreciation | 650 | |||
Westland-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 230 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 230 | |||
Westland-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,520 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,520 | |||
Melbourne-MOB/ Imaging | ||||
Gross Value at Close of Period | ||||
Total Assets | 15,450 | |||
Accumulated Depreciation | 2,049 | |||
Melbourne-MOB/ Imaging | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,200 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,200 | |||
Melbourne-MOB/ Imaging | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 14,250 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 14,250 | |||
Reading-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,380 | |||
Accumulated Depreciation | 1,082 | |||
Reading-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,440 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,440 | |||
Reading-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,940 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,940 | |||
East Orange-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 12,762 | |||
Accumulated Depreciation | 1,335 | |||
East Orange-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,150 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,150 | |||
East Orange-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 10,112 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 500 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 10,612 | |||
Watertown- MOB/ Imaging | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,396 | |||
Accumulated Depreciation | 1,086 | |||
Watertown- MOB/ Imaging | Land & 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 | |||
Watertown- MOB/ Imaging | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,002 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 249 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,251 | |||
Sandusky-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,501 | |||
Accumulated Depreciation | 1,523 | |||
Sandusky-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 791 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 791 | |||
Sandusky-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 10,710 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 10,710 | |||
Carson City-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,028 | |||
Accumulated Depreciation | 423 | |||
Carson City-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 760 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 760 | |||
Carson City-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,268 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,268 | |||
Ellijay-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,251 | |||
Accumulated Depreciation | 654 | |||
Ellijay-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 914 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 914 | |||
Ellijay-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,337 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,337 | |||
Altoona-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 19,689 | |||
Accumulated Depreciation | 2,654 | |||
Altoona-IRF | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,184 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,184 | |||
Altoona-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 18,505 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 18,505 | |||
Mechanicsburg-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 22,261 | |||
Accumulated Depreciation | 3,003 | |||
Mechanicsburg-IRF | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 810 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 810 | |||
Mechanicsburg-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 21,451 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 21,451 | |||
Mesa-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 19,885 | |||
Accumulated Depreciation | 2,670 | |||
Mesa-IRF | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,620 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,620 | |||
Mesa-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 16,265 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 16,265 | |||
Lewisburg-MOB/ Imaging | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,795 | |||
Accumulated Depreciation | 1,185 | |||
Lewisburg-MOB/ Imaging | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 681 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 681 | |||
Lewisburg-MOB/ Imaging | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 6,114 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,114 | |||
Cape Coral-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,370 | |||
Accumulated Depreciation | 696 | |||
Cape Coral-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 353 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 353 | |||
Cape Coral-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,017 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,017 | |||
Las Cruces-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,087 | |||
Accumulated Depreciation | 655 | |||
Las Cruces-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 397 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 40 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 437 | |||
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 | |||
Clermont-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,567 | |||
Accumulated Depreciation | 514 | |||
Clermont-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 145 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 145 | |||
Clermont-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,422 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,422 | |||
Oklahoma City-Surgical Hospital/ Physical Therapy/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 41,677 | |||
Accumulated Depreciation | 5,314 | |||
Oklahoma City-Surgical Hospital/ Physical Therapy/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,953 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,953 | |||
Oklahoma City-Surgical Hospital/ Physical Therapy/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 38,724 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 38,724 | |||
Brockport-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,790 | |||
Accumulated Depreciation | 1,085 | |||
Brockport-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 693 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 693 | |||
Brockport-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,097 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,097 | |||
Flower Mound-ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 3,885 | |||
Accumulated Depreciation | 483 | |||
Flower Mound-ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 730 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 730 | |||
Flower Mound-ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,155 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,155 | |||
Sherman-IRF/ LTACH | ||||
Gross Value at Close of Period | ||||
Total Assets | 29,059 | |||
Accumulated Depreciation | 3,115 | |||
Sherman-IRF/ LTACH | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,601 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,601 | |||
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 | |||
Lubbock-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,291 | |||
Accumulated Depreciation | 994 | |||
Lubbock-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,566 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,566 | |||
Lubbock-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,725 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 5,725 | |||
Germantown-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,435 | |||
Accumulated Depreciation | 1,504 | |||
Germantown-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,050 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,050 | |||
Germantown-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,385 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,385 | |||
Austin-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 36,839 | |||
Accumulated Depreciation | 3,272 | |||
Austin-IRF | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 7,223 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 7,223 | |||
Austin-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 29,616 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 29,616 | |||
Fort Worth-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,464 | |||
Accumulated Depreciation | 540 | |||
Fort Worth-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,738 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,738 | |||
Fort Worth-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,726 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,726 | |||
Albertville-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,791 | |||
Accumulated Depreciation | 971 | |||
Albertville-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,154 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 193 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,347 | |||
Albertville-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,444 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,444 | |||
Moline-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 10,091 | |||
Accumulated Depreciation | 1,303 | |||
Moline-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 854 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 854 | |||
Moline-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 9,237 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 9,237 | |||
Lee's Summit-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 3,500 | |||
Accumulated Depreciation | 622 | |||
Lee's Summit-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 571 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 571 | |||
Lee's Summit-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 2,929 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 2,929 | |||
Amarillo-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,691 | |||
Accumulated Depreciation | 659 | |||
Amarillo-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,437 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,437 | |||
Amarillo-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,254 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,254 | |||
Wyomissing-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,737 | |||
Accumulated Depreciation | 467 | |||
Wyomissing-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 487 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 487 | |||
Wyomissing-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,250 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 5,250 | |||
Saint George-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,883 | |||
Accumulated Depreciation | 540 | |||
Saint George-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 435 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 435 | |||
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 | |||
Silvis-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,752 | |||
Accumulated Depreciation | 1,065 | |||
Silvis-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 249 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 249 | |||
Silvis-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,862 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 641 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,503 | |||
Fremont-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,497 | |||
Accumulated Depreciation | 773 | |||
Fremont-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 162 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 162 | |||
Fremont-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,335 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,335 | |||
Gainesville-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,064 | |||
Accumulated Depreciation | 981 | |||
Gainesville-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 625 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 625 | |||
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 | |||
East Dallas-Acute Hospital | ||||
Gross Value at Close of Period | ||||
Total Assets | 24,734 | |||
Accumulated Depreciation | 2,174 | |||
East Dallas-Acute Hospital | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 6,272 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 6,272 | |||
East Dallas-Acute Hospital | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 17,012 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 1,450 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 18,462 | |||
Orlando-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 15,114 | |||
Accumulated Depreciation | 1,465 | |||
Orlando-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,075 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,075 | |||
Orlando-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 11,944 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 95 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 12,039 | |||
Belpre-MOB/ Imaging/ER/ ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 57,517 | |||
Accumulated Depreciation | 5,421 | |||
Belpre-MOB/ Imaging/ER/ ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,997 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,997 | |||
Belpre-MOB/ Imaging/ER/ ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 53,520 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 53,520 | |||
McAllen-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,395 | |||
Accumulated Depreciation | 500 | |||
McAllen-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,099 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,099 | |||
McAllen-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,296 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,296 | |||
Derby-ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 3,207 | |||
Accumulated Depreciation | 377 | |||
Derby-ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 567 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 567 | |||
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 | |||
Bountiful-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,970 | |||
Accumulated Depreciation | 361 | |||
Bountiful-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 720 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 720 | |||
Bountiful-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,185 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 65 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,250 | |||
Cincinnati-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 3,634 | |||
Accumulated Depreciation | 414 | |||
Cincinnati-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,823 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,823 | |||
Cincinnati-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 1,811 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 1,811 | |||
Melbourne Pine-Cancer Center | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,361 | |||
Accumulated Depreciation | 610 | |||
Melbourne Pine-Cancer Center | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 732 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 732 | |||
Melbourne Pine-Cancer Center | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,980 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 649 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,629 | |||
Southern IL-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 14,490 | |||
Accumulated Depreciation | 1,137 | |||
Southern IL-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,830 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,830 | |||
Southern IL-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 12,660 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 12,660 | |||
Vernon-MOB/ Dialysis/ Administrative | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,095 | |||
Accumulated Depreciation | 1,021 | |||
Vernon-MOB/ Dialysis/ Administrative | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,166 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,166 | |||
Vernon-MOB/ Dialysis/ Administrative | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 9,929 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 9,929 | |||
Corona | ||||
Gross Value at Close of Period | ||||
Total Assets | 16,290 | |||
Accumulated Depreciation | 1,103 | |||
Corona | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,601 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,601 | |||
Corona | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 14,689 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 14,689 | |||
Zachary-LTACH | ||||
Gross Value at Close of Period | ||||
Total Assets | 3,848 | |||
Accumulated Depreciation | 324 | |||
Zachary-LTACH | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 103 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 103 | |||
Zachary-LTACH | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,745 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,745 | |||
Chandler -MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 16,290 | |||
Accumulated Depreciation | 979 | |||
Chandler -MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 4,616 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 4,616 | |||
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 | |||
GMR Surprise-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 24,825 | |||
Accumulated Depreciation | 2,132 | |||
GMR Surprise-IRF | Land & 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 | |||
GMR Surprise-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 22,856 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 22,856 | |||
South Bend-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 13,880 | |||
Accumulated Depreciation | 1,679 | |||
South Bend-IRF | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,998 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,998 | |||
South Bend-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 11,882 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 11,882 | |||
Las Vegas-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 20,205 | |||
Accumulated Depreciation | 2,183 | |||
Las Vegas-IRF | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,723 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,723 | |||
Las Vegas-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 17,482 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 17,482 | |||
Oklahoma Northwest-IRF | ||||
Gross Value at Close of Period | ||||
Total Assets | 31,866 | |||
Accumulated Depreciation | 2,201 | |||
Oklahoma Northwest-IRF | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,507 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,507 | |||
Oklahoma Northwest-IRF | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 22,545 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 6,814 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 29,359 | |||
San Marcos-Cancer Center | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,786 | |||
Accumulated Depreciation | 602 | |||
San Marcos-Cancer Center | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,448 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,448 | |||
San Marcos-Cancer Center | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,338 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,338 | |||
Lansing Patient-MOB /ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 10,021 | |||
Accumulated Depreciation | 941 | |||
Lansing Patient-MOB /ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,387 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 187 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,574 | |||
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 | |||
Bannockburn-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,947 | |||
Accumulated Depreciation | 907 | |||
Bannockburn-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 895 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 84 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 979 | |||
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 | |||
Aurora-Office | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,878 | |||
Accumulated Depreciation | 788 | |||
Aurora-Office | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,829 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,829 | |||
Aurora-Office | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,049 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,049 | |||
Livonia-MOB/Urgent Care | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,640 | |||
Accumulated Depreciation | 1,192 | |||
Livonia-MOB/Urgent Care | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,181 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,181 | |||
Livonia-MOB/Urgent Care | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,071 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 388 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,459 | |||
Gilbert-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,859 | |||
Accumulated Depreciation | 246 | |||
Gilbert-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,470 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,470 | |||
Gilbert-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 2,389 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 2,389 | |||
Morgantown-Office | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,048 | |||
Accumulated Depreciation | 468 | |||
Morgantown-Office | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,256 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,256 | |||
Morgantown-Office | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,792 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 5,792 | |||
Beaumont-Surgical Hospital | ||||
Gross Value at Close of Period | ||||
Total Assets | 29,293 | |||
Accumulated Depreciation | 1,625 | |||
Beaumont-Surgical Hospital | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,421 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,421 | |||
Beaumont-Surgical Hospital | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 25,872 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 25,872 | |||
Bastrop-Freestanding ED | ||||
Gross Value at Close of Period | ||||
Total Assets | 10,751 | |||
Accumulated Depreciation | 610 | |||
Bastrop-Freestanding ED | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,039 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,039 | |||
Bastrop-Freestanding ED | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,712 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,712 | |||
Panama City-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,497 | |||
Accumulated Depreciation | 787 | |||
Panama City-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,779 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,779 | |||
Panama City-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 9,718 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 9,718 | |||
Jacksonville-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,869 | |||
Accumulated Depreciation | 438 | |||
Jacksonville-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,023 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,023 | |||
Jacksonville-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,846 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,846 | |||
Greenwood-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,848 | |||
Accumulated Depreciation | 396 | |||
Greenwood-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 892 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 892 | |||
Greenwood-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,956 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,956 | |||
Clinton-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,230 | |||
Accumulated Depreciation | 1,389 | |||
Clinton-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,006 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,006 | |||
Clinton-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 8,129 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 95 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 8,224 | |||
High Point-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 23,425 | |||
Accumulated Depreciation | 1,562 | |||
High Point-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,189 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,189 | |||
High Point-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 21,236 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 21,236 | |||
West Allis-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,896 | |||
Accumulated Depreciation | 462 | |||
West Allis-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,111 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,111 | |||
West Allis-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,785 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,785 | |||
Grand Rapids-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 21,857 | |||
Accumulated Depreciation | 1,336 | |||
Grand Rapids-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,421 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 292 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,713 | |||
Grand Rapids-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 17,810 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 334 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 18,144 | |||
Dumfries-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 17,749 | |||
Accumulated Depreciation | 2,351 | |||
Dumfries-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,886 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,886 | |||
Dumfries-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 14,863 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 14,863 | |||
Centerville -MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,570 | |||
Accumulated Depreciation | 183 | |||
Centerville -MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 160 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 160 | |||
Centerville -MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,410 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,410 | |||
Fairfax-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 17,759 | |||
Accumulated Depreciation | 844 | |||
Fairfax-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 7,112 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 7,112 | |||
Fairfax-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 9,621 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 1,026 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 10,647 | |||
Rosedale-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 21,069 | |||
Accumulated Depreciation | 951 | |||
Rosedale-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,423 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,423 | |||
Rosedale-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 17,646 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 17,646 | |||
Lancaster-Plasma Center | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,190 | |||
Accumulated Depreciation | 181 | |||
Lancaster-Plasma Center | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 805 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 805 | |||
Lancaster-Plasma Center | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,385 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,385 | |||
Winston Salem-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,492 | |||
Accumulated Depreciation | 348 | |||
Winston Salem-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,778 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,778 | |||
Winston Salem-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 6,714 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,714 | |||
Decatur-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,332 | |||
Accumulated Depreciation | 136 | |||
Decatur-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,626 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,626 | |||
Decatur-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 2,706 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 2,706 | |||
Jackson-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,625 | |||
Accumulated Depreciation | 184 | |||
Jackson-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 895 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 895 | |||
Jackson-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,730 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,730 | |||
Sheboygan-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,806 | |||
Accumulated Depreciation | 242 | |||
Sheboygan-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 583 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 583 | |||
Sheboygan-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 6,223 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,223 | |||
Plymouth-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,972 | |||
Accumulated Depreciation | 186 | |||
Plymouth-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 758 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 758 | |||
Plymouth-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,214 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 5,214 | |||
Spring Hill-MOB/Img | ||||
Gross Value at Close of Period | ||||
Total Assets | 16,847 | |||
Accumulated Depreciation | 536 | |||
Spring Hill-MOB/Img | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,893 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,893 | |||
Spring Hill-MOB/Img | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 12,954 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 12,954 | |||
Cape Girardeau-ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,088 | |||
Accumulated Depreciation | 199 | |||
Cape Girardeau-ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,223 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,223 | |||
Cape Girardeau-ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,865 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,865 | |||
Yuma-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,338 | |||
Accumulated Depreciation | 229 | |||
Yuma-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,349 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,349 | |||
Yuma-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,989 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,989 | |||
Las Vegas-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,124 | |||
Accumulated Depreciation | 171 | |||
Las Vegas-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 311 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 311 | |||
Las Vegas-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 6,813 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,813 | |||
Pensacola-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,271 | |||
Accumulated Depreciation | 285 | |||
Pensacola-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,118 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,118 | |||
Pensacola-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 6,153 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,153 | |||
Venice-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,433 | |||
Accumulated Depreciation | 201 | |||
Venice-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,896 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,896 | |||
Venice-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,537 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,537 | |||
El Paso-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,829 | |||
Accumulated Depreciation | 237 | |||
El Paso-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 970 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 970 | |||
El Paso-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,709 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Building & Improvements | 150 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,859 | |||
West El Paso-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,722 | |||
Accumulated Depreciation | 219 | |||
West El Paso-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 995 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 995 | |||
West El Paso-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,727 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,727 | |||
Syracuse-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,650 | |||
Accumulated Depreciation | 171 | |||
Syracuse-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 744 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land & Improvements | 25 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 769 | |||
Syracuse-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,881 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,881 | |||
Fort Worth-Behavioral Hospital | ||||
Gross Value at Close of Period | ||||
Total Assets | 15,413 | |||
Accumulated Depreciation | 290 | |||
Fort Worth-Behavioral Hospital | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,960 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,960 | |||
Fort Worth-Behavioral Hospital | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 13,453 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 13,453 | |||
Coos Bay-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,062 | |||
Accumulated Depreciation | 106 | |||
Coos Bay-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 917 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 917 | |||
Coos Bay-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,145 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 5,145 | |||
Port Saint Lucie-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,428 | |||
Accumulated Depreciation | 107 | |||
Port Saint Lucie-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 660 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 660 | |||
Port Saint Lucie-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,768 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,768 | |||
Dallas-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,226 | |||
Accumulated Depreciation | 105 | |||
Dallas-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 3,164 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 3,164 | |||
Dallas-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 3,062 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 3,062 | |||
Cape Coral-MOB1 | ||||
Gross Value at Close of Period | ||||
Total Assets | 27,390 | |||
Accumulated Depreciation | 594 | |||
Cape Coral-MOB1 | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 6,103 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 6,103 | |||
Cape Coral-MOB1 | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 21,287 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 21,287 | |||
East Grand Forks-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,186 | |||
Accumulated Depreciation | 273 | |||
East Grand Forks-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,123 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,123 | |||
East Grand Forks-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,063 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,063 | |||
Tallahassee-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 8,026 | |||
Accumulated Depreciation | 129 | |||
Tallahassee-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 919 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 919 | |||
Tallahassee-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 7,107 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 7,107 | |||
Caledonia-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 3,413 | |||
Accumulated Depreciation | 52 | |||
Caledonia-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 648 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 648 | |||
Caledonia-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 2,765 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 2,765 | |||
North Charleston-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 6,082 | |||
Accumulated Depreciation | 78 | |||
North Charleston-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,033 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,033 | |||
North Charleston-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 5,049 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 5,049 | |||
Forsyth-MOB/Imaging | ||||
Gross Value at Close of Period | ||||
Total Assets | 11,985 | |||
Accumulated Depreciation | 172 | |||
Forsyth-MOB/Imaging | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 1,902 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 1,902 | |||
Forsyth-MOB/Imaging | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 10,083 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 10,083 | |||
Munster-MOB/ASC | ||||
Gross Value at Close of Period | ||||
Total Assets | 5,783 | |||
Accumulated Depreciation | 74 | |||
Munster-MOB/ASC | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 941 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 941 | |||
Munster-MOB/ASC | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,842 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,842 | |||
Athens-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,791 | |||
Accumulated Depreciation | 49 | |||
Athens-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 622 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 622 | |||
Athens-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,169 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 4,169 | |||
Hialeah-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 10,613 | |||
Accumulated Depreciation | 245 | |||
Hialeah-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 264 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 264 | |||
Hialeah-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 10,349 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 10,349 | |||
Oklahoma City-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 7,322 | |||
Oklahoma City-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 988 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 988 | |||
Oklahoma City-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 6,334 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,334 | |||
Mentor-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 9,147 | |||
Mentor-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 2,603 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 2,603 | |||
Mentor-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 6,544 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 6,544 | |||
Athens 200-MOB | ||||
Gross Value at Close of Period | ||||
Total Assets | 1,839 | |||
Athens 200-MOB | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 369 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 369 | |||
Athens 200-MOB | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 1,470 | |||
Gross Value at Close of Period | ||||
Building & Improvements | 1,470 | |||
Lemoyne-MOB/Imaging | ||||
Gross Value at Close of Period | ||||
Total Assets | 4,432 | |||
Lemoyne-MOB/Imaging | Land & Improvements | ||||
Initial Costs | ||||
Land & Improvement | 412 | |||
Gross Value at Close of Period | ||||
Land & Improvements | 412 | |||
Lemoyne-MOB/Imaging | Buildings | ||||
Initial Costs | ||||
Building & Improvements | 4,020 | |||
Gross Value at Close of Period | ||||
Building & Improvements | $ 4,020 | |||
Minimum | Land & Improvements | ||||
Gross Value at Close of Period | ||||
Remaining useful life | 1 year | |||
Minimum | Buildings | ||||
Gross Value at Close of Period | ||||
Remaining useful life | 18 years | |||
Minimum | Tenant improvements [Member] | ||||
Gross Value at Close of Period | ||||
Remaining useful life | 1 year | |||
Maximum | Land & Improvements | ||||
Gross Value at Close of Period | ||||
Remaining useful life | 13 years | |||
Maximum | Buildings | ||||
Gross Value at Close of Period | ||||
Remaining useful life | 49 years | |||
Maximum | Tenant improvements [Member] | ||||
Gross Value at Close of Period | ||||
Remaining useful life | 16 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate Assets: | |||
Balance, beginning of period | $ 1,044,671 | $ 832,735 | $ 604,398 |
Additions through acquisitions | 175,013 | 211,936 | 228,337 |
Deductions | (4,612) | ||
Balance, end of period | 1,215,072 | 1,044,671 | 832,735 |
Accumulated Depreciation: | |||
Balance, beginning of period | 69,563 | 42,828 | 23,762 |
Additions through expense | 33,801 | 26,735 | 19,066 |
Deductions | (354) | ||
Balance, end of period | $ 103,010 | $ 69,563 | $ 42,828 |