Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 13, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 000-55201 | ||
Entity Registrant Name | Healthcare Trust, Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 38-3888962 | ||
Entity Address, Address Line One | 650 Fifth Ave. | ||
Entity Address, Address Line Two | 30th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10019 | ||
City Area Code | 212 | ||
Local Phone Number | 415-6500 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 92,012,616 | ||
Documents Incorporated by Reference [Text Block] | Portions of the registrant’s definitive proxy statement to be delivered to stockholders in connection with the registrant’s 2020 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. The registrant intends to file its proxy statement within 120 days after its fiscal year end. | ||
Entity Central Index Key | 0001561032 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real estate investments, at cost: | ||
Land | $ 207,335 | $ 209,284 |
Buildings, fixtures and improvements | 2,004,116 | 2,006,745 |
Construction in progress | 0 | 80,598 |
Acquired intangible assets | 269,616 | 256,452 |
Total real estate investments, at cost | 2,481,067 | 2,553,079 |
Less: accumulated depreciation and amortization | (427,476) | (381,909) |
Total real estate investments, net | 2,053,591 | 2,171,170 |
Assets held for sale | 70,839 | 52,397 |
Cash and cash equivalents | 95,691 | 77,264 |
Restricted cash, end of period | 15,908 | 14,094 |
Restricted cash | 15,908 | 14,094 |
Derivative assets, at fair value | 392 | 4,633 |
Straight-line rent receivable, net | 21,182 | 17,351 |
Operating lease right-of-use assets | 14,351 | |
Prepaid expenses and other assets (including $394 and $154 due from related parties as of December 31, 2019 and 2018, respectively) | 39,707 | 28,785 |
Deferred costs, net | 13,642 | 11,752 |
Total assets | 2,325,303 | 2,377,446 |
LIABILITIES AND EQUITY | ||
Mortgage notes payable, net | 528,284 | 462,839 |
Credit facilities, net | 605,269 | 602,622 |
Market lease intangible liabilities, net | 12,052 | 17,104 |
Derivative liabilities, at fair value | 5,305 | 0 |
Accounts payable and accrued expenses (including $0 and $764 due to related parties as of December 31, 2019 and 2018, respectively) | 43,094 | 40,298 |
Operating lease liabilities | 9,133 | |
Deferred rent | 8,521 | 7,011 |
Distributions payable | 6,901 | 6,638 |
Total liabilities | 1,218,559 | 1,136,512 |
Stockholders’ Equity | ||
7.375% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, 1,610,000 and none authorized, 1,610,000 and none issued and outstanding as of December 31, 2019 and December 31, 2018, respectively | 16 | 0 |
Common stock, $0.01 par value, 300,000,000 shares authorized, 92,356,664 and 91,963,532 shares of common stock issued and outstanding as of December 31, 2019 and December 31, 2018, respectively | 923 | 919 |
Additional paid-in capital | 2,078,628 | 2,031,967 |
Accumulated other comprehensive (loss) income | (7,043) | 4,582 |
Distributions in excess of accumulated earnings | (971,190) | (804,331) |
Total stockholders’ equity | 1,101,334 | 1,233,137 |
Non-controlling interests | 5,410 | 7,797 |
Total equity | 1,106,744 | 1,240,934 |
Total liabilities and equity | $ 2,325,303 | $ 2,377,446 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Financial Position [Abstract] | ||
Prepaid expenses and other assets, due to related parties | $ 394 | $ 154 |
Accounts payable, due to related parties | $ 0 | $ 764 |
Preferred stock, dividend rate, percentage | 7.375% | |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0 |
Preferred stock, shares authorized | 1,610,000 | 0 |
Preferred stock, shares issued | 1,610,000 | 0 |
Preferred stock, shares outstanding | 1,610,000 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 92,356,664 | 91,963,532 |
Common stock, shares outstanding (in shares) | 92,356,664 | 91,963,532 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Total revenues | $ 374,914 | $ 362,406 | $ 311,173 |
Operating expenses: | |||
Property operating and maintenance | 234,185 | ||
Property operating and maintenance | 220,997 | 186,277 | |
Impairment charges | 55,969 | 20,655 | 18,993 |
Operating fees to related parties | 23,414 | 23,071 | 22,257 |
Acquisition and transaction related | 362 | 302 | 2,986 |
General and administrative | 20,530 | 17,275 | 15,673 |
Depreciation and amortization | 81,032 | 83,212 | 77,641 |
Total expenses | 415,492 | 365,512 | 323,827 |
Operating loss before (loss) gain on sale of real estate investments | (40,578) | (3,106) | (12,654) |
Gain (loss) on sale of real estate investments | 8,790 | (70) | 438 |
Operating loss | (31,788) | (3,176) | (12,216) |
Other income (expense): | |||
Interest expense | (56,059) | (49,471) | (30,264) |
Interest and other income | 7 | 23 | 306 |
Loss on non-designated derivatives | (68) | (157) | (198) |
Gain on asset acquisition | 0 | 0 | 307 |
Total other expenses | (56,120) | (49,605) | (29,849) |
Loss before income taxes | (87,908) | (52,781) | (42,065) |
Income tax expense | (399) | (197) | (647) |
Net loss | (88,307) | (52,978) | (42,712) |
Net loss attributable to non-controlling interests | 393 | 216 | 164 |
Preferred stock dividends | (173) | 0 | 0 |
Net loss attributable to common stockholders | (88,087) | (52,762) | (42,548) |
Other comprehensive income (loss): | |||
Unrealized (loss) gain on designated derivative | (11,625) | 2,109 | 2,473 |
Comprehensive loss attributable to common stockholders | $ (99,712) | $ (50,653) | $ (40,075) |
Basic and diluted weighted average shares outstanding (in shares) | 91,936,641 | 91,118,929 | 89,802,174 |
Basic and diluted net loss per share (in usd per share) | $ (0.96) | $ (0.58) | $ (0.47) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Total Stockholders’ Equity | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Distributions in Excess of Accumulated Earnings | Non-controlling Interests |
Beginning Balance (in shares) at Dec. 31, 2016 | 89,368,899 | |||||||
Beginning balance at Dec. 31, 2016 | $ 1,504,326 | $ 1,495,456 | $ 894 | $ 1,981,136 | $ 0 | $ (486,574) | $ 8,870 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock issued through distribution reinvestment plan (in shares) | 2,813,635 | |||||||
Common stock issued through distribution reinvestment plan | 61,206 | 61,206 | $ 28 | 61,178 | ||||
Common stock repurchases (in shares) | (1,554,768) | |||||||
Common stock repurchases | (33,627) | (33,599) | $ (16) | (33,583) | (28) | |||
Share-based compensation (in shares) | 375,000 | |||||||
Share-based compensation, net | 470 | 470 | $ 4 | 466 | ||||
Distributions declared on common stock | (135,904) | (135,904) | (135,904) | |||||
Preferred stock dividends | 0 | |||||||
Contributions from non-controlling interest holders | 472 | 472 | ||||||
Distributions to non-controlling interest holders | (645) | (645) | ||||||
Unrealized gain on designated derivative | 2,473 | 2,473 | 2,473 | |||||
Net loss | (42,712) | (42,548) | (42,548) | (164) | ||||
Ending Balance (in shares) at Dec. 31, 2017 | 91,002,766 | |||||||
Ending balance at Dec. 31, 2017 | $ 1,356,059 | 1,347,554 | $ 910 | 2,009,197 | 2,473 | (665,026) | 8,505 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock issued through distribution reinvestment plan (in shares) | 1,700,000 | 1,720,633 | ||||||
Common stock issued through distribution reinvestment plan | $ 35,737 | 35,737 | $ 17 | 35,720 | ||||
Common stock repurchases (in shares) | (759,867) | |||||||
Common stock repurchases | (14,202) | (14,202) | $ (8) | (14,194) | ||||
Share-based compensation, net | 1,244 | 1,244 | 1,244 | |||||
Distributions declared on common stock | (86,543) | (86,543) | (86,543) | |||||
Preferred stock dividends | 0 | |||||||
Distributions to non-controlling interest holders | (492) | (492) | ||||||
Unrealized gain on designated derivative | 2,109 | 2,109 | 2,109 | |||||
Net loss | (52,978) | (52,762) | (52,762) | (216) | ||||
Ending Balance (in shares) at Dec. 31, 2018 | 91,963,532 | |||||||
Ending balance at Dec. 31, 2018 | 1,240,934 | 1,233,137 | $ 919 | 2,031,967 | 4,582 | (804,331) | 7,797 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock Issued During Period, Shares, New Issues | 1,610,000 | |||||||
Issuance of Preferred Stock, net | $ 37,617 | 37,617 | $ 16 | 37,601 | ||||
Common stock issued through distribution reinvestment plan (in shares) | 1,500,000 | 1,481,395 | ||||||
Common stock issued through distribution reinvestment plan | $ 27,210 | 27,210 | $ 15 | 27,195 | ||||
Common stock repurchases (in shares) | (1,103,263) | |||||||
Common stock repurchases | (21,113) | (21,113) | $ (11) | (21,102) | ||||
Share-based compensation (in shares) | 15,000 | |||||||
Share-based compensation, net | 1,319 | 1,319 | 1,319 | |||||
Distributions declared on common stock | (78,685) | (78,685) | (78,685) | |||||
Preferred stock dividends | (173) | (173) | (173) | |||||
Distributions to non-controlling interest holders | (346) | (346) | ||||||
Unrealized gain on designated derivative | (11,625) | (11,625) | (11,625) | |||||
Net loss | (88,307) | (87,914) | (87,914) | (393) | ||||
Rebalancing of ownership percentage | 0 | 1,648 | 1,648 | (1,648) | ||||
Ending Balance (in shares) at Dec. 31, 2019 | 1,610,000 | 92,356,664 | ||||||
Ending balance at Dec. 31, 2019 | $ 1,106,744 | $ 1,101,334 | $ 16 | $ 923 | $ 2,078,628 | $ (7,043) | $ (971,190) | $ 5,410 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Distributions declared per share (in usd per share) | $ 0.85 |
Preferred stock distributions declared per share (in usd per share) | $ 0.11 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net loss | $ (88,307) | $ (52,978) | $ (42,712) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 81,032 | 83,212 | 77,641 |
Amortization (including write-offs) of deferred financing costs | 9,171 | 8,633 | 6,170 |
Amortization of mortgage premiums and discounts, net | (162) | (263) | (1,576) |
(Accretion) amortization of market lease and other intangibles, net | (4) | 255 | 236 |
Bad debt expense | 6,464 | 14,797 | 12,413 |
Equity-based compensation | 1,319 | 1,244 | 470 |
Gain on sale of investment securities | 0 | 0 | 0 |
Loss (gain) on non-designated derivative instruments | 68 | 157 | 198 |
Loss (gain) on sales of real estate investments, net | (8,790) | 70 | (438) |
Impairment charges | 55,969 | 20,655 | 18,993 |
Changes in assets and liabilities: | |||
Straight-line rent receivable | (3,831) | (7,744) | (6,242) |
Prepaid expenses and other assets | (9,667) | (16,888) | (10,345) |
Accounts payable, accrued expenses and other liabilities | 2,632 | 2,191 | 8,688 |
Deferred rent | 1,510 | 810 | 471 |
Net cash provided by operating activities | 47,404 | 54,151 | 63,967 |
Cash flows from investing activities: | |||
Property acquisitions and development costs | (91,998) | (128,056) | (188,928) |
Deposits returned for unconsummated acquisitions | 0 | 0 | 50 |
Deposit received for unconsummated disposition | 0 | 0 | 1,125 |
Capital expenditures | (16,719) | (12,910) | (8,278) |
Proceeds from sales of real estate investments | 62,468 | 25,903 | 757 |
Proceeds from asset acquisition | 0 | 0 | 865 |
Net cash used in investing activities | (46,249) | (115,063) | (194,409) |
Cash flows from financing activities: | |||
Payments on credit facilities | (368,300) | (80,000) | (326,800) |
Proceeds from credit facilities | 225,618 | 147,753 | 380,170 |
Proceeds from term loan | 150,000 | 0 | 0 |
Proceeds from mortgage notes payable | 136,513 | 118,700 | 336,897 |
Payments on mortgage notes payable | (67,797) | (63,263) | (65,335) |
Payments for derivative instruments | (2,147) | (131) | (214) |
Payments of deferred financing costs | (19,532) | (3,354) | (14,388) |
Proceeds from issuance of preferred stock, net | 37,617 | 0 | 0 |
Common stock repurchases | (21,113) | (14,202) | (33,599) |
Distributions paid on common stock | (51,427) | (55,329) | (76,717) |
Contributions from non-controlling interest holders | 0 | 0 | 472 |
Distributions to non-controlling interest holders | (346) | (492) | (643) |
Net cash, provided by financing activities | 19,086 | 49,682 | 199,843 |
Net change in cash, cash equivalents and restricted cash | 20,241 | (11,230) | 69,401 |
Cash, cash equivalents and restricted cash, beginning of year | 91,358 | 102,588 | 33,187 |
Cash, cash equivalents and restricted cash, end of year | 111,599 | 91,358 | 102,588 |
Cash, cash equivalents and restricted cash, end of period | 91,358 | 91,358 | 33,187 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 47,621 | 43,266 | 26,097 |
Cash paid for income taxes | 447 | 407 | 28 |
Non-cash investing and financing activities: | |||
Common stock issued through distribution reinvestment plan | 27,210 | 35,737 | 61,206 |
Assumption of mortgage notes payable used to acquire investments in real estate | 0 | 0 | 4,897 |
Liabilities assumed in real estate acquisitions | 0 | 0 | 1,056 |
Asset acquisition (inflows/outflows from operations) | 0 | 0 | 416 |
Asset acquisition (inflows/outflows from investing activity) | 0 | 0 | (723) |
Gain on asset acquisition | $ 0 | $ 0 | $ 307 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | — Organization Healthcare Trust, Inc. (including, as required by context, Healthcare Trust Operating Partnership, L.P. (the “OP”) and its subsidiaries, the “Company”) invests in healthcare real estate, focusing on seniors housing and medical office buildings (“MOB”), located in the United States. As of December 31, 2019 , the Company owned 193 properties (all references to number of properties and square footage are unaudited) located in 31 states and comprised of 9.4 million rentable square feet. The Company, which was incorporated on October 15, 2012, is a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2013. Substantially all of the Company’s business is conducted through the OP. The Company’s initial public offering of its common stock, which is not listed on a national securities exchange, closed in November 2014, and, in December 2019, the Company’s initial public offering of its 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”) closed, and the Company listed shares of its Series A Preferred Stock on The Nasdaq Global Market under the symbol “HTIA”. On April 1, 2019 the board of directors of the Company (the “Board”) approved an updated estimate of per-share net asset value (“Estimated Per-Share NAV”) as of December 31, 2018. The Company intends to publish Estimated Per-Share NAV periodically at the discretion of the Board, provided that such estimates will be made at least once annually. The Company has no |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”). Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, real estate taxes, impairments, fair value measurements and income taxes, as applicable. Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. The Company has aggregated revenue from its lease components and non-lease components (tenant operating expense reimbursements) into one line. See additional discussion below under “ Recently Issued Accounting Pronouncements - ASU No. 2016-02 - Leases.” Out-of-Period Adjustments During the year ended December 31, 2019, the Company identified certain historical errors in its tax provision and its net deferred taxes asset as well as its statements of operations and comprehensive income (loss), consolidated statements of changes in equity, and statements of cash flows since 2014, which impacted the quarterly financial statements and annual periods previously issued. Specifically, the Company had overstated intercompany rent on certain leases with the TRS and reflected a portion of depreciation on REIT assets in the TRS’s tax provision, thereby overstating previously recorded tax benefits, deferred tax assets and net income by $0.8 million , $0.3 million and $0.2 million for the years ended December 31, 2018, 2017 and for Pre-2017 periods, respectively. The intercompany rent and allocation of depreciation only affects the tax provision and does not affect the pre-tax consolidated financial results. The Company concluded that the errors noted above were not material for the period ended December 31, 2019 or any prior periods and has adjusted the amounts on a cumulative basis in the year ended December 31, 2019. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rent received from tenants in MOBs and triple-net leased healthcare facilities. As of December 31, 2019 , these leases had a weighted average remaining lease term of 5.6 years . Rent from tenants in the Company’s MOB and triple-net leased healthcare facilities operating segments (as discussed below) is recorded in accordance with the terms of each lease on a straight-line basis over the initial term of the lease. Because many of the leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants on a straight-line basis, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses, in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For comparative purposes, the Company has elected to reflect prior revenue and reimbursements reported under ASC 842 also on a single line. For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. The Company’s revenues also include resident services and fee income primarily related to rent derived from lease contracts with residents in the Company’s Seniors Housing — Operating Properties (“SHOP”) held using a structure permitted by the REIT rules and to fees for ancillary services performed for SHOP residents, which are generally variable in nature. Rental income from residents in the Company’s SHOP segment is recognized as earned. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the rent are short term in nature, primarily month-to-month. Also included in revenue from tenants is fees for ancillary revenue from non-residents of $15.4 million , $8.1 million and $0.8 million for the years ended December 31, 2019, 2018, and 2017, respectively. Fees for ancillary services are recorded in the period in which the services are performed. The Company defers the revenue related to lease payments received from tenants and residents in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses related to non-SHOP assets (recorded in revenue from tenants), in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. The following table presents future base rent payments on a cash basis due to the Company as of December 31, 2019 over the next five years and thereafter. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future 2020 $ 102,027 2021 95,838 2022 85,753 2023 79,435 2024 76,243 Thereafter 282,870 Total $ 722,166 The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the new leasing standard (see the “Recently Issued Accounting Pronouncements” section below), the Company is required to assess, based on credit risk only, if it is probable that the Company will collect virtually all of the lease payments at lease commencement date and it must continue to reassess collectibility periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e., straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and a full reserve would be recorded on previously accrued amounts in cases where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in operating revenue from tenants beginning on January 1, 2019, in accordance with new accounting rules, on the accompanying consolidated statements of operations and comprehensive income (loss) in the period the related costs are incurred, as applicable. Under ASC 842, uncollectable amounts are reflected as reductions in revenue. Under ASC 840, the Company recorded such amounts as bad debt expense as part of property operating expenses. During the years ended December 31, 2019 , 2018 and 2017 such amounts were $6.5 million , $14.8 million and $12.4 million , respectively. Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the “ Purchase Price Allocation” section in this Note for a discussion of the initial accounting for investments in real estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the years ended December 31, 2019 , 2018 and 2017. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. There were $70.8 million and $52.4 million in real estate investments held for sale as of December 31, 2019 and 2018 , respectively (see Note 3 — Real Estate Investments, Net to the consolidated financial statements included in this Annual Report on Form 10-K for additional information). As more fully discussed in this Note under Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases , all of the Company’s leases as lessor prior to adoption were accounted for as operating leases and will continue to be accounted for as operating leases under the transition guidance. The Company will evaluate new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75% ), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90% ) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. For the three-year period ended December 31, 2019, the Company has no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. The Company is also the lessee under certain land leases which were previously classified prior to adoption of lease accounting and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet as of December 31, 2019 and the rent expense is reflected on a straight-line basis over the lease term. The Company generally determines the value of construction in progress based upon the replacement cost. During the construction period, the Company capitalizes interest, insurance and real estate taxes until the development has reached substantial completion. Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases and above- and below-market leases and other identifiable assets (e.g., certificates of need in certain jurisdictions) or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the years ended December 31, 2019 and 2018 were asset acquisitions. During 2017, prior to the Company’s adoption of ASU No. 2017-01, Business Combinations (Topic 805) (see “ Summary of Significant Accounting Policies” below), all of our acquisitions were accounted for as business combinations. For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired (including those acquired in the Merger) and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates and land values per square foot. Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates and the value of in-place leases as applicable. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six to 24 months . The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationships, as applicable, is measured based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships during the year ended December 31, 2019. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships during the year ended December 31, 2019 . Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate after January 1, 2018 are not considered sales to customers and will generally be recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Gain on sales of real estate prior to January 1, 2018 are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale was measured against various criteria in and ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, depending on the circumstances, the Company may not record a sale or it may record a sale but may defer some or all of the gain recognition. If the criteria for full accrual are not met, the Company may account for the transaction by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria for the full accrual method are met. Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the property for impairment. This review is based on an estimate of the future undiscounted cash flows expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the inability to recover the carrying value of a property, the Company would recognize an impairment loss in the consolidated statement of operations and comprehensive (loss) to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. Reportable Segments The Company has determined that it has three reportable segments, with activities related to investing in MOBs, triple-net leased healthcare facilities, and seniors housing properties. Management evaluates the operating performance of the Company’s investments in real estate and seniors housing properties on an individual property level. Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, 7 to 10 years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Construction in progress, including capitalized interest, insurance and real estate taxes, is not depreciated until the development has reached substantial completion. The value of certain other intangibles such as certificates of need in certain jurisdictions are amortized over the expected period of benefit (generally the life of the related building). The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. Above and Below-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. Derivative Instruments The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designated and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment, any change in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the accompanying consolidated statements of operations and comprehensive loss prior to the adoption of ASU 2017-2 on January 1, 2019. If the derivative is designated and qualifies for hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) to the extent that it is effective, with any ineffective portion of a derivative’s change in fair value immediately recognized in earnings. After the adoption of ASU 2017-2, if the derivative qualifies for hedge accounting, all of the change in value is recorded in other comprehensive income (loss). Non-controlling Interests The non-controlling interests represent the portion of the equity in the OP that is not owned by the Company. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and presented as net loss attributable to non-controlling interests on the consolidated statements of operations and comprehensive loss. Non-controlling interests are allocated a share of net loss based on their share of equity ownership. Cash and Cash Equivalents Cash and cash equivalents includes cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. The Company did no t have any cash invested in money market funds at December 31, 2019 or 2018. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit. At December 31, 2019 and 2018 , the Company had deposits of $95.7 million and $77.3 million , of which $73.2 million and $58.9 million , respectively, were in excess of the amount insured by the FDIC. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result. Deferred Financing and Leasing Costs, Net Deferred costs, net, consists of deferred financing costs related to the Credit Facility (as defined in Note 5 — Credit Facilities) Fannie Mae Master Credit Facilities (as defined in Note 5 — Credit Facilities) , and deferred leasing costs. Deferred financing costs relating to the mortgage notes payable (see Note 4 — Mortgage Notes Payable, Net ) are reflected net of the related financing on our balance sheet. Deferred financing costs associated with the Credit Facility and Fannie Mae Master Credit Facilities and mortgage notes payable represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the term of the financing agreement using the effective interest method for the Credit Facility and Fannie Mae Master Credit Facilities and using the effective interest method over the expected term for the mortgage notes payable. Unamortized deferred financing costs are expensed if the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred in connection with new leases, are deferred and amortized over the term of the lease. Equity-Based Compensation The Company has a stock-based incentive award plan for its directors, which is accounted for under the guidance of share- based payments. The cost of services received in exchange for these stock awards is measured at the grant date fair value of the award and the expense for such awards is included in general and administrative expenses and is recognized over the service period (i.e., vesting) required or when the requirements for exercise of the award have been met (See Note 11 — Equity-Based Compensation ). Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986 (the “Code”), as amended, commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax to the extent it distributes all of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP) to its stockholders. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal, state and income taxes at regular corporate rates beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company distributed to its stockholders 100% of its REIT taxable income for each of the years ended December 31, 2019 , 2018 and 2017 . Accordingly, no provision for U.S. federal or state income taxes related to such REIT taxable income was recorded in the Company’s financial statements. Even if the Company continues to qualify as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. Certain limitations are imposed on REITs with respect to the ownership and operation of seniors housing properties. Generally, to qualify as a REIT, the Company cannot directly |
Real Estate Investments, Net
Real Estate Investments, Net | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | Real Estate Investments, Net Property Acquisitions and Development Costs The Company invests in MOBs, seniors housing properties and other healthcare-related facilities primarily to expand and diversify its portfolio and revenue base. During the year ended December 31, 2019 , the Company, through wholly-owned subsidiaries of the OP, completed its acquisitions of five multi-tenant MOBs, three single tenant MOBs and one SHOP for an aggregate contract purchase price of $86.3 million . In addition, the Company incurred an additional $5.7 million in capitalized costs, including capitalized interest, to its development project in Jupiter, Florida which described in more detail under “Development Project” in this Note. All acquisitions in 2019 and 2018 were considered asset acquisitions for accounting purposes. During 2017, prior to the adoption of ASU no. 2017-01, Business Combinations (Topic 805) (see Note 2 — Summary of Significant Accounting Policies - “Recent Accounting Pronouncements”), all acquisitions, including the HT III transaction described below, were accounted for as business combinations. The following table presents the allocation of the assets acquired and liabilities assumed, as well as capitalized construction in progress during the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, (In thousands) 2019 2018 2017 Real estate investments, at cost: Land $ 6,356 $ 14,417 $ 18,501 Buildings, fixtures and improvements 68,903 98,236 135,344 Development costs 5,721 8,591 11,952 Total tangible assets 80,980 121,244 165,797 Acquired intangibles: In-place leases and other intangible assets (1) 11,777 6,823 21,546 Market lease and other intangible assets (1) 724 275 2,472 Market lease liabilities (1) (1,483 ) (286 ) (888 ) Total intangible assets and liabilities 11,018 6,812 23,130 Mortgage notes payable, net — — (4,897 ) Other liabilities assumed in the Asset Acquisition, net (2) — — (1,056 ) Cash paid for real estate investments, including acquisitions $ 91,998 $ 128,056 $ 182,974 Number of properties purchased 9 14 23 _______________ (1) Weighted-average remaining amortization periods for in-place leases and above-market and below market lease liabilities acquired were 8.1 years and 7.0 years as of December 31, 2019 . (2) Includes liabilities of $0.8 million in accounts payable and accrued expenses, $0.5 million in non-controlling interests and $0.1 million in deferred rent and includes assets of $0.2 million in cash and $0.2 million in restricted cash related to the Company’s acquisition from American Realty Capital Healthcare Trust III, Inc. (“HT III”) of 19 properties comprising substantially all of HT III’s assets (the “Asset Purchase”), pursuant to a purchase agreement (the “Purchase Agreement”), dated as of June 16, 2017. HT III was sponsored and advised by an affiliate of the Advisor. See Note 9 — Related Party Transactions and Arrangements for additional information. Development Project In August 2015, the Company entered into an asset purchase agreement and development agreement to acquire land and construction in progress, and subsequently fund the remaining construction, of a development property in Jupiter, Florida for $82.0 million . As of December 31, 2019 , the Company had funded $97.8 million , including $10.0 million for the land and $87.8 million for construction in progress The Company had been working for some time to obtain a certificate of occupancy for the facility (“CO”), which was ultimately obtained in December 2019. Historically, all construction costs, including capitalized interest, insurance and real estate taxes were capitalized and classified in construction is progress on the Company’s consolidated balance sheet. In December 2019, when the development reached substantial completion and the Company reclassified the entire amount in construction in progress. During the year ended December 31, 2019, the Company incurred an additional $5.7 million in capitalized costs, including capitalized interest, related to the development project in Jupiter, Florida. All acquisitions in 2019 and 2018 were considered asset acquisitions for accounting purposes. Obtaining the CO was a necessary condition to leasing the property to any tenant other than a tenant associated with the developer of the property, which had been, and remains in, default under its agreements with the Company. The Company entered into a lease for 10% of the rentable square feet at the property, but the tenant is not required to pay the Company cash rent until May 2021. There can be no assurance as to the timing or terms of any additional leases or as to if and when the property may generate positive cash flow allowing the Company to earn a return on its investment in this property. During the fourth quarter of 2019, in connection with the substantial completion of the development property, the Company began to evaluate it for a potential sale. As a result of this potential change in plans, the Company concluded this held for use asset was impaired and recognized an impairment charge to its respective operating real estate components (see Assets Held For Use and Related Impairments in this note for additional information). Significant Tenants As of December 31, 2019 , 2018 and 2017 , the Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income on a straight-line basis for the portfolio. The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2019 , 2018 and 2017 : December 31, State 2019 2018 2017 Florida (1) 25.2% 16.6% 17.5% Georgia * 10.1% 10.7% Michigan (2) 10.9% 13.1% 11.6% Pennsylvania * 10.2% 10.8% _______________ * State’s annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified. (1) As of December 31, 2019, the Company was considering plans to sell three assets in Florida including the recently completed development project in Jupiter, Florida and its two skilled nursing facilities in Lutz, Florida and Wellington, Florida . See “Assets Held for Use and Related Impairments” in this note for more information. (2) As of December 31, 2019, the Company had 14 SHOP assets located in Michigan (the “Michigan SHOPs”) that are under contract to be sold pursuant to a definitive purchase and sale agreement (“PSA”). See “Assets Held for Sale and Related Impairments” in this note for more information. Intangible Assets and Liabilities Acquired intangible assets and liabilities consisted of the following as of the periods presented: December 31, 2019 December 31, 2018 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 229,300 $ 156,428 $ 72,872 $ 214,953 $ 144,669 $ 70,284 Market lease assets (1) 13,616 9,501 4,115 30,910 9,970 20,940 Other intangible assets 26,700 1,144 25,556 10,589 1,103 9,486 Total acquired intangible assets $ 269,616 $ 167,073 $ 102,543 $ 256,452 $ 155,742 $ 100,710 Intangible liabilities: Market lease liabilities (1) $ 21,777 $ 9,725 $ 12,052 $ 26,241 $ 9,137 $ 17,104 __________ (1) Effective January 1, 2019, upon the adoption of ASU 2016-02, any amounts related to ground leases are included in operating lease right-of-use assets on the Company’s consolidated balance sheet. See Note 2 — Summary of Significant Accounting Polices - Recently Issued Accounting Pronouncements for additional information. The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangible assets, amortization and accretion of above-and below-market lease assets and liabilities, net and the amortization of above-and below-market ground leases, for the periods presented: Year Ended December 31, (In thousands) 2019 2018 2017 Amortization of in-place leases and other intangible assets (1) $ 15,559 $ 18,851 $ 17,369 Accretion of above-and below-market leases, net (2) $ (247 ) $ (39 ) $ (308 ) Amortization of above-and below-market ground leases, net (3) $ 86 $ 147 $ 172 ____________ (1) Reflected within depreciation and amortization expense. (2) Reflected within revenue from tenants. (3) Reflected within property operating and maintenance expense. Upon adoption of ASC 842 effective January 1, 2019, intangible balances related to ground leases were reclassified to be included as part of the Operating lease right-of-use assets presented on the consolidated balance sheet with no change to placement of the amortization expense of such balances. Refer to Note 2 — Summary of Significant Accounting Policies for additional details. The following table provides the projected amortization and adjustments to revenue from tenants for the next five years: (In thousands) 2020 2021 2022 2023 2024 In-place lease assets $ 13,115 $ 10,650 $ 8,644 $ 6,770 $ 6,009 Other intangible assets 414 414 414 414 389 Total to be added to amortization expense $ 13,529 $ 11,064 $ 9,058 $ 7,184 $ 6,398 Above-market lease assets $ (1,295 ) $ (933 ) $ (645 ) $ (307 ) $ (260 ) Below-market lease liabilities 1,488 1,269 1,208 1,095 955 Total to be added to revenue from tenants $ 193 $ 336 $ 563 $ 788 $ 695 Transfer of Operations On June 8, 2017, the Company’s TRS acquired 12 operating entities that leased 12 healthcare facilities previously included in the Company’s triple-net leased healthcare facilities segment. Concurrently with the acquisition of the 12 operating entities, the Company transitioned the management of the healthcare facilities to a third-party management company that manages other healthcare facilities in the Company’s SHOP segment. As a part of the transition, the Company’s subsidiary property companies executed leases with the acquired operating entities and the acquired operating entities executed management agreements with the management company under a structure permitted by the REIT rules. As part of the transition of operations, the Company now controls the operating entities that hold the operating licenses for the healthcare facilities. The Company determined the transition of operations to be an asset acquisition and accounted for such transfer accordingly. At closing of the transfer of operations, the Company assumed the following assets and liabilities which are included in the consolidated balance sheet within the line items as shown below. The amounts below reflect the fair values of these assets and liabilities, as of the transfer closing date, to the appropriate financial statement line as shown below. (In thousands) June 8, 2017 Buildings, fixtures and improvements $ 723 Cash and cash equivalents 865 Prepaid expenses and other assets 651 Total assets acquired $ 2,239 Accounts payable and accrued expenses $ 1,188 Deferred rent 744 Total liabilities acquired $ 1,932 Gain on acquisition $ 307 Dispositions On February 6, 2019, the Company sold five of the MOB properties within the State of New York (the “New York Six MOBs”) for a contract sales price of $45.0 million , resulting in a gain on sale of real estate investments of $6.1 million which is included on the Consolidated Statement of Operations for the year ended December 31, 2019. The Company had reconsidered the intended holding period for all six of the New York Six MOBs due to various market conditions and the potential to reinvest in properties generating a higher yield. On July 26, 2018, the Company had originally entered into a purchase and sale agreement for the sale of the New York Six MOBs, for an aggregate contract sale price of approximately $68.0 million and subsequently, on September 25, 2018, the Company further amended the purchase and sale agreement to decrease the aggregate contract sale price to $58.8 million . The one remaining New York Six MOB was sold for a contract sales price of $13.6 million on August 22, 2019, resulting in a gain on sale of real estate investments of $2.9 million recorded in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2019. During the first quarter of 2019, the Company reconsidered the intended holding period for one of its SHOP properties located in Brookings, OR (“Ocean Park”) due to various market conditions and the potential to reinvest in properties generating a higher yield. On March 21, 2019, the Company entered into a purchase and sale agreement for the sale of Ocean Park, for an aggregate contract sale price of approximately $3.6 million . On April 1, 2019, the Company amended the purchase and sale agreement to decrease the aggregate contract sale price to $3.5 million . In connection with this amendment, the Company recognized an impairment charge of approximately $19,000 on Ocean Park during the second quarter of 2019, which is included on the consolidated statement of operations and comprehensive loss. On August 1, 2019, the Company closed its disposition of Ocean Park resulting in a loss on sale of real estate investments of $0.2 million recorded in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2019. On November 6, 2018, the Company entered into the final amendment to its January 2017 agreement (as amended to date, the “Amended Missouri SNF PSA”) to sell eight skilled nursing facility properties in Missouri (the “Missouri SNF Properties”) that were previously classified as held-for-sale, for an aggregate contract purchase price of $27.5 million. In connection with the Amended Missouri SNF PSA, the Company recognized an impairment charge of approximately $11.9 million on the Missouri SNF Properties in the third quarter of 2018 which is included on the consolidated statement of operations and comprehensive loss. The sale of these properties pursuant to the Amended Missouri SNF PSA, which occurred in the fourth quarter of 2018, resulted in a loss of $0.1 million for the year ended December 31, 2018, which is reflected within (loss) gain on sale of real estate investment in the consolidated statements of operations and comprehensive loss. The following table summarizes the properties sold during the years ended December 31, 2019, 2018 and 2017: (In thousands) Disposition Date Contract Sale Price Gain (Loss) on Sale, of Real Estate Investments 2019 Dispositions: New York Six MOBs (1 property) August 22, 2019 $ 13,600 $ 2,883 Ocean Park (1) August 1, 2019 3,600 (152 ) New York Six MOBs (5 properties) February 6, 2019 45,000 6,059 Totals $ 62,200 $ 8,790 2018 Dispositions: Missouri SNF Properties (1) December 5, 2018 $ 27,500 $ (70 ) 2017 Dispositions: Dental Arts Building - Peoria, AZ May 16, 2017 $ 825 $ 438 __________ (1) These properties were previously impaired. See “Impairments” section below. The sales of the properties noted above did not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, the results of operations of these properties remain classified within continuing operations for all periods presented until the respective sale dates. Impairments The following is a summary of impairments taken during the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, (In thousands) 2019 2018 2017 Assets held for sale $ 22,634 $ 18,255 $ — Assets held for use 33,335 2,400 18,993 Total $ 55,969 $ 20,655 $ 18,993 For additional information on impairments related to assets held for sale and assets held for use, see the “Assets Held for Sale and Related Impairments” and “Assets Held for Use and Related Impairments” sections below. Assets Held For Sale and Related Impairments When assets are identified by management as held for sale, the Company reflects them separately on its balance sheet and stops recognizing depreciation and amortization expense on the identified assets and estimates the sales price, net of costs to sell, of those assets. If the carrying amount of the assets classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the assets exceeds the Company’s estimate of the net sales price of the assets. For held-for-sale properties, the Company predominately used the contract sale price as fair market value. The Company recognized an impairment charge of $22.6 million for the year ended December 31, 2019 related to assets held for sale, representing the amount by which the carrying amount of the Michigan SHOPs exceeds the Company’s estimate of the net sales price of the Michigan SHOPs. During the year ended December 31, 2018 the Company recorded $18.3 million related to assets held for sale for the eight Missouri SNF Properties which were sold in 2018 and one of the New York Six MOBs which was sold in 2019. There were no impairments related to assets held for sale during the year ended December 31, 2017 . Michigan Shops In April 2019, the Company began marketing for a possible sale a portfolio of the 14 Michigan SHOPs. During the third quarter ended September 30, 2019, the Company received multiple bids and accepted a non-binding letter of intent from a prospective buyer to purchase the Michigan SHOPs as a single portfolio for $71.8 million . Subsequently, the Company executed a purchase and sale agreement (“PSA”) and closing is expected in the second quarter of 2020. Concurrently with the signing of the PSA, the buyer made a $1.0 million deposit with an additional $0.5 million due at the end of a due diligence period set to expire on March 31, 2020, whereupon both deposits would become non-refundable. The Company determined that the Michigan SHOPs should be classified as held for sale as of December 31, 2019 . There can be no guarantee that the sale of these properties will close under the proposed terms, or at all. As of December 31, 2019 , seven Michigan SHOPs were part of the borrowing base of the Credit Facility, four were mortgaged under the Fannie Mae Master Credit Facilities and three were unencumbered. There can be no assurance that the sale of the Michigan SHOPs will be completed under the terms of the PSA, or at all. Balance Sheet Details - Assets Held for Sale The following table details the major classes of assets associated with the properties that have been classified as held for sale as of December 31, 2019 and 2018: December 31, (In thousands) 2019 2018 (1) Land $ 4,051 $ 5,285 Buildings, fixtures and improvements 66,788 47,112 Assets held for sale $ 70,839 $ 52,397 _________ (1) Represents assets of the New York Six MOB. The Company also had liabilities associated with the held-for-sale New York Six MOBs of $3.5 million which is presented within Market lease intangible liabilities, net, and $0.5 million which is presented within Accounts Payable and Accrued Expenses on the Consolidated Balance Sheet as of December 31, 2018 . Assets Held for Use and Related Impairments When circumstances indicate the carrying value of a property classified as held for use may not be recoverable, the Company reviews the property for impairment. For the Company, the most common triggering events are (i) concerns regarding the tenant (i.e., credit or expirations) in the Company’s single tenant properties or significant vacancy in the Company’s multi-tenant properties and (ii) changes to the Company’s expected holding period as a result of business decisions or non-recourse debt maturities. If a triggering event is identified, the Company considers the projected cash flows due to various performance indicators, and where appropriate, the Company evaluates the impact on its ability to recover the carrying value of the properties based on the expected cash flows on an undiscounted basis over its intended holding period. The Company makes certain assumptions in this approach including, among others, the market and economic conditions, expected cash flow projections, intended holding periods and assessments of terminal values. Where more than one possible scenario exists, the Company uses a probability weighted approach in estimating cash flows. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analysis may not be achieved, and actual losses for impairment may be realized in the future. If the undiscounted cash flows over the expected hold period are less than the carrying value, the Company reflects an impairment charge to write the asset down to its fair value. During the years ended December 31, 2019, 2018 and 2017, the Company owned held for use properties for which the Company had reconsidered the projected cash flows due to various performance indicators, and where appropriate, the Company evaluated the impact on its ability to recover the carrying value of such properties based on the expected cash flows over its intended holding period. The Company made certain assumptions in this approach including, among others, the market and economic conditions, expected cash flow projections, intended holding periods and assessments of terminal values. Where more than one possible scenario exists, the Company uses a probability weighted approach. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analysis may not be achieved, and actual losses for impairment may be realized in the future. During 2019, the Company began to evaluate the properties in Lutz, Florida, Wellington, Florida and our recently completed development property in Jupiter, Florida for potential sales. As a result of these potential changes in plans, the Company concluded these held for use assets were impaired and recognized impairment charges in the aggregate of $33.3 million to reduce their carrying value to estimated fair value. The Company obtained third-party appraisals of all three properties (Lutz, Wellington, and Jupiter) which estimated fair value primarily applying an income approach using stabilized cash flows and capitalization rates of 9.0% , 9.0% and 7.0% , respectively. During the year ended December 31, 2018 , as a result of its consideration of impairment, the Company determined that the carrying value of one held for use property exceeded its estimated fair value and recognized an aggregate impairment charge of $2.4 million , and during the year ended December 31, 2017 , the Company determined that the carrying value of six held for use properties exceeded their estimated fair value and recognized an aggregate impairment charge of $19.0 million . Illinois Skilled Nursing Facility Portfolio Leases On November 1, 2017, the Company, through wholly owned subsidiaries of the OP, entered into separate triple-net leases for seven skilled nursing facilities located in the state of Illinois. The operators under the new leases are affiliates of Aperion Care, Inc., an operator of over thirty skilled nursing, rehabilitation and long-term care facilities located in the states of Illinois, Indiana, and Missouri. Six of the seven skilled nursing facilities had previously been under the possession and control of a receiver pursuant to a consensual order appointing receiver issued by the United States District Court for the Northern District of Illinois, Eastern Division on November 1, 2016. On November 1, 2017, the Court ordered the termination of the receiver’s possession and control of the skilled nursing facilities and the transition of operations to the operators under the new leases. Each of the seven new leases have an initial term of ten years and are guaranteed by Aperion Care, Inc. and certain affiliated individuals and trusts. In connection with the execution of the leases, the OP agreed to indemnify and hold harmless the tenants under the new leases with respect to all claims, demands, obligations, losses, liabilities, damages, recoveries, and deficiencies that such tenants may suffer as a result of the prior tenants’ failure to discharge certain tax liabilities or to pay certain assessments, recoupments, claims, fines or penalties accrued or payable with respect to the facilities that accrued between December 31, 2014 and October 31, 2017. The OP’s indemnity obligation is capped at $2.5 million and expires on the earlier of the date of termination of a lease or April 1, 2020. The LaSalle Tenant The Company is currently in the process of replacing the LaSalle Tenant and transitioning four triple-net leased properties in Texas (collectively, the “LaSalle Tenant”) from the triple-net leased healthcare facilities segment to the SHOP segment, where they would be leased to one of the Company’s TRSs and operated and managed on the Company’s behalf by a third-party operator. In January 2018, the Company entered into an agreement with the LaSalle Tenant in which the Company agreed to forbear from exercising legal remedies, including staying a lawsuit against the LaSalle Tenant, as long as the LaSalle Tenant paid the amounts due for rent and property taxes on an updated payment schedule pursuant to a forbearance agreement. As of December 31, 2019, the LaSalle Tenant remains in default of the forbearance agreement and owes the Company $8.2 million of rent, property taxes, late fees, and interest receivable thereunder. The Company has the entire receivable balance, including any monetary damages, and related income from the LaSalle Tenant fully reserved as of December 31, 2019 . The Company incurred $3.5 million and $5.0 million of bad debt expense, including straight-line rent write-offs, related to the LaSalle Tenant during the years ended December 31, 2019 and 2018, respectively, which is included in revenue from tenants in 2019 and in property operating and maintenance expense in 2018 on the consolidated statement of operations. On February 15, 2019, the Company filed an amended petition in Texas state court seeking the appointment of a receiver to manage the operations at these properties and for recovery of damages for the various breaches by the LaSalle Tenant. Subsequently, The LaSalle Group Inc., a guarantor of certain of the LaSalle Tenant’s lease obligations (the “LaSalle Guarantor”), filed for voluntarily relief under chapter 11 of the United States Bankruptcy Code. The Company severed its claims against the LaSalle Guarantor from the action against the LaSalle Tenant. On August 27, 2019, the court awarded the Company monetary damages on its claims against the LaSalle Tenant in an amount equal to $7.7 million plus interest. On October 30, 2019, the court entered into an order appointing a receiver. This receiver is empowered to replace the LaSalle Tenant with a new tenant and operator at the properties, and, on February15, 2020, the receiver took operational control of the properties. The Company is currently working with the receiver and the Company’s designated third-party operator in a manner that will allow the Company to transition the properties to its SHOP operating segment during 2020. By doing so, the Company will gain more control over the operations of the applicable properties, and the Company believes this will allow the Company to improve performance and the cash flows generated by the properties. There can be no assurance, however, that the Company will be able to complete this transition on a timely basis, or at all, and that completing this transition will result in the Company achieving its operational objectives. The NuVista Tenant The Company had tenants at two of its properties in Florida (collectively, the “NuVista Tenant”) that were in default under its leases beginning from July 2017 and collectively owe the Company $10.1 million of rent, property taxes, late fees, and interest receivable under its leases as of December 31, 2019 . The Company had previously fully reserved for this receivable. During the fourth quarter of 2019, the Company wrote off the entire receivable and the associated reserve, which had no net impact on our consolidated financial statements. The Company incurred bad debt expense of $1.1 million and $6.0 million related to the NuVista Tenant during the years ended December 31, 2019 and 2018, respectively which is included in revenue from tenants in 2019 and in property operating and maintenance expense in 2018, in the consolidated statement of operations and comprehensive loss. At one of the properties which was occupied by the NuVista Tenant, located in Wellington, Florida, the Company and the tenant entered into an operations transfer agreement (the “OTA”) pursuant to which the Company and the tenant agreed to cooperate in transitioning operations at the property to a third party operator selected by the Company. On February 19, 2019, in response to litigation commenced by the Company against the NuVista Tenant to enforce the OTA, the United States District Court for the Southern District of Florida entered into an agreed order (the “Order”) pursuant to which it found that the NuVista Tenant was in default under the lease for the property and that the OTA was valid, binding and in full force and effect, as modified by the Order. Subsequent to the entry into the Order, the Company, its designated third-party operator and the NuVista Tenant transitioned operations at the property to the Company’s designated third-party operator. The Company’s designated third-party operator received its license to operate the facility on April 1, 2019 and is in operational control of the property. On May 20, 2019, the court entered into a final order from the court terminating the existing lease with the NuVista Tenant. Following entry into the order, the Company signed a lease with a taxable REIT subsidiary (“TRS”) and engaged its designated third-party operator, to operate the property. This structure is permitted by the REIT rules, under which a REIT may lease “qualified health care” properties on an arm’s length basis to a TRS if the property is operated on behalf of such subsidiary by an eligible independent contractor. During the year end December 31, 2019 the company received $1.6 million under the OTA for periods prior to the lease termination, which amounts had previously been fully reserved. This payment under the OTA is included in revenue from tenants in the consolidated statement of operations and comprehensive loss. The properties in Lutz, Florida, and Wellington, Florida transitioned to the SHOP segment as of January 1, 2018 and April 1, 2019, respectively. In connection with these transitions, the Company replaced the NuVista Tenant as a tenant with TRSs, and engaged a third-party operator to operate the properties. This structure is permitted by the REIT rules, under which a REIT may lease qualified healthcare properties on an arm’s length basis to a TRS if the property is operated on behalf of such subsidiary by an entity who qualifies as an eligible independent contractor. During the third quarter of 2018, the new third-party operator at the property in Wellington, Florida obtained a Medicare license. Prior to the operator obtaining this Medicare license, we were unable to bill Medicare for services performed and accumulated receivables. We were able to bill and collect the majority of these receivables during the year ended December 31, 2018; however, $0.7 million of these receivables are not collectible. We have reserved for the uncollectible receivables, resulting in bad debt expense during the year ended December 31, 2018, which is included in property operating and maintenance expense on the consolidated statement of operations. During 2019, the Company began to evaluate the properties in Lutz, Florida, Wellington, Florida and the recently completed development property in Jupiter, Florida for potential sales. As a result of these potential changes in plans, the Company concluded these held for use assets were impaired and recognized impairment charges in the aggregate of $33.3 million to reduce their carrying value to estimated fair value. See “Assets Held for Use and Related Impairments” in this note for additional information. |
Mortgage Notes Payable, Net
Mortgage Notes Payable, Net | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Net | Mortgage Notes Payable, Net The following table reflects the Company’s mortgage notes payable as of December 31, 2019 and 2018 : Portfolio Encumbered Properties (1) Outstanding Loan Amount as of December 31, Effective Interest Rate (2) as of December 31, Interest Rate 2019 2018 2019 2018 Maturity (In thousands) (In thousands) Countryside Medical Arts - Safety Harbor, FL — $ — $ 5,690 — % 6.20% Variable (4) Apr. 2019 (7) St. Andrews Medical Park - Venice, FL — — 6,289 — % 6.20% Variable (4) Apr. 2019 (7) Palm Valley Medical Plaza - Goodyear, AZ 1 3,112 3,222 4.15 % 4.15% Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 2,884 2,977 4.75 % 4.75% Fixed Sep. 2023 Courtyard Fountains - Gresham, OR — — 23,905 — % 3.87% Fixed Jan. 2020 (8) Fox Ridge Bryant - Bryant, AR 1 7,283 7,427 3.98 % 3.98% Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 16,695 16,988 3.98 % 3.98% Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 10,359 10,541 3.98 % 3.98% Fixed May 2049 Philip Professional Center - Lawrenceville, GA — — 4,793 — % 4.00% Fixed Oct. 2019 (7) Capital One MOB Loan 35 378,500 250,000 3.66 % 4.44% Fixed (5) Dec. 2026 Bridge Loan — — 20,271 — % 4.87% Fixed/Variable (6) Dec. 2019 (9) Multi-Property CMBS Loan 21 118,700 118,700 4.60 % 4.6% Fixed May 2028 Gross mortgage notes payable 61 537,533 470,803 3.90 % 4.48% Deferred financing costs, net of accumulated amortization (3) (7,718 ) (6,591 ) Mortgage premiums and discounts, net (1,531 ) (1,373 ) Mortgage notes payable, net $ 528,284 $ 462,839 __________ (1) Does not include real estate assets mortgaged to secure advances under the Fannie Mae Master Credit Facilities (as defined below) or eligible unencumbered real estate assets comprising the borrowing base of the Credit Facility (as defined below) . The equity interests and related rights in the Company’s wholly owned subsidiaries that directly own or lease the real estate assets comprising the borrowing base have been pledged for the benefit of the lenders thereunder (see Note 5 — Credit Facilities for additional details). (2) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2019 . For the LIBOR based loans, LIBOR in effect at the balance sheet date was utilized. For the Capital One MOB Loan, the effective rate does not include the effect of amortizing the amount paid to terminate the previous pay-fixed swap. See Note 7 — Derivatives and Hedging Activities for additional details. (3) Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. (4) Based on 30-day LIBOR. (5) Variable rate loan, based on 30-day LIBOR, which is fixed as a result of entering into “pay-fixed” interest rate swap agreements. In connection with the amendment to this loan in December 2019 (see additional details below), the Company terminated the previous interest rate swap agreements and entered into new interest rate swap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). (6) Variable rate loan based on 30-day LIBOR, of which $8.0 million is fixed as a result of entering into “pay-fixed” interest rate swap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). (7) The loan was repaid and the property was added to the borrowing base under the Credit Facility in April 2019. (8) Loan was repaid in October 2019, in advance of its scheduled maturity, and the property was added to the borrowing base of the Credit Facility. (9) Loan was repaid in October 2019, in advance of its scheduled maturity, and nine of the properties were added to the borrowing base of the Credit Facility. As of December 31, 2019 , the Company had pledged $825.7 million in real estate investments, at cost, as collateral for its $537.5 million of gross mortgage notes payable. This real estate is not available to satisfy other debts and obligations unless first satisfying the mortgage notes payable secured by these properties. The Company makes payments of principal and interest, or interest only, depending upon the specific requirements of each mortgage note, on a monthly basis. Some of the Company’s mortgage note agreements require the compliance with certain property-level financial covenants including debt service coverage ratios. As of December 31, 2019 , the Company was in compliance with these financial covenants. See Note 6- Credit Facilities - Future Principal Payment and LIBOR Transition for schedule of principal payment requirements of the Company’s Mortgage Notes and Credit Facilities and discussion of the expected cessation of LIBOR publication. Capital One MOB Loan On June 30, 2017, Capital One, National Association (“Capital One”), as administrative agent and lender, and certain other lenders (collectively, the “MOB Lenders”), made a loan in the aggregate amount of $250.0 million (the “MOB Loan”) to certain subsidiaries of the OP. On December 20, 2019, the Company, through certain subsidiaries of the OP, entered into an amendment and restatement of the MOB Loan dated as of June 30, 2017 among the OP’s subsidiaries and Capital One, as administrative agent and lender, and certain other lenders. As a result, the principal amount outstanding increased from approximately $242.0 million to $378.5 million the number of properties mortgaged as collateral for the loan increased from 31 properties (all medical office buildings) to 41 properties ( 29 medical office buildings that continued to serve as collateral for the loan as well as an additional ten medical office buildings and two triple net leased hospitals). At the closing of the amendment and restatement of the MOB Loan, after payment of closing costs and swap termination fees, the Company received $127.7 million in net refinancing proceeds in excess of the approximately $242.0 million principal amount outstanding prior to the closing. Of these excess proceeds, approximately $63.5 million were used to repay amounts outstanding under the Revolving Credit Facility (as defined below) in order to obtain a release of 12 of the mortgaged properties from the borrowing base thereunder, and approximately $61.5 million of the remaining proceeds were used to repay additional amounts outstanding under the Revolving Credit Facility. Prior to the amendment and restatement of the MOB Loan, the MOB Loan bore interest at a variable rate equal to LIBOR plus 2.5% per annum. Subsequent to the amendment and restatement of the MOB Loan, the MOB Loan bears interest at a variable rate equal to LIBOR plus 2.0% per annum. The MOB Loan requires the Company to pay interest on a monthly basis with the principal balance due on the maturity date which was extended from June 30, 2022 to December 20, 2026 after the amendment and restatement of the MOB Loan. In connection with the amendment and restatement of the MOB Loan, the OP terminated two interest rate swaps and executed one interest rate swaps on the new amount of the MOB Loan, fixing the interest rate exposure at 3.66% . See Note 7 — Derivatives and Hedging Activities for additional information on the Company’s outstanding derivatives. The Company may pre-pay the MOB Loan, in whole or in part, at any time, with payment of a prepayment premium equal to (a) 3.0% for prepayments made prior to December 31, 2020, (b) 2.0% for prepayments made between January 1, 2021 and December 31, 2021, and (c) 1.0% for prepayments made between January 1, 2022 and December 31, 2022. Thereafter, no prepayment premium is required. In addition, mortgaged properties may be released or replaced subject to certain conditions and limitations, including prepayment of not more than 110% of the principal amount allocated to the property together with any applicable prepayment premium and maintenance, giving effect to the release or replacement, of a minimum of either 25 mortgaged properties or $283.9 million principal amount outstanding, a minimum debt yield and a minimum debt service coverage ratio. In connection with the amendment to the MOB Loan, the OP entered into an amended and restated guaranty of recourse obligations (the “Guaranty”) and an amended and restated hazardous materials indemnity agreement (the “Environmental Indemnity”) for the benefit of Capital One as administrative agent for the lenders on substantially identical terms to the guaranty and environmental indemnity entered into in connection with the original loan agreement entered into in June 2017. Pursuant to the Guaranty, the OP has guaranteed, among other things, specified losses arising from certain actions of any of the OP’s subsidiaries, including fraud, willful misrepresentation, certain intentional acts, misapplication of funds, physical waste, and failure to pay taxes. The Guaranty requires the Company to maintain a certain minimum of shareholders’ equity on its balance sheet. Pursuant to the Environmental Indemnity, the OP and the Company’s subsidiaries that directly own or lease the mortgaged properties have indemnified the MOB Lenders against losses, costs or liabilities related to certain environmental matters. The amendment and restatement of the MOB Loan was considered an extinguishment of the old loan and a new loan agreement. Accordingly, fees and expense for the new loan have been capitalized and the unamortized fees relating to the old loan of approximately $3.0 million were written off as a charge to interest expense in the statement of operations for the year ended December 31, 2019. Multi-Property CMBS Loan On April 10, 2018, the Company, entered into a $118.7 million loan agreement (the “Multi-Property CMBS Loan”) with KeyBank National Association (“KeyBank”). The Multi-Property CMBS Loan requires monthly interest-only payments, with the principal balance due on the maturity date. The Multi-Property CMBS Loan permits KeyBank to securitize the entire Multi-Property CMBS Loan or any portion thereof. At the closing of the Multi-Property CMBS Loan, the net proceeds after accrued interest and closing costs were used to (i) repay approximately $80.0 million of indebtedness under the Revolving Credit Facility, under which 14 of the properties were included as part of the borrowing base prior to the Multi-Property CMBS Loan, (ii) fund approximately $3.8 million in deposits required to be made at closing into reserve accounts required under the loan agreement. The remaining $33.0 million net proceeds available to the Company to be used for general corporate purposes, including future acquisitions. |
Credit Facilities
Credit Facilities | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Credit Facilities | — Credit Facilities , Net The Company had the following credit facilities outstanding as of December 31, 2019 and 2018 : Outstanding Facility Amount as of December 31, Effective Interest Rate as of December 31, Credit Facility Encumbered Properties (1) 2019 2018 2019 2018 Interest Rate Maturity (In thousands) (In thousands) Prior Credit Facility — $ — $ 243,300 — % 4.62 % — — Credit Facility: Revolving Credit Facility $ 100,618 $ — 4.08 % — % Variable Mar. 2023 Term Loan 150,000 — 4.05 % — % Variable (6) Mar. 2024 Deferred financing costs (4,671 ) — Term Loan, net 145,329 — Total Credit Facility 80 (2) $ 245,947 $ — Fannie Mae Master Credit Facilities: Capital One Facility 12 (3) $ 216,614 $ 216,614 4.17 % 4.83 % Variable (7) Nov. 2026 KeyBank Facility 10 (4) 142,708 142,708 4.22 % 4.88 % Variable (7) Nov. 2026 Total Fannie Mae Master Credit Facilities 22 $ 359,322 $ 359,322 Total Credit Facilities 102 $ 605,269 $ 602,622 4.14 % 4.76 % (5) __________ (1) Encumbered properties are as of December 31, 2019 . (2) The equity interests and related rights in the Company’s wholly owned subsidiaries that directly own or lease the eligible unencumbered real estate assets comprising the borrowing base of the Credit Facility (as defined below) have been pledged for the benefit of the lenders thereunder. (3) Secured by first-priority mortgages on 12 of the Company’s seniors housing properties located in Florida, Georgia, Iowa and Michigan as of December 31, 2019 with a carrying value of $341.7 million . (4) Secured by first-priority mortgages on 10 of the Company’s seniors housing properties located in Michigan, Missouri, Kansas, California, Florida, Georgia and Iowa as of December 31, 2019 with carrying value of $236.1 million . (5) Calculated on a weighted average basis for all credit facilities outstanding as of December 31, 2019 and 2018 , respectively. For the LIBOR based loans that have not been fixed, the LIBOR rate in effect at the balance sheet date was utilized. For LIBOR based loans that have been fixed, the effective rate after consideration of the interest rate swap was utilized. See Note 7 — Derivatives and Hedging Activities for additional details. (6) Variable rate loan, based on LIBOR, all of which was fixed as a result of entering into “pay-fixed” interest rate swap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). (7) Variable rate loan which is capped as a result of entering into interest rate cap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). In October 2019, the Company replaced two maturing interest rate cap agreements. Credit Facility On March 21, 2014, the Company, through the OP, entered into a senior secured revolving credit facility (as amended from time to time, the “Prior Credit Facility”). On March 13, 2019, the Company entered into a new senior secured credit facility (the ‘‘Credit Facility’’) by amending and restating the Prior Credit Facility prior to its maturity on March 21, 2019. The total commitments under the Credit Facility are $630.0 million and include an uncommitted “accordion feature” whereby, upon the Company’s request, but at the sole discretion of the participating lenders, the commitments under the Credit Facility may be increased by up to an additional $370.0 million up to a total of $1.0 billion . The Credit Facility consists of two components, a revolving credit facility (the “Revolving Credit Facility”) and a term loan (the “Term Loan”). The Revolving Credit Facility is interest-only and matures on March 13, 2023, subject to a one-year extension at the Company’s option subject to certain conditions. The Term Loan is interest-only and matures on March 13, 2024. The Revolving Credit Facility has total commitments of up to $480.0 million , and the Term Loan has total commitments of up to $150.0 million (both excluding the accordion feature). The amount available for borrowings under the Credit Facility is based on the lesser of (1) 55% of the value (or in certain cases cost) of the pool of eligible unencumbered real estate assets comprising the borrowing base, and (2) a maximum amount permitted to maintain a minimum debt service coverage ratio with respect to the borrowing base, in each case, as of the determination date. Like the Prior Credit Facility, the Credit Facility is secured by a pledged pool of the equity interests and related rights in the Company’s wholly owned subsidiaries that directly own or lease the eligible unencumbered real estate assets comprising the borrowing base thereunder. After the closing of the Credit Facility, the 65 properties that had comprised the borrowing base under the Prior Credit Facility comprised the borrowing base under the Credit Facility. The Company has the option to have amounts outstanding under the Revolving Credit Facility bear interest at a rate per annum equal to either: (a) LIBOR, plus an applicable margin that ranges, depending on the Company’s leverage, from 1.60% to 2.20% ; or (b) the Base Rate (as defined in the Credit Facility), plus an applicable margin that ranges, depending on the Company’s leverage, from 0.35% to 0.95% . The Base Rate is defined in the Credit Facility as the greatest of (a) the fluctuating annual rate of interest announced from time to time by the agent as its “prime rate”, (b) 0.5% above the Federal Funds Effective Rate or (c) the then applicable LIBOR for a one-month interest period plus 1.0% per annum. The Company has the option to have amounts outstanding under the Term Loan bear interest at a rate per annum equal to either: (a) LIBOR, plus an applicable margin that ranges, depending on the Company’s leverage, from 1.55% to 2.15% ; or (b) the Base Rate (as defined in the paragraph above), plus an applicable margin that ranges, depending on the Company’s leverage, from 0.30% to 0.90% . On April 15, 2019, the Company entered into “pay-fixed” interest rate swaps on the Term Loan, resulting in a weighted average fixed rate of 2.30% plus applicable margin under the Credit Facility. As of December 31, 2019 the Revolving Credit Facility and the Term Loan had an effective interest rate per annum, before the impact of any interest rate swaps, equal to 4.08% and 4.05% , respectively. The Credit Facility contains customary representations, warranties, as well as affirmative and negative covenants. As of December 31, 2019 , the Company was in compliance with the financial covenants under the Credit Facility, and, as of the date of the closing thereunder, the Company was in compliance with the financial covenants under the Prior Credit Facility. As of December 31, 2019 , $150.0 million was outstanding under the Term Loan, while $100.6 million was outstanding under the Revolving Credit Facility and the unused borrowing capacity under the Revolving Credit Facility was $79.5 million . Availability of borrowings is based on a pool of eligible otherwise unencumbered real estate assets comprising the borrowing base thereunder. The equity interests and related rights in the Company’s wholly owned subsidiaries that directly own or lease the eligible unencumbered real estate assets comprising the borrowing base of the Revolving Credit Facility have been pledged for the benefit of the l enders thereunder. Prior to an amendment to the Credit Facility dated March 24, 2020, until January 1, 2020, the Company was not permitted to increase the rate at which it paid distributions to holders of its common stock (or make other amendments or modifications, including, without limitation, changing the timing or frequency of distribution payments), and, from and after January 1, 2020, the Company would have been subject to a provision in the Credit Facility restricting the Company from paying distributions (as defined in the Credit Facility) in any fiscal quarter that, when added to the aggregate amount of distribution payments in the same fiscal quarter and the preceding three fiscal quarters (calculated on an annualized basis during the first three fiscal quarters for which the provisions were in effect and otherwise in accordance with our Credit Facility), exceed 95% of Modified FFO (as defined in the Credit Facility which is different from MFFO as disclosed in this Annual Report on Form 10-K) during the applicable period. Following the amendment, the restriction on the Company’s ability to increase the rate at which it pays distributions that would only have applied until January 1, 2020 will continue to apply until January 1, 2022, unless the Company has elected for the limit on paying distributions in excess of 95% of Modified FFO to apply. This restriction does not prevent the Company from issuing additional shares of common stock, Series A Preferred Stock, or any other class or series of stock (including preferred stock with a higher dividend rate than Series A Preferred Stock). The amendment also provides that, in each fiscal quarter until the limit on paying distributions in excess of 95% of our Modified FFO applies, the Company will be subject to a similarly structured limit on paying distributions in excess of a percentage of our Modified FFO as set forth in the table below: Fiscal Quarter Percentage April 1, 2020 to June 30, 2020 115% July 1, 2020 to September 30, 2020 110% October 1, 2020 to December 31, 2020 110% January 1, 2021 to March 31, 2021 105% April 1, 2021 to June 30, 2021 105% July 1, 2021 to September 30, 2021 100% October 1, 2021 to December 31, 2021 100% The Company is not subject to any limit on paying distributions in excess of a percentage of Modified FFO during the fiscal quarter ending March 31, 2020, and the distributions paid during that quarter will not be applied to subsequent quarters. Prior to the amendment, until the Company became subject to the limit on paying distributions in excess of 95% of Modified FFO, the Company was subject to a covenant requiring it to maintain a combination of cash, cash equivalents and availability for future borrowings under the Revolving Credit Facility totaling at least $50.0 million , and the amount available for borrowings under the Credit Facility assuming the same borrowing base properties is lower. Following the amendment, even after the Company becomes subject to the limit on paying distributions in excess of 95% of Modified FFO, the Company will remain subject to the covenant requiring it to maintain a combination of cash, cash equivalents and availability for future borrowings under the Revolving Credit Facility totaling at least $50.0 million , and the amount available for borrowings under the Credit Facility assuming the same borrowing base properties will remain the same. The Company’s ability to maintain compliance with the restrictions on the payment of distributions in the Credit Facility depends on its ability to increase the amount of cash generated from operations. If the Company does not increase the amount of cash it generates from operations, the Company’s ability to comply with the restrictions on the payment of distributions in the Credit Facility may be adversely affected, and the Company may be required to reduce the amount of dividends and other distributions paid in order to ensure compliance with the distribution limit restrictions of the Credit Facility. Fannie Mae Master Credit Facilities On October 31, 2016, the Company, through wholly-owned subsidiaries of the OP, entered into a master credit facility agreement relating to a secured credit facility with KeyBank (the “KeyBank Facility”) and a master credit facility agreement with Capital One for a secured credit facility with Capital One Multifamily Finance LLC, an affiliate of Capital One (the “Capital One Credit Facility”; the Capital One Facility and the KeyBank Facility are referred to herein individually a “Fannie Mae Master Credit Facility” and together as the “Fannie Mae Master Credit Facilities”). Advances made under these agreements are assigned by Capital One and KeyBank to Fannie Mae at closing for inclusion in Fannie Mae’s Multifamily MBS program. Effective October 31, 2016, in conjunction with the execution of the Fannie Mae Master Credit Facilities, the OP entered into two interest rate cap agreements with an unrelated third party, which caps interest paid on amounts outstanding under the Fannie Mae Master Credit Facilities at a maximum of 3.5% . On October 2019, the Company replaced two maturing interest rate cap agreements, effective November 1, 2019 for a total notional amount of $88.7 million . The two interest rate caps agreements extend three existing interest rate caps set to mature on the same date and are not designated as hedges (see Note 7 — Derivatives and Hedging Activities for additional disclosure regarding the Company’s derivatives.) The Company may request future advances under the Fannie Mae Master Credit Facilities by borrowing against the value of the initial mortgaged properties, or by adding eligible properties to the collateral pool, subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. During the year ended December 31, 2017, the Company increased its advances under the Capital One Facility and the KeyBank Facility to $ 152.5 million and $ 142.7 million , respectively. On March 2, 2018, the Company increased its advances under the Capital One Facility by $ 64.2 million . The advance was secured by the addition of seven mortgaged properties subject to the Capital One Facility. All of the $ 61.7 million of net proceeds, after closing costs, of the advance was used by the Company to prepay a portion of the Bridge Loan. Future Principal Payments The following table summarizes the scheduled aggregate principal payments as of December 31, 2019, on all of the Company’s outstanding debt (mortgage notes payable and credit facilities) for the next five years and thereafter: Future Principal (In thousands) Mortgage Notes Payable Credit Facilities Total 2020 $ 856 $ — $ 856 2021 892 130 1,022 2022 929 2,820 3,749 2023 6,056 105,115 111,171 2024 755 154,497 155,252 Thereafter 528,045 347,378 875,423 Total $ 537,533 $ 609,940 $ 1,147,473 LIBOR Transition It is anticipated that LIBOR will only be available in substantially its current form until the end of 2021. The Company has mortgages, credit facilities and derivative agreements that have terms that are based on LIBOR. Certain of those agreements have alternative rates already contained in the agreements while others do not. The Company anticipates that it will either utilize the alternative rates contained in the agreements (e.g., the Base Rate under the Credit Facility) or negotiate a replacement reference rates for LIBOR with the lenders and derivative counterparties. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | — Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 — Unobservable inputs that reflect the entity’s own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Financial Instruments Measured at Fair Value on a Recurring Basis Derivative Instruments Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2019 and 2018 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments, are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. The following table presents information about the Company’s assets and liabilities measured at fair value as of December 31, 2019 and 2018 , aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Significant Significant Unobservable Inputs Total December 31, 2019 Derivative assets, at fair value $ — $ 392 $ — $ 392 Derivative liabilities, at fair value — 5,305 — 5,305 Total $ — $ 5,697 $ — $ 5,697 December 31, 2018 Derivative assets, at fair value $ — $ 4,633 $ — $ 4,633 Total $ — $ 4,633 $ — $ 4,633 A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year ended December 31, 2019 . Real Estate Investments Measured at Fair Value on a Non-Recurring Basis Real Estate Investments — Held for Use The Company also had impaired real estate investments held for use, which were carried at fair value on a non-recurring basis on the consolidated balance sheet as of December 31, 2019 and 2018. As of December 31, 2019 , the Company owned held for use properties for which the Company had reconsidered the projected cash flows due to various performance indicators. As a result, the Company evaluated the impact on its ability to recover the carrying value of such properties based on the expected cash flows over its intended holding period. The Company primarily uses a market approach to estimate the future cash flows expected to be generated. Impaired real estate investments held for use are generally classified in Level 3 of the fair value hierarchy. See Note 3 — Real Estate investments, Net - “Assets Held for Use and Related Impairments” for additional details. Real Estate Investments — Held for Sale The Company has impaired real estate investments held for sale, which are carried at fair value on a non-recurring basis on the consolidated balance sheets as of December 31, 2019 and 2018 . Impaired real estate investments held for sale are generally classified in Level 3 of the fair value hierarchy. See Note 3 — Real Estate investments, Net - “Assets Held for Sale and Related Impairments” for additional details. Financial Instruments Not Measured at Fair Value The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair values of short-term financial instruments such as cash and cash equivalents, restricted cash, straight-line rent receivable, net, prepaid expenses and other assets, deferred costs, net, accounts payable and accrued expenses, deferred rent and distributions payable approximate their carrying value on the consolidated balance sheets due to their short-term nature. The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below: December 31, 2019 December 31, 2018 (In thousands) Level Carrying Amount Fair Value Carrying Amount Fair Value Gross mortgage notes payable and mortgage 3 $ 537,533 $ 545,414 $ 470,803 $ 472,585 Credit Facility 3 $ 250,618 $ 250,618 $ 243,300 $ 243,300 Fannie Mae Master Credit Facilities 3 $ 359,322 $ 370,122 $ 359,322 $ 360,675 The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis, based on the Advisor’s experience with similar types of borrowing arrangements. Borrowings under the Credit Facility are considered to be reported at fair value, because the interest rate varies with changes in LIBOR and there has not been a significant change in credit risk of the Company or credit markets since origination. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | — Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company may use derivative financial instruments, including interest rate swaps, caps, collars, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. Additionally, in using interest rate derivatives, the Company aims to add stability to interest expense and to manage its exposure to interest rate movements. The Company does not intend to utilize derivatives for speculative purposes or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company, and its affiliates, may also have other financial relationships. The Company does not anticipate that any of its counterparties will fail to meet their obligations. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2019 and 2018 : December 31, (In thousands) Balance Sheet Location 2019 2018 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps Derivative assets, at fair value $ 377 $ 4,582 Interest rate “pay-fixed” swaps Derivative liabilities, at fair value $ 5,305 $ — Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 15 $ 51 Cash Flow Hedges of Interest Rate Risk The Company currently has 9 interest rate swaps that are designated as cash flow hedges. The interest rate swaps are used as part of the Company’s interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2019 and 2018 , such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive (loss) income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. In connection with the refinancing of the MOB Loan during the fourth quarter of 2019, the Company terminated two interest rate swaps with an aggregate notional amount of $250.0 million for a payment of approximately $2.2 million . Following these terminations, $2.2 million was recorded in AOCI and is being recorded as an adjustment to interest expense over the term of the two terminated swaps and the MOB Loan prior to its refinancing. Of the amount recorded in AOCI following these terminations, $0.1 million was recorded as an increase to interest expense for the three months ended December 31, 2019 and approximately $2.1 million remained in AOCI as of December 31, 2019. Amounts reported in accumulated other comprehensive (loss) income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, from January 1, 2020 through December 31, 2020, the Company estimates that $2.2 million will be reclassified from other comprehensive loss as an increase to interest expense. As of December 31, 2019 and 2018 , the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: December 31, 2019 December 31, 2018 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps 9 $ 578,500 2 $ 250,000 The table below details the location in the financial statements of the loss recognized on interest rate derivatives designated as cash flow hedges for the periods ended December 31, 2019 and 2018 : Year Ended December 31, (In thousands) 2019 2018 2017 Amount of gain (loss) recognized in accumulated other comprehensive (loss) income on interest rate derivatives $ (10,753 ) $ 2,367 $ 1,674 Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense (effective portion) $ 872 $ 258 $ (799 ) Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss $ 56,059 $ 49,471 $ 30,264 Non-Designated Derivatives These derivatives are used to manage the Company’s exposure to interest rate movements, but do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of derivatives not designated as hedges under a qualifying hedging relationship are recorded directly to net income (loss) and were a loss of $0.1 million , a loss of $0.2 million and a loss of $0.2 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The Company had the following outstanding interest rate derivatives that were not designated as a hedges in qualifying hedging relationships as of as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate caps 6 $ 359,322 7 $ 359,322 Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2019 and 2018 . The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheet. Gross Amounts Not Offset in the Consolidated Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount December 31, 2019 $ 392 — — $ 392 — — $ 392 December 31, 2019 $ — (5,305 ) — $ (5,305 ) — — $ (5,305 ) December 31, 2018 $ 4,633 — — $ 4,633 — — $ 4,633 Credit-risk-related Contingent Features The Company has agreements in place with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of December 31, 2019 the fair value of derivatives in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk related to these agreements, was $5.3 million . As of December 31, 2019 , the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $5.3 million at December 31, 2019 . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | — Stockholders’ Equity Common Stock As of December 31, 2019 and 2018 , the Company had 92,356,664 and 91,963,532 shares of common stock outstanding, respectively, including unvested restricted shares and shares issued pursuant to the Company’s distribution reinvestment plan (“DRIP”), net of share repurchases. On April 1, 2019, the independent directors of the Board, who comprise a majority of the Board, unanimously approved an updated Estimated Per-Share NAV as of December 31, 2018, which was published on April 3, 2019. The Company intends to publish Estimated Per-Share NAV periodically at the discretion of the Board, provided that such estimates will be made at least once annually. Tender Offers On March 13, 2018, the Company announced a tender offer (the “2018 Tender Offer”) to purchase up to 2.0 million shares of the Company’s common stock for cash at a purchase price equal to $13.15 per share with the proration period and withdrawal rights expiring on April 12, 2018. On April 4, 2018 and April 16, 2018, the 2018 Tender Offer was amended to reduce the number of shares the Company was offering to purchase to 230,000 shares and extend the expiration date to May 1, 2018. The 2018 Tender Offer expired in accordance with its terms on May 1, 2018. During May 2018, in accordance with the terms of the 2018 Tender Offer, the Company accepted for purchase 229,999 shares for a total cost of approximately $3.0 million . The Company announced another tender offer in January 2020 which was completed in February 2020 (see Note 18 — Subsequent Events for additional details). Share Repurchase Program Under the Company’s share repurchase program (the “SRP”), as amended from time to time, qualifying stockholders are able to sell their shares to the Company in limited circumstances. The SRP permits investors to sell their shares back to the Company after they have held them for at least one year, subject to significant conditions and limitations. Repurchases of shares of the Company’s common stock, when requested, are at the sole discretion of the Board. Under the SRP, subject to certain conditions, only repurchase requests made following the death or qualifying disability of stockholders that purchased shares of the Company’s common stock or received their shares from the Company (directly or indirectly) through one or more non-cash transactions are considered for repurchase. Additionally, pursuant to the SRP, the repurchase price per share equals 100% of the Estimated Per-Share NAV in effect on the last day of the fiscal semester, or the six-month period ending June 30 or December 31. The Company suspended the SRP during the pendency of the Tender Offer. On June 29, 2018, the Company announced the Board unanimously determined to reactivate the SRP, effective June 30, 2018. In connection with reactivating the SRP, the Board approved all repurchase requests received during the period from January 1, 2018 through the suspension of the SRP on March 13, 2018 (see table below for additional details). On January 29, 2019, the Company announced that the Board approved an amendment to the SRP changing the date on which any repurchases are to be made in respect of requests made during the period commencing March 13, 2018 up to and including December 31, 2018 to no later than March 31, 2019, rather than on or before the 31st day following December 31, 2018. This SRP amendment became effective on January 30, 2019. Additionally, on March 27, 2019, the Company announced that the Board approved an amendment to the SRP further extending the date on which any repurchases are to be made in respect of requests made during the period commencing March 13, 2018 up to and including December 31, 2018 to no later than April 30, 2019. This SRP amendment became effective on March 28, 2019 (see table below for details on cumulative shares repurchased pursuant to the SRP, including shares repurchased during 2019). On July 23, 2019, the Company announced that the Board approved a third amendment to the SRP, effective July 24, 2019, extending the date on which repurchases are able to be made in respect of requests made during the period commencing January 1, 2019 up to and including June 30, 2019 to no later than August 31, 2019, rather than on or before July 31, 2019. On August 20, 2019, the Company announced that the Board approved a fourth amendment to the SRP, effective August 22, 2019 extending the date on which repurchases are able to be made in respect of requests made during the period commencing January 1, 2019 up to and including June 30, 2019 to no later than October 31, 2019, rather than on or before August 31, 2019. The Company completed the repurchases on October 30, 2019 and repurchased 446,830 shares of common stock for approximately $7.8 million , at an average price per share of $17.50 pursuant to the SRP. The repurchases reflect all repurchase requests made in good order following the death or qualifying disability of stockholders during the period commencing January 1, 2019 up to and including June 30, 2019. See Note 18 — Subsequent Events for additional details regarding activity related to the SRP after December 31, 2019. When a stockholder requests redemption and redemption is approved by the Board, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP have the status of authorized but unissued shares. The following table reflects the number of shares repurchased cumulatively through December 31, 2019 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2018 (1) 3,288,256 $ 21.56 Year ended December 31, 2019 (2) 1,103,263 19.14 Cumulative repurchases as of December 31, 2019 (3) 4,391,519 20.95 _________ (1) Repurchases made in 2018 include: (i) 373,967 shares repurchased during January 2018 with respect to requests received following the death or qualifying disability of stockholders during the six months ended December 31, 2017 for approximately $8.0 million at a weighted average price per share of $21.45 , and (ii) 155,904 shares that were repurchased for $3.2 million at an average price per share of $20.25 on July 31, 2018, representing 100% of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2018 through the suspension of the SRP on March 13, 2018. No repurchase requests received during the SRP suspension were accepted. (2) Repurchases are currently consummated using the most recently published Estimated Per-Share NAV. 2019 activity includes 656,433 common shares repurchased on April 30, 2019 with respect to repurchase requests made in good order following the death or qualifying disability of stockholders during the period commencing March 13, 2018 up to and including December 31, 2018 for $13.3 million at an average price per share of $20.25 and repurchases of 446,830 shares of common stock repurchased for $7.8 million at an average price per share of $17.50 on October 30, 2019 with respect to repurchase requests made in good order following the death or qualifying disability of stockholders during the period commencing January 1, 2019 up to and including June 30, 2019. (3) E xcludes 505,101 shares of common stock repurchased on February 26, 2020 with respect to requests received during the period commencing July 1, 2019 up to and including December 31, 2019 for $8.8 million at an average price per share of $17.50 , including all shares submitted for death or disability (see Note 18 — Subsequent Events ). Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased under the DRIP. The shares purchased pursuant to the DRIP have the same rights and are treated in the same manner as all other shares of outstanding common stock. The Board may designate that certain cash or other distributions be excluded from reinvestment pursuant to the DRIP. The Company has the right to amend the DRIP or terminate the DRIP with ten days ’ notice to participants. Shares issued under the DRIP are recorded as equity in the accompanying consolidated balance sheet in the period distributions are declared. During the years ended December 31, 2019 and 2018 , the Company issued 1.5 million and 1.7 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $27.2 million and $35.7 million , respectively. Preferred Stock The Company is authorized to issue up to 50,000,000 shares of preferred stock. In connection with an underwritten offering in December 2019 (see details below), the Company classified and designated 1,610,000 shares of its authorized preferred stock as authorized shares of its Series A Preferred Stock as of December 31, 2019 . The Company had 1,610,000 shares of Series A Preferred Stock issued and outstanding, as of December 31, 2019. Underwritten Offering - Series A Preferred Stock In December 2019, the Company issued and sold 1,610,000 shares of the Series A Preferred Stock in an underwritten public offering at a public offering price equal to the liquidation preference of $25.00 per share.The gross proceeds from this offering were $40.3 million and net proceeds were $37.6 million after deducting the underwriting discount of $1.3 million and additional offering expenses of $1.4 million . Series A Preferred Stock — Terms Holders of Series A Preferred Stock are entitled to cumulative dividends in the amount of $1.84375 per share each year, which is equivalent to the rate of 7.375% of the $25.00 liquidation preference per share per annum. The Series A Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed, converted or otherwise repurchased. On and after December 11, 2024, at any time and from time to time, the Series A Preferred Stock will be redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series A Preferred Stock (the “Articles Supplementary”)), the Company may, subject to certain conditions, at its option, redeem the Series A Preferred Stock, in whole or in part, after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. Upon the occurrence of a Change of Control during a continuing Delisting Event, unless the Company has elected to exercise its redemption right, holders of the Series A Preferred Stock will have certain rights to convert Series A Preferred Stock into shares of Company’s common stock, $0.01 par value per share (“Common Stock”). In addition, upon the occurrence of a Delisting Event, the dividend rate will be increased on the day after the occurrence of the Delisting Event by 2.00% per annum to the rate of 9.375% of the $25.00 liquidation preference per share per annum (equivalent to $2.34375 per share each year) from and after the date of the Delisting Event. Following the cure of such Delisting Event, the dividend rate will revert to the rate of 7.375% of the $25.00 liquidation preference per share per annum. The necessary conditions to convert the Series A Preferred Stock into Common Stock have not been met as of December 31, 2019 . Therefore, Series A Preferred Stock did not impact Company’s earnings per share calculations for the year ended December 31, 2019. The Series A Preferred Stock ranks senior to Common Stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up. Voting rights for holders of Series A Preferred Stock exist primarily with respect to the ability to elect two additional directors to the board of directors if six or more quarterly dividends (whether or not authorized or declared or consecutive) payable on the Series A Preferred Stock are in arrears, and with respect to voting on amendments to the Company’s charter (which includes the Articles Supplementary) that materially and adversely affect the rights of the Series A Preferred Stock or create additional classes or series of shares of the Company’s capital stock that are senior to the Series A Preferred Stock. Other than the limited circumstances described above and in the Articles Supplementary, holders of Series A Preferred Stock do not have any voting rights. Monthly Distributions and Dividends Common Stock In April 2013, the Company’s board of directors (the “Board”) authorized, and the Company began paying distributions on a monthly basis at a rate equivalent to $1.70 per annum, per share of common stock, which began in May 2013. In March 2017, the Board authorized a decrease in the rate at which the Company pays monthly distributions to stockholders, effective as of April 1, 2017, to a rate equivalent to $1.45 per annum per share of common stock. On February 20, 2018, the Board authorized a further decrease in the rate at which the Company pays monthly distributions to stockholders, effective as of March 1, 2018, to a rate equivalent to $0.85 per annum per share of common stock. Distributions on the Company’s common stock are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The Board may further reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured. The amount of distributions payable to the Company’s stockholders is determined by the Board and is dependent on a number of factors, including funds available for distribution, financial condition, capital expenditure requirements, as applicable, and annual distribution requirements needed to qualify and maintain the Company’s status as a REIT under the Code. The following table details from a tax perspective the portion of distributions classified as a return of capital, capital gain dividend income and ordinary dividend income, per share per annum, for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Return of capital 100.0 % $ 0.85 100 % $ 0.95 99.7 % $ 1.50 Capital gain dividend income — % — — % — 0.3 % 0.01 Ordinary dividend income — % — — % — — % — Total 100.0 % $ 0.85 100.0 % $ 0.95 100.0 % $ 1.51 Series A Preferred Stock Dividends on our Series A Preferred Stock accrue in an amount equal to $1.84375 per share each year ( $0.460938 per share per quarter) to Series A Preferred Stock holders, which is equivalent to 7.375% of the $25.00 liquidation preference per share of Series A Preferred Stock per annum. Dividends on the Series A Preferred Stock are cumulative and payable quarterly in arrears on the 15th day of January, April, July and October of each year or, if not a business day, the next succeeding business day to holders of record on the close of business on the record date set by our board of directors and declared by us. The first quarterly dividend for the Series A Preferred Stock sold in this offering was be paid on January 15, 2020 and will represented an accrual for less than a full quarter, covering the period from December 11, 2019 to December 31, 2019 . Any accrued and unpaid dividends payable with respect to the Series A Preferred Stock become part of the liquidation preference thereof. The following table illustrates the changes in accumulated other comprehensive (loss) income as of and for the periods presented: (In thousands) Unrealized Gains (Losses) on Designated Derivative Balance, December 31, 2016 $ — Other comprehensive income, before reclassifications 2,473 Amounts reclassified from accumulated other comprehensive (loss) income — Balance, December 31, 2017 2,473 Other comprehensive income, before reclassifications 2,367 Amounts reclassified from accumulated other comprehensive (loss) income (258 ) Balance, December 31, 2018 4,582 Other comprehensive loss, before reclassifications (10,753 ) Amounts reclassified from accumulated other comprehensive (loss) income (872 ) Balance, December 31, 2019 $ (7,043 ) |
Related Party Transactions and
Related Party Transactions and Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Arrangements | Related Party Transactions and Arrangements As of December 31, 2019 and 2018 , the Special Limited Partner owned 8,888 shares of the Company’s outstanding common stock. The Advisor and its affiliates may incur and pay costs and fees on behalf of the Company. As of December 31, 2019 and 2018 , the Advisor held 90 partnership units in the OP designated as “OP Units” (“OP Units”). The limited partnership agreement of the OP provides for a special allocation, solely for tax purposes, of excess depreciation deductions of up to $10.0 million to the Advisor, a limited partner of the OP. In connection with this special allocation, the Advisor has agreed to restore a deficit balance in its capital account in the event of a liquidation of the OP and has agreed to provide a guaranty or indemnity of indebtedness of the OP. Fees Incurred in Connection with the Operations of the Company On February 17, 2017, the members of a special committee of the Board unanimously approved certain amendments to and a restatement of the then effective advisory agreement, by and among the Company, the OP and the Advisor (the “Second A&R Advisory Agreement”). The Second A&R Advisory Agreement, which superseded, amended and restated the previously effective advisory agreement (the “Original A&R Advisory Agreement”), took effect on February 17, 2017. The initial term of the Second A&R Advisory Agreement is ten years beginning on February 17, 2017, and is automatically renewable for another ten -year term upon each ten-year anniversary unless terminated (i) with notice of an election not to renew at least 365 days prior to the applicable tenth anniversary, (ii) in accordance with a change of control or a transition to self-management, (iii) by 67% of the independent directors of the Board for cause, without penalty, with 45 days ’ notice or (iv) with 60 days prior written notice by the Advisor for (a) a failure to obtain a satisfactory agreement for any successor to the Company to assume and agree to perform obligations under the Second A&R Advisory Agreement or (b) any material breach of the Second A&R Advisory Agreement of any nature whatsoever by the Company. On July 25, 2019, the Company entered into Amendment No. 1 to the Second Amended and Restated Advisory Agreement (the “Advisory Agreement Amendment”) among the Company, the OP, and the Advisor. The Advisory Agreement Amendment was unanimously approved by the Company’s independent directors. Additional information on the Advisory Agreement Amendment is included later in this footnote. Acquisition Expense Reimbursements The Second A&R Advisory Agreement does not provide for an acquisition fee, however the Advisor is entitled to be reimbursed for amounts it incurs for investment-related expenses, or insourced expenses. The amount reimbursed for insourced expenses may not exceed 0.5% of the contract purchase price of each acquired property or 0.5% of the amount advanced for a loan or other investment. Additionally, the Company reimburses the Advisor for third party acquisition expenses. Under the Advisory Agreement, total acquisition expenses may not exceed 4.5% of the contract purchase price of the Company’s portfolio or 4.5% of the amount advanced for all loans or other investments. This threshold has not been exceeded through December 31, 2019. Asset Management Fees and Variable Management/Incentive Fees Under the limited partnership agreement of the OP and the advisory agreement that was superseded by the Original A&R Advisory Agreement and until March 31, 2015, for its asset management services, the Company issued the Advisor an asset management subordinated participation by causing the OP to issue (subject to periodic approval by the Board) to the Advisor partnership units of the OP designated as “Class B Units” (“Class B Units”). The Class B Units were intended to be profit interests and vest, and no longer are subject to forfeiture, at such time as: (x) the value of the OP’s assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pre-tax, non-compounded annual return thereon (the “Economic Hurdle”); (y) any one of the following occurs: (1) a listing; (2) another liquidity event or (3) the termination of the advisory agreement by an affirmative vote of a majority of the Company’s independent directors without cause; and (z) the Advisor is still providing advisory services to the Company (the “Performance Condition”). Unvested Class B Units will be forfeited immediately if: (a) the advisory agreement is terminated for any reason other than a termination without cause; or (b) the advisory agreement is terminated by an affirmative vote of a majority of the Company’s independent directors without cause before the Economic Hurdle has been met. Subject to approval by the Board, the Class B Units were issued to the Advisor quarterly in arrears pursuant to the terms of the limited partnership agreement of the OP. The number of Class B Units issued in any quarter was equal to: (i) the excess of (A) the product of (y) the cost of assets multiplied by (z) 0.1875% over (B) any amounts payable as an oversight fee (as described below) for such calendar quarter; divided by (ii) the value of one share of common stock as of the last day of such calendar quarter, which was initially equal to $22.50 (the price in the Company’s initial public offering of common stock minus the selling commissions and dealer manager fees). The value of issued Class B Units will be determined and expensed when the Company deems the achievement of the Performance Condition to be probable. As of December 31, 2019 , the Company cannot determine the probability of achieving the Performance Condition. The Advisor receives cash distributions on each issued Class B Unit equal to the distribution rate received on the Company’s common stock. These distributions on Class B Units are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss until the Performance Condition is considered probable to occur. The Board has previously approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. The Board determined in February 2018 that Economic Hurdle had been satisfied, however none of the events have occurred, including a Listing, which would have satisfied the other vesting requirement of the Class B Units. Therefore, no expense has ever been recognized in connection with the Class B Units. On May 12, 2015, the Company, the OP and the Advisor entered into an amendment to the then-current advisory agreement, which, among other things, provided that the Company would cease causing the OP to issue Class B Units to the Advisor with respect to any period ending after March 31, 2015. Effective February 17, 2017, the Second A&R Advisory Agreement requires the Company to pay the Advisor a base management fee, which is payable on the first business day of each month. The fixed portion of the base management fee is equal to $1.625 million per month, while the variable portion of the base management fee is equal to one-twelfth of 1.25% of the cumulative net proceeds of any equity (including convertible equity and certain convertible debt but excluding proceeds from the DRIP) issued by the Company and its subsidiaries subsequent to February 17, 2017 per month. The base management fee is payable to the Advisor or its assignees in cash, OP Units or shares, or a combination thereof, the form of payment to be determined at the discretion of the Advisor and the value of any OP Unit or share to be determined by the Advisor acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. In addition, the Second A&R Advisory Agreement requires the Company to pay the Advisor a variable management/incentive fee quarterly in arrears equal to (1) the product of fully diluted number of shares of common stock outstanding multiplied by (2) (x) 15.0% of the applicable prior quarter’s Core Earnings (as defined below) per share in excess of $0.375 per share plus (y) 10.0% of the applicable prior quarter’s Core Earnings per share in excess of $0.47 per share. Core Earnings is defined as, for the applicable period, net income or loss, computed in accordance with GAAP, excluding non-cash equity compensation expense, the variable management/incentive fee, acquisition and transaction related fees and expenses, financing related fees and expenses, depreciation and amortization, realized gains and losses on the sale of assets, any unrealized gains or losses or other non-cash items recorded in net income or loss for the applicable period, regardless of whether such items are included in other comprehensive income or loss, or in net income, one-time events pursuant to changes in GAAP and certain non-cash charges, impairment losses on real estate related investments and other than temporary impairments of securities, amortization of deferred financing costs, amortization of tenant inducements, amortization of straight-line rent and any associated bad debt reserves, amortization of market lease intangibles, provision for loss loans, and other non-recurring revenue and expenses (in each case after discussions between the Advisor and the independent directors and approved by a majority of the independent directors). The variable management/incentive fee is payable to the Advisor or its assignees in cash or shares, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor and the value of any share to be determined by the Advisor acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. No variable management incentive fee was incurred for the years ended December 31, 2019, 2018 and 2017. Property Management Fees Unless the Company contracts with a third party, the Company pays the Property Manager a property management fee on a monthly basis, equal to 1.5% of gross revenues from the Company’s stand-alone single-tenant net leased properties managed and 2.5% of gross revenues from all other types of properties managed, plus market-based leasing commissions applicable to the geographic location of the property. The Company also reimburses the Property Manager for property level expenses incurred by the Property Manager. The Property Manager may charge a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties, and the Property Manager is allowed to receive a higher property management fee in certain cases if approved by our Board of Directors (including a majority of the independent directors). If the Company contracts directly with third parties for such services, the Company will pay the third party customary market fees and will pay the Property Manager an oversight fee of 1.0% of the gross revenues of the property managed by the third party. In no event will the Company pay the Property Manager or any affiliate of the Property Manager both a property management fee and an oversight fee with respect to any particular property. If the Property Manager provides services other than those specified in the Property Management Agreement, the Company will pay the Property Manager a monthly fee equal to no more than that which the Company would pay to a third party that is not an affiliate of the Company or the Property Manager to provide the services. On February 17, 2017, the Company entered into the Amended and Restated Property Management and Leasing Agreement (the “A&R Property Management Agreement”) with the OP and the Property Manager. The A&R Property Management Agreement automatically renews for successive one -year terms unless any party provides written notice of its intention to terminate the A&R Property Management Agreement at least 90 days prior to the end of the term. Neither party provided notice of intent to terminate. The current term of the A&R Property Management Agreement expires February 17, 2021.The Property Manager may assign the A&R Property Management Agreement to any party with expertise in commercial real estate which has, together with its affiliates, over $100.0 million in assets under management. On April 10, 2018, in connection with the Multi-Property CMBS Loan, the Company and the OP entered into a further amendment to the A&R Property Management Agreement confirming, consistent with the intent of the parties, that the borrowers under the Multi-Property CMBS Loan and other subsidiaries of the OP that own or lease the Company’s properties are the direct obligors under the arrangements pursuant to which the Company’s properties are managed by either the Property Manager or a third party overseen by the Property Manager pursuant to the A&R Property Management Agreement. Professional Fees and Other Reimbursements The Company reimburses the Advisor’s costs of providing administrative services including personnel costs, except for costs to the extent that the employees perform services for which the Advisor receives a separate fee. This reimbursement includes reasonable overhead expenses for employees of the Advisor or its affiliates directly involved in the performance of services on behalf of the Company, including the reimbursement of rent expense at certain properties that are both occupied by employees of the Advisor or its affiliates and owned by affiliates of the Advisor. During the year ended December 31, 2019 , 2018 and 2017, the Company incurred $10.6 million , $8.9 million and $7.6 million , respectively, of reimbursement expenses to the Advisor for providing administrative services. These reimbursement expenses are included in general and administrative expense on the consolidated statements of operations and comprehensive income (loss). On July 25, 2019, the Company entered into the Advisory Agreement Amendment. Under the Second A&R Advisory Agreement, including prior to the Advisory Agreement Amendment, the Company has been required to reimburse the Advisor for, among other things, reasonable salaries and wages, benefits and overhead of all employees of the Advisor or its affiliates, except for costs of employees to the extent that the employees perform services for which the Advisor receives a separate fee. The Advisory Agreement Amendment clarifies that, with respect to executive officers of the Advisor, the Company is required to reimburse the Advisor or its affiliates for the reasonable salaries and wages, benefits and overhead of the Company’s executive officers, other than for any executive officer that is also a partner, member or equity owner of AR Global, an affiliate of the Advisor. Further, under the Advisory Agreement Amendment, the aggregate amount of expenses relating to salaries, wages and benefits, including for executive officers and all other employees of the Advisor or its affiliates (the “Capped Reimbursement Amount”), is limited to the greater of: (a) $6.8 million (the “Fixed Component”) and (b) the variable component (the “Variable Component”), which is defined in the Advisory Agreement Amendment as, for any fiscal year: (i) the sum of the total real estate investments, at cost as recorded on the balance sheet dated as of the last day of each fiscal quarter (the “Real Estate Cost”) in the year divided by four , which amount is then (ii) multiplied by 0.29% . In the event of a reduction in the Real Estate Cost by 25.0% or more pursuant to instructions from the Company’s board of directors, in one or a series of related dispositions in which the proceeds of the disposition(s) are not reinvested in Investments (as defined in the Advisory Agreement Amendment), then within 12 months following the disposition(s), the Advisor and the Company will enter into good faith negotiations to reset the Fixed Component; provided that if the proceeds of the disposition(s) are paid to shareholders of the Company as a special distribution or used to repay loans with no intent of subsequently re-financing and re-investing the proceeds thereof in Investments, the Advisor and the Company will enter into good faith negotiations to reset the Fixed Component within 90 days thereof, in each case taking into account reasonable projections of reimbursable costs in light of the reduced assets of the Company. Both the Fixed Component and the Variable Component will also be increased by an annual cost of living adjustment equal to the portion of the Capped Reimbursement Amount (as determined above) multiplied by the greater of (x) 3.0% and (y) the CPI for the prior year ended December 31st. For these purposes, CPI will be calculated by reference to the United States Department of Labor’s Bureau of Labor Statistics Consumer Price Index, All Urban Consumer Price Index, New York-Newark-Jersey City with reference date (1982-1984) that equals 100.0 or the successor of this index. Summary of fees, expenses and related payables The following table details amounts incurred, forgiven and payable in connection with the Company’s operations-related services described above as of and for the periods presented: Year Ended December 31, Payable (Receivable) as of 2019 2018 2017 December 31, (In thousands) Incurred (1) Incurred (1) Incurred (1) 2019 2018 One-time fees and reimbursements: Acquisition cost reimbursements $ 39 $ 176 $ 124 $ — $ 32 Financing coordination fees — — — — — Due from HT III related to the Asset Purchase (2) — — — — (154 ) Ongoing fees and reimbursements: Asset management fees 19,526 19,500 19,189 27 — Property management fees 3,888 3,571 3,068 (44 ) 58 Professional fees and other reimbursements (5) 10,073 (4 )(5) 8,883 7,553 (377 ) (6) 674 (5) (6) Distributions on Class B Units (3) 305 340 543 — — Total related party operation fees and reimbursements $ 33,831 $ 32,470 $ 30,477 $ (394 ) $ 610 ___________ (1) There were no fees or reimbursements forgiven during the years ended December 31, 2019 , 2018 or 2017 . (2) On December 22, 2017, the Company purchased substantially all the assets of HT III. Certain proration estimates were included within the closing. The purchase agreement called for a final purchase price adjustment. The Company had a $0.2 million net receivable related to the Asset Purchase included on the consolidated balance sheet as of December 31, 2018. Please see below for additional information related to the Asset Purchase. (3) Prior to April 1, 2015, the Company caused the OP to issue (subject to periodic approval by the Board) to the Advisor restricted performance-based Class B Units for asset management services. As of December 31, 2019 , the Board had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. Effective April 1, 2015, the Company began paying an asset management fee to the Advisor or its assignees in cash, in shares, or a combination of both and no longer issues any Class B Units. (4) Includes $7.2 million related to the Capped Reimbursement Amount for the year ended December 31, 2019 . (5) Balance as of December 31, 2018 includes costs which were incurred and accrued due to American National Stock Transfer, LLC, a subsidiary of RCS Capital Corporation (“RCAP”) which were related parties of the Company. During the year ended December 31, 2019, the Company recorded a reduction of general and administrative expenses in the amount of $0.5 million related to the reversal of this payable balance due to RCAP, which at the time the payable balance was recorded and prior to its bankruptcy filing was under common control with the Advisor. (6) Balance includes a receivable of $0.5 million from the Advisor as of December 31, 2019 previously recorded in the fourth quarter of 2018, which, pursuant to authorization by the independent members of the Company’s board of directors, is payable over time during 2020. Fees and Participations Incurred in Connection with a Listing or the Liquidation of the Company’s Real Estate Assets Fees Incurred in Connection with a Listing If the common stock of the Company is listed on a national exchange, the Special Limited Partner will be entitled to receive a promissory note as evidence of its right to receive a subordinated incentive listing distribution from the OP equal to 15.0% of the amount by which the market value of all issued and outstanding shares of common stock plus distributions exceeds the aggregate capital contributed by investors in the Company’s initial public offering of common stock plus an amount equal to a 6.0% cumulative, pre-tax non-compounded annual return to investors. No such distribution was incurred during the years ended December 31, 2019 , 2018 and 2017 . If the Special Limited Partner or any of its affiliates receives the subordinated incentive listing distribution the Special Limited Partner and its affiliates will no longer be entitled to receive the subordinated participation in net sales proceeds or the subordinated incentive termination distribution described below. Subordinated Participation in Net Sales Proceeds Upon a liquidation or sale of all or substantially all of the Company’s assets, including through a merger or sale of stock, the Special Limited Partner will be entitled to receive a subordinated participation in the net sales proceeds of the sale of real estate assets from the OP equal to 15.0% of remaining net sale proceeds after return of capital contributions to investors in the Company’s initial public offering of common stock plus payment to investors of a 6.0% cumulative, pre-tax non-compounded annual return on the capital contributed by investors. No such participation in net sales proceeds became due and payable during the years ended December 31, 2019 , 2018 and 2017 . Any amount of net sales proceeds paid to the Special Limited Partner or any of its affiliates prior to the Company’s listing or termination or non-renewal of the advisory agreement with the Advisor, as applicable, will reduce dollar for dollar the amount of the subordinated incentive listing distribution described above and subordinated incentive termination distribution described below. Termination Fees Under the operating partnership agreement of the OP, upon termination or non-renewal of the advisory agreement with the Advisor, wi th or without cause, the Special Limited Partner will be entitled to receive a promissory note as evidence of its right to receive subordinated termination dist ributions from the OP equal to 15.0% of the amount by which the sum of the Company’s market value plus distributions exceeds the sum of the aggregate capital contributed by investors in the Company’s initial public offering of common stock plus an amount equal to an annual 6.0% cumulative, pre-tax, non-compounded annual return to investors. The Special Limited Partner is able to elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or other liquidity event occurs. If the Special Limited Partner or any of its affiliates receives the subordinated incentive termination distribution, the Special Limited Partner and its affiliates will no longer be entitled to receive the subordinated participation in net sales proceeds or the subordinated incentive listing distribution described above. Under the Second A&R Advisory Agreement, upon the termination or non-renewal of the agreement, the Advisor will be entitled to receive from the Company all amounts due to the Advisor, including any change of control fee and transition fee (both described below), as well as the then-present fair market value of the Advisor’s interest in the Company. All fees will be due within 30 days after the effective date of the termination of the Second A&R Advisory Agreement. Upon a termination by either party in connection with a change of control (as defined in the Second A&R Advisory Agreement), the Company would pay the Advisor a change of control fee equal to the product of four (4) and the “Subject Fees.” Upon a termination by the Company in connection with transition to self-management, the Company would pay the Advisor a transition fee equal to (i) $15.0 million plus (ii) the product of four multiplied by the Subject Fees, provided that the transition fee shall not exceed an amount equal (i) 4.5 multiplied by (ii) the Subject Fees. The Subject Fees are equal to (i) the product of four multiplied by the actual base management fee plus (ii) the product of four multiplied by the actual variable management/incentive fee, in each of clauses (i) and (ii), payable for the fiscal quarter immediately prior to the fiscal quarter in which the change of control occurs or the transition to self-management is consummated, as applicable, plus (iii) without duplication, the annual increase in the base management fee resulting from the cumulative net proceeds of any equity raised (but excluding proceeds from the DRIP) in respect to the fiscal quarter immediately prior to the fiscal quarter in which the change of control occurs or the transition to self-management is consummated, as applicable. The right to termination of the Second A&R Advisory Agreement in connection with a change of control or transition to self-management is subject to a lockout period that requires the notice of any termination in connection with a change of control or transition to self-management to be delivered after February 14, 2019. American Realty Capital Healthcare Trust III, Inc. Asset Purchase On December 22, 2017, the Company, the OP and its subsidiary, ARHC TRS Holdco II, LLC, completed the Asset Purchase, purchasing all of the membership interests in indirect subsidiaries of HT III that owned the 19 properties which comprised substantially all of HT III’s assets, pursuant to the Purchase Agreement, dated as of June 16, 2017. HT III was sponsored and advised by an affiliate of the Advisor. The Company had a $0.2 million net receivable from HT III included on its consolidated balance sheet as of December 31, 2018 . |
Economic Dependency
Economic Dependency | 12 Months Ended |
Dec. 31, 2019 | |
Economic Dependency [Abstract] | |
Economic Dependency | Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company and asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that the Advisor and its affiliates are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation Restricted Share Plan The Company has adopted an employee and director incentive restricted share plan (as amended from time to time, the “RSP”), which provides the Company with the ability to grant awards of restricted shares of common stock (“restricted shares”) to the Company’s directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company. The total number of shares of common stock that may be subject to awards granted under the RSP may not exceed 5.0% of the Company’s outstanding shares of common stock on a fully diluted basis at any time and in any event will not exceed 3.4 million shares (as such number may be adjusted for stock splits, stock dividends, combinations and similar events). Prior to August 2017, the RSP provided for an automatic grant of 1,333 restricted shares to each of the independent directors, without any further approval by the Board or the stockholders, on the date of his or her initial election to the Board and thereafter on the date of each annual stockholder meeting. The restricted shares granted as annual automatic awards prior to August 2017 were subject to vesting over a five -year period following the date of grant. In August 2017, the Board amended the RSP to provide that the number of restricted shares comprising the automatic annual award to each of the independent directors would be equal to the quotient of $30,000 divided by the then-current Estimated Per-Share NAV and subsequently amended and restated the RSP to eliminate the automatic annual awards and to make other revisions related to the implementation of a new independent director equity compensation program. As part of this independent director equity compensation program, the Board approved a one-time grant of restricted share awards to the independent directors as follows: (i) 300,000 restricted shares to the chairman, with one-seventh of the shares vesting annually in equal increments over a seven -year period with initial vesting on August 4, 2018; and (ii) 25,000 restricted shares to each of the three other independent directors, with one-fifth of the shares vesting annually in equal increments over a five -year period with initial vesting on August 4, 2018. In connection with these one-time grants, the restricted shares granted as automatic annual awards in connection with the Company’s 2017 annual meeting of stockholders on July 21, 2017 were forfeited. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in shares of common stock are subject to the same restrictions as the underlying restricted shares. On July 29, 2019, the Board elected B.J. Penn as a member of the Board to serve as a director effective immediately. Mr. Penn, like the Company’s other independent directors, participates in the Company’s independent director compensation program. During the year ended December 31, 2019, the Company paid to Mr. Penn an annual cash retainer effective as of July 29, 2019 pro-rated for the remaining portion of the current annual period, and he was awarded 15,000 restricted shares of common stock of the Company which vest annually over a three -year period in equal installments. The following table reflects restricted share award activity for the period presented: Number of Common Shares Weighted-Average Issue Price Unvested, December 31, 2016 9,921 $ 22.42 Granted 380,592 21.45 Vested (2,411 ) 22.40 Forfeitures (5,592 ) 21.45 Unvested, December 31, 2017 382,510 21.47 Granted — — Vested (60,268 ) 21.78 Forfeitures — — Unvested, December 31, 2018 322,242 21.41 Granted 15,000 17.50 Vested (60,001 ) 21.48 Forfeitures — — Unvested, December 31, 2019 277,241 21.18 As of December 31, 2019 , the Company had $5.9 million of unrecognized compensation cost related to unvested restricted share awards granted under the RSP. That cost is expected to be recognized over a weighted-average period of 4.1 years . Compensation expense related to restricted shares was $1.3 million , $1.2 million and approximately $0.5 million during the year s ended December 31, 2019 , 2018 and 2017 , respectively. Compensation expense related to restricted shares is recorded as general and administrative expense in the accompanying consolidated statements of operations and comprehensive loss. Other Share-Based Compensation The Company may issue common stock in lieu of cash to pay fees earned by the Company’s directors at the respective director’s election. There are no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. No such shares were issued during the years ended December 31, 2019 , 2018 and 2017 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | — Stockholders’ Equity Common Stock As of December 31, 2019 and 2018 , the Company had 92,356,664 and 91,963,532 shares of common stock outstanding, respectively, including unvested restricted shares and shares issued pursuant to the Company’s distribution reinvestment plan (“DRIP”), net of share repurchases. On April 1, 2019, the independent directors of the Board, who comprise a majority of the Board, unanimously approved an updated Estimated Per-Share NAV as of December 31, 2018, which was published on April 3, 2019. The Company intends to publish Estimated Per-Share NAV periodically at the discretion of the Board, provided that such estimates will be made at least once annually. Tender Offers On March 13, 2018, the Company announced a tender offer (the “2018 Tender Offer”) to purchase up to 2.0 million shares of the Company’s common stock for cash at a purchase price equal to $13.15 per share with the proration period and withdrawal rights expiring on April 12, 2018. On April 4, 2018 and April 16, 2018, the 2018 Tender Offer was amended to reduce the number of shares the Company was offering to purchase to 230,000 shares and extend the expiration date to May 1, 2018. The 2018 Tender Offer expired in accordance with its terms on May 1, 2018. During May 2018, in accordance with the terms of the 2018 Tender Offer, the Company accepted for purchase 229,999 shares for a total cost of approximately $3.0 million . The Company announced another tender offer in January 2020 which was completed in February 2020 (see Note 18 — Subsequent Events for additional details). Share Repurchase Program Under the Company’s share repurchase program (the “SRP”), as amended from time to time, qualifying stockholders are able to sell their shares to the Company in limited circumstances. The SRP permits investors to sell their shares back to the Company after they have held them for at least one year, subject to significant conditions and limitations. Repurchases of shares of the Company’s common stock, when requested, are at the sole discretion of the Board. Under the SRP, subject to certain conditions, only repurchase requests made following the death or qualifying disability of stockholders that purchased shares of the Company’s common stock or received their shares from the Company (directly or indirectly) through one or more non-cash transactions are considered for repurchase. Additionally, pursuant to the SRP, the repurchase price per share equals 100% of the Estimated Per-Share NAV in effect on the last day of the fiscal semester, or the six-month period ending June 30 or December 31. The Company suspended the SRP during the pendency of the Tender Offer. On June 29, 2018, the Company announced the Board unanimously determined to reactivate the SRP, effective June 30, 2018. In connection with reactivating the SRP, the Board approved all repurchase requests received during the period from January 1, 2018 through the suspension of the SRP on March 13, 2018 (see table below for additional details). On January 29, 2019, the Company announced that the Board approved an amendment to the SRP changing the date on which any repurchases are to be made in respect of requests made during the period commencing March 13, 2018 up to and including December 31, 2018 to no later than March 31, 2019, rather than on or before the 31st day following December 31, 2018. This SRP amendment became effective on January 30, 2019. Additionally, on March 27, 2019, the Company announced that the Board approved an amendment to the SRP further extending the date on which any repurchases are to be made in respect of requests made during the period commencing March 13, 2018 up to and including December 31, 2018 to no later than April 30, 2019. This SRP amendment became effective on March 28, 2019 (see table below for details on cumulative shares repurchased pursuant to the SRP, including shares repurchased during 2019). On July 23, 2019, the Company announced that the Board approved a third amendment to the SRP, effective July 24, 2019, extending the date on which repurchases are able to be made in respect of requests made during the period commencing January 1, 2019 up to and including June 30, 2019 to no later than August 31, 2019, rather than on or before July 31, 2019. On August 20, 2019, the Company announced that the Board approved a fourth amendment to the SRP, effective August 22, 2019 extending the date on which repurchases are able to be made in respect of requests made during the period commencing January 1, 2019 up to and including June 30, 2019 to no later than October 31, 2019, rather than on or before August 31, 2019. The Company completed the repurchases on October 30, 2019 and repurchased 446,830 shares of common stock for approximately $7.8 million , at an average price per share of $17.50 pursuant to the SRP. The repurchases reflect all repurchase requests made in good order following the death or qualifying disability of stockholders during the period commencing January 1, 2019 up to and including June 30, 2019. See Note 18 — Subsequent Events for additional details regarding activity related to the SRP after December 31, 2019. When a stockholder requests redemption and redemption is approved by the Board, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased under the SRP have the status of authorized but unissued shares. The following table reflects the number of shares repurchased cumulatively through December 31, 2019 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2018 (1) 3,288,256 $ 21.56 Year ended December 31, 2019 (2) 1,103,263 19.14 Cumulative repurchases as of December 31, 2019 (3) 4,391,519 20.95 _________ (1) Repurchases made in 2018 include: (i) 373,967 shares repurchased during January 2018 with respect to requests received following the death or qualifying disability of stockholders during the six months ended December 31, 2017 for approximately $8.0 million at a weighted average price per share of $21.45 , and (ii) 155,904 shares that were repurchased for $3.2 million at an average price per share of $20.25 on July 31, 2018, representing 100% of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2018 through the suspension of the SRP on March 13, 2018. No repurchase requests received during the SRP suspension were accepted. (2) Repurchases are currently consummated using the most recently published Estimated Per-Share NAV. 2019 activity includes 656,433 common shares repurchased on April 30, 2019 with respect to repurchase requests made in good order following the death or qualifying disability of stockholders during the period commencing March 13, 2018 up to and including December 31, 2018 for $13.3 million at an average price per share of $20.25 and repurchases of 446,830 shares of common stock repurchased for $7.8 million at an average price per share of $17.50 on October 30, 2019 with respect to repurchase requests made in good order following the death or qualifying disability of stockholders during the period commencing January 1, 2019 up to and including June 30, 2019. (3) E xcludes 505,101 shares of common stock repurchased on February 26, 2020 with respect to requests received during the period commencing July 1, 2019 up to and including December 31, 2019 for $8.8 million at an average price per share of $17.50 , including all shares submitted for death or disability (see Note 18 — Subsequent Events ). Distribution Reinvestment Plan Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased under the DRIP. The shares purchased pursuant to the DRIP have the same rights and are treated in the same manner as all other shares of outstanding common stock. The Board may designate that certain cash or other distributions be excluded from reinvestment pursuant to the DRIP. The Company has the right to amend the DRIP or terminate the DRIP with ten days ’ notice to participants. Shares issued under the DRIP are recorded as equity in the accompanying consolidated balance sheet in the period distributions are declared. During the years ended December 31, 2019 and 2018 , the Company issued 1.5 million and 1.7 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $27.2 million and $35.7 million , respectively. Preferred Stock The Company is authorized to issue up to 50,000,000 shares of preferred stock. In connection with an underwritten offering in December 2019 (see details below), the Company classified and designated 1,610,000 shares of its authorized preferred stock as authorized shares of its Series A Preferred Stock as of December 31, 2019 . The Company had 1,610,000 shares of Series A Preferred Stock issued and outstanding, as of December 31, 2019. Underwritten Offering - Series A Preferred Stock In December 2019, the Company issued and sold 1,610,000 shares of the Series A Preferred Stock in an underwritten public offering at a public offering price equal to the liquidation preference of $25.00 per share.The gross proceeds from this offering were $40.3 million and net proceeds were $37.6 million after deducting the underwriting discount of $1.3 million and additional offering expenses of $1.4 million . Series A Preferred Stock — Terms Holders of Series A Preferred Stock are entitled to cumulative dividends in the amount of $1.84375 per share each year, which is equivalent to the rate of 7.375% of the $25.00 liquidation preference per share per annum. The Series A Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed, converted or otherwise repurchased. On and after December 11, 2024, at any time and from time to time, the Series A Preferred Stock will be redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series A Preferred Stock (the “Articles Supplementary”)), the Company may, subject to certain conditions, at its option, redeem the Series A Preferred Stock, in whole or in part, after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. Upon the occurrence of a Change of Control during a continuing Delisting Event, unless the Company has elected to exercise its redemption right, holders of the Series A Preferred Stock will have certain rights to convert Series A Preferred Stock into shares of Company’s common stock, $0.01 par value per share (“Common Stock”). In addition, upon the occurrence of a Delisting Event, the dividend rate will be increased on the day after the occurrence of the Delisting Event by 2.00% per annum to the rate of 9.375% of the $25.00 liquidation preference per share per annum (equivalent to $2.34375 per share each year) from and after the date of the Delisting Event. Following the cure of such Delisting Event, the dividend rate will revert to the rate of 7.375% of the $25.00 liquidation preference per share per annum. The necessary conditions to convert the Series A Preferred Stock into Common Stock have not been met as of December 31, 2019 . Therefore, Series A Preferred Stock did not impact Company’s earnings per share calculations for the year ended December 31, 2019. The Series A Preferred Stock ranks senior to Common Stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up. Voting rights for holders of Series A Preferred Stock exist primarily with respect to the ability to elect two additional directors to the board of directors if six or more quarterly dividends (whether or not authorized or declared or consecutive) payable on the Series A Preferred Stock are in arrears, and with respect to voting on amendments to the Company’s charter (which includes the Articles Supplementary) that materially and adversely affect the rights of the Series A Preferred Stock or create additional classes or series of shares of the Company’s capital stock that are senior to the Series A Preferred Stock. Other than the limited circumstances described above and in the Articles Supplementary, holders of Series A Preferred Stock do not have any voting rights. Monthly Distributions and Dividends Common Stock In April 2013, the Company’s board of directors (the “Board”) authorized, and the Company began paying distributions on a monthly basis at a rate equivalent to $1.70 per annum, per share of common stock, which began in May 2013. In March 2017, the Board authorized a decrease in the rate at which the Company pays monthly distributions to stockholders, effective as of April 1, 2017, to a rate equivalent to $1.45 per annum per share of common stock. On February 20, 2018, the Board authorized a further decrease in the rate at which the Company pays monthly distributions to stockholders, effective as of March 1, 2018, to a rate equivalent to $0.85 per annum per share of common stock. Distributions on the Company’s common stock are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The Board may further reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured. The amount of distributions payable to the Company’s stockholders is determined by the Board and is dependent on a number of factors, including funds available for distribution, financial condition, capital expenditure requirements, as applicable, and annual distribution requirements needed to qualify and maintain the Company’s status as a REIT under the Code. The following table details from a tax perspective the portion of distributions classified as a return of capital, capital gain dividend income and ordinary dividend income, per share per annum, for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Return of capital 100.0 % $ 0.85 100 % $ 0.95 99.7 % $ 1.50 Capital gain dividend income — % — — % — 0.3 % 0.01 Ordinary dividend income — % — — % — — % — Total 100.0 % $ 0.85 100.0 % $ 0.95 100.0 % $ 1.51 Series A Preferred Stock Dividends on our Series A Preferred Stock accrue in an amount equal to $1.84375 per share each year ( $0.460938 per share per quarter) to Series A Preferred Stock holders, which is equivalent to 7.375% of the $25.00 liquidation preference per share of Series A Preferred Stock per annum. Dividends on the Series A Preferred Stock are cumulative and payable quarterly in arrears on the 15th day of January, April, July and October of each year or, if not a business day, the next succeeding business day to holders of record on the close of business on the record date set by our board of directors and declared by us. The first quarterly dividend for the Series A Preferred Stock sold in this offering was be paid on January 15, 2020 and will represented an accrual for less than a full quarter, covering the period from December 11, 2019 to December 31, 2019 . Any accrued and unpaid dividends payable with respect to the Series A Preferred Stock become part of the liquidation preference thereof. The following table illustrates the changes in accumulated other comprehensive (loss) income as of and for the periods presented: (In thousands) Unrealized Gains (Losses) on Designated Derivative Balance, December 31, 2016 $ — Other comprehensive income, before reclassifications 2,473 Amounts reclassified from accumulated other comprehensive (loss) income — Balance, December 31, 2017 2,473 Other comprehensive income, before reclassifications 2,367 Amounts reclassified from accumulated other comprehensive (loss) income (258 ) Balance, December 31, 2018 4,582 Other comprehensive loss, before reclassifications (10,753 ) Amounts reclassified from accumulated other comprehensive (loss) income (872 ) Balance, December 31, 2019 $ (7,043 ) |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Non-Controlling Interests Non-Controlling Interests in the Operating Partnership The Company is the sole general partner and holds substantially all of the OP Units. As of December 31, 2019 and 2018 , the Advisor held 90 OP Units, which represents a nominal percentage of the aggregate ownership in the OP. In November 2014, the Company partially funded the purchase of an MOB from an unaffiliated third party by causing the OP to issue 405,908 OP Units, with a value of $10.1 million , or $25.00 per unit, to the unaffiliated third party. A holder of OP Units has the right to distributions. After holding the OP Units for a period of one year, a holder of OP Units has the right to redeem OP Units for, at the option of the OP, the cash value of a corresponding number of shares of the Company’s common stock or a corresponding number of shares of the Company’s common stock. The remaining rights of the limited partners in the OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets. During the years ended December 31, 2019 , 2018 and 2017 , OP Unit non-controlling interest holders were paid distributions of $0.3 million , $0.5 million , and $0.6 million respectively. Non-Controlling Interests in Property Owning Subsidiaries The Company also has investment arrangements with other unaffiliated third parties whereby such investors receive an ownership interest in certain of the Company’s property-owning subsidiaries and are entitled to receive a proportionate share of the net operating cash flow derived from the subsidiaries’ property. Upon disposition of a property subject to non-controlling interest, the investor will receive a proportionate share of the net proceeds from the sale of the property. The investor has no recourse to any other assets of the Company. Due to the nature of the Company’s involvement with these arrangements and the significance of its investment in relation to the investment of the third party, the Company has determined that it controls each entity in these arrangements and therefore the entities related to these arrangements are consolidated within the Company’s financial statements. A non-controlling interest is recorded for the investor’s ownership interest in the properties. The following table summarizes the activity related to investment arrangements with unaffiliated third parties. Third Party Net Investment Amount Non-Controlling Ownership Percentage Net Real Estate Assets Subject to Investment Arrangement (1) Distributions As of December 31, As of December 31, As of December 31, Year Ended December 31, Property Name (Dollar amounts in thousands) Investment Date 2019 2019 2019 2018 2019 2018 2017 Plaza Del Rio Medical Office Campus Portfolio May 2015 $ 416 1.9 % $ 14,220 $ 14,747 $ — $ 87 $ 52 UnityPoint Clinic Portfolio (2) December 2017 $ 496 5.0 % $ 8,842 $ 9,241 $ — $ — $ — _____________ (1) One property within the Plaza Del Rio Medical Office Campus Portfolio was mortgaged as part of the Multi-Property CMBS Loan. See Note 4 - Mortgage Notes Payable for additional information. (2) Assumed as part of the Asset Purchase. See Note 9 - Related Party Transactions and Arrangements for further information on the Asset Purchase. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following is a summary of the basic and diluted net loss per share computation for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Net loss attributable to stockholders (in thousands) $ (88,087 ) $ (52,762 ) $ (42,548 ) Basic and diluted weighted-average shares outstanding 91,936,641 91,118,929 89,802,174 Basic and diluted net loss per share $ (0.96 ) $ (0.58 ) $ (0.47 ) Diluted net loss per share assumes the conversion of all common stock equivalents into an equivalent number of shares of common stock, unless the effect is antidilutive. The Company considers unvested restricted shares, OP Units and Class B Units to be common share equivalents. The Company had the following common stock equivalents on a weighted-average basis that were excluded from the calculation of diluted net loss per share attributable to stockholders as their effect would have been antidilutive for the periods presented: December 31, 2019 2018 2017 Unvested restricted shares (1) 305,416 358,071 130,339 OP Units (2) 405,998 405,998 405,998 Class B Units (3) 359,250 359,250 359,250 Total weighted average antidilutive common share equivalents 1,070,664 1,123,319 895,587 ____________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 277,241 , 322,242 and 382,510 unvested restricted shares outstanding as of December 31, 2019 , 2018 and 2017 , respectively. (2) Weighted average number of antidilutive OP Units outstanding for the periods presented. There were 405,998 OP Units outstanding as of December 31, 2019 , 2018 and 2017 . (3) Weighted average number of antidilutive Class B Units outstanding for the periods presented. There were 359,250 Class B Units outstanding as of December 31, 2019 , 2018 and 2017 . |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | — Segment Reporting During the years ended December 31, 2019 , 2018 and 2017 , the Company operated in three reportable business segments for management and internal financial reporting purposes: MOBs, triple-net leased healthcare facilities, and SHOPs. The Company evaluates performance and makes resource allocations based on its three business segments. The medical office building segment primarily consists of MOBs leased to healthcare-related tenants under long-term leases, which may require such tenants to pay a pro rata share of property-related expenses. The triple-net leased healthcare facilities segment primarily consists of investments in seniors housing properties, hospitals, inpatient rehabilitation facilities and skilled nursing facilities under long-term leases, under which tenants are generally responsible to directly pay property-related expenses. The SHOP segment consists of direct investments in seniors housing properties, primarily providing assisted living, independent living and memory care services, which are operated through engaging independent third-party operators. There were no intersegment sales or transfers during the periods presented. As described in more detail below, on April 1, 2019 the Company transitioned (i.e. this asset is now operating as a SHOP asset and is not leased to a third party) one property located in Wellington, Florida (the “Transition Property”) from its triple-net leased healthcare facilities segment to its Seniors Housing — Operating Properties segment. See Note 3 — Real Estate Investments, Net for further information about this property and the transition. When such transfers between segments occur, we reclassify the operating results of the transferred properties to their current segment for both the current and all historical periods in order to present a consistent group of property results. The results of operations from the Transition Property are presented within the Seniors Housing — Operating Properties segment for the year ended December 31, 2019 , 2018 and 2017. In 2018, we had also transitioned (i.e. this asset is now operating as a SHOP asset and is not leased to a third party) a property located in Lutz, Florida from our triple-net leased healthcare facilities segment to our SHOP segment. The results of this property had previously been reclassified in our Same Store operating results in 2018 and, according, require no additional adjustment in 2019. Net Operating Income The Company evaluates the performance of the combined properties in each segment based on net operating income (“NOI”). NOI is defined as total revenues from tenants, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). The Company uses NOI to assess and compare property level performance and to make decisions concerning the operation of the properties. The Company believes that NOI is useful as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain components from net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs that define NOI differently. The Company believes that in order to facilitate a clear understanding of the Company’s operating results, NOI should be examined in conjunction with net income (loss) as presented in the Company’s consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of the Company’s performance or to cash flows as a measure of the Company’s liquidity or ability to pay distributions. The following tables reconcile the segment activity, adjusted for the Transition Properties, to consolidated net loss for the years ended December 31, 2019 2018 and 2017 : Year Ended December 31, 2019 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities (1) Seniors Housing — Operating Properties (1) Consolidated Revenue from tenants $ 100,379 $ 14,564 $ 259,971 $ 374,914 Property operating and maintenance 31,813 2,800 199,572 234,185 NOI $ 68,566 $ 11,764 $ 60,399 140,729 Impairment charges (55,969 ) Operating fees to related parties (23,414 ) Acquisition and transaction related (362 ) General and administrative (20,530 ) Depreciation and amortization (81,032 ) Gain on sale of real estate investments 8,790 Interest expense (56,059 ) Interest and other income 7 Loss on non designated derivatives (68 ) Income tax expense (399 ) Net loss attributable to non-controlling interests 393 Preferred dividends (173 ) Net loss attributable to common stockholders $ (88,087 ) Year Ended December 31, 2018 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities (1) Seniors Housing — Operating Properties (1) Consolidated Revenue from tenants $ 99,103 $ 19,617 $ 243,686 $ 362,406 Property operating and maintenance 30,295 7,197 183,505 220,997 NOI 68,808 12,420 60,181 141,409 Impairment charges (20,655 ) Operating fees to related parties (23,071 ) Acquisition and transaction related (302 ) General and administrative (17,275 ) Depreciation and amortization (83,212 ) Loss on sale of real estate investments (70 ) Interest expense (49,471 ) Interest and other income 23 Loss on sale of non-designated derivatives (157 ) Income tax expense (197 ) Net loss attributable to non-controlling interests 216 Net loss attributable to common stockholders $ (52,762 ) ______________ (1) The results of operations from the Transition Properties are presented within the Seniors Housing — Operating Properties segment for the year ended December 31, 2018. Year Ended December 31, 2017 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities (1) Seniors Housing — Operating Properties (1) Consolidated Revenue from tenants $ 82,850 $ 22,169 $ 206,154 $ 311,173 Property operating and maintenance 24,137 12,789 149,351 186,277 NOI 58,713 9,380 56,803 124,896 Impairment charges (18,993 ) Operating fees to related parties (22,257 ) Acquisition and transaction related (2,986 ) General and administrative (15,673 ) Depreciation and amortization (77,641 ) Gain on sale of real estate investment 438 Interest expense (30,264 ) Interest and other income 306 Loss on non-designated derivatives (198 ) Gain on asset acquisition 307 Income tax expense (647 ) Net loss attributable to non-controlling interests 164 Net loss attributable to common stockholders $ (42,548 ) ______________ (1) The results of operations from the Transition Properties are presented within the Seniors Housing — Operating Properties segment for the year ended December 31, 2017. The following table reconciles the segment activity to consolidated total assets as of the periods presented: December 31, (In thousands) 2019 2018 ASSETS Investments in real estate, net: Medical office buildings $ 891,477 $ 878,703 Triple-net leased healthcare facilities (1) 305,250 289,686 Construction in progress (2) — 90,829 Seniors housing — operating properties (1) 856,864 911,952 Total investments in real estate, net 2,053,591 2,171,170 Cash and cash equivalents 95,691 77,264 Restricted cash 15,908 14,094 Assets held for sale 70,839 52,397 Derivative assets, at fair value 392 4,633 Straight-line rent receivable, net 21,182 17,351 Operating lease right-of-use asset 14,351 — Prepaid expenses and other assets 39,707 28,785 Deferred costs, net 13,642 11,752 Total assets $ 2,325,303 $ 2,377,446 __________________ (1) The Transition Properties are presented within the Seniors Housing — Operating Properties segment as of December 31, 2019 and 2018 . (2) Included in the triple net leased healthcare facilities segment. The following table reconciles capital expenditures by reportable business segments, excluding corporate non-real estate expenditures, for the periods presented: Year Ended December 31, (In thousands) 2019 2018 2017 Medical office buildings $ 5,309 $ 7,582 $ 4,037 Triple-net leased healthcare facilities 396 1,152 154 Seniors housing — operating properties (1) 11,014 4,176 4,810 Total capital expenditures $ 16,719 $ 12,910 $ 9,001 ___________ (1) The Transition Property is presented within the Seniors Housing — Operating Properties segment as of December 31, 2019 and 2018 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies On January 1, 2019, the Company adopted ASU 2016- 02 and recorded ROU assets and lease liabilities related to 11 ground operating leases (see Note 2 — Summary of Significant Accounting Policies for additional information on the impact of adopting the new standard). three of these ground operating leases related to the New York Six MOBs which were sold during the year ended December 31, 2019. The Company did not enter into any additional ground leases during the year ended December 31, 2019 . As of December 31, 2019 , the Company has eight operating and six direct financing lease agreements related to certain acquisitions under leasehold interests arrangements. The eight operating leases have durations, including assumed renewals, ranging from 12.8 to 87.7 years . As of December 31, 2019 , the Company’s balance sheet includes ROU assets and operating lease liabilities of $14.4 million and $9.1 million , respectively, which are included in operating lease right-of-use assets and operating lease liabilities, respectively, on the Company’s consolidated balance sheet. In determining operating ROU assets and lease liabilities for the Company’s existing operating leases upon the adoption of the new lease guidance as well as for new operating leases in the current period, the Company was required to estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment. The Company’s ground operating leases have a weighted-average remaining lease term, including assumed renewals, of 42.2 years and a weighted-average discount rate of 7.34% as of December 31, 2019 . For the year ended December 31, 2019 , the Company paid cash of $0.8 million for amounts included in the measurement of lease liabilities and recorded total rental expense from operating leases of $1.0 million , $0.9 million and $0.8 million , on a straight-line basis in accordance with the standard, during the years ended December 31, 2019 , 2018 and 2017 , respectively. The lease expense is recorded in property operating expenses in the consolidated statements of operations and comprehensive loss. Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2020 $ 651 $ 82 2021 663 84 2022 682 86 2023 684 88 2024 687 90 Thereafter 29,374 7,500 Total minimum lease payments 32,741 7,930 Less: amounts representing interest (23,608 ) (3,117 ) Total present value of minimum lease payments $ 9,133 $ 4,813 _______ (1) The Direct Finance Lease liability is included in Accounts Payable and accrued expenses on the balance sheet as of December 31, 2019. The Direct Financing lease asset is included as part of building and improvements as the land component was not required to be bifurcated under ASU 840 and the Company has adopted the practical expedients of retaining lease classification under ASU 842. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company or its properties. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of December 31, 2019 , the Company had not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations. |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2019 and 2018 : Quarter Ended (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, 2019 (1) Total revenues $ 88,718 $ 96,287 $ 95,440 $ 94,469 Net loss attributable to stockholders $ (5,111 ) $ (6,054 ) $ (28,789 ) $ (48,133 ) Basic and diluted weighted average shares outstanding 92,894,608 91,783,557 91,922,963 92,091,377 Basic and diluted net loss per share $ (0.06 ) $ (0.07 ) $ (0.31 ) $ (0.52 ) Quarter Ended (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, Total revenues $ 89,438 $ 90,957 $ 90,191 $ 91,820 Net loss attributable to stockholders $ (5,991 ) $ (6,950 ) $ (29,607 ) $ (10,241 ) Basic and diluted weighted average shares outstanding 90,783,065 90,978,411 90,203,311 91,520,444 Basic and diluted net loss per share $ (0.07 ) $ (0.08 ) $ (0.33 ) $ (0.11 ) __________ (1) During the quarter ended December 31, 2019 , the Company recorded $33.3 million in impairment charges on real estate investments held for use. See Note 3 — Real Estate investments, Net - Impairments for additional details. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except the following disclosures: Tender Offer On January 9, 2020, the Company announced a tender offer (the “2020 Tender Offer”) to purchase up to 200,000 shares of its common stock for cash at a purchase price equal to $8.50 per share with the proration period and withdrawal rights expiring February 7, 2020. The Company made the 2020 Tender Offer in response to an unsolicited offer to stockholders commenced on December 31, 2019. The 2020 Tender Offer expired in accordance with the terms on February 7, 2020. In accordance with the 2020 Tender Offer, the Company accepted for purchase 200,000 shares for a total cost of approximately $1.7 million , which was funded with available cash. SRP Matters On January 9, 2020, the Company announced that the Board approved a fifth amendment to the SRP, effective January 10, 2020 extending the date on which repurchases are able to be made in respect of requests made during the period commencing July 1, 2019 up to and including December 31, 2019 to on or before March 16, 2020, rather than on or before January 31, 2020. On January 9, 2020, the Company also announced that the Board had suspended the SRP, and that it would not accept any repurchase requests or make any repurchases under the SRP during the pendency of the 2020 Tender Offer or for 10 business days thereafter. On February 26, 2020, the Company repurchased 505,101 shares of common stock for approximately $8.8 million , at an average price per share of $17.50 pursuant to the SRP. The repurchases reflect all repurchase requests made in good order following the death or qualifying disability of stockholders during the period commencing July 1, 2019 up to and including December 31, 2019. Pursuant to the SRP, repurchases are to be made in respect of requests made during the periods when the SRP was active during the active periods under the SRP during the six months ending June 30, 2020 - the period from January 1, 2020 to January 8, 2020 and the period from February 26, 2020 up to and including June 30, 2020 - no later than July 31, 2020. See Note 8 — Stockholders’ Equity for additional information on the SRP. Acquisitions Subsequent to December 31, 2019, the Company acquired seven properties ( four MOBs and three SHOPs) with an aggregate base purchase price of $81.9 million excluding acquisition related costs. Dispositions Subsequent to December 31, 2019, the Company disposed of one MOB property for a contract sales price of $8.6 million . LaSalle Tenant As more fully discussed in Note 3 — Real Estate Investments, Net on October 30, 2019, the court entered into an order appointing a receiver of the LaSalle Tenants. This receiver is empowered to replace the LaSalle Tenant with a new tenant and operator at the properties and on February 15, 2020, the receiver took operational control of the properties. The Company is currently working with the receiver and the Company’s designated third-party operator in a manner that will allow the Company to transition the properties to its SHOP operating segment during 2020. Credit Facility Amendment On March 24, 2020, the Company entered into an amendment to its Credit Facility modifying provisions related to restrictions on the payment of dividends and other distributions to its stockholders. See Note 5 — Credit Facilities, Net for further details. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation - Schedule III | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation, Schedule III | Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2019 Land Building and Improvements Building and Gross Amount at December 31,2019 (1) (2) Accumulated Depreciation (3) (4) Fresenius Medical Care - Winfield, AL (5) AL 5/10/2013 $ — $ 152 $ 1,568 $ — $ 1,720 $ 307 Adena Health Center - Jackson, OH (5) OH 6/28/2013 — 242 4,494 — 4,736 757 Ouachita Community Hospital - West Monroe, LA (5) LA 7/12/2013 — 633 5,304 — 5,937 909 CareMeridian - Littleton, CO (5) CO 8/8/2013 — 976 8,900 103 9,979 2,322 Oak Lawn Medical Center - Oak Lawn, IL IL 8/21/2013 5,343 835 7,217 — 8,052 1,435 Surgery Center of Temple - Temple, TX TX 8/30/2013 — 225 5,208 — 5,433 856 Greenville Health System - Greenville, SC (9) SC 10/10/2013 — 720 3,045 — 3,765 490 Stockbridge Family Medical - Stockbridge, GA GA 2/21/2014 1,781 823 1,799 26 2,648 319 Arrowhead Medical Plaza II - Glendale, AZ AZ 2/21/2014 7,540 — 9,758 1,850 11,608 2,014 Village Center Parkway - Stockbridge, GA GA 2/21/2014 2,434 1,135 2,299 138 3,572 544 Creekside MOB - Douglasville, GA GA 4/30/2014 8,814 2,709 5,320 603 8,632 1,281 Bowie Gateway Medical Center - Bowie, MD MD 5/7/2014 9,153 983 10,321 81 11,385 1,591 Campus at Crooks & Auburn Building D - Rochester Mills, MI MI 5/19/2014 3,627 640 4,166 118 4,924 688 Berwyn Medical Center - Berwyn, IL (5) IL 5/29/2014 — 1,305 7,559 — 8,864 1,101 Countryside Medical Arts - Safety Harbor, FL FL 5/30/2014 6,983 915 7,663 60 8,638 1,211 St. Andrews Medical Park - Venice, FL FL 5/30/2014 11,119 1,666 10,005 509 12,180 1,726 Campus at Crooks & Auburn Building C - Rochester Mills, MI MI 6/3/2014 3,831 609 3,893 130 4,632 681 Laguna Professional Center - Elk Grove, CA CA 7/15/2014 8,887 1,811 14,598 239 16,648 2,304 UC Davis MOB - Elk Grove, CA CA 7/15/2014 8,136 1,138 7,242 257 8,637 1,207 Estate at Hyde Park - Tampa, FL (7) FL 7/31/2014 20,116 1,777 20,308 325 22,410 3,409 Sunnybrook of Burlington - Burlington, IA (6) IA 8/26/2014 12,783 518 16,739 67 17,324 2,910 Sunnybrook of Carroll - Carroll, IA (6) IA 8/26/2014 6,144 473 11,263 28 11,764 1,787 Prairie Hills at Cedar Rapids - Cedar Rapids, IA (7) IA 8/26/2014 8,014 195 8,595 40 8,830 1,388 Prairie Hills at Clinton - Clinton, IA (6) IA 8/26/2014 10,759 890 18,882 47 19,819 3,101 Prairie Hills at Des Moines - Des Moines, IA (6) IA 8/26/2014 5,418 647 13,745 37 14,429 2,444 Sunnybrook of Fairfield - Fairfield, IA (5) IA 8/26/2014 — 340 14,115 42 14,497 2,503 Sunnybrook of Ft. Madison - Ft. Madison, IA IA 8/26/2014 — 263 3,931 46 4,240 336 Prairie Hills at Independence - Independence, IA (5) IA 8/26/2014 — 473 10,600 14 11,087 1,661 Sunnybrook of Mt. Pleasant - Mt. Pleasant, IA (5) IA 8/26/2014 — 205 10,935 114 11,254 1,646 Sunnybrook of Muscatine - Muscatine, IA (6) IA 8/26/2014 11,989 302 13,840 49 14,191 2,242 Prairie Hills at Ottumwa - Ottumwa, IA (5) IA 8/26/2014 — 538 9,186 62 9,786 1,576 Prairie Hills at Tipton - Tipton, IA (5) IA 8/26/2014 — 306 10,409 31 10,746 1,528 Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2019 Land Building and Improvements Building and Gross Amount at December 31,2019 (1) (2) Accumulated Depreciation (3) (4) Liberty Court - Dixon, IL (5) IL 8/29/2014 — 119 1,998 25 2,142 367 The Atrium - Rockford, IL IL 8/29/2014 — 164 1,746 190 2,100 153 Arrowhead Medical Plaza I - Glendale, AZ AZ 9/10/2014 4,571 — 6,447 1,104 7,551 1,065 Cardiovascular Consultants of Cape Girardeau MOB - Cape Girardeau, MO (5) MI 9/18/2014 — 1,624 5,303 — 6,927 1,036 Sunnybrook of Burlington - Land - Burlington, IA MO 9/23/2014 — 620 — — 620 — Community Health MOB - Harrisburg, PA (10) PA 9/26/2014 5,424 — 6,170 — 6,170 837 Brady MOB - Harrisburg, PA (10) PA 9/26/2014 19,661 — 22,485 — 22,485 2,978 Landis Memorial - Harrisburg, PA (5), (10) PA 9/26/2014 — — 32,484 — 32,484 4,316 FOC II - Mechanicsburg, PA (10) PA 9/26/2014 16,136 — 16,473 132 16,605 2,497 FOC Clinical - Mechanicsburg, PA (10) PA 9/26/2014 17,695 — 19,634 — 19,634 2,938 FOC I - Mechanicsburg, PA (10) PA 9/26/2014 8,204 — 8,923 155 9,078 1,429 Copper Springs Senior Living - Meridian, ID (5) ID 9/29/2014 — 498 7,130 69 7,697 1,580 Addington Place of Brunswick - Brunswick, GA GA 9/30/2014 — 1,509 14,402 21 15,932 2,540 Addington Place of Dublin - Dublin, GA GA 9/30/2014 — 403 9,281 99 9,783 1,788 Allegro at Elizabethtown - Elizabethtown, KY (5) KY 9/30/2014 — 317 7,290 188 7,795 1,511 Addington Place of Johns Creek - Johns Creek, GA (7) GA 9/30/2014 10,139 997 11,943 39 12,979 2,171 Allegro at Jupiter - Jupiter, FL (6) FL 9/30/2014 34,370 3,741 49,534 151 53,426 8,145 Addington Place of Lee's Summit - Lee's Summit, MO (7) MO 9/30/2014 17,187 2,734 25,008 209 27,951 4,088 Addington Place at Mills - Roswell, GA (5) GA 9/30/2014 — 1,000 8,611 123 9,734 1,792 Addington Place of College Harbour - St Petersburg, FL (5) FL 9/30/2014 — 3,791 8,684 992 13,467 2,309 Allegro at Stuart - Stuart, FL (6) FL 9/30/2014 49,069 5,018 60,575 425 66,018 10,207 Allegro at Tarpon - Tarpon Springs, FL (7) FL 9/30/2014 7,350 2,360 13,728 398 16,486 2,907 Addington Place of Titusville - Titusville, FL (6) FL 9/30/2014 12,423 1,379 13,976 146 15,501 2,682 Allegro at St. Petersburg - Land - St. Petersburg, FL FL 9/30/2014 — 3,045 — — 3,045 — Gateway MOB - Clarksville, TN (9) TN 10/3/2014 17,560 — 16,367 763 17,130 2,437 Lutz Health and Rehabilitation Center - Lutz, FL (5) (11) FL 10/17/2014 — 690 10,084 173 10,947 — Addington at Wellington Green - Wellington, FL (5) (11) FL 10/17/2014 — 3,182 25,364 65 28,611 — Dyer Building - Dyer, IN (5) IN 10/17/2014 — 601 8,992 64 9,657 1,225 757 Building - Munster, IN (5) IN 10/17/2014 — 645 7,885 — 8,530 1,065 761 Building - Munster, IN IN 10/17/2014 6,797 1,436 8,616 59 10,111 1,245 759 Building - Munster, IN IN 10/17/2014 8,271 1,101 8,899 — 10,000 1,236 Schererville Building - Schererville, IN IN 10/17/2014 — 1,260 935 29 2,224 230 Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2019 Land Building and Improvements Building and Gross Amount at December 31,2019 (1) (2) Accumulated Depreciation (3) (4) Meadowbrook Senior Living - Agoura Hills, CA (7) CA 11/25/2014 19,167 8,821 48,682 680 58,183 7,342 Mount Vernon Medical Office Building - Mount Vernon, WA (9) WA 11/25/2014 15,797 — 18,519 3 18,522 2,552 Wellington at Hershey's Mill - West Chester, PA (5) PA 12/3/2014 — 8,531 80,734 1,044 90,309 11,940 Careplex West Medical Office Building - Hampton, VA VA 12/3/2014 7,187 2,628 16,098 — 18,726 2,181 Hampton River Medical Arts Building - Hampton, VA (9) PA 12/3/2014 — — 18,083 146 18,229 2,617 Eye Specialty Group Medical Building - Memphis, TN TN 12/5/2014 8,475 775 7,223 — 7,998 964 Addington Place of Alpharetta - Alpharetta, GA GA 12/10/2014 — 1,604 26,069 20 27,693 4,172 Addington Place of Prairie Village - Prairie Village, KS (7) KS 12/10/2014 14,812 1,782 21,869 327 23,978 3,626 Bloom MOB - Harrisburg, PA (10) PA 12/15/2014 15,322 — 15,928 167 16,095 2,169 Medical Sciences Pavilion - Harrisburg, PA (10) PA 12/15/2014 18,272 — 22,309 — 22,309 2,873 Wood Glen Nursing and Rehab Center - West Chicago, IL (5) IL 12/16/2014 — 1,896 16,107 — 18,003 3,270 Pinnacle Center - Southaven, MS MS 12/16/2014 7,085 1,378 6,547 310 8,235 1,078 Paradise Valley Medical Plaza - Phoenix, AZ AZ 12/29/2014 13,085 — 25,194 857 26,051 3,575 Victory Medical Center at Craig Ranch - McKinney, TX TX 12/30/2014 — 1,596 40,475 1,226 43,297 5,334 Rivershores Healthcare & Rehab Centre - Marseilles, IL (5) IL 12/31/2014 — 1,276 6,868 — 8,144 1,480 Morton Terrace Healthcare & Rehab Centre - Morton, IL (5) IL 12/31/2014 — 709 5,649 — 6,358 1,482 Morton Villa Healthcare & Rehab Centre - Morton, IL (5) IL 12/31/2014 — 645 3,687 87 4,419 905 The Heights Healthcare & Rehab Centre - Peoria Heights, IL (5) IL 12/31/2014 — 214 7,952 — 8,166 1,797 Colonial Healthcare & Rehab Centre - Princeton, IL (5) IL 12/31/2014 — 173 5,871 — 6,044 1,506 Capitol Healthcare & Rehab Centre - Springfield, IL (5) IL 12/31/2014 — 603 21,699 26 22,328 4,276 Acuity Specialty Hospital - Mesa, AZ (5) AZ 1/14/2015 — 1,977 16,203 543 18,723 2,240 Acuity Specialty Hospital - Sun City, AZ AZ 1/14/2015 — 2,329 15,795 274 18,398 2,163 Addington Place of Shoal Creek - Kansas City, MO (7) MO 2/2/2015 13,391 3,723 22,259 362 26,344 3,558 Aurora Healthcare Center - Green Bay, WI (5) WI 3/18/2015 — 1,130 1,678 — 2,808 257 Aurora Healthcare Center - Greenville, WI (5) WI 3/18/2015 — 259 958 — 1,217 155 Aurora Healthcare Center - Kiel, WI (5) WI 3/18/2015 — 676 2,214 — 2,890 303 Aurora Healthcare Center - Plymouth, WI WI 3/18/2015 17,038 2,891 24,224 — 27,115 3,328 Aurora Healthcare Center - Waterford, WI (5) WI 3/18/2015 — 590 6,452 — 7,042 855 Aurora Healthcare Center - Wautoma, WI (5) WI 3/18/2015 — 1,955 4,361 — 6,316 602 Arbor View Assisted Living and Memory Care - Burlington, WI (5) WI 3/31/2015 — 367 7,815 38 8,220 1,439 Advanced Orthopedic Medical Center - Richmond, VA VA 4/7/2015 15,390 1,523 19,229 — 20,752 2,424 Palm Valley Medical Plaza - Goodyear, AZ AZ 4/7/2015 3,112 1,890 4,940 201 7,031 733 Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2019 Land Building and Improvements Building and Gross Amount at December 31,2019 (1) (2) Accumulated Depreciation (3) (4) Physicians Plaza of Roane County - Harriman, TN TN 4/27/2015 6,293 1,746 7,842 32 9,620 1,049 Adventist Health Lacey Medical Plaza - Hanford, CA CA 4/29/2015 11,526 328 13,302 17 13,647 1,589 Medical Center I - Peoria, AZ AZ 5/15/2015 3,085 807 1,115 1,410 3,332 542 Medical Center II - Peoria, AZ AZ 5/15/2015 — 945 1,330 4,774 7,049 749 Commercial Center - Peoria, AZ AZ 5/15/2015 3,254 959 1,110 608 2,677 281 Medical Center III - Peoria, AZ AZ 5/15/2015 2,137 673 1,651 716 3,040 490 Morrow Medical Center - Morrow, GA GA 6/24/2015 4,334 1,155 5,674 178 7,007 728 Belmar Medical Building -Lakewood, CO CO 6/29/2015 3,770 819 4,287 137 5,243 566 Conroe Medical Arts and Surgery Center - Conroe, TX TX 7/10/2015 13,221 1,965 12,198 525 14,688 1,672 Medical Center V - Peoria, AZ AZ 7/10/2015 2,884 1,089 3,200 346 4,635 427 Legacy Medical Village - Plano, TX TX 7/10/2015 23,662 3,755 31,097 570 35,422 3,871 Scripps Cedar Medical Center - Vista, CA CA 8/6/2015 14,983 1,213 14,596 18 15,827 1,666 Nuvista Institute for Healthy Living - Jupiter, FL (11) FL 8/7/2015 — 8,586 54,051 — 62,637 472 Ramsey Woods Memory Care - Cudahy, WI (5) WI 10/2/2015 — 930 4,990 14 5,934 747 East Coast Square West - Cedar Point, NC NC 10/15/2015 5,254 1,535 4,803 6 6,344 564 East Coast Square North - Morehead City, NC NC 10/15/2015 3,933 899 4,761 6 5,666 548 Eastside Cancer Institute - Greenville, SC (5) SC 10/22/2015 — 1,498 6,637 32 8,167 771 Sassafras Medical Building - Erie, PA PA 10/22/2015 2,315 928 4,629 — 5,557 489 Sky Lakes Klamath Medical Clinic - Klamath Falls, OR (5) OR 10/22/2015 — 433 2,623 — 3,056 294 Courtyard Fountains - Gresham, OR (5) OR 12/1/2015 — 2,476 50,601 745 53,822 6,425 Presence Healing Arts Pavilion - New Lenox, IL (9) IL 12/4/2015 5,966 — 6,768 69 6,837 795 Mainland Medical Arts Pavilion - Texas City, TX TX 12/4/2015 6,174 320 7,923 300 8,543 1,021 Renaissance on Peachtree - Atlanta, GA (6) GA 12/15/2015 50,821 4,535 68,895 992 74,422 8,309 Fox Ridge Senior Living at Bryant - Bryant, AR AR 12/29/2015 7,283 1,687 12,936 287 14,910 2,218 Fox Ridge Senior Living at Chenal - Little Rock, AR AR 12/29/2015 16,695 6,896 20,579 95 27,570 2,975 Fox Ridge North Little Rock - North Little Rock, AR (9) AR 12/29/2015 10,359 — 19,265 200 19,465 2,545 Autumn Leaves of Cy-Fair - Houston, TX TX 12/31/2015 — 1,225 11,335 — 12,560 1,503 Autumn Leaves of Meyerland - Houston, TX TX 12/31/2015 — 2,033 13,411 — 15,444 1,697 Autumn Leaves of Clear Lake, Houston, TX TX 12/31/2015 — 1,599 13,194 — 14,793 1,744 Autumn Leaves of The Woodlands - The Woodlands, TX TX 12/31/2015 — 2,413 9,141 — 11,554 1,295 High Desert Medical Group Medical Office Building - Lancaster, CA CA 4/7/2017 7,480 1,459 9,300 — 10,759 837 Northside Hospital - Canton, GA GA 7/13/2017 8,014 3,408 8,191 30 11,629 559 Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2019 Land Building and Improvements Building and Gross Amount at December 31,2019 (1) (2) Accumulated Depreciation (3) (4) West Michigan Surgery Center - Big Rapids, MI (5) MI 8/18/2017 — 258 5,677 — 5,935 351 Camellia Walk Assisted Living and Memory Care - Evans, GA (6) GA 9/28/2017 12,476 1,854 17,372 100 19,326 1,365 Cedarhurst of Collinsville - Collinsville, IL (5), (8) IL 12/22/2017 — 1,228 8,652 77 9,957 540 Arcadian Cove Assisted Living - Richmond, KY (5), (8) KY 12/22/2017 — 481 3,923 60 4,464 274 Beaumont Medical Center - Warren, MI (5), (8) MI 12/22/2017 — 1,078 9,525 19 10,622 530 DaVita Dialysis - Hudson, FL (5), (8) FL 12/22/2017 — 226 1,979 — 2,205 107 DaVita Bay Breeze Dialysis Center - Largo, FL (5), (8) FL 12/22/2017 — 399 896 — 1,295 58 Greenfield Medical Plaza - Gilbert, AZ (5), (8) AZ 12/22/2017 — 1,476 4,144 6 5,626 237 RAI Care Center - Clearwater, FL (5), (8) FL 12/22/2017 — 624 3,156 — 3,780 168 Illinois CancerCare - Galesburg, IL (5), (8) IL 12/22/2017 — 290 2,457 — 2,747 147 UnityPoint Clinic - Muscatine, IA (8) IA 12/22/2017 — 570 4,541 — 5,111 259 Lee Memorial Health System Outpatient Center - Ft. Myers, (5), (8) FL 12/22/2017 — 439 4,374 — 4,813 241 Decatur Medical Office Building - Decatur, GA (5), (8), (9) GA 12/22/2017 — 695 3,273 — 3,968 197 Madison Medical Plaza - Joliet, IL (5), (8), (9) IL 12/22/2017 — — 16,855 37 16,892 844 Woodlake Office Center - Woodbury, MN (8) MN 12/22/2017 8,638 1,017 10,688 — 11,705 582 Rockwall Medical Plaza - Rockwall, TX (5), (8) MN 12/22/2017 — 1,097 4,582 131 5,810 255 MetroHealth Buckeye Health Center - Cleveland, OH (5), (8) OH 12/22/2017 — 389 4,367 5 4,761 231 UnityPoint Clinic - Moline, IL (8) IL 12/22/2017 — 396 2,880 — 3,276 164 VA Outpatient Clinic - Galesberg, IL (5), (8) IL 12/22/2017 — 359 1,852 — 2,211 121 Philip Professional Center - Lawrenceville, GA (8) GA 12/22/2017 5,780 1,285 6,714 — 7,999 364 Texas Children’s Hospital - Houston, TX (5) TX 3/5/2018 — 1,368 4,428 99 5,895 332 Florida Medical Heartcare - Tampa, FL (5) FL 3/29/2018 — 586 1,902 — 2,488 161 Florida Medical Somerset - Tampa, FL (5) FL 3/29/2018 — 61 1,366 — 1,427 100 Florida Medical Tampa Palms - Tampa, FL (5) FL 3/29/2018 — 141 1,402 — 1,543 106 Florida Medical Wesley Chapel - Tampa, FL (5) FL 3/29/2018 — 485 1,987 — 2,472 169 Aurora Health Center - Milwaukee, WI (5) WI 4/17/2018 — 1,014 4,041 — 5,055 329 Vascular Surgery Associates - Tallahassee, FL (5) FL 5/11/2018 — 902 5,383 — 6,285 347 Glendale MOB - Farmington Hills, MI (5) MI 8/28/2018 — 504 12,332 — 12,836 517 Crittenton Washington MOB - Washington Township, MI (5) MI 9/12/2018 — 640 4,090 — 4,730 236 Crittenton Sterling Heights MOB - Sterling Heights, MI (5) MI 9/12/2018 — 1,398 2,695 180 4,273 176 Advocate Aurora MOB - Elkhorn, WI (5) WI 9/24/2018 — 181 9,452 — 9,633 423 Pulmonary & Critical Care Med - Lemoyne, PA PA 11/13/2018 4,271 621 3,805 — 4,426 238 Dignity Emerus Blue Diamond - Las Vegas, NV NV 11/15/2018 13,966 2,182 16,594 — 18,776 522 Initial Costs Subsequent to Acquisition Property State Acquisition Date Encumbrances at December 31, 2019 Land Building and Improvements Building and Gross Amount at December 31,2019 (1) (2) Accumulated Depreciation (3) (4) Dignity Emerus Craig Rd - North Las Vegas, NV NV 11/15/2018 18,780 3,807 22,803 — 26,610 724 Greenfield MOB - Greenfield, WI WI 1/17/2019 7,526 1,552 8,333 217 10,102 301 Milwaukee MOB - South Milwaukee, WI WI 1/17/2019 4,136 410 5,041 — 5,451 145 St. Francis WI MOB - St. Francis, WI WI 1/17/2019 9,085 865 11,355 — 12,220 342 Lancaster Medical Arts MOB - Lancaster, PA (5) PA 6/20/2019 — 85 4,417 — 4,502 69 Women’s Healthcare Group MOB - York, PA (5) PA 6/21/2019 — 624 2,161 — 2,785 56 Pioneer Spine Sports - Northampton, MA (5) MA 7/22/2019 — 435 1,858 — 2,293 27 Pioneer Spine Sport - Springfield, MA (5) MA 7/22/2019 — 333 2,530 — 2,863 37 Pioneer Spine Sports - West Springfield, MA (5) MA 7/22/2019 — 374 4,295 — 4,669 58 Felicita Vida - Escondido, CA (5) CA 9/3/2019 — 1,677 28,953 — 30,630 262 Encumbrances on assets held for sale as of December 31, 2019: Capital One Facility (2 properties) (6) 10,362 KeyBank Facility (2 properties) (7) 32,532 Total $ 896,855 $ 207,335 $ 1,974,133 $ 29,984 $ 2,211,451 $ 260,399 ______________ Note - The above schedule excludes properties that are reflected as part of Assets Held for Sale at December 31, 2019. (1) Acquired intangible lease assets allocated to individual properties in the amount of $269.6 million are not reflected in the table above. (2) The tax basis of aggregate land, buildings and improvements as of December 31, 2019 is $2.2 billion . (3) The accumulated depreciation column excludes $167.1 million of accumulated amortization associated with acquired intangible lease assets. (4) Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements and 5 years for fixtures. (5) These unencumbered properties were part of the borrowing base of the Credit Facility, which had $250.6 million of outstanding borrowings as of December 31, 2019 . The equity interests and related rights in the Company’s wholly owned subsidiaries that directly own or lease the real estate assets comprising the borrowing base have been pledged for the benefit of the lenders thereunder (see Note 5 — Credit Facilities, Net for additional details). In addition, there were 7 unencumbered properties that are classified as held for sale as of December 31, 2019 (and therefore not included in the table above) that were part of the borrowing base of the Credit Facility. (6) These properties collateralize the Capital One Facility, which had $216.6 million of outstanding borrowings as of December 31, 2019 . (7) These properties collateralize the KeyBank Facility, which had $142.7 million of outstanding borrowings as of December 31, 2019 . (8) These properties were acquired from American Realty Capital Healthcare Trust III, Inc. in 2017. See Note 9 — Related Party Transactions and Arrangements for additional information. (9) Some or all of the land underlying this property is subject to an operating land lease. The related right-of-use assets are separately recorded. See Note 16 — Commitments and Contingencies for additional information. (10) The building amount represents to combined direct financing lease for the total asset as the land element was not required to be bifurcated under ASU 840. See Note 16 — Commitments and Contingencies for additional information. (11) This property has been impaired as of December 31, 2019. See Note 3 — Real Estate Investments, Net - “Assets Held for Use and Related Impairments” for additional information. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2019 , 2018 and 2017 : December 31, (In thousands) 2019 2018 2017 Real estate investments, at cost (1) : Balance at beginning of year $ 2,296,627 $ 2,229,374 $ 2,060,458 Additions-Acquisitions 80,980 121,244 169,741 Disposals (2) (166,156 ) (53,991 ) (825 ) Balance at end of the year $ 2,211,451 $ 2,296,627 $ 2,229,374 Accumulated depreciation (1) : Balance at beginning of year $ 226,167 $ 170,271 $ 119,014 Depreciation expense 64,731 62,595 51,268 Disposals (2) (30,499 ) (6,699 ) (11 ) Balance at end of the year $ 260,399 $ 226,167 $ 170,271 ___________________________________ (1) Acquired intangible lease assets and related accumulated depreciation are not reflected in the table above. (2) Includes amounts relating to dispositions, impairment charges on assets held for sale and assets transferred to held-for-sale. See Note 3 — Real Estate Investments, Net |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, real estate taxes, impairments, fair value measurements and income taxes, as applicable. |
Reclassifications | Reclassifications |
Revenue Recognition | Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rent received from tenants in MOBs and triple-net leased healthcare facilities. As of December 31, 2019 , these leases had a weighted average remaining lease term of 5.6 years . Rent from tenants in the Company’s MOB and triple-net leased healthcare facilities operating segments (as discussed below) is recorded in accordance with the terms of each lease on a straight-line basis over the initial term of the lease. Because many of the leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants on a straight-line basis, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses, in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For comparative purposes, the Company has elected to reflect prior revenue and reimbursements reported under ASC 842 also on a single line. For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. The Company’s revenues also include resident services and fee income primarily related to rent derived from lease contracts with residents in the Company’s Seniors Housing — Operating Properties (“SHOP”) held using a structure permitted by the REIT rules and to fees for ancillary services performed for SHOP residents, which are generally variable in nature. Rental income from residents in the Company’s SHOP segment is recognized as earned. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the rent are short term in nature, primarily month-to-month. Also included in revenue from tenants is fees for ancillary revenue from non-residents of $15.4 million , $8.1 million and $0.8 million for the years ended December 31, 2019, 2018, and 2017, respectively. Fees for ancillary services are recorded in the period in which the services are performed. The Company defers the revenue related to lease payments received from tenants and residents in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses related to non-SHOP assets (recorded in revenue from tenants), in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. The following table presents future base rent payments on a cash basis due to the Company as of December 31, 2019 over the next five years and thereafter. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future 2020 $ 102,027 2021 95,838 2022 85,753 2023 79,435 2024 76,243 Thereafter 282,870 Total $ 722,166 The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the new leasing standard (see the “Recently Issued Accounting Pronouncements” section below), the Company is required to assess, based on credit risk only, if it is probable that the Company will collect virtually all of the lease payments at lease commencement date and it must continue to reassess collectibility periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e., straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and a full reserve would be recorded on previously accrued amounts in cases where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in operating revenue from tenants beginning on January 1, 2019, in accordance with new accounting rules, on the accompanying consolidated statements of operations and comprehensive income (loss) in the period the related costs are incurred, as applicable. |
Investments in Real Estate | Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the “ Purchase Price Allocation” section in this Note for a discussion of the initial accounting for investments in real estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the years ended December 31, 2019 , 2018 and 2017. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. There were $70.8 million and $52.4 million in real estate investments held for sale as of December 31, 2019 and 2018 , respectively (see Note 3 — Real Estate Investments, Net to the consolidated financial statements included in this Annual Report on Form 10-K for additional information). As more fully discussed in this Note under Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases , all of the Company’s leases as lessor prior to adoption were accounted for as operating leases and will continue to be accounted for as operating leases under the transition guidance. The Company will evaluate new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75% ), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90% ) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. For the three-year period ended December 31, 2019, the Company has no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. The Company is also the lessee under certain land leases which were previously classified prior to adoption of lease accounting and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet as of December 31, 2019 and the rent expense is reflected on a straight-line basis over the lease term. The Company generally determines the value of construction in progress based upon the replacement cost. During the construction period, the Company capitalizes interest, insurance and real estate taxes until the development has reached substantial completion. |
Purchase Price Allocation | Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases and above- and below-market leases and other identifiable assets (e.g., certificates of need in certain jurisdictions) or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the years ended December 31, 2019 and 2018 were asset acquisitions. During 2017, prior to the Company’s adoption of ASU No. 2017-01, Business Combinations (Topic 805) (see “ Summary of Significant Accounting Policies” below), all of our acquisitions were accounted for as business combinations. For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired (including those acquired in the Merger) and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates and land values per square foot. Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates and the value of in-place leases as applicable. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six to 24 months . The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationships, as applicable, is measured based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships during the year ended December 31, 2019. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships during the year ended December 31, 2019 . |
Gain on Dispositions of Real Estate Investments | Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate after January 1, 2018 are not considered sales to customers and will generally be recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Gain on sales of real estate prior to January 1, 2018 are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale was measured against various criteria in and ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, depending on the circumstances, the Company may not record a sale or it may record a sale but may defer some or all of the gain recognition. If the criteria for full accrual are not met, the Company may account for the transaction by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria for the full accrual method are met. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the property for impairment. This review is based on an estimate of the future undiscounted cash flows expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the inability to recover the carrying value of a property, the Company would recognize an impairment loss in the consolidated statement of operations and comprehensive (loss) to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. |
Reportable Segments | Reportable Segments The Company has determined that it has three reportable segments, with activities related to investing in MOBs, triple-net leased healthcare facilities, and seniors housing properties. Management evaluates the operating performance of the Company’s investments in real estate and seniors housing properties on an individual property level. |
Depreciation and Amortization | Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, 7 to 10 years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Construction in progress, including capitalized interest, insurance and real estate taxes, is not depreciated until the development has reached substantial completion. The value of certain other intangibles such as certificates of need in certain jurisdictions are amortized over the expected period of benefit (generally the life of the related building). The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. Above and Below-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. |
Derivative Instruments | Derivative Instruments The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting. |
Non-controlling Interests | Non-controlling Interests The non-controlling interests represent the portion of the equity in the OP that is not owned by the Company. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and presented as net loss attributable to non-controlling interests on the consolidated statements of operations and comprehensive loss. Non-controlling interests are allocated a share of net loss based on their share of equity ownership. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Deferred Financing and Leasing Costs, Net | Deferred Financing and Leasing Costs, Net Deferred costs, net, consists of deferred financing costs related to the Credit Facility (as defined in Note 5 — Credit Facilities) Fannie Mae Master Credit Facilities (as defined in Note 5 — Credit Facilities) , and deferred leasing costs. Deferred financing costs relating to the mortgage notes payable (see Note 4 — Mortgage Notes Payable, Net ) are reflected net of the related financing on our balance sheet. Deferred financing costs associated with the Credit Facility and Fannie Mae Master Credit Facilities and mortgage notes payable represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the term of the financing agreement using the effective interest method for the Credit Facility and Fannie Mae Master Credit Facilities and using the effective interest method over the expected term for the mortgage notes payable. Unamortized deferred financing costs are expensed if the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred in connection with new leases, are deferred and amortized over the term of the lease. |
Equity-Based Compensation | Equity-Based Compensation The Company has a stock-based incentive award plan for its directors, which is accounted for under the guidance of share- based payments. The cost of services received in exchange for these stock awards is measured at the grant date fair value of the award and the expense for such awards is included in general and administrative expenses and is recognized over the service period (i.e., vesting) required or when the requirements for exercise of the award have been met (See Note 11 — Equity-Based Compensation ). |
Income Taxes | The tax years subsequent to and including the fiscal year ended December 31, 2013 remain open to examination by the major taxing jurisdictions to which the Company is subject. Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986 (the “Code”), as amended, commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax to the extent it distributes all of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP) to its stockholders. REITs are subject to a number of organizational and operational requirements, including a requirement that the Company distribute annually at least 90% of the Company’s REIT taxable income to the Company’s stockholders. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal, state and income taxes at regular corporate rates beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. The Company distributed to its stockholders 100% of its REIT taxable income for each of the years ended December 31, 2019 , 2018 and 2017 . Accordingly, no provision for U.S. federal or state income taxes related to such REIT taxable income was recorded in the Company’s financial statements. Even if the Company continues to qualify as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. Certain limitations are imposed on REITs with respect to the ownership and operation of seniors housing properties. Generally, to qualify as a REIT, the Company cannot directly or indirectly operate seniors housing properties. Instead, such facilities may be either leased to a third-party operator or leased to a taxable REIT subsidiary (“TRS”) and operated by a third party on behalf of the TRS. Accordingly, the Company has formed a TRS under the OP to lease its SHOPs and the TRS has entered into management contracts with unaffiliated third-party operators to operate the facilities on its behalf. As of December 31, 2019 , the Company, through its TRS, owned 59 seniors housing properties. The TRS is a wholly-owned subsidiary of the OP. A TRS is subject to U.S. federal, state and local income taxes. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies (including modifying intercompany leases with the TRS) and recent financial operations. In the event the Company determines that it would not be able to realize the deferred income tax assets in the future in excess of the net recorded amount, the Company establishes a valuation allowance which offsets the previously recognized income tax benefit. Deferred income taxes result from temporary differences between the carrying amounts of the TRS’s assets and liabilities used for financial reporting purposes and the amounts used for income tax purposes as well as net operating loss carryforwards. Significant components of the deferred tax assets and liabilities as of December 31, 2019 consisted of deferred rent and net operating loss carryforwards. As of December 31, 2019 , the Company had a deferred tax asset of $3.9 million with no valuation allowance. As of December 31, 2018 , the Company had a deferred tax asset of $4.1 million with no valuation allowance. The following table details the composition of the Company’s tax (expense) benefit for the years ended December 31, 2019 , 2018 and 2017 , which includes U.S. federal and state income taxes incurred by the Company’s TRS. The Company estimated its income tax (expense) benefit relating to its TRS using a combined federal and state rate of approximately 26.4% and 26.6% for the years ended December 31, 2019 and 2018 , respectively. These income taxes are reflected in income tax (expense) benefit on the accompanying consolidated statements of operations and comprehensive loss. |
Per Share Data | Per Share Data Net income (loss) per basic share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock considers the effect of potentially dilutive shares of common stock outstanding during the period. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adopted as of January 1, 2018 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606 ), and has since issued several additional amendments thereto (collectively referred to herein as “ASC 606”). ASC 606 establishes a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Under ASC 606, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC 606 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. A reporting entity may apply the amendments in ASC 606 using either a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or a full retrospective approach. The Company adopted this guidance effective January 1, 2018 under the modified retrospective approach and it did not have an impact on the Company’s consolidated financial statements. See above for further information on the Company’s Revenue Recognition Accounting Policies under ASC 606. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The revised guidance amends the recognition and measurement of financial instruments. The new guidance significantly revises an entity’s accounting related to equity investments and the presentation of certain fair value changes for financial liabilities measured at fair value. Among other things, it also amends the presentation and disclosure requirements associated with the fair value of financial instruments. The Company adopted this guidance effective January 1, 2018, using the modified retrospective transition method, and there was no impact to the Company's consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which provides guidance on how certain transactions should be classified and presented in the statement of cash flows as either operating, investing or financing activities. Among other things, the update provides specific guidance on where to classify debt prepayment and extinguishment costs, payments for contingent consideration made after a business combination and distributions received from equity method investments. The Company adopted the new guidance on January 1, 2018 and it did not have an impact on its consolidated statement of cash flows. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”) , which revises the definition of a business. This new guidance is applicable when evaluating whether an acquisition should be treated as either a business acquisition or an asset acquisition. Under the revised guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset or group of similar assets, the assets acquired would not be considered a business. The Company adopted this guidance effective January 1, 2018, and will apply the new rules prospectively. The Company expects, based on historical property acquisitions, that in most cases, a future property acquired after adoption will be treated as an asset acquisition rather than a business acquisition, which will result in the capitalization of related transaction costs. The Company has evaluated the impact of this new guidance beginning in the first quarter of 2018, and determined that it did not have a material impact on the Company’s consolidated financial statements. All acquisition costs incurred during the years ended December 31, 2019 and 2018 were capitalized since our acquisitions during the years were all classified as asset acquisitions. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Assets Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which provides guidance related to partial sales of non-financial assets, eliminates rules specifically addressing the sales of real estate, clarifies the definition of in substance non-financial assets, removes the exception to the financial asset derecognition model and clarifies the accounting for contributions of non-financial assets to joint ventures. The Company adopted this guidance effective January 1, 2018 using the modified transition method and it did not have an impact on its financial statements. The Company expects that any future sales of real estate in which the Company retains a non-controlling interest in the property would result in the full gain amount being recognized at the time of the partial sale. Historically, the Company has not retained any interest in properties it has sold. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting, which provides guidance that clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The update states that modification accounting should be used unless the fair value of the award, the vesting terms of the award, and the classification of the award as either equity or liability, all do not change as a result of the modification. The Company adopted this guidance effective January 1, 2018 using the modified retrospective transition method and it did not have an impact on its consolidated financial statements. The Company expects that any future modifications to the Company’s issued share-based awards will be accounted for using modification accounting, unless the modification meets all of the exception criteria noted above. As a result, the modification would be treated as an exchange of the original award for a new award, with any incremental fair value being treated as additional compensation cost. Adopted as of January 1, 2019 ASU No. 2016-02 - Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) which provides guidance related to the accounting for leases, as well as the related disclosures. For lessors of real estate, leases are accounted for using an approach substantially the same as previous accounting guidance for operating leases and direct financing leases. For lessees, the new standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. Upon adoption, lessors were allowed a practical expedient, which the Company has elected, by class of underlying assets to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. Also, upon adoption, companies were allowed a practical expedient package, which the Company has elected, that allowed the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019 (including assessing sale-leaseback transactions); and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. As a result, all of the Company’s existing leases will continue to be classified as operating leases under the new standard. Further, any existing leases for which the property is the leased to a tenant in a transaction that at inception was a sale-leaseback transaction will continue to be treated (absent a modification) as operating leases. The Company did not have any leases that would be considered financing leases as of January 1, 2019. The Company assessed the impact of adoption from both a lessor and lessee perspective, which is discussed in more detail below, and adopted the new guidance prospectively on January 1, 2019, using a prospective transition approach under which the Company elected to apply the guidance effective January 1, 2019 and not adjust prior comparative reporting periods (except for the Company’s presentation of lease revenue discussed below). Lessor Accounting As discussed above, the Company was not required to re-assess the classification of its leases, which are considered operating leases under ASU 2016-02. The following is a summary of the most significant impacts to the Company of the new accounting guidance, as lessor: • Since the Company elected the practical expedient noted above to not separate non-lease component revenue from the associated lease component, the Company has aggregated revenue from its lease components and non-lease components (tenant operating expense reimbursements) into one line. The prior periods have been conformed to this new presentation. • Changes in the Company’s assessment of receivables that result in bad debt expense is now required to be recorded as an adjustment to revenue, rather than a charge to bad debt expense. This new classification applies for the first quarter of 2019 and reclassification of prior period amounts is not permitted. At transition on January 1, 2019, after assessing its reserve balances at December 31, 2018 under the new guidance, the Company wrote off accounts receivable of $0.1 million and straight-line rents receivable of $0.1 million as an adjustment to the opening balance of accumulated deficit, and accordingly rent for these tenants is currently recorded on a cash basis. • Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed. Under prior accounting guidance, the recognition would have been deferred. Lessee Accounting The Company was a lessee under leases for 17 properties including capital leases of land and building as of January 1, 2019 and because the Company has elected the practical expedients described above, it determined that 11 of these leases would continue to be classified as operating leases under the new standard. The following is a summary of the most significant impacts to the Company of the new accounting guidance, as lessee: • Upon adoption of the new standard, the Company recorded ROU assets and lease liabilities equal to $10.2 million for the present value of the lease payments related to its ground leases. These amounts are included in operating lease right-of-use assets and operating lease liabilities on the Company’s consolidated balance sheet as of December 31, 2019. • The Company also reclassified $0.5 million related to amounts previously reported as a straight-line rent liability and $4.8 million , net related to amounts previously reported as above and below market ground lease intangibles to the ROU assets. For additional information and disclosures related to these operating leases, see Note 16 — Commitments and Contingencies. Other Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , to better align cash flow and fair value hedge accounting with the corresponding risk management activities. Among other things, the amendments expand which hedging strategies are eligible for hedge accounting, align the timing of recognition of hedge results with the earnings effect of the hedged item and allow companies to include the change in fair value of the derivative in the same income statement line item as the earnings effect of the hedged item. Additionally, for cash flow hedges that are highly effective, the update allows for all changes in fair value of the derivative to be recorded in other comprehensive income. The Company has adopted ASU 2017-12 on January 1, 2019, as required under the guidance, using a modified retrospective transition method and the adoption did not have a material impact on its consolidated financial statements. Pending Adoption as of December 31, 2019 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the amended standard requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. On July 25, 2018, the FASB proposed an amendment to ASU 2016-13 to clarify that operating lease receivables recorded by lessors (including unbilled straight-line rent) are explicitly excluded from the scope of ASU 2016-13. The new guidance is effective for the Company beginning on January 1, 2020. The Company adopted the new guidance on January 1, 2020 and determined it did not have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The objective of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to the financial statements by removing, modifying, and adding certain fair value disclosure requirements to facilitate clear communication of the information required by generally accepted accounting principles. The amended guidance is effective for the Company beginning on January 1, 2020. The Company adopted the new guidance on January 1, 2020 and determined it did not have a material impact on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | (In thousands) Future 2020 $ 102,027 2021 95,838 2022 85,753 2023 79,435 2024 76,243 Thereafter 282,870 Total $ 722,166 |
Schedule of Components of Income Tax Benefit (Expense) | The following table details the composition of the Company’s tax (expense) benefit for the years ended December 31, 2019 , 2018 and 2017 , which includes U.S. federal and state income taxes incurred by the Company’s TRS. The Company estimated its income tax (expense) benefit relating to its TRS using a combined federal and state rate of approximately 26.4% and 26.6% for the years ended December 31, 2019 and 2018 , respectively. These income taxes are reflected in income tax (expense) benefit on the accompanying consolidated statements of operations and comprehensive loss. Year Ended December 31, 2019 2018 2017 (In thousands) Current Deferred Current Deferred Current Deferred Federal (expense) benefit $ — $ (155 ) $ (272 ) $ 399 $ 811 $ (1,597 ) State (expense) benefit (176 ) (68 ) (353 ) 29 (3 ) 142 Total $ (176 ) $ (223 ) $ (625 ) $ 428 $ 808 $ (1,455 ) |
Real Estate Investments, Net (T
Real Estate Investments, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table presents the allocation of the assets acquired and liabilities assumed, as well as capitalized construction in progress during the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, (In thousands) 2019 2018 2017 Real estate investments, at cost: Land $ 6,356 $ 14,417 $ 18,501 Buildings, fixtures and improvements 68,903 98,236 135,344 Development costs 5,721 8,591 11,952 Total tangible assets 80,980 121,244 165,797 Acquired intangibles: In-place leases and other intangible assets (1) 11,777 6,823 21,546 Market lease and other intangible assets (1) 724 275 2,472 Market lease liabilities (1) (1,483 ) (286 ) (888 ) Total intangible assets and liabilities 11,018 6,812 23,130 Mortgage notes payable, net — — (4,897 ) Other liabilities assumed in the Asset Acquisition, net (2) — — (1,056 ) Cash paid for real estate investments, including acquisitions $ 91,998 $ 128,056 $ 182,974 Number of properties purchased 9 14 23 _______________ (1) Weighted-average remaining amortization periods for in-place leases and above-market and below market lease liabilities acquired were 8.1 years and 7.0 years as of December 31, 2019 . (2) Includes liabilities of $0.8 million in accounts payable and accrued expenses, $0.5 million in non-controlling interests and $0.1 million in deferred rent and includes assets of $0.2 million in cash and $0.2 million in restricted cash related to the Company’s acquisition from American Realty Capital Healthcare Trust III, Inc. (“HT III”) of 19 properties comprising substantially all of HT III’s assets (the “Asset Purchase”), pursuant to a purchase agreement (the “Purchase Agreement”), dated as of June 16, 2017. HT III was sponsored and advised by an affiliate of the Advisor. See Note 9 — Related Party Transactions and Arrangements for additional information. At closing of the transfer of operations, the Company assumed the following assets and liabilities which are included in the consolidated balance sheet within the line items as shown below. The amounts below reflect the fair values of these assets and liabilities, as of the transfer closing date, to the appropriate financial statement line as shown below. (In thousands) June 8, 2017 Buildings, fixtures and improvements $ 723 Cash and cash equivalents 865 Prepaid expenses and other assets 651 Total assets acquired $ 2,239 Accounts payable and accrued expenses $ 1,188 Deferred rent 744 Total liabilities acquired $ 1,932 Gain on acquisition $ 307 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2019 , 2018 and 2017 : December 31, State 2019 2018 2017 Florida (1) 25.2% 16.6% 17.5% Georgia * 10.1% 10.7% Michigan (2) 10.9% 13.1% 11.6% Pennsylvania * 10.2% 10.8% _______________ * State’s annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified. (1) As of December 31, 2019, the Company was considering plans to sell three assets in Florida including the recently completed development project in Jupiter, Florida and its two skilled nursing facilities in Lutz, Florida and Wellington, Florida . See “Assets Held for Use and Related Impairments” in this note for more information. (2) As of December 31, 2019, the Company had 14 SHOP assets located in Michigan (the “Michigan SHOPs”) that are under contract to be sold pursuant to a definitive purchase and sale agreement (“PSA”). See “Assets Held for Sale and Related Impairments” in this note for more information. |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Acquired intangible assets and liabilities consisted of the following as of the periods presented: December 31, 2019 December 31, 2018 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 229,300 $ 156,428 $ 72,872 $ 214,953 $ 144,669 $ 70,284 Market lease assets (1) 13,616 9,501 4,115 30,910 9,970 20,940 Other intangible assets 26,700 1,144 25,556 10,589 1,103 9,486 Total acquired intangible assets $ 269,616 $ 167,073 $ 102,543 $ 256,452 $ 155,742 $ 100,710 Intangible liabilities: Market lease liabilities (1) $ 21,777 $ 9,725 $ 12,052 $ 26,241 $ 9,137 $ 17,104 __________ (1) Effective January 1, 2019, upon the adoption of ASU 2016-02, any amounts related to ground leases are included in operating lease right-of-use assets on the Company’s consolidated balance sheet. See Note 2 — Summary of Significant Accounting Polices - Recently Issued Accounting Pronouncements for additional information. |
Schedule of Finite-Lived Intangible Assets | The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangible assets, amortization and accretion of above-and below-market lease assets and liabilities, net and the amortization of above-and below-market ground leases, for the periods presented: Year Ended December 31, (In thousands) 2019 2018 2017 Amortization of in-place leases and other intangible assets (1) $ 15,559 $ 18,851 $ 17,369 Accretion of above-and below-market leases, net (2) $ (247 ) $ (39 ) $ (308 ) Amortization of above-and below-market ground leases, net (3) $ 86 $ 147 $ 172 ____________ (1) Reflected within depreciation and amortization expense. (2) Reflected within revenue from tenants. (3) Reflected within property operating and maintenance expense. Upon adoption of ASC 842 effective January 1, 2019, intangible balances related to ground leases were reclassified to be included as part of the Operating lease right-of-use assets presented on the consolidated balance sheet with no change to placement of the amortization expense of such balances. Refer to Note 2 — Summary of Significant Accounting Policies for additional details. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table provides the projected amortization and adjustments to revenue from tenants for the next five years: (In thousands) 2020 2021 2022 2023 2024 In-place lease assets $ 13,115 $ 10,650 $ 8,644 $ 6,770 $ 6,009 Other intangible assets 414 414 414 414 389 Total to be added to amortization expense $ 13,529 $ 11,064 $ 9,058 $ 7,184 $ 6,398 Above-market lease assets $ (1,295 ) $ (933 ) $ (645 ) $ (307 ) $ (260 ) Below-market lease liabilities 1,488 1,269 1,208 1,095 955 Total to be added to revenue from tenants $ 193 $ 336 $ 563 $ 788 $ 695 |
Real Estate Sales | The following table summarizes the properties sold during the years ended December 31, 2019, 2018 and 2017: (In thousands) Disposition Date Contract Sale Price Gain (Loss) on Sale, of Real Estate Investments 2019 Dispositions: New York Six MOBs (1 property) August 22, 2019 $ 13,600 $ 2,883 Ocean Park (1) August 1, 2019 3,600 (152 ) New York Six MOBs (5 properties) February 6, 2019 45,000 6,059 Totals $ 62,200 $ 8,790 2018 Dispositions: Missouri SNF Properties (1) December 5, 2018 $ 27,500 $ (70 ) 2017 Dispositions: Dental Arts Building - Peoria, AZ May 16, 2017 $ 825 $ 438 __________ (1) These properties were previously impaired. See “Impairments” The following is a summary of impairments taken during the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, (In thousands) 2019 2018 2017 Assets held for sale $ 22,634 $ 18,255 $ — Assets held for use 33,335 2,400 18,993 Total $ 55,969 $ 20,655 $ 18,993 The following table details the major classes of assets associated with the properties that have been classified as held for sale as of December 31, 2019 and 2018: December 31, (In thousands) 2019 2018 (1) Land $ 4,051 $ 5,285 Buildings, fixtures and improvements 66,788 47,112 Assets held for sale $ 70,839 $ 52,397 _________ (1) Represents assets of the New York Six MOB. The Company also had liabilities associated with the held-for-sale New York Six MOBs of $3.5 million which is presented within Market lease intangible liabilities, net, and $0.5 million which is presented within Accounts Payable and Accrued Expenses on the Consolidated Balance Sheet as of December 31, 2018 . |
Mortgage Notes Payable, Net (Ta
Mortgage Notes Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table reflects the Company’s mortgage notes payable as of December 31, 2019 and 2018 : Portfolio Encumbered Properties (1) Outstanding Loan Amount as of December 31, Effective Interest Rate (2) as of December 31, Interest Rate 2019 2018 2019 2018 Maturity (In thousands) (In thousands) Countryside Medical Arts - Safety Harbor, FL — $ — $ 5,690 — % 6.20% Variable (4) Apr. 2019 (7) St. Andrews Medical Park - Venice, FL — — 6,289 — % 6.20% Variable (4) Apr. 2019 (7) Palm Valley Medical Plaza - Goodyear, AZ 1 3,112 3,222 4.15 % 4.15% Fixed Jun. 2023 Medical Center V - Peoria, AZ 1 2,884 2,977 4.75 % 4.75% Fixed Sep. 2023 Courtyard Fountains - Gresham, OR — — 23,905 — % 3.87% Fixed Jan. 2020 (8) Fox Ridge Bryant - Bryant, AR 1 7,283 7,427 3.98 % 3.98% Fixed May 2047 Fox Ridge Chenal - Little Rock, AR 1 16,695 16,988 3.98 % 3.98% Fixed May 2049 Fox Ridge North Little Rock - North Little Rock, AR 1 10,359 10,541 3.98 % 3.98% Fixed May 2049 Philip Professional Center - Lawrenceville, GA — — 4,793 — % 4.00% Fixed Oct. 2019 (7) Capital One MOB Loan 35 378,500 250,000 3.66 % 4.44% Fixed (5) Dec. 2026 Bridge Loan — — 20,271 — % 4.87% Fixed/Variable (6) Dec. 2019 (9) Multi-Property CMBS Loan 21 118,700 118,700 4.60 % 4.6% Fixed May 2028 Gross mortgage notes payable 61 537,533 470,803 3.90 % 4.48% Deferred financing costs, net of accumulated amortization (3) (7,718 ) (6,591 ) Mortgage premiums and discounts, net (1,531 ) (1,373 ) Mortgage notes payable, net $ 528,284 $ 462,839 __________ (1) Does not include real estate assets mortgaged to secure advances under the Fannie Mae Master Credit Facilities (as defined below) or eligible unencumbered real estate assets comprising the borrowing base of the Credit Facility (as defined below) . The equity interests and related rights in the Company’s wholly owned subsidiaries that directly own or lease the real estate assets comprising the borrowing base have been pledged for the benefit of the lenders thereunder (see Note 5 — Credit Facilities for additional details). (2) Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2019 . For the LIBOR based loans, LIBOR in effect at the balance sheet date was utilized. For the Capital One MOB Loan, the effective rate does not include the effect of amortizing the amount paid to terminate the previous pay-fixed swap. See Note 7 — Derivatives and Hedging Activities for additional details. (3) Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. (4) Based on 30-day LIBOR. (5) Variable rate loan, based on 30-day LIBOR, which is fixed as a result of entering into “pay-fixed” interest rate swap agreements. In connection with the amendment to this loan in December 2019 (see additional details below), the Company terminated the previous interest rate swap agreements and entered into new interest rate swap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). (6) Variable rate loan based on 30-day LIBOR, of which $8.0 million is fixed as a result of entering into “pay-fixed” interest rate swap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). (7) The loan was repaid and the property was added to the borrowing base under the Credit Facility in April 2019. (8) Loan was repaid in October 2019, in advance of its scheduled maturity, and the property was added to the borrowing base of the Credit Facility. (9) Loan was repaid in October 2019, in advance of its scheduled maturity, and nine of the properties were added to the borrowing base of the Credit Facility. |
Credit Facilities Credit Facili
Credit Facilities Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Facilities | The amendment also provides that, in each fiscal quarter until the limit on paying distributions in excess of 95% of our Modified FFO applies, the Company will be subject to a similarly structured limit on paying distributions in excess of a percentage of our Modified FFO as set forth in the table below: Fiscal Quarter Percentage April 1, 2020 to June 30, 2020 115% July 1, 2020 to September 30, 2020 110% October 1, 2020 to December 31, 2020 110% January 1, 2021 to March 31, 2021 105% April 1, 2021 to June 30, 2021 105% July 1, 2021 to September 30, 2021 100% October 1, 2021 to December 31, 2021 100% The Company had the following credit facilities outstanding as of December 31, 2019 and 2018 : Outstanding Facility Amount as of December 31, Effective Interest Rate as of December 31, Credit Facility Encumbered Properties (1) 2019 2018 2019 2018 Interest Rate Maturity (In thousands) (In thousands) Prior Credit Facility — $ — $ 243,300 — % 4.62 % — — Credit Facility: Revolving Credit Facility $ 100,618 $ — 4.08 % — % Variable Mar. 2023 Term Loan 150,000 — 4.05 % — % Variable (6) Mar. 2024 Deferred financing costs (4,671 ) — Term Loan, net 145,329 — Total Credit Facility 80 (2) $ 245,947 $ — Fannie Mae Master Credit Facilities: Capital One Facility 12 (3) $ 216,614 $ 216,614 4.17 % 4.83 % Variable (7) Nov. 2026 KeyBank Facility 10 (4) 142,708 142,708 4.22 % 4.88 % Variable (7) Nov. 2026 Total Fannie Mae Master Credit Facilities 22 $ 359,322 $ 359,322 Total Credit Facilities 102 $ 605,269 $ 602,622 4.14 % 4.76 % (5) __________ (1) Encumbered properties are as of December 31, 2019 . (2) The equity interests and related rights in the Company’s wholly owned subsidiaries that directly own or lease the eligible unencumbered real estate assets comprising the borrowing base of the Credit Facility (as defined below) have been pledged for the benefit of the lenders thereunder. (3) Secured by first-priority mortgages on 12 of the Company’s seniors housing properties located in Florida, Georgia, Iowa and Michigan as of December 31, 2019 with a carrying value of $341.7 million . (4) Secured by first-priority mortgages on 10 of the Company’s seniors housing properties located in Michigan, Missouri, Kansas, California, Florida, Georgia and Iowa as of December 31, 2019 with carrying value of $236.1 million . (5) Calculated on a weighted average basis for all credit facilities outstanding as of December 31, 2019 and 2018 , respectively. For the LIBOR based loans that have not been fixed, the LIBOR rate in effect at the balance sheet date was utilized. For LIBOR based loans that have been fixed, the effective rate after consideration of the interest rate swap was utilized. See Note 7 — Derivatives and Hedging Activities for additional details. (6) Variable rate loan, based on LIBOR, all of which was fixed as a result of entering into “pay-fixed” interest rate swap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). (7) Variable rate loan which is capped as a result of entering into interest rate cap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). In October 2019, the Company replaced two maturing interest rate cap agreements. |
Schedule of Maturities of Long-term Debt | The following table summarizes the scheduled aggregate principal payments as of December 31, 2019, on all of the Company’s outstanding debt (mortgage notes payable and credit facilities) for the next five years and thereafter: Future Principal (In thousands) Mortgage Notes Payable Credit Facilities Total 2020 $ 856 $ — $ 856 2021 892 130 1,022 2022 929 2,820 3,749 2023 6,056 105,115 111,171 2024 755 154,497 155,252 Thereafter 528,045 347,378 875,423 Total $ 537,533 $ 609,940 $ 1,147,473 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following table presents information about the Company’s assets and liabilities measured at fair value as of December 31, 2019 and 2018 , aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Significant Significant Unobservable Inputs Total December 31, 2019 Derivative assets, at fair value $ — $ 392 $ — $ 392 Derivative liabilities, at fair value — 5,305 — 5,305 Total $ — $ 5,697 $ — $ 5,697 December 31, 2018 Derivative assets, at fair value $ — $ 4,633 $ — $ 4,633 Total $ — $ 4,633 $ — $ 4,633 |
Fair Value, by Balance Sheet Grouping | The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below: December 31, 2019 December 31, 2018 (In thousands) Level Carrying Amount Fair Value Carrying Amount Fair Value Gross mortgage notes payable and mortgage 3 $ 537,533 $ 545,414 $ 470,803 $ 472,585 Credit Facility 3 $ 250,618 $ 250,618 $ 243,300 $ 243,300 Fannie Mae Master Credit Facilities 3 $ 359,322 $ 370,122 $ 359,322 $ 360,675 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Balance Sheet Location | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2019 and 2018 : December 31, (In thousands) Balance Sheet Location 2019 2018 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps Derivative assets, at fair value $ 377 $ 4,582 Interest rate “pay-fixed” swaps Derivative liabilities, at fair value $ 5,305 $ — Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 15 $ 51 |
Summary of Derivative Instruments | s of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 Interest Rate Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate caps 6 $ 359,322 7 $ 359,322 As of December 31, 2019 and 2018 , the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: December 31, 2019 December 31, 2018 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps 9 $ 578,500 2 $ 250,000 |
Schedule of Derivatives Included in AOCI | The table below details the location in the financial statements of the loss recognized on interest rate derivatives designated as cash flow hedges for the periods ended December 31, 2019 and 2018 : Year Ended December 31, (In thousands) 2019 2018 2017 Amount of gain (loss) recognized in accumulated other comprehensive (loss) income on interest rate derivatives $ (10,753 ) $ 2,367 $ 1,674 Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense (effective portion) $ 872 $ 258 $ (799 ) Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss $ 56,059 $ 49,471 $ 30,264 |
Offsetting Assets | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2019 and 2018 . The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheet. Gross Amounts Not Offset in the Consolidated Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount December 31, 2019 $ 392 — — $ 392 — — $ 392 December 31, 2019 $ — (5,305 ) — $ (5,305 ) — — $ (5,305 ) December 31, 2018 $ 4,633 — — $ 4,633 — — $ 4,633 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Class of Treasury Stock | The following table reflects the number of shares repurchased cumulatively through December 31, 2019 : Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2018 (1) 3,288,256 $ 21.56 Year ended December 31, 2019 (2) 1,103,263 19.14 Cumulative repurchases as of December 31, 2019 (3) 4,391,519 20.95 _________ (1) Repurchases made in 2018 include: (i) 373,967 shares repurchased during January 2018 with respect to requests received following the death or qualifying disability of stockholders during the six months ended December 31, 2017 for approximately $8.0 million at a weighted average price per share of $21.45 , and (ii) 155,904 shares that were repurchased for $3.2 million at an average price per share of $20.25 on July 31, 2018, representing 100% of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2018 through the suspension of the SRP on March 13, 2018. No repurchase requests received during the SRP suspension were accepted. (2) Repurchases are currently consummated using the most recently published Estimated Per-Share NAV. 2019 activity includes 656,433 common shares repurchased on April 30, 2019 with respect to repurchase requests made in good order following the death or qualifying disability of stockholders during the period commencing March 13, 2018 up to and including December 31, 2018 for $13.3 million at an average price per share of $20.25 and repurchases of 446,830 shares of common stock repurchased for $7.8 million at an average price per share of $17.50 on October 30, 2019 with respect to repurchase requests made in good order following the death or qualifying disability of stockholders during the period commencing January 1, 2019 up to and including June 30, 2019. (3) E xcludes 505,101 shares of common stock repurchased on February 26, 2020 with respect to requests received during the period commencing July 1, 2019 up to and including December 31, 2019 for $8.8 million at an average price per share of $17.50 , including all shares submitted for death or disability (see Note 18 — Subsequent Events ). |
Dividends Declared | The following table details from a tax perspective the portion of distributions classified as a return of capital, capital gain dividend income and ordinary dividend income, per share per annum, for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Return of capital 100.0 % $ 0.85 100 % $ 0.95 99.7 % $ 1.50 Capital gain dividend income — % — — % — 0.3 % 0.01 Ordinary dividend income — % — — % — — % — Total 100.0 % $ 0.85 100.0 % $ 0.95 100.0 % $ 1.51 |
Related Party Transactions an_2
Related Party Transactions and Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services | The following table details amounts incurred, forgiven and payable in connection with the Company’s operations-related services described above as of and for the periods presented: Year Ended December 31, Payable (Receivable) as of 2019 2018 2017 December 31, (In thousands) Incurred (1) Incurred (1) Incurred (1) 2019 2018 One-time fees and reimbursements: Acquisition cost reimbursements $ 39 $ 176 $ 124 $ — $ 32 Financing coordination fees — — — — — Due from HT III related to the Asset Purchase (2) — — — — (154 ) Ongoing fees and reimbursements: Asset management fees 19,526 19,500 19,189 27 — Property management fees 3,888 3,571 3,068 (44 ) 58 Professional fees and other reimbursements (5) 10,073 (4 )(5) 8,883 7,553 (377 ) (6) 674 (5) (6) Distributions on Class B Units (3) 305 340 543 — — Total related party operation fees and reimbursements $ 33,831 $ 32,470 $ 30,477 $ (394 ) $ 610 ___________ (1) There were no fees or reimbursements forgiven during the years ended December 31, 2019 , 2018 or 2017 . (2) On December 22, 2017, the Company purchased substantially all the assets of HT III. Certain proration estimates were included within the closing. The purchase agreement called for a final purchase price adjustment. The Company had a $0.2 million net receivable related to the Asset Purchase included on the consolidated balance sheet as of December 31, 2018. Please see below for additional information related to the Asset Purchase. (3) Prior to April 1, 2015, the Company caused the OP to issue (subject to periodic approval by the Board) to the Advisor restricted performance-based Class B Units for asset management services. As of December 31, 2019 , the Board had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. Effective April 1, 2015, the Company began paying an asset management fee to the Advisor or its assignees in cash, in shares, or a combination of both and no longer issues any Class B Units. (4) Includes $7.2 million related to the Capped Reimbursement Amount for the year ended December 31, 2019 . (5) Balance as of December 31, 2018 includes costs which were incurred and accrued due to American National Stock Transfer, LLC, a subsidiary of RCS Capital Corporation (“RCAP”) which were related parties of the Company. During the year ended December 31, 2019, the Company recorded a reduction of general and administrative expenses in the amount of $0.5 million related to the reversal of this payable balance due to RCAP, which at the time the payable balance was recorded and prior to its bankruptcy filing was under common control with the Advisor. (6) Balance includes a receivable of $0.5 million from the Advisor as of December 31, 2019 previously recorded in the fourth quarter of 2018, which, pursuant to authorization by the independent members of the Company’s board of directors, is payable over time during 2020. |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Share Award Activity | The following table reflects restricted share award activity for the period presented: Number of Common Shares Weighted-Average Issue Price Unvested, December 31, 2016 9,921 $ 22.42 Granted 380,592 21.45 Vested (2,411 ) 22.40 Forfeitures (5,592 ) 21.45 Unvested, December 31, 2017 382,510 21.47 Granted — — Vested (60,268 ) 21.78 Forfeitures — — Unvested, December 31, 2018 322,242 21.41 Granted 15,000 17.50 Vested (60,001 ) 21.48 Forfeitures — — Unvested, December 31, 2019 277,241 21.18 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table illustrates the changes in accumulated other comprehensive (loss) income as of and for the periods presented: (In thousands) Unrealized Gains (Losses) on Designated Derivative Balance, December 31, 2016 $ — Other comprehensive income, before reclassifications 2,473 Amounts reclassified from accumulated other comprehensive (loss) income — Balance, December 31, 2017 2,473 Other comprehensive income, before reclassifications 2,367 Amounts reclassified from accumulated other comprehensive (loss) income (258 ) Balance, December 31, 2018 4,582 Other comprehensive loss, before reclassifications (10,753 ) Amounts reclassified from accumulated other comprehensive (loss) income (872 ) Balance, December 31, 2019 $ (7,043 ) |
Non-Controlling Interests (Tabl
Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule related to Investment Arrangements with Unaffiliated Third Party | The following table summarizes the activity related to investment arrangements with unaffiliated third parties. Third Party Net Investment Amount Non-Controlling Ownership Percentage Net Real Estate Assets Subject to Investment Arrangement (1) Distributions As of December 31, As of December 31, As of December 31, Year Ended December 31, Property Name (Dollar amounts in thousands) Investment Date 2019 2019 2019 2018 2019 2018 2017 Plaza Del Rio Medical Office Campus Portfolio May 2015 $ 416 1.9 % $ 14,220 $ 14,747 $ — $ 87 $ 52 UnityPoint Clinic Portfolio (2) December 2017 $ 496 5.0 % $ 8,842 $ 9,241 $ — $ — $ — _____________ (1) One property within the Plaza Del Rio Medical Office Campus Portfolio was mortgaged as part of the Multi-Property CMBS Loan. See Note 4 - Mortgage Notes Payable for additional information. (2) Assumed as part of the Asset Purchase. See Note 9 - Related Party Transactions and Arrangements for further information on the Asset Purchase. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a summary of the basic and diluted net loss per share computation for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Net loss attributable to stockholders (in thousands) $ (88,087 ) $ (52,762 ) $ (42,548 ) Basic and diluted weighted-average shares outstanding 91,936,641 91,118,929 89,802,174 Basic and diluted net loss per share $ (0.96 ) $ (0.58 ) $ (0.47 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | December 31, 2019 2018 2017 Unvested restricted shares (1) 305,416 358,071 130,339 OP Units (2) 405,998 405,998 405,998 Class B Units (3) 359,250 359,250 359,250 Total weighted average antidilutive common share equivalents 1,070,664 1,123,319 895,587 ____________ (1) Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 277,241 , 322,242 and 382,510 unvested restricted shares outstanding as of December 31, 2019 , 2018 and 2017 , respectively. (2) Weighted average number of antidilutive OP Units outstanding for the periods presented. There were 405,998 OP Units outstanding as of December 31, 2019 , 2018 and 2017 . (3) Weighted average number of antidilutive Class B Units outstanding for the periods presented. There were 359,250 Class B Units outstanding as of December 31, 2019 , 2018 and 2017 . |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables reconcile the segment activity, adjusted for the Transition Properties, to consolidated net loss for the years ended December 31, 2019 2018 and 2017 : Year Ended December 31, 2019 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities (1) Seniors Housing — Operating Properties (1) Consolidated Revenue from tenants $ 100,379 $ 14,564 $ 259,971 $ 374,914 Property operating and maintenance 31,813 2,800 199,572 234,185 NOI $ 68,566 $ 11,764 $ 60,399 140,729 Impairment charges (55,969 ) Operating fees to related parties (23,414 ) Acquisition and transaction related (362 ) General and administrative (20,530 ) Depreciation and amortization (81,032 ) Gain on sale of real estate investments 8,790 Interest expense (56,059 ) Interest and other income 7 Loss on non designated derivatives (68 ) Income tax expense (399 ) Net loss attributable to non-controlling interests 393 Preferred dividends (173 ) Net loss attributable to common stockholders $ (88,087 ) Year Ended December 31, 2018 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities (1) Seniors Housing — Operating Properties (1) Consolidated Revenue from tenants $ 99,103 $ 19,617 $ 243,686 $ 362,406 Property operating and maintenance 30,295 7,197 183,505 220,997 NOI 68,808 12,420 60,181 141,409 Impairment charges (20,655 ) Operating fees to related parties (23,071 ) Acquisition and transaction related (302 ) General and administrative (17,275 ) Depreciation and amortization (83,212 ) Loss on sale of real estate investments (70 ) Interest expense (49,471 ) Interest and other income 23 Loss on sale of non-designated derivatives (157 ) Income tax expense (197 ) Net loss attributable to non-controlling interests 216 Net loss attributable to common stockholders $ (52,762 ) ______________ (1) The results of operations from the Transition Properties are presented within the Seniors Housing — Operating Properties segment for the year ended December 31, 2018. Year Ended December 31, 2017 (In thousands) Medical Office Buildings Triple-Net Leased Healthcare Facilities (1) Seniors Housing — Operating Properties (1) Consolidated Revenue from tenants $ 82,850 $ 22,169 $ 206,154 $ 311,173 Property operating and maintenance 24,137 12,789 149,351 186,277 NOI 58,713 9,380 56,803 124,896 Impairment charges (18,993 ) Operating fees to related parties (22,257 ) Acquisition and transaction related (2,986 ) General and administrative (15,673 ) Depreciation and amortization (77,641 ) Gain on sale of real estate investment 438 Interest expense (30,264 ) Interest and other income 306 Loss on non-designated derivatives (198 ) Gain on asset acquisition 307 Income tax expense (647 ) Net loss attributable to non-controlling interests 164 Net loss attributable to common stockholders $ (42,548 ) ______________ (1) The results of operations from the Transition Properties are presented within the Seniors Housing — Operating Properties segment for the year ended December 31, 2017. The following table reconciles the segment activity to consolidated total assets as of the periods presented: December 31, (In thousands) 2019 2018 ASSETS Investments in real estate, net: Medical office buildings $ 891,477 $ 878,703 Triple-net leased healthcare facilities (1) 305,250 289,686 Construction in progress (2) — 90,829 Seniors housing — operating properties (1) 856,864 911,952 Total investments in real estate, net 2,053,591 2,171,170 Cash and cash equivalents 95,691 77,264 Restricted cash 15,908 14,094 Assets held for sale 70,839 52,397 Derivative assets, at fair value 392 4,633 Straight-line rent receivable, net 21,182 17,351 Operating lease right-of-use asset 14,351 — Prepaid expenses and other assets 39,707 28,785 Deferred costs, net 13,642 11,752 Total assets $ 2,325,303 $ 2,377,446 __________________ (1) The Transition Properties are presented within the Seniors Housing — Operating Properties segment as of December 31, 2019 and 2018 . (2) Included in the triple net leased healthcare facilities segment. The following table reconciles capital expenditures by reportable business segments, excluding corporate non-real estate expenditures, for the periods presented: Year Ended December 31, (In thousands) 2019 2018 2017 Medical office buildings $ 5,309 $ 7,582 $ 4,037 Triple-net leased healthcare facilities 396 1,152 154 Seniors housing — operating properties (1) 11,014 4,176 4,810 Total capital expenditures $ 16,719 $ 12,910 $ 9,001 ___________ (1) The Transition Property is presented within the Seniors Housing — Operating Properties segment as of December 31, 2019 and 2018 . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Lease, Liability, Maturity | Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2020 $ 651 $ 82 2021 663 84 2022 682 86 2023 684 88 2024 687 90 Thereafter 29,374 7,500 Total minimum lease payments 32,741 7,930 Less: amounts representing interest (23,608 ) (3,117 ) Total present value of minimum lease payments $ 9,133 $ 4,813 _______ (1) The Direct Finance Lease liability is included in Accounts Payable and accrued expenses on the balance sheet as of December 31, 2019. The Direct Financing lease asset is included as part of building and improvements as the land component was not required to be bifurcated under ASU 840 and the Company has adopted the practical expedients of retaining lease classification under ASU 842. |
Finance Lease, Liability, Maturity | Future Base Rent Payments (In thousands) Operating Leases Direct Financing Leases (1) 2020 $ 651 $ 82 2021 663 84 2022 682 86 2023 684 88 2024 687 90 Thereafter 29,374 7,500 Total minimum lease payments 32,741 7,930 Less: amounts representing interest (23,608 ) (3,117 ) Total present value of minimum lease payments $ 9,133 $ 4,813 _______ (1) The Direct Finance Lease liability is included in Accounts Payable and accrued expenses on the balance sheet as of December 31, 2019. The Direct Financing lease asset is included as part of building and improvements as the land component was not required to be bifurcated under ASU 840 and the Company has adopted the practical expedients of retaining lease classification under ASU 842. |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2019 and 2018 : Quarter Ended (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, 2019 (1) Total revenues $ 88,718 $ 96,287 $ 95,440 $ 94,469 Net loss attributable to stockholders $ (5,111 ) $ (6,054 ) $ (28,789 ) $ (48,133 ) Basic and diluted weighted average shares outstanding 92,894,608 91,783,557 91,922,963 92,091,377 Basic and diluted net loss per share $ (0.06 ) $ (0.07 ) $ (0.31 ) $ (0.52 ) Quarter Ended (In thousands, except for share and per share data) March 31, June 30, September 30, December 31, Total revenues $ 89,438 $ 90,957 $ 90,191 $ 91,820 Net loss attributable to stockholders $ (5,991 ) $ (6,950 ) $ (29,607 ) $ (10,241 ) Basic and diluted weighted average shares outstanding 90,783,065 90,978,411 90,203,311 91,520,444 Basic and diluted net loss per share $ (0.07 ) $ (0.08 ) $ (0.33 ) $ (0.11 ) __________ (1) During the quarter ended December 31, 2019 , the Company recorded $33.3 million in impairment charges on real estate investments held for use. See Note 3 — Real Estate investments, Net - Impairments for additional details. |
Organization (Details)
Organization (Details) ft² in Millions | 12 Months Ended | ||||||
Dec. 31, 2019property | Dec. 31, 2019ft² | Dec. 31, 2019$ / shares | Dec. 31, 2019employee | Dec. 31, 2019state | Dec. 31, 2019encumbered_property | Dec. 31, 2018$ / shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Number of real estate properties | 193 | 102 | |||||
Number of states properties are located in | state | 31 | ||||||
Area of real estate property | ft² | 9.4 | ||||||
Preferred stock, dividend rate, percentage | 7.375% | ||||||
Preferred stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0 | |||||
Entity number of employees | employee | 0 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | Jan. 01, 2019USD ($)propertylease | Dec. 31, 2019USD ($)propertysegmentlease | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Sep. 30, 2019USD ($) |
Schedule of Shares Repurchased [Line Items] | ||||||
Overstatement of previously recorded tax benefits, deferred tax assets and net income | $ 800,000 | $ 300,000 | $ 200,000 | |||
Remaining lease term | 5 years 7 months 6 days | |||||
Operating lease impairment loss | $ 6,500,000 | |||||
Bad debt expense | 6,464,000 | 14,797,000 | $ 12,413,000 | |||
Assets held for sale | $ 70,839,000 | $ 52,397,000 | ||||
Number of reportable segments | segment | 3 | 3 | 3 | |||
Money market funds | $ 0 | $ 0 | ||||
Cash and cash equivalents | 95,691,000 | 77,264,000 | $ 94,177,000 | |||
Cash in excess of FDIC limit | $ 73,200,000 | 58,900,000 | ||||
Number of senior housing communities | property | 59 | |||||
Deferred tax asset, net | $ 3,900,000 | 4,100,000 | ||||
Valuation allowance | $ 0 | $ 0 | ||||
Effective income tax rate | 26.40% | 26.60% | ||||
Number of operating lease contracts | lease | 11 | 8 | ||||
Operating lease right-of-use assets | $ 14,351,000 | |||||
Operating lease liabilities | 9,133,000 | $ 9,133,000 | ||||
Operating lease costs | 1,000,000 | |||||
Present value of lease payments | $ 4,800,000 | |||||
Minimum | ||||||
Schedule of Shares Repurchased [Line Items] | ||||||
Lease intangibles, lease-up period | 6 months | |||||
Maximum | ||||||
Schedule of Shares Repurchased [Line Items] | ||||||
Lease intangibles, lease-up period | 24 months | |||||
Building | ||||||
Schedule of Shares Repurchased [Line Items] | ||||||
Useful life | 40 years | |||||
Land Improvements | ||||||
Schedule of Shares Repurchased [Line Items] | ||||||
Useful life | 15 years | |||||
Fixtures and improvements | Minimum | ||||||
Schedule of Shares Repurchased [Line Items] | ||||||
Useful life | 7 years | |||||
Fixtures and improvements | Maximum | ||||||
Schedule of Shares Repurchased [Line Items] | ||||||
Useful life | 10 years | |||||
Land and Building | ||||||
Schedule of Shares Repurchased [Line Items] | ||||||
Number of operating lease contracts | property | 17 | |||||
Accounting Standards Update 2016-02 | ||||||
Schedule of Shares Repurchased [Line Items] | ||||||
Written off accounts receivable | $ 100,000 | |||||
Straight-line rents receivable | 100,000 | |||||
Operating lease right-of-use assets | 10,200,000 | |||||
Operating lease liabilities | 10,200,000 | |||||
Operating lease costs | $ 500,000 | |||||
Seniors Housing Communities | ||||||
Schedule of Shares Repurchased [Line Items] | ||||||
Ancillary revenue | $ 15,400,000 | $ 8,100,000 | $ 800,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Lessor Maturity Schedule) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Accounting Policies [Abstract] | |
2020 | $ 102,027 |
2021 | 95,838 |
2022 | 85,753 |
2023 | 79,435 |
2024 | 76,243 |
Thereafter | 282,870 |
Total | $ 722,166 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Current federal (expense) benefit | $ 0 | $ (272) | $ 811 |
Current state (expense) benefit | (176) | (353) | (3) |
Current (expense) benefit | (176) | (625) | 808 |
Deferred federal (expense) benefit | (155) | 399 | (1,597) |
Deferred state (expense) benefit | (68) | 29 | 142 |
Deferred (expense) benefit | $ (223) | $ 428 | $ (1,455) |
Real Estate Investments, Net (N
Real Estate Investments, Net (Narrative) (Details) | Mar. 20, 2020USD ($)property | Aug. 27, 2019USD ($) | Aug. 22, 2019USD ($)property | Feb. 06, 2019USD ($)property | Nov. 01, 2017USD ($)triple_net_lease | Jun. 08, 2017property | Dec. 31, 2019USD ($)property | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019encumbered_property | Aug. 01, 2019USD ($) | Apr. 01, 2019USD ($) | Mar. 21, 2019USD ($) | Nov. 06, 2018USD ($)property | Sep. 25, 2018USD ($) | Jul. 26, 2018USD ($) | Aug. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Purchase obligation | $ 82,000,000 | |||||||||||||||||||||||||||
Purchase obligation, amount funded | $ 97,800,000 | |||||||||||||||||||||||||||
Construction in progress | $ 80,598,000 | $ 80,598,000 | 0 | |||||||||||||||||||||||||
Impairment charges | $ 55,969,000 | 20,655,000 | $ 18,993,000 | |||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | $ 8,790,000 | (70,000) | 438,000 | |||||||||||||||||||||||||
Number of real estate properties | 193 | 193 | 102 | |||||||||||||||||||||||||
Bad debt expense | $ 6,464,000 | 14,797,000 | 12,413,000 | |||||||||||||||||||||||||
Total revenues | $ 94,469,000 | $ 95,440,000 | $ 96,287,000 | $ 88,718,000 | $ 91,820,000 | $ 90,191,000 | $ 90,957,000 | $ 89,438,000 | $ 374,914,000 | $ 362,406,000 | $ 311,173,000 | |||||||||||||||||
Business acquisitions | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties purchased | property | 9 | 14 | 23 | |||||||||||||||||||||||||
Development costs | $ 5,721,000 | $ 8,591,000 | $ 11,952,000 | |||||||||||||||||||||||||
Transfer of Operations | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties purchased | property | 12 | |||||||||||||||||||||||||||
Held-for-sale | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Impairment charges | 22,634,000 | 18,255,000 | 0 | |||||||||||||||||||||||||
Held-for-use | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Impairment charges | $ 33,335,000 | $ 2,400,000 | $ 18,993,000 | |||||||||||||||||||||||||
Number of properties held-for-use | property | 1 | 1 | 6 | |||||||||||||||||||||||||
Multi-tenant MOB | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties purchased | property | 5 | |||||||||||||||||||||||||||
Single Tenant MOB | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties purchased | property | 3 | |||||||||||||||||||||||||||
Business combination, consideration transferred | $ 86,300,000 | |||||||||||||||||||||||||||
Seniors Housing Communities | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties purchased | property | 1 | |||||||||||||||||||||||||||
Impairment charges | $ 19,000 | |||||||||||||||||||||||||||
Seniors Housing Communities | Held-for-sale | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Contract sale price | $ 71,800,000 | 1,000,000 | $ 200,000 | $ 3,500,000 | $ 3,600,000 | |||||||||||||||||||||||
Number of properties held for sale | property | 14 | 1 | 14 | |||||||||||||||||||||||||
Medical Office Buildings | Held-for-sale | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties disposed | property | 1 | 5 | ||||||||||||||||||||||||||
Contract sale price | $ 13,600,000 | $ 45,000,000 | $ 58,800,000 | $ 68,000,000 | ||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | $ 2,900,000 | $ 6,100,000 | ||||||||||||||||||||||||||
Skilled Nursing Facilities | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of real estate properties | triple_net_lease | 7 | |||||||||||||||||||||||||||
Term of contract | 10 years | |||||||||||||||||||||||||||
Indemnity obligation | $ 2,500,000 | |||||||||||||||||||||||||||
Skilled Nursing Facilities | Held-for-sale | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Impairment charges | $ 11,900,000 | |||||||||||||||||||||||||||
Contract sale price | $ 27,500,000 | |||||||||||||||||||||||||||
Gain (loss) on sale of real estate investments | $ (100,000) | |||||||||||||||||||||||||||
Number of real estate properties | property | 8 | |||||||||||||||||||||||||||
Previously Possessed and Controlled by Receiver | Skilled Nursing Facilities | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of real estate properties | triple_net_lease | 6 | |||||||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties purchased | property | 7 | |||||||||||||||||||||||||||
Business combination, consideration transferred | $ 81,900,000 | |||||||||||||||||||||||||||
Subsequent Event | Seniors Housing Communities | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties purchased | property | 3 | |||||||||||||||||||||||||||
Subsequent Event | Seniors Housing Communities | Held-for-sale | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Contract sale price | $ 500,000 | |||||||||||||||||||||||||||
Subsequent Event | Medical Office Buildings | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties purchased | property | 4 | |||||||||||||||||||||||||||
Subsequent Event | Medical Office Buildings | Held-for-sale | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties disposed | property | 1 | |||||||||||||||||||||||||||
Contract sale price | $ 8,600,000 | |||||||||||||||||||||||||||
LaSalle Tenant | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of real estate properties | property | 4 | 4 | ||||||||||||||||||||||||||
Accounts receivable, net | 8,200,000 | |||||||||||||||||||||||||||
Bad debt expense | $ 3,500,000 | 5,000,000 | ||||||||||||||||||||||||||
NuVista | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of real estate properties | property | 2 | 2 | ||||||||||||||||||||||||||
Accounts receivable, net | 10,100,000 | |||||||||||||||||||||||||||
Bad debt expense | $ 1,100,000 | $ 6,000,000 | ||||||||||||||||||||||||||
Number of real estate properties under OTA | property | 1 | 1 | ||||||||||||||||||||||||||
Total revenues | $ 1,600,000 | |||||||||||||||||||||||||||
Revenues not collectible | $ 700,000 | |||||||||||||||||||||||||||
LaSalle Guarantor vs LaSalle Tenant | Settled Litigation | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Litigation settlement, amount awarded from other party | $ 7,700,000 | |||||||||||||||||||||||||||
Missouri | Skilled Nursing Facilities | Held-for-sale | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties held for sale | property | 8 | 8 | ||||||||||||||||||||||||||
New York | Multi-tenant MOB | Held-for-sale | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties held for sale | property | 1 | 1 | ||||||||||||||||||||||||||
Fair Value | Valuation, Income Approach | Lutz, Florida | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Cash flows and capitalization rates | 9.00% | |||||||||||||||||||||||||||
Fair Value | Valuation, Income Approach | Wellington, Florida | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Cash flows and capitalization rates | 9.00% | |||||||||||||||||||||||||||
Fair Value | Valuation, Income Approach | Jupiter, Florida | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Cash flows and capitalization rates | 7.00% | |||||||||||||||||||||||||||
Land | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Construction in progress | 10,000,000 | |||||||||||||||||||||||||||
Construction in Progress | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Construction in progress | $ 87,800,000 | |||||||||||||||||||||||||||
Credit Facilities | Seniors Housing Communities | Held-for-sale | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties held for sale | property | 7 | 7 | ||||||||||||||||||||||||||
Fannie Mae Master Credit Facility | Seniors Housing Communities | Held-for-sale | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties held for sale | property | 4 | 4 | ||||||||||||||||||||||||||
Unencumbered Properties | Seniors Housing Communities | Held-for-sale | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of properties held for sale | property | 3 | 3 |
Real Estate Investments, Net (A
Real Estate Investments, Net (Acquired Assets) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | |
In-place leases | |||
Real estate investments, at cost: | |||
Weighted-average remaining amortization periods | 8 years 1 month 6 days | ||
Market lease and other intangible assets | |||
Real estate investments, at cost: | |||
Weighted-average remaining amortization periods | 7 years | ||
Business acquisitions | |||
Real estate investments, at cost: | |||
Land | $ 6,356 | $ 14,417 | $ 18,501 |
Buildings, fixtures and improvements | 68,903 | 98,236 | 135,344 |
Development costs | 5,721 | 8,591 | 11,952 |
Total tangible assets | 80,980 | 121,244 | 165,797 |
Below-market lease liabilities | (1,483) | (286) | (888) |
Total intangible assets and liabilities | 11,018 | 6,812 | 23,130 |
Mortgage notes payable, net | 0 | 0 | (4,897) |
Other liabilities assumed in the Asset Acquisition, net (2) | 0 | 0 | (1,056) |
Cash paid for real estate investments, including acquisitions | $ 91,998 | $ 128,056 | $ 182,974 |
Number of properties purchased | property | 9 | 14 | 23 |
Business acquisitions | In-place leases | |||
Real estate investments, at cost: | |||
In-place leases | $ 11,777 | $ 6,823 | $ 21,546 |
Business acquisitions | Market lease and other intangible assets | |||
Real estate investments, at cost: | |||
In-place leases | $ 724 | $ 275 | $ 2,472 |
American Realty Capital Healthcare Trust III | |||
Real estate investments, at cost: | |||
Number of properties purchased | property | 19 | ||
Accounts payable and accrued expenses | $ (800) | ||
Non-controlling interests | 500 | ||
Deferred rent | 100 | ||
Cash | 200 | ||
Restricted cash | $ 200 |
Real Estate Investments, Net (G
Real Estate Investments, Net (Geographic Concentrations) (Details) - property | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | |
Geographic Concentration Risk | Sales Revenue, Net | Florida (1) | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 25.20% | 16.60% | 17.50% | |
Geographic Concentration Risk | Sales Revenue, Net | Georgia | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 10.10% | 10.70% | ||
Geographic Concentration Risk | Sales Revenue, Net | Michigan (2) | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 10.90% | 13.10% | 11.60% | |
Geographic Concentration Risk | Sales Revenue, Net | Pennsylvania | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 10.20% | 10.80% | ||
Held-for-sale | Florida (1) | ||||
Concentration Risk [Line Items] | ||||
Number of properties held for sale | 3 | |||
Seniors Housing Communities | Held-for-sale | ||||
Concentration Risk [Line Items] | ||||
Number of properties held for sale | 14 | 1 | ||
Seniors Housing Communities | Held-for-sale | Florida (1) | ||||
Concentration Risk [Line Items] | ||||
Number of properties held for sale | 2 | |||
Seniors Housing Communities | Held-for-sale | Michigan (2) | ||||
Concentration Risk [Line Items] | ||||
Number of properties held for sale | 14 |
Real Estate Investments, Net (S
Real Estate Investments, Net (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible assets: | ||
Gross Carrying Amount | $ 269,616 | $ 256,452 |
Accumulated Amortization | 167,073 | 155,742 |
Net Carrying Amount | 102,543 | 100,710 |
Market lease liabilities | ||
Gross Carrying Amount | 21,777 | 26,241 |
Accumulated Amortization | 9,725 | 9,137 |
Net Carrying Amount | 12,052 | 17,104 |
In-place leases | ||
Intangible assets: | ||
Gross Carrying Amount | 229,300 | 214,953 |
Accumulated Amortization | 156,428 | 144,669 |
Net Carrying Amount | 72,872 | 70,284 |
Market lease assets | ||
Intangible assets: | ||
Gross Carrying Amount | 13,616 | 30,910 |
Accumulated Amortization | 9,501 | 9,970 |
Net Carrying Amount | 4,115 | 20,940 |
Other intangible assets | ||
Intangible assets: | ||
Gross Carrying Amount | 26,700 | 10,589 |
Accumulated Amortization | 1,144 | 1,103 |
Net Carrying Amount | $ 25,556 | $ 9,486 |
Real Estate Investments, Net _2
Real Estate Investments, Net (Summary of Amortization and Accretion Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above- and below-market leases, net | $ (4) | $ 255 | $ 236 |
Depreciation and Amortization Expense | In-place leases and other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization/accretion of market least intangibles | 15,559 | 18,851 | 17,369 |
Rental Income | Above- and below-market leases, net | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above- and below-market leases, net | (247) | (39) | (308) |
Property Operating and Maintenance Expense | Above-market ground leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization/accretion of market least intangibles | $ 86 | $ 147 | $ 172 |
Real Estate Investments, Net _3
Real Estate Investments, Net (Summary of Intangible Assets and Liabilities Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2019 | $ 13,529 |
Finite-lived intangible assets, amortization expense, 2020 | 11,064 |
Finite-lived intangible assets, amortization expense, 2021 | 9,058 |
Finite-lived intangible assets, amortization expense, 2022 | 7,184 |
Finite-lived intangible assets, amortization expense, 2023 | 6,398 |
Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
Below market leases, amortization income, 2019 | 193 |
Below market leases, amortization income, 2020 | 336 |
Below market leases, amortization income, 2021 | 563 |
Below market leases, amortization income, 2022 | 788 |
Below market leases, amortization income, 2023 | 695 |
In-place lease assets | Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2019 | 13,115 |
Finite-lived intangible assets, amortization expense, 2020 | 10,650 |
Finite-lived intangible assets, amortization expense, 2021 | 8,644 |
Finite-lived intangible assets, amortization expense, 2022 | 6,770 |
Finite-lived intangible assets, amortization expense, 2023 | 6,009 |
Other intangible assets | Amortization Expense | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2019 | 414 |
Finite-lived intangible assets, amortization expense, 2020 | 414 |
Finite-lived intangible assets, amortization expense, 2021 | 414 |
Finite-lived intangible assets, amortization expense, 2022 | 414 |
Finite-lived intangible assets, amortization expense, 2023 | 389 |
Above-market lease assets | Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, amortization expense, 2019 | (1,295) |
Finite-lived intangible assets, amortization expense, 2020 | (933) |
Finite-lived intangible assets, amortization expense, 2021 | (645) |
Finite-lived intangible assets, amortization expense, 2022 | (307) |
Finite-lived intangible assets, amortization expense, 2023 | (260) |
Below-market lease liabilities | Rental Income | |
Finite-Lived Intangible Assets [Line Items] | |
Below market leases, amortization income, 2019 | 1,488 |
Below market leases, amortization income, 2020 | 1,269 |
Below market leases, amortization income, 2021 | 1,208 |
Below market leases, amortization income, 2022 | 1,095 |
Below market leases, amortization income, 2023 | $ 955 |
Real Estate Investments, Net _4
Real Estate Investments, Net (Transfer of Operations) (Details) - USD ($) $ in Thousands | Jun. 08, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Gain on acquisition | $ 0 | $ 0 | $ 307 | |
Transfer of Operations | ||||
Business Acquisition [Line Items] | ||||
Buildings, fixtures and improvements | $ 723 | |||
Cash and cash equivalents | 865 | |||
Prepaid expenses and other assets | 651 | |||
Total assets acquired | 2,239 | |||
Accounts payable and accrued expenses | 1,188 | |||
Deferred rent | 744 | |||
Total liabilities acquired | 1,932 | |||
Gain on acquisition | $ 307 |
Real Estate Investments, Net (R
Real Estate Investments, Net (Real Estate Sales) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Sale, of Real Estate Investments | $ 8,790 | $ (70) | $ 438 |
Disposed by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contract Sale Price | 62,200 | ||
Gain (Loss) on Sale, of Real Estate Investments | 8,790 | ||
Disposed by sale | New York Six MOBs (1 property) | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contract Sale Price | 13,600 | ||
Gain (Loss) on Sale, of Real Estate Investments | 2,883 | ||
Disposed by sale | Ocean Park (1) | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contract Sale Price | 3,600 | ||
Gain (Loss) on Sale, of Real Estate Investments | (152) | ||
Disposed by sale | New York Six MOBs (5 properties) | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contract Sale Price | 45,000 | ||
Gain (Loss) on Sale, of Real Estate Investments | 6,059 | ||
Disposed by sale | Missouri SNF Properties (1) | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contract Sale Price | 27,500 | ||
Gain (Loss) on Sale, of Real Estate Investments | (70) | ||
Disposed by sale | Dental Arts Building - Peoria, AZ | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contract Sale Price | 825 | ||
Gain (Loss) on Sale, of Real Estate Investments | $ 438 |
Real Estate Investments, Net (I
Real Estate Investments, Net (Impairments) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment charges | $ 55,969,000 | $ 20,655,000 | $ 18,993,000 |
Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment charges | 22,634,000 | 18,255,000 | 0 |
Held-for-use | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment charges | $ 33,335,000 | $ 2,400,000 | $ 18,993,000 |
Real Estate Investments, Net (H
Real Estate Investments, Net (Held for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 70,839 | $ 52,397 |
Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Buildings, fixtures and improvements | 66,788 | 47,112 |
Land | 4,051 | 5,285 |
Assets held for sale | 70,839 | $ 52,397 |
Medical Office Buildings | Market Lease Liabilities | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts payable and accrued expenses | 3,500 | |
Medical Office Buildings | Accounts Payable and Accrued Liabilities | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts payable and accrued expenses | $ 500 |
Mortgage Notes Payable, Net (Mo
Mortgage Notes Payable, Net (Mortgage Notes) (Details) $ in Thousands | Dec. 31, 2019USD ($)property | Dec. 20, 2019USD ($)property | Dec. 19, 2019USD ($)property | Oct. 31, 2019property | Dec. 31, 2018USD ($) | Jun. 30, 2017USD ($) |
Debt Instrument [Line Items] | ||||||
Outstanding loan amount | $ 1,147,473 | |||||
Effective Interest Rate | 4.14% | 4.76% | ||||
Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 61 | |||||
Outstanding loan amount | $ 537,533 | $ 470,803 | ||||
Effective Interest Rate | 3.90% | 4.48% | ||||
Deferred financing costs, net of accumulated amortization (3) | $ (7,718) | $ (6,591) | ||||
Mortgage premiums and discounts, net | (1,531) | (1,373) | ||||
Mortgage notes payable, net | $ 528,284 | 462,839 | ||||
Countryside Medical Arts - Safety Harbor, FL | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 0 | |||||
Outstanding loan amount | $ 0 | $ 5,690 | ||||
Effective Interest Rate | 0.00% | 6.20% | ||||
St. Andrews Medical Park - Venice, FL | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 0 | |||||
Outstanding loan amount | $ 0 | $ 6,289 | ||||
Effective Interest Rate | 0.00% | 6.20% | ||||
Palm Valley Medical Plaza - Goodyear, AZ | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 1 | |||||
Outstanding loan amount | $ 3,112 | $ 3,222 | ||||
Effective Interest Rate | 4.15% | 4.15% | ||||
Medical Center V - Peoria, AZ | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 1 | |||||
Outstanding loan amount | $ 2,884 | $ 2,977 | ||||
Effective Interest Rate | 4.75% | 4.75% | ||||
Courtyard Fountains - Gresham, OR | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 0 | |||||
Outstanding loan amount | $ 0 | $ 23,905 | ||||
Effective Interest Rate | 0.00% | 3.87% | ||||
Fox Ridge Bryant - Bryant, AR | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 1 | |||||
Outstanding loan amount | $ 7,283 | $ 7,427 | ||||
Effective Interest Rate | 3.98% | 3.98% | ||||
Fox Ridge Chenal - Little Rock, AR | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 1 | |||||
Outstanding loan amount | $ 16,695 | $ 16,988 | ||||
Effective Interest Rate | 3.98% | 3.98% | ||||
Fox Ridge North Little Rock - North Little Rock, AR | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 1 | |||||
Outstanding loan amount | $ 10,359 | $ 10,541 | ||||
Effective Interest Rate | 3.98% | 3.98% | ||||
Philip Professional Center - Lawrenceville, GA | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 0 | |||||
Outstanding loan amount | $ 0 | $ 4,793 | ||||
Effective Interest Rate | 0.00% | 4.00% | ||||
Capital One MOB Loan | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 35 | 41 | 31 | |||
Outstanding loan amount | $ 378,500 | $ 378,500 | $ 242,000 | $ 250,000 | $ 250,000 | |
Effective Interest Rate | 3.66% | 4.44% | ||||
Bridge Loan | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 0 | 9 | ||||
Outstanding loan amount | $ 0 | $ 20,271 | ||||
Effective Interest Rate | 0.00% | 4.87% | ||||
Long-term debt, percentage bearing fixed interest, amount | $ 8,000 | |||||
Multi-Property CMBS Loan | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Encumbered properties | property | 21 | |||||
Outstanding loan amount | $ 118,700 | $ 118,700 | ||||
Effective Interest Rate | 4.60% | 4.60% |
Mortgage Notes Payable, Net (Na
Mortgage Notes Payable, Net (Narrative) (Details) | Dec. 20, 2019USD ($)property | Dec. 19, 2019USD ($)property | Apr. 10, 2018USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)instrument | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019 | Dec. 31, 2019instrument | Dec. 31, 2019encumbered_property | Mar. 13, 2019property | Jun. 30, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Real estate investments pledged as collateral | $ 825,700,000 | |||||||||||
Outstanding loan amount | 1,147,473,000 | |||||||||||
Repayments of credit facility borrowings | $ 368,300,000 | $ 80,000,000 | $ 326,800,000 | |||||||||
Number of real estate properties | 193 | 102 | ||||||||||
Mortgage Notes Payable | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding loan amount | 470,803,000 | 537,533,000 | ||||||||||
Encumbered properties | property | 61 | |||||||||||
Mortgage Notes Payable | Capital One MOB Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding loan amount | $ 378,500,000 | $ 242,000,000 | 250,000,000 | 378,500,000 | $ 250,000,000 | |||||||
Encumbered properties | property | 41 | 31 | 35 | |||||||||
Fixed rate | 3.66% | |||||||||||
Prepayment penalty, initial twelve months | 3.00% | |||||||||||
Prepayment penalty, year two | 2.00% | |||||||||||
Prepayment penalty, year three | 1.00% | |||||||||||
Prepayment percent of principal amount | 110.00% | |||||||||||
Principal amount outstanding limitation to release or replace properties | $ 283,900,000 | |||||||||||
Unamortized fees | 3,000,000 | |||||||||||
Mortgage Notes Payable | Capital One MOB Loan | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.00% | 2.50% | ||||||||||
Mortgage Notes Payable | Multi-Property CMBS Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding loan amount | $ 118,700,000 | $ 118,700,000 | ||||||||||
Encumbered properties | property | 21 | |||||||||||
Debt instrument, face amount | $ 118,700,000 | |||||||||||
Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of real estate properties | property | 65 | |||||||||||
Revolving Credit Facility | Capital One MOB Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of credit facility borrowings | $ 61,500,000 | |||||||||||
Revolving Credit Facility | Mortgage Notes Payable | Capital One MOB Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from loans | 127,700,000 | |||||||||||
Repayments of credit facility borrowings | $ 63,500,000 | |||||||||||
Number of real estate properties | property | 12 | |||||||||||
Number of real estate properties, released or replaced | property | 25 | |||||||||||
Revolving Credit Facility | Mortgage Notes Payable | Multi-Property CMBS Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from loans | 33,000,000 | |||||||||||
Repayments of credit facility borrowings | $ 80,000,000 | |||||||||||
Number of real estate properties | property | 14 | |||||||||||
Payments for deposits | $ 3,800,000 | |||||||||||
Medical Office Buildings | Mortgage Notes Payable | Capital One MOB Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Encumbered properties | property | 29 | |||||||||||
Unencumbered properties | property | 10 | |||||||||||
Triple-Net Leased Healthcare Facilities | Mortgage Notes Payable | Capital One MOB Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Encumbered properties | property | 2 | |||||||||||
Designated as Hedging Instrument | Interest rate swaps | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of instruments terminated | instrument | 2 | |||||||||||
Number of Instruments | instrument | 2 | 9 | ||||||||||
Designated as Hedging Instrument | Interest rate swaps | Capital One MOB Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of Instruments | instrument | 1 |
Credit Facilities (Summary of C
Credit Facilities (Summary of Credit Facilities) (Details) $ in Thousands | Dec. 31, 2019property | Dec. 31, 2019USD ($) | Dec. 31, 2019 | Dec. 31, 2019encumbered_property | Nov. 01, 2019instrument | Oct. 30, 2019instrument | Mar. 13, 2019property | Dec. 31, 2018USD ($) | Mar. 02, 2018property | Dec. 31, 2017USD ($) | Oct. 31, 2016instrument |
Line of Credit Facility [Line Items] | |||||||||||
Number of properties | 193 | 102 | |||||||||
Outstanding balance | $ 605,269 | $ 602,622 | |||||||||
Effective Interest Rate | 4.14% | 4.76% | |||||||||
Credit Facilities | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Outstanding balance | 245,947 | $ 0 | |||||||||
Revolving Credit Facility | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Number of properties | property | 65 | ||||||||||
Capital One Facility | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Number of properties | property | 7 | ||||||||||
Prior Credit Facility | Credit Facilities | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Number of properties | property | 0 | ||||||||||
Outstanding balance | 0 | $ 243,300 | |||||||||
Effective Interest Rate | 0.00% | 4.62% | |||||||||
Fannie Mae Master Credit Facilities | Credit Facilities | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Number of properties | property | 22 | ||||||||||
Outstanding balance | 359,322 | $ 359,322 | |||||||||
Fannie Mae Master Credit Facilities | Capital One Facility | Credit Facilities | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Number of properties | property | 12 | ||||||||||
Outstanding balance | 216,614 | $ 216,614 | $ 152,500 | ||||||||
Effective Interest Rate | 4.17% | 4.83% | |||||||||
Debt instrument, collateral amount | 341,700 | ||||||||||
Fannie Mae Master Credit Facilities | KeyBank Facility | Credit Facilities | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Number of properties | property | 10 | ||||||||||
Outstanding balance | 142,708 | $ 142,708 | $ 142,700 | ||||||||
Effective Interest Rate | 4.22% | 4.88% | |||||||||
Debt instrument, collateral amount | 236,100 | ||||||||||
Credit Facilities | Revolving Credit Facility | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Number of properties | property | 80 | ||||||||||
Outstanding balance | 100,618 | $ 0 | |||||||||
Effective Interest Rate | 4.08% | 0.00% | |||||||||
Term Loan | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Effective Interest Rate | 4.05% | ||||||||||
Term Loan | Credit Facilities | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Outstanding balance | 150,000 | $ 0 | |||||||||
Deferred financing costs | (4,671) | 0 | |||||||||
Term Loan, net | $ 145,329 | $ 0 | |||||||||
Effective Interest Rate | 0.00% | ||||||||||
Interest rate caps | Fannie Credit Facility | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Number of Instruments | instrument | 2 | 2 | 2 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) | Mar. 13, 2019USD ($)property | Mar. 02, 2018USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019 | Dec. 31, 2019encumbered_property | Nov. 01, 2019USD ($)instrument | Oct. 30, 2019instrument | Apr. 15, 2019 | Oct. 31, 2016instrument |
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility, current borrowing capacity | 55.00% | |||||||||||
Number of properties | 193 | 102 | ||||||||||
Effective Interest Rate | 4.76% | 4.14% | ||||||||||
Credit facilities, net | $ 602,622,000 | $ 605,269,000 | ||||||||||
Notional Amount | $ 88,700,000 | |||||||||||
Proceeds from credit facilities | $ 225,618,000 | 147,753,000 | $ 380,170,000 | |||||||||
Repayments of credit facility borrowings | $ 368,300,000 | $ 80,000,000 | 326,800,000 | |||||||||
Term Loan | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 150,000,000 | |||||||||||
Effective Interest Rate | 4.05% | |||||||||||
Long-term debt | 150,000,000 | |||||||||||
Mortgage Notes Payable | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Effective Interest Rate | 4.48% | 3.90% | ||||||||||
Long-term debt | $ 462,839,000 | 528,284,000 | ||||||||||
New Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Long-term debt, covenant requirements, distribution in excess of modified FFO, percent | 95.00% | |||||||||||
New Credit Facilities | Term Loan | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Weighted average rate | 2.30% | |||||||||||
Fannie Credit Facility | Interest rate caps | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Number of Instruments | instrument | 2 | 2 | 2 | |||||||||
Interest rate cap | 3.50% | |||||||||||
Bridge Loan | Mortgage Notes Payable | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Effective Interest Rate | 4.87% | 0.00% | ||||||||||
Proceeds from credit facilities | $ 64,200,000 | |||||||||||
Minimum | New Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Long-term debt, covenant requirements, amount | 50,000,000 | |||||||||||
London Interbank Offered Rate (LIBOR) | Minimum | Term Loan | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 1.55% | |||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Term Loan | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 2.15% | |||||||||||
Base Rate | Minimum | Term Loan | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 0.30% | |||||||||||
Base Rate | Maximum | Term Loan | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 0.90% | |||||||||||
Secured Debt | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 630,000,000 | |||||||||||
Remaining borrowing capacity | 79,500,000 | |||||||||||
Secured Debt | Minimum | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit, increase | 370,000,000 | |||||||||||
Secured Debt | Maximum | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit, increase | $ 1,000,000,000 | |||||||||||
Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Credit facilities, net | $ 0 | 245,947,000 | ||||||||||
Credit Facilities | Term Loan | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Effective Interest Rate | 0.00% | |||||||||||
Credit facilities, net | $ 0 | 150,000,000 | ||||||||||
Credit Facilities | Fannie Mae Master Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Number of properties | property | 22 | |||||||||||
Credit facilities, net | $ 359,322,000 | 359,322,000 | ||||||||||
Revolving Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Number of properties | property | 65 | |||||||||||
Revolving Credit Facility | Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 480,000,000 | |||||||||||
Number of properties | property | 80 | |||||||||||
Effective Interest Rate | 0.00% | 4.08% | ||||||||||
Credit facilities, net | $ 0 | 100,618,000 | ||||||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Basis spread on variable rate, base rate calculation | 1.00% | |||||||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 1.60% | |||||||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 2.20% | |||||||||||
Revolving Credit Facility | Base Rate | Minimum | Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 0.35% | |||||||||||
Revolving Credit Facility | Base Rate | Maximum | Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 0.95% | |||||||||||
Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate | Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate | 0.50% | |||||||||||
Bridge Loan | Fannie Mae Master Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Repayments of credit facility borrowings | $ 61,700,000 | |||||||||||
Capital One Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Number of properties | property | 7 | |||||||||||
Capital One Facility | Credit Facilities | Fannie Mae Master Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Number of properties | property | 12 | |||||||||||
Effective Interest Rate | 4.83% | 4.17% | ||||||||||
Credit facilities, net | $ 216,614,000 | 152,500,000 | 216,614,000 | |||||||||
KeyBank Facility | Credit Facilities | Fannie Mae Master Credit Facilities | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Number of properties | property | 10 | |||||||||||
Effective Interest Rate | 4.88% | 4.22% | ||||||||||
Credit facilities, net | $ 142,708,000 | $ 142,700,000 | $ 142,708,000 |
Credit Facilities (Summary of D
Credit Facilities (Summary of Distribution Limit Percent of Modified FFO) (Details) - New Credit Facilities | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||||||||
Long-term debt, covenant requirements, distribution in excess of modified FFO, percent | 95.00% | |||||||
Subsequent Event | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Long-term debt, covenant requirements, distribution in excess of modified FFO, percent | 100.00% | 100.00% | 105.00% | 105.00% | 110.00% | 110.00% | 115.00% |
Credit Facilities (Future Princ
Credit Facilities (Future Principal Payments of Outstanding Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
2020 | $ 856 | |
2021 | 1,022 | |
2022 | 3,749 | |
2023 | 111,171 | |
2024 | 155,252 | |
Thereafter | 875,423 | |
Mortgage notes payable, net | 1,147,473 | |
Mortgage Notes Payable | ||
Debt Instrument [Line Items] | ||
2020 | 856 | |
2021 | 892 | |
2022 | 929 | |
2023 | 6,056 | |
2024 | 755 | |
Thereafter | 528,045 | |
Mortgage notes payable, net | 537,533 | $ 470,803 |
Credit Facilities | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 130 | |
2022 | 2,820 | |
2023 | 105,115 | |
2024 | 154,497 | |
Thereafter | 347,378 | |
Mortgage notes payable, net | $ 609,940 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Assets Measured at Fair Value) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, at fair value | $ 392 | $ 4,633 |
Derivative liabilities, at fair value | 5,305 | |
Total | 5,697 | |
Total | 4,633 | |
Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, at fair value | 0 | 0 |
Derivative liabilities, at fair value | 0 | |
Total | 0 | |
Total | 0 | |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, at fair value | 392 | 4,633 |
Derivative liabilities, at fair value | 5,305 | |
Total | 5,697 | |
Total | 4,633 | |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, at fair value | 0 | 0 |
Derivative liabilities, at fair value | 0 | |
Total | $ 0 | |
Total | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Level 3 Inputs) (Details) - Significant Unobservable Inputs Level 3 - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Mortgage Notes Payable | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | $ 537,533 | $ 470,803 |
Mortgage Notes Payable | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 545,414 | 472,585 |
Revolving Credit Facility | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 250,618 | 243,300 |
Revolving Credit Facility | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 250,618 | 243,300 |
Fannie Credit Facility | Revolving Credit Facility | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 359,322 | 359,322 |
Fannie Credit Facility | Revolving Credit Facility | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | $ 370,122 | $ 360,675 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($)instrument | Dec. 31, 2019USD ($)instrument | Dec. 31, 2018USD ($)instrument | Dec. 31, 2017USD ($) | Nov. 01, 2019USD ($) | |
Derivative [Line Items] | |||||
Notional Amount | $ 88,700,000 | ||||
Loss on non-designated derivatives | $ (68,000) | $ (157,000) | $ (198,000) | ||
Derivative, net liability position, aggregate fair value | $ 5,300,000 | 5,300,000 | |||
Aggregate termination value | $ 5,300,000 | $ 5,300,000 | |||
Designated as Hedging Instrument | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Number of Instruments | instrument | 9 | 9 | 2 | ||
Number of instruments terminated | instrument | 2 | 2 | |||
Notional Amount | $ 578,500,000 | $ 578,500,000 | $ 250,000,000 | ||
Proceeds from sale of interest rate cash flow hedge | 2,200,000 | ||||
Designated as Hedging Instrument | Interest rate contract | |||||
Derivative [Line Items] | |||||
Cash flow hedge reclassification current | 2,100,000 | ||||
Interest Expense | Designated as Hedging Instrument | Interest rate contract | |||||
Derivative [Line Items] | |||||
Cash flow hedge reclassification current | 100,000 | ||||
Cash flow hedge reclassification in next twelve months | $ 2,200,000 | $ 2,200,000 | |||
Capital One MOB Loan | Designated as Hedging Instrument | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Number of Instruments | instrument | 1 | 1 | |||
Notional Amount | $ 250,000,000 | $ 250,000,000 | |||
Capital One MOB Loan | Interest Expense | Designated as Hedging Instrument | Interest rate contract | |||||
Derivative [Line Items] | |||||
Cash flow hedge reclassification current | $ 2,200,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Balance Sheet Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | $ 392 | $ 4,633 |
Gross Amounts of Recognized Liabilities | 0 | 0 |
Derivative assets, at fair value | Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 377 | 4,582 |
Derivative assets, at fair value | Not Designated as Hedging Instrument | Interest rate caps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 15 | 51 |
Derivative liabilities, at fair value | Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 5,305 | $ 0 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Summary of Derivative Instruments) (Details) | Dec. 31, 2019USD ($)instrument | Nov. 01, 2019USD ($) | Dec. 31, 2018USD ($)instrument |
Derivative [Line Items] | |||
Notional Amount | $ 88,700,000 | ||
Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Number of Instruments | instrument | 9 | 2 | |
Notional Amount | $ 578,500,000 | $ 250,000,000 | |
Not Designated as Hedging Instrument | Interest rate caps | |||
Derivative [Line Items] | |||
Number of Instruments | instrument | 6 | 7 | |
Notional Amount | $ 359,322,000 | $ 359,322,000 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Derivatives Included in AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Amount of gain (loss) recognized in accumulated other comprehensive (loss) income on interest rate derivatives | $ (11,625) | $ 2,109 | $ 2,473 |
Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss | 56,059 | 49,471 | 30,264 |
Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in accumulated other comprehensive (loss) income on interest rate derivatives | (10,753) | ||
Amount of gain (loss) recognized in accumulated other comprehensive (loss) income on interest rate derivatives | 2,367 | 1,674 | |
Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense (effective portion) | $ 872 | ||
Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense (effective portion) | $ 258 | $ (799) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Offsetting Derivatives) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Gross Amounts of Recognized Assets | $ 392 | $ 4,633 | |
Gross Amounts of Recognized (Liabilities) | (5,305) | 0 | |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |
Net Amounts of Assets presented in the Consolidated Balance Sheet | 392 | 4,633 | |
Net Amounts of Assets presented in the Consolidated Balance Sheet | 5,305 | 0 | |
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments | 0 | 0 | |
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amount | $ 392 | $ 4,633 | |
Net Amount | $ 5,305 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 30, 2019 | Apr. 30, 2019 | Apr. 16, 2018 | Mar. 13, 2018 | Mar. 01, 2018 | Apr. 01, 2017 | Feb. 17, 2017 | Dec. 31, 2019 | Jul. 31, 2018 | May 31, 2018 | Jan. 31, 2018 | Apr. 30, 2013 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2019 |
Class of Stock [Line Items] | |||||||||||||||||
Common stock, shares outstanding (in shares) | 92,356,664 | 92,356,664 | 91,963,532 | 91,963,532 | 92,356,664 | ||||||||||||
Weighted-average price per share (in usd per share) | $ 17.50 | $ 20.25 | $ 20.25 | $ 21.45 | $ 19.14 | $ 21.56 | $ 20.95 | ||||||||||
Number of shares repurchased (in shares) | 446,830 | 656,433 | 155,904 | 373,967 | 1,103,263 | 3,288,256 | 4,391,519 | ||||||||||
Stock repurchase, value | $ 7,800 | $ 13,300 | $ 3,000 | ||||||||||||||
Common stock repurchases | $ 7,800 | $ 3,200 | $ 8,000 | $ 21,113 | $ 14,202 | $ 33,599 | |||||||||||
DRIP, period of notice to alter agreement | 10 days | ||||||||||||||||
Common stock issued through distribution reinvestment plan (in shares) | 1,500,000 | 1,700,000 | |||||||||||||||
Common stock issued through distribution reinvestment plan | $ 27,210 | $ 35,737 | $ 61,206 | ||||||||||||||
Preferred stock, shares authorized | 1,610,000 | 1,610,000 | 0 | 0 | 1,610,000 | ||||||||||||
Preferred stock, shares issued | 1,610,000 | 1,610,000 | 0 | 0 | 1,610,000 | ||||||||||||
Preferred stock, shares outstanding | 1,610,000 | 1,610,000 | 0 | 0 | 1,610,000 | ||||||||||||
Preferred stock, liquidation preference (in usd per share) | $ 25 | $ 25 | $ 25 | ||||||||||||||
Payments for underwriting expense | $ (1,300) | ||||||||||||||||
Payments of additional offering expenses | $ (1,400) | ||||||||||||||||
Preferred stock, dividend rate (in usd per share) | $ 1.84375 | ||||||||||||||||
Preferred stock, dividend rate, percentage | 7.375% | ||||||||||||||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||
Distributions declared per share (in usd per share) | $ 0.85 | $ 1.45 | $ 1.70 | $ 0.85 | $ 0.95 | $ 1.51 | |||||||||||
Preferred stock, quarterly dividend rate (in usd per share) | 0.460938 | ||||||||||||||||
Tender Offer | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Shares authorized for repurchase (in shares) | 2,000,000 | ||||||||||||||||
Weighted-average price per share (in usd per share) | $ 13.15 | ||||||||||||||||
Reduction in shares authorized for repurchase (in shares) | 230,000 | ||||||||||||||||
Number of shares repurchased (in shares) | 229,999 | ||||||||||||||||
Public Stock Offering | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred stock, shares authorized | 1,610,000 | 1,610,000 | 1,610,000 | ||||||||||||||
Preferred stock, number of shares issued in public offering | 1,610,000 | ||||||||||||||||
Preferred stock, liquidation preference (in usd per share) | $ 25 | $ 25 | $ 25 | ||||||||||||||
Sale of stock, gross proceeds | $ 40,300 | ||||||||||||||||
Sale of stock, net proceeds | $ 37,600 | ||||||||||||||||
Delisting | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred stock, dividend rate (in usd per share) | $ 2.34375 | ||||||||||||||||
Preferred stock, dividend rate, percentage | 9.375% | ||||||||||||||||
Increase in preferred stock, dividend rate, percentage | 2.00% | ||||||||||||||||
Maximum | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Stockholders' Equity (Stock Red
Stockholders' Equity (Stock Redemption) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 26, 2020 | Jan. 09, 2020 | Oct. 30, 2019 | Apr. 30, 2019 | Jul. 31, 2018 | May 31, 2018 | Jan. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||||||||||||
Number of Shares Repurchased (in shares) | 446,830 | 656,433 | 155,904 | 373,967 | 1,103,263 | 3,288,256 | 4,391,519 | |||||
Weighted-Average Price per Share (in usd per share) | $ 17.50 | $ 20.25 | $ 20.25 | $ 21.45 | $ 19.14 | $ 21.56 | $ 20.95 | |||||
Common stock repurchases | $ 7,800 | $ 3,200 | $ 8,000 | $ 21,113 | $ 14,202 | $ 33,599 | ||||||
Stock repurchase, value | $ 7,800 | $ 13,300 | $ 3,000 | |||||||||
Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of Shares Repurchased (in shares) | 505,101 | |||||||||||
Weighted-Average Price per Share (in usd per share) | $ 17.50 | |||||||||||
Stock repurchase, value | $ 8,800 | $ 1,700 |
Stockholders' Equity (Distribut
Stockholders' Equity (Distributions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends Payable [Line Items] | |||
Dividends, percent | 100.00% | 100.00% | 100.00% |
Dividends paid (in usd per share) | $ 0.85 | $ 0.95 | $ 1.51 |
Return of capital | |||
Dividends Payable [Line Items] | |||
Dividends, percent | 100.00% | 100.00% | 99.70% |
Dividends paid (in usd per share) | $ 0.85 | $ 0.95 | $ 1.50 |
Capital gain dividend income | |||
Dividends Payable [Line Items] | |||
Dividends, percent | 0.00% | 0.00% | 0.30% |
Dividends paid (in usd per share) | $ 0 | $ 0 | $ 0.01 |
Ordinary dividend income | |||
Dividends Payable [Line Items] | |||
Dividends, percent | 0.00% | 0.00% | 0.00% |
Dividends paid (in usd per share) | $ 0 | $ 0 | $ 0 |
Related Party Transactions an_3
Related Party Transactions and Arrangements (Ownership) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Common stock held by related party (in shares) | 92,356,664 | 91,963,532 |
Limited partner units (in units) | 90 | 90 |
Tax Depreciation Deduction | Advisor | ||
Related Party Transaction [Line Items] | ||
Special allocation for tax purposes excess depreciation deductions maximum | $ 10 | |
American Realty Capital Healthcare II Special Limited Partnership, LLC | Special Limited Partner | ||
Related Party Transaction [Line Items] | ||
Common stock held by related party (in shares) | 8,888 | 8,888 |
Related Party Transactions an_4
Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company) (Details) | Jul. 25, 2019USD ($) | Feb. 17, 2017 | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Related Party Transaction [Line Items] | |||||
Term of agreement | 10 years | ||||
Renewal term | 10 years | ||||
Board of directors voting percentage | 67.00% | ||||
Period of notice | 45 days | ||||
Share price, net (in dollars per share) | $ / shares | $ 22.50 | ||||
Asset threshold for assignment of agreement | $ 100,000,000 | ||||
Advisor | |||||
Related Party Transaction [Line Items] | |||||
Shares approved for issuance (in shares) | shares | 359,250 | ||||
Capped Reimbursement Amount | |||||
Related Party Transaction [Line Items] | |||||
Reimbursed fees to related party, capped reimbursement amount | $ 7,200,000 | ||||
American Realty Capital Healthcare Advisors, LLC | Advance on Loan or Other Investment | Advisor | |||||
Related Party Transaction [Line Items] | |||||
Financing advance fees as a percentage of benchmark, expected third party costs | 0.50% | ||||
Financing advance fees as a percentage of benchmark, expected company portfolio cost | 4.50% | ||||
American Realty Capital Healthcare Advisors, LLC | Contract Purchase Price | Advisor | |||||
Related Party Transaction [Line Items] | |||||
Quarterly asset management fee | 0.1875% | ||||
American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Advisor | |||||
Related Party Transaction [Line Items] | |||||
Property management fees | 1.50% | ||||
American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Excluding Stand-alone Single-tenant Net Leased Properties | Advisor | |||||
Related Party Transaction [Line Items] | |||||
Property management fees | 2.50% | ||||
American Realty Capital Healthcare Advisors, LLC | |||||
Related Party Transaction [Line Items] | |||||
Period of notice | 60 days | ||||
Second Amended and Restated Advisory Agreement | |||||
Related Party Transaction [Line Items] | |||||
Period of notice of termination | 365 days | ||||
Monthly Base Management Fee | American Realty Capital Healthcare Advisors, LLC | |||||
Related Party Transaction [Line Items] | |||||
Transaction amount | $ 1,625,000 | ||||
Base management fee of net proceeds | 1.25% | ||||
Quarterly Variable Management Fee, Benchmark One | American Realty Capital Healthcare Advisors, LLC | |||||
Related Party Transaction [Line Items] | |||||
Basis of core earnings, percent | 15.00% | ||||
Basis of core earnings (in usd per share) | $ / shares | $ 0.375 | ||||
Quarterly Variable Management Fee, Benchmark Two | American Realty Capital Healthcare Advisors, LLC | |||||
Related Party Transaction [Line Items] | |||||
Basis of core earnings, percent | 10.00% | ||||
Basis of core earnings (in usd per share) | $ / shares | $ 0.47 | ||||
Amended and Restated Property Management and Leasing Agreement | |||||
Related Party Transaction [Line Items] | |||||
Renewal term | 1 year | ||||
Period of notice of termination | 90 days | ||||
Reimbursements of Administrative Services | American Realty Capital Healthcare Advisors, LLC | |||||
Related Party Transaction [Line Items] | |||||
Transaction amount | $ 10,600,000 | $ 8,900,000 | $ 7,600,000 | ||
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Advisor | |||||
Related Party Transaction [Line Items] | |||||
Contingent good faith negotiations of fixed component, term | 12 months | ||||
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Advisor And Company | |||||
Related Party Transaction [Line Items] | |||||
Contingent good faith negotiations of fixed component, term | 90 days | ||||
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Capped Reimbursement Amount | |||||
Related Party Transaction [Line Items] | |||||
Reimbursed fees to related party, capped reimbursement amount | $ 6,800,000 | ||||
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Real Estate Cost | |||||
Related Party Transaction [Line Items] | |||||
Fee multiplier | 4 | ||||
Real estate cost percent multiplier | 0.0029 | ||||
Reduction of real estate cost percent | 0.250 | ||||
Third Amended And Restated Advisory Agreement | American Realty Capital Healthcare Advisors, LLC | Consumer Price Index | |||||
Related Party Transaction [Line Items] | |||||
Cost of living percent multiplier | 0.030 | ||||
CPI benchmark | 100 | ||||
Maximum | American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Managed Properties | Advisor | |||||
Related Party Transaction [Line Items] | |||||
Oversight fees earned by related party | 1.00% |
Related Party Transactions an_5
Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Expenses incurred | $ 33,831 | $ 32,470 | $ 30,477 |
Payable (receivable) | (394) | 610 | |
Reduction of general and administrative expense | (20,530) | (17,275) | (15,673) |
Acquisition cost reimbursements | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 39 | 176 | 124 |
Payable (receivable) | 0 | 32 | |
Financing coordination fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 0 | 0 | 0 |
Payable (receivable) | 0 | 0 | |
Due to (from) HT III related to asset purchase | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 0 | 0 | 0 |
Payable (receivable) | 0 | (154) | |
Asset management fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 19,526 | 19,500 | 19,189 |
Payable (receivable) | 27 | 0 | |
Property management fees | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 3,888 | 3,571 | 3,068 |
Payable (receivable) | (44) | 58 | |
Transfer agent and other professional services | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 10,073 | 8,883 | 7,553 |
Payable (receivable) | (377) | 674 | |
Reduction of general and administrative expense | 500 | ||
Distributions on Class B Units | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 305 | 340 | $ 543 |
Payable (receivable) | $ 0 | $ 0 | |
Advisor | |||
Related Party Transaction [Line Items] | |||
Shares approved for issuance (in shares) | 359,250 | ||
Advisor | Professional Fees and Reimbursements | |||
Related Party Transaction [Line Items] | |||
Due from Affiliates | $ 500 | ||
Capped Reimbursement Amount | |||
Related Party Transaction [Line Items] | |||
Reimbursed fees to related party, capped reimbursement amount | $ 7,200 |
Related Party Transactions an_6
Related Party Transactions and Arrangements (Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Healthcare Trust Special Limited Partnership, LLC | Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital | Special Limited Partner | |
Related Party Transaction [Line Items] | |
Subordinated participation fees as a percentage of benchmark | 15.00% |
Healthcare Trust Special Limited Partnership, LLC | Net Sale Proceeds, after Return of Capital Contributions and Annual Targeted Investor Return | Special Limited Partner | |
Related Party Transaction [Line Items] | |
Subordinated performance fee as a percentage of benchmark | 15.00% |
Annual Targeted Investor Return | Healthcare Trust Special Limited Partnership, LLC | Pre-tax Non-compounded Return on Capital Contribution | Special Limited Partner | |
Related Party Transaction [Line Items] | |
Cumulative capital investment return to investors as a percentage of benchmark | 6.00% |
Asset management fees | |
Related Party Transaction [Line Items] | |
Fee multiplier | 4 |
Transition Fee | |
Related Party Transaction [Line Items] | |
Transaction amount | $ 15 |
Subject Fees (Transition Fee Not in Excess of the Product) | |
Related Party Transaction [Line Items] | |
Fee multiplier | 4 |
Subject Fees | |
Related Party Transaction [Line Items] | |
Fee multiplier | 4.5 |
Change in Control Fee | |
Related Party Transaction [Line Items] | |
Fee multiplier | 4 |
Variable Management - Incentive Fee | |
Related Party Transaction [Line Items] | |
Fee multiplier | 4 |
Related Party Transactions an_7
Related Party Transactions and Arrangements (American Realty Capital Healthcare Trust III Asset Purchase) (Details) $ in Thousands | Dec. 22, 2017property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Related Party Transaction [Line Items] | |||
Net receivable | $ (394) | $ 610 | |
Healthcare Trust III Asset Acquisition | |||
Related Party Transaction [Line Items] | |||
Number of properties purchased | property | 19 | ||
Healthcare Trust III Asset Acquisition | |||
Related Party Transaction [Line Items] | |||
Net receivable | $ 0 | $ (154) |
Equtiy-Based Compensation (Narr
Equtiy-Based Compensation (Narrative) (Details) - USD ($) | Jul. 29, 2019 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Share Plan | Unvested restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum authorized amount as a percentage of shares authorized | 5.00% | ||||
Number of shares authorized (in shares) | 3,400,000 | ||||
Shares granted automatically upon election to board of directors (in shares) | 1,333 | ||||
Restricted share vesting period | 5 years | ||||
Granted (in shares) | 15,000 | 0 | 380,592 | ||
Nonvested awards, compensation cost not yet recognized | $ 5,900,000 | ||||
Nonvested awards, compensation cost not yet recognized, period for recognition | 4 years 1 month 6 days | ||||
Share-based compensation expense | $ 1,300,000 | $ 1,200,000 | $ 500,000 | ||
Amended and Restated RSP | Unvested restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Benchmark basis for issuance | $ 30,000 | ||||
Board chairman | Amended and Restated RSP | Unvested restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted share vesting period | 7 years | ||||
Granted (in shares) | 300,000 | ||||
Independent directors | Amended and Restated RSP | Unvested restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted share vesting period | 5 years | ||||
Granted (in shares) | 25,000 | ||||
Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock issued during period, issued for services (in shares) | 0 | 0 | 0 | ||
Director | Restricted Share Plan | Unvested restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 15,000 |
Equtiy-Based Compensation (Summ
Equtiy-Based Compensation (Summary of Share-based Compensation Awards) (Details) - Restricted Share Plan - Unvested restricted shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Common Shares | |||
Beginning Balance (in shares) | 322,242 | 382,510 | 9,921 |
Granted (in shares) | 15,000 | 0 | 380,592 |
Vested (in shares) | (60,001) | (60,268) | (2,411) |
Forfeitures (in shares) | 0 | 0 | (5,592) |
Ending Balance (in shares) | 277,241 | 322,242 | 382,510 |
Weighted-Average Issue Price | |||
Beginning Balance, Weighted-Average Issue Price (usd per share) | $ 21.41 | $ 21.47 | $ 22.42 |
Granted, Weighted-Average Issue Price (usd per share) | 17.50 | 0 | 21.45 |
Vested, Weighted-Average Issue Price (usd per share) | 21.48 | 21.78 | 22.40 |
Forfeitures, Weighted-Average Issue Price (usd per share) | 0 | 0 | 21.45 |
Ending Balance, Weighted-Average Issue Price (usd per share) | $ 21.18 | $ 21.41 | $ 21.47 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,240,934 | $ 1,356,059 | $ 1,504,326 |
Ending balance | 1,106,744 | 1,240,934 | 1,356,059 |
Unrealized Gains (Losses) on Designated Derivative | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 4,582 | 2,473 | 0 |
Other comprehensive income, before reclassifications | (10,753) | 2,367 | 2,473 |
Amounts reclassified from accumulated other comprehensive (loss) income | (872) | (258) | 0 |
Ending balance | $ (7,043) | $ 4,582 | $ 2,473 |
Non-Controlling Interests (Narr
Non-Controlling Interests (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2014 | |
Noncontrolling Interest [Line Items] | ||||
Limited partner units (in units) | 90 | 90 | ||
Distributions to non-controlling interest holders | $ 346 | $ 492 | $ 643 | |
Non-controlling Interests | ||||
Noncontrolling Interest [Line Items] | ||||
Limited partner units (in units) | 405,908 | |||
Units issued to purchase building | $ 10,100 | |||
Units issued to fund purchase of A Building (in dollars per share) | $ 25 |
Non-Controlling Interests (Summ
Non-Controlling Interests (Summary of Non-Controlling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noncontrolling Interest [Line Items] | |||
Third Party Net Investment Amount | $ 5,410 | $ 7,797 | |
Net Real Estate Assets Subject to Investment Arrangement | 2,053,591 | 2,171,170 | |
Distributions | 346 | 492 | $ 645 |
Non-controlling Interests | |||
Noncontrolling Interest [Line Items] | |||
Distributions | 346 | 492 | 645 |
Plaza Del Rio Medical Office Campus Portfolio AZ | Non-controlling Interests | |||
Noncontrolling Interest [Line Items] | |||
Third Party Net Investment Amount | $ 416 | ||
Non-Controlling Ownership Percentage | 1.90% | ||
Net Real Estate Assets Subject to Investment Arrangement | $ 14,220 | 14,747 | |
Distributions | 0 | 87 | 52 |
UnityPoint Clinic Portfolio | Non-controlling Interests | |||
Noncontrolling Interest [Line Items] | |||
Third Party Net Investment Amount | $ 496 | ||
Non-Controlling Ownership Percentage | 5.00% | ||
Net Real Estate Assets Subject to Investment Arrangement | $ 8,842 | 9,241 | |
Distributions | $ 0 | $ 0 | $ 0 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||||||||||||
Net loss attributable to stockholders | $ (48,133) | $ (28,789) | $ (6,054) | $ (5,111) | $ (10,241) | $ (29,607) | $ (6,950) | $ (5,991) | $ (88,087) | $ (52,762) | $ (42,548) | |
Basic and diluted weighted average shares outstanding (in shares) | 92,091,377 | 91,922,963 | 91,783,557 | 92,894,608 | 91,520,444 | 90,203,311 | 90,978,411 | 90,783,065 | 91,936,641 | 91,118,929 | 89,802,174 | |
Basic and diluted net loss per share (in usd per share) | $ (0.52) | $ (0.31) | $ (0.07) | $ (0.06) | $ (0.11) | $ (0.33) | $ (0.08) | $ (0.07) | $ (0.96) | $ (0.58) | $ (0.47) | |
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,070,664 | 1,123,319 | 895,587 | |||||||||
Limited partner units (in units) | 90 | 90 | 90 | 90 | ||||||||
Class B units (in units) | 359,250 | 359,250 | 359,250 | 359,250 | 359,250 | |||||||
Unvested restricted shares | ||||||||||||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 305,416 | 358,071 | 130,339 | |||||||||
OP Units | ||||||||||||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 405,998 | 405,998 | 405,998 | |||||||||
Class B units | ||||||||||||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 359,250 | 359,250 | 359,250 | |||||||||
Restricted Share Plan | Unvested restricted shares | ||||||||||||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Unvested restricted stock (in shares) | 277,241 | 322,242 | 277,241 | 322,242 | 382,510 | 9,921 | ||||||
Advisor | American Realty Capital Healthcare III Advisors, LLC | ||||||||||||
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Limited partner units (in units) | 405,998 | 405,998 | 405,998 | 405,998 | 405,998 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2019propertysegment | Dec. 31, 2018segment | Dec. 31, 2017segment | Dec. 31, 2019encumbered_property | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 3 | 3 | 3 | |
Segment Reporting Information [Line Items] | ||||
Number of real estate properties | 193 | 102 | ||
NuVista | ||||
Segment Reporting Information [Line Items] | ||||
Number of real estate properties | 2 | |||
NuVista | Transition Property | ||||
Segment Reporting Information [Line Items] | ||||
Number of real estate properties | 1 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Segment Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 94,469 | $ 95,440 | $ 96,287 | $ 88,718 | $ 91,820 | $ 90,191 | $ 90,957 | $ 89,438 | $ 374,914 | $ 362,406 | $ 311,173 |
Property operating and maintenance | 234,185 | ||||||||||
Property operating and maintenance | 220,997 | 186,277 | |||||||||
NOI | 140,729 | 141,409 | 124,896 | ||||||||
Impairment charges | (55,969) | (20,655) | (18,993) | ||||||||
Operating fees to related parties | (23,414) | (23,071) | (22,257) | ||||||||
Acquisition and transaction related | (362) | (302) | (2,986) | ||||||||
General and administrative | (20,530) | (17,275) | (15,673) | ||||||||
Depreciation and amortization | (81,032) | (83,212) | (77,641) | ||||||||
Gain (loss) on sale of real estate investments | 8,790 | (70) | 438 | ||||||||
Interest expense | (56,059) | (49,471) | (30,264) | ||||||||
Interest and other income | 7 | 23 | 306 | ||||||||
Loss on non-designated derivatives | (68) | (157) | (198) | ||||||||
Gain on acquisition | 0 | 0 | 307 | ||||||||
Income tax expense | (399) | (197) | (647) | ||||||||
Net loss attributable to non-controlling interests | 393 | 216 | 164 | ||||||||
Preferred stock dividends | (173) | 0 | 0 | ||||||||
Net loss attributable to common stockholders | $ (48,133) | $ (28,789) | $ (6,054) | $ (5,111) | $ (10,241) | $ (29,607) | $ (6,950) | $ (5,991) | (88,087) | (52,762) | (42,548) |
Medical Office Buildings | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 100,379 | 99,103 | 82,850 | ||||||||
Property operating and maintenance | 31,813 | ||||||||||
Property operating and maintenance | 30,295 | 24,137 | |||||||||
NOI | 68,566 | 68,808 | 58,713 | ||||||||
Triple-Net Leased Healthcare Facilities | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 14,564 | 19,617 | 22,169 | ||||||||
Property operating and maintenance | 2,800 | ||||||||||
Property operating and maintenance | 7,197 | 12,789 | |||||||||
NOI | 11,764 | 12,420 | 9,380 | ||||||||
Seniors Housing Communities | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 259,971 | 243,686 | 206,154 | ||||||||
Property operating and maintenance | 199,572 | ||||||||||
Property operating and maintenance | 183,505 | 149,351 | |||||||||
NOI | $ 60,399 | $ 60,181 | $ 56,803 |
Segment Reporting (Reconcilia_2
Segment Reporting (Reconciliation of Segment Activity to Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate investments, at cost: | |||
Investments in real estate, net: | $ 2,053,591 | $ 2,171,170 | |
Construction in progress(2) | 0 | 90,829 | |
Cash and cash equivalents | 95,691 | 77,264 | $ 94,177 |
Restricted cash | 15,908 | 14,094 | |
Assets held for sale | 70,839 | 52,397 | |
Derivative assets, at fair value | 392 | 4,633 | |
Straight-line rent receivable, net | 21,182 | 17,351 | |
Operating lease right-of-use assets | 14,351 | ||
Prepaid expenses and other assets | 39,707 | 28,785 | |
Deferred costs, net | 13,642 | 11,752 | |
Total assets | 2,325,303 | 2,377,446 | |
Medical Office Buildings | |||
Real estate investments, at cost: | |||
Investments in real estate, net: | 891,477 | 878,703 | |
Triple-Net Leased Healthcare Facilities | |||
Real estate investments, at cost: | |||
Investments in real estate, net: | 305,250 | 289,686 | |
Seniors Housing Communities | |||
Real estate investments, at cost: | |||
Investments in real estate, net: | $ 856,864 | $ 911,952 |
Segment Reporting (Reconcilia_3
Segment Reporting (Reconciliation of Capital Expenditures by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 16,719 | $ 12,910 | $ 8,278 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 16,719 | 12,910 | 9,001 |
Operating Segments | Medical Office Buildings | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 5,309 | 7,582 | 4,037 |
Operating Segments | Triple-Net Leased Healthcare Facilities | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 396 | 1,152 | 154 |
Operating Segments | Seniors Housing Communities | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 11,014 | $ 4,176 | $ 4,810 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Jan. 01, 2019lease | Dec. 31, 2019USD ($)lease | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |||||
Number of operating lease contracts | lease | 11 | 8 | |||
Number of finance lease contracts | lease | 6 | ||||
Operating lease right-of-use assets | $ 14,351 | ||||
Operating lease liabilities | $ 9,133 | $ 9,133 | |||
Remaining lease term | 42 years 2 months 12 days | ||||
Weighted average discount rate, percent | 7.34% | ||||
Operating lease payments | $ 800 | ||||
Operating lease costs | $ 1,000 | ||||
Rent expense | $ 900 | $ 800 | |||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Renewal term | 12 years 9 months 18 days | ||||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Renewal term | 87 years 8 months 12 days | ||||
Medical Office Buildings | |||||
Lessee, Lease, Description [Line Items] | |||||
Number of operating lease contracts | lease | 3 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Operating Leases | ||
2020 | $ 651 | |
2021 | 663 | |
2022 | 682 | |
2023 | 684 | |
2024 | 687 | |
Thereafter | 29,374 | |
Total minimum lease payments | 32,741 | |
Less: amounts representing interest | (23,608) | |
Operating lease liabilities | $ 9,133 | 9,133 |
Direct Financing Leases (1) | ||
2020 | 82 | |
2021 | 84 | |
2022 | 86 | |
2023 | 88 | |
2024 | 90 | |
Thereafter | 7,500 | |
Total minimum lease payments | 7,930 | |
Less: amounts representing interest | (3,117) | |
Total present value of minimum lease payments | $ 4,813 |
Quarterly Results (Unaudited)_2
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 94,469 | $ 95,440 | $ 96,287 | $ 88,718 | $ 91,820 | $ 90,191 | $ 90,957 | $ 89,438 | $ 374,914 | $ 362,406 | $ 311,173 |
Net loss attributable to stockholders | $ (48,133) | $ (28,789) | $ (6,054) | $ (5,111) | $ (10,241) | $ (29,607) | $ (6,950) | $ (5,991) | $ (88,087) | $ (52,762) | $ (42,548) |
Basic and diluted weighted average shares outstanding (in shares) | 92,091,377 | 91,922,963 | 91,783,557 | 92,894,608 | 91,520,444 | 90,203,311 | 90,978,411 | 90,783,065 | 91,936,641 | 91,118,929 | 89,802,174 |
Basic and diluted net loss per share (in usd per share) | $ (0.52) | $ (0.31) | $ (0.07) | $ (0.06) | $ (0.11) | $ (0.33) | $ (0.08) | $ (0.07) | $ (0.96) | $ (0.58) | $ (0.47) |
Business Acquisition [Line Items] | |||||||||||
Impairment charges | $ 55,969 | $ 20,655 | $ 18,993 | ||||||||
Held-for-use | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Impairment charges | $ 33,335 | $ 2,400 | $ 18,993 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ / shares in Units, $ in Millions | Mar. 20, 2020USD ($)property | Feb. 26, 2020USD ($)$ / sharesshares | Jan. 09, 2020USD ($)$ / sharesshares | Oct. 30, 2019USD ($)$ / sharesshares | Aug. 22, 2019USD ($)property | Apr. 30, 2019USD ($)$ / sharesshares | Feb. 06, 2019USD ($)property | Mar. 13, 2018$ / sharesshares | Jul. 31, 2018$ / sharesshares | May 31, 2018USD ($)shares | Jan. 31, 2018$ / sharesshares | Dec. 31, 2019USD ($)property$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Aug. 01, 2019USD ($) | Apr. 01, 2019USD ($) | Mar. 21, 2019USD ($) | Sep. 25, 2018USD ($) | Jul. 26, 2018USD ($) |
Subsequent Event [Line Items] | |||||||||||||||||||||
Weighted-average price per share (in usd per share) | $ / shares | $ 17.50 | $ 20.25 | $ 20.25 | $ 21.45 | $ 19.14 | $ 21.56 | $ 20.95 | ||||||||||||||
Number of shares repurchased (in shares) | shares | 446,830 | 656,433 | 155,904 | 373,967 | 1,103,263 | 3,288,256 | 4,391,519 | ||||||||||||||
Stock repurchase, value | $ 7.8 | $ 13.3 | $ 3 | ||||||||||||||||||
Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Weighted-average price per share (in usd per share) | $ / shares | $ 17.50 | ||||||||||||||||||||
Number of shares repurchased (in shares) | shares | 505,101 | ||||||||||||||||||||
Stock repurchase, value | $ 8.8 | $ 1.7 | |||||||||||||||||||
Number of properties purchased | property | 7 | ||||||||||||||||||||
Business combination, consideration transferred | $ 81.9 | ||||||||||||||||||||
Tender Offer | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Shares authorized for repurchase (in shares) | shares | 2,000,000 | ||||||||||||||||||||
Weighted-average price per share (in usd per share) | $ / shares | $ 13.15 | ||||||||||||||||||||
Number of shares repurchased (in shares) | shares | 229,999 | ||||||||||||||||||||
Tender Offer | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Shares authorized for repurchase (in shares) | shares | 200,000 | ||||||||||||||||||||
Weighted-average price per share (in usd per share) | $ / shares | $ 8.50 | ||||||||||||||||||||
Number of shares repurchased (in shares) | shares | 200,000 | ||||||||||||||||||||
Medical Office Buildings | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Number of properties purchased | property | 4 | ||||||||||||||||||||
Seniors Housing Communities | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Number of properties purchased | property | 1 | ||||||||||||||||||||
Seniors Housing Communities | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Number of properties purchased | property | 3 | ||||||||||||||||||||
Held-for-sale | Medical Office Buildings | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Number of properties disposed | property | 1 | 5 | |||||||||||||||||||
Contract sale price | $ 13.6 | $ 45 | $ 58.8 | $ 68 | |||||||||||||||||
Held-for-sale | Medical Office Buildings | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Number of properties disposed | property | 1 | ||||||||||||||||||||
Contract sale price | $ 8.6 | ||||||||||||||||||||
Held-for-sale | Seniors Housing Communities | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Contract sale price | $ 1 | $ 1 | $ 71.8 | $ 0.2 | $ 3.5 | $ 3.6 | |||||||||||||||
Held-for-sale | Seniors Housing Communities | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Contract sale price | $ 0.5 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation - Schedule III (Summary of Real Estate Properties) (Details) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2019property | Dec. 31, 2019USD ($) | Dec. 31, 2019encumbered_property | Mar. 13, 2019property | Dec. 31, 2018USD ($) | Mar. 02, 2018property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | $ 896,855 | |||||||
Land | 207,335 | |||||||
Building and Improvements | 1,974,133 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 29,984 | |||||||
Gross Amount | 2,211,451 | $ 2,296,627 | $ 2,229,374 | $ 2,060,458 | ||||
Accumulated Depreciation | 260,399 | 226,167 | $ 170,271 | $ 119,014 | ||||
Acquired intangibles | 269,600 | |||||||
Federal income taxes | 2,200,000 | |||||||
Accumulated Amortization | 167,100 | |||||||
Number of real estate properties | 193 | 102 | ||||||
Secured Debt | 528,284 | $ 462,839 | ||||||
Building | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Useful life | 40 years | |||||||
Land Improvements | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Useful life | 15 years | |||||||
Fixtures and improvements | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Useful life | 5 years | |||||||
Fresenius Medical Care - Winfield, AL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 152 | |||||||
Building and Improvements | 1,568 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 1,720 | |||||||
Accumulated Depreciation | 307 | |||||||
Adena Health Center - Jackson, OH | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 242 | |||||||
Building and Improvements | 4,494 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 4,736 | |||||||
Accumulated Depreciation | 757 | |||||||
Ouachita Community Hospital - West Monroe, LA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 633 | |||||||
Building and Improvements | 5,304 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 5,937 | |||||||
Accumulated Depreciation | 909 | |||||||
CareMeridian - Littleton, CO | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 976 | |||||||
Building and Improvements | 8,900 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 103 | |||||||
Gross Amount | 9,979 | |||||||
Accumulated Depreciation | 2,322 | |||||||
Oak Lawn Medical Center - Oak Lawn, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 5,343 | |||||||
Land | 835 | |||||||
Building and Improvements | 7,217 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 8,052 | |||||||
Accumulated Depreciation | 1,435 | |||||||
Surgery Center of Temple - Temple, TX | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 225 | |||||||
Building and Improvements | 5,208 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 5,433 | |||||||
Accumulated Depreciation | 856 | |||||||
Greenville Health System - Greenville, SC | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 720 | |||||||
Building and Improvements | 3,045 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 3,765 | |||||||
Accumulated Depreciation | 490 | |||||||
Stockbridge Family Medical - Stockbridge, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 1,781 | |||||||
Land | 823 | |||||||
Building and Improvements | 1,799 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 26 | |||||||
Gross Amount | 2,648 | |||||||
Accumulated Depreciation | 319 | |||||||
Arrowhead Medical Plaza II - Glendale, AZ | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 7,540 | |||||||
Land | 0 | |||||||
Building and Improvements | 9,758 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,850 | |||||||
Gross Amount | 11,608 | |||||||
Accumulated Depreciation | 2,014 | |||||||
Village Center Parkway - Stockbridge, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 2,434 | |||||||
Land | 1,135 | |||||||
Building and Improvements | 2,299 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 138 | |||||||
Gross Amount | 3,572 | |||||||
Accumulated Depreciation | 544 | |||||||
Creekside MOB - Douglasville, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 8,814 | |||||||
Land | 2,709 | |||||||
Building and Improvements | 5,320 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 603 | |||||||
Gross Amount | 8,632 | |||||||
Accumulated Depreciation | 1,281 | |||||||
Bowie Gateway Medical Center - Bowie, MD | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 9,153 | |||||||
Land | 983 | |||||||
Building and Improvements | 10,321 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 81 | |||||||
Gross Amount | 11,385 | |||||||
Accumulated Depreciation | 1,591 | |||||||
Campus at Crooks & Auburn Building D - Rochester Mills, MI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 3,627 | |||||||
Land | 640 | |||||||
Building and Improvements | 4,166 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 118 | |||||||
Gross Amount | 4,924 | |||||||
Accumulated Depreciation | 688 | |||||||
Berwyn Medical Center - Berwyn, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,305 | |||||||
Building and Improvements | 7,559 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 8,864 | |||||||
Accumulated Depreciation | 1,101 | |||||||
Countryside Medical Arts - Safety Harbor, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 6,983 | |||||||
Land | 915 | |||||||
Building and Improvements | 7,663 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 60 | |||||||
Gross Amount | 8,638 | |||||||
Accumulated Depreciation | 1,211 | |||||||
St. Andrews Medical Park - Venice, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 11,119 | |||||||
Land | 1,666 | |||||||
Building and Improvements | 10,005 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 509 | |||||||
Gross Amount | 12,180 | |||||||
Accumulated Depreciation | 1,726 | |||||||
Campus at Crooks & Auburn Building C - Rochester Mills, MI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 3,831 | |||||||
Land | 609 | |||||||
Building and Improvements | 3,893 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 130 | |||||||
Gross Amount | 4,632 | |||||||
Accumulated Depreciation | 681 | |||||||
Laguna Professional Center - Elk Grove, CA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 8,887 | |||||||
Land | 1,811 | |||||||
Building and Improvements | 14,598 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 239 | |||||||
Gross Amount | 16,648 | |||||||
Accumulated Depreciation | 2,304 | |||||||
UC Davis MOB - Elk Grove, CA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 8,136 | |||||||
Land | 1,138 | |||||||
Building and Improvements | 7,242 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 257 | |||||||
Gross Amount | 8,637 | |||||||
Accumulated Depreciation | 1,207 | |||||||
Estate at Hyde Park - Tampa, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 20,116 | |||||||
Land | 1,777 | |||||||
Building and Improvements | 20,308 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 325 | |||||||
Gross Amount | 22,410 | |||||||
Accumulated Depreciation | 3,409 | |||||||
Sunnybrook of Burlington - Burlington, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 12,783 | |||||||
Land | 518 | |||||||
Building and Improvements | 16,739 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 67 | |||||||
Gross Amount | 17,324 | |||||||
Accumulated Depreciation | 2,910 | |||||||
Sunnybrook of Carroll - Carroll, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 6,144 | |||||||
Land | 473 | |||||||
Building and Improvements | 11,263 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 28 | |||||||
Gross Amount | 11,764 | |||||||
Accumulated Depreciation | 1,787 | |||||||
Prairie Hills at Cedar Rapids - Cedar Rapids, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 8,014 | |||||||
Land | 195 | |||||||
Building and Improvements | 8,595 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 40 | |||||||
Gross Amount | 8,830 | |||||||
Accumulated Depreciation | 1,388 | |||||||
Prairie Hills at Clinton - Clinton, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 10,759 | |||||||
Land | 890 | |||||||
Building and Improvements | 18,882 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 47 | |||||||
Gross Amount | 19,819 | |||||||
Accumulated Depreciation | 3,101 | |||||||
Prairie Hills at Des Moines - Des Moines, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 5,418 | |||||||
Land | 647 | |||||||
Building and Improvements | 13,745 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 37 | |||||||
Gross Amount | 14,429 | |||||||
Accumulated Depreciation | 2,444 | |||||||
Sunnybrook of Fairfield - Fairfield, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 340 | |||||||
Building and Improvements | 14,115 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 42 | |||||||
Gross Amount | 14,497 | |||||||
Accumulated Depreciation | 2,503 | |||||||
Sunnybrook of Ft. Madison - Ft. Madison, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 263 | |||||||
Building and Improvements | 3,931 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 46 | |||||||
Gross Amount | 4,240 | |||||||
Accumulated Depreciation | 336 | |||||||
Prairie Hills at Independence - Independence, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 473 | |||||||
Building and Improvements | 10,600 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 14 | |||||||
Gross Amount | 11,087 | |||||||
Accumulated Depreciation | 1,661 | |||||||
Sunnybrook of Mt. Pleasant - Mt. Pleasant, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 205 | |||||||
Building and Improvements | 10,935 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 114 | |||||||
Gross Amount | 11,254 | |||||||
Accumulated Depreciation | 1,646 | |||||||
Sunnybrook of Muscatine - Muscatine, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 11,989 | |||||||
Land | 302 | |||||||
Building and Improvements | 13,840 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 49 | |||||||
Gross Amount | 14,191 | |||||||
Accumulated Depreciation | 2,242 | |||||||
Prairie Hills at Ottumwa - Ottumwa, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 538 | |||||||
Building and Improvements | 9,186 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 62 | |||||||
Gross Amount | 9,786 | |||||||
Accumulated Depreciation | 1,576 | |||||||
Prairie Hills at Tipton - Tipton, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 306 | |||||||
Building and Improvements | 10,409 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 31 | |||||||
Gross Amount | 10,746 | |||||||
Accumulated Depreciation | 1,528 | |||||||
Liberty Court - Dixon, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 119 | |||||||
Building and Improvements | 1,998 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 25 | |||||||
Gross Amount | 2,142 | |||||||
Accumulated Depreciation | 367 | |||||||
The Atrium - Rockford, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 164 | |||||||
Building and Improvements | 1,746 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 190 | |||||||
Gross Amount | 2,100 | |||||||
Accumulated Depreciation | 153 | |||||||
Arrowhead Medical Plaza I - Glendale, AZ | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 4,571 | |||||||
Land | 0 | |||||||
Building and Improvements | 6,447 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,104 | |||||||
Gross Amount | 7,551 | |||||||
Accumulated Depreciation | 1,065 | |||||||
Cardiovascular Consultants of Cape Girardeau MOB - Cape Girardeau, MO | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,624 | |||||||
Building and Improvements | 5,303 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 6,927 | |||||||
Accumulated Depreciation | 1,036 | |||||||
Sunnybrook of Burlington - Land - Burlington, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 620 | |||||||
Building and Improvements | 0 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 620 | |||||||
Accumulated Depreciation | 0 | |||||||
Community Health MOB - Harrisburg, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 5,424 | |||||||
Land | 0 | |||||||
Building and Improvements | 6,170 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 6,170 | |||||||
Accumulated Depreciation | 837 | |||||||
Brady MOB - Harrisburg, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 19,661 | |||||||
Land | 0 | |||||||
Building and Improvements | 22,485 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 22,485 | |||||||
Accumulated Depreciation | 2,978 | |||||||
Landis Memorial - Harrisburg, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 0 | |||||||
Building and Improvements | 32,484 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 32,484 | |||||||
Accumulated Depreciation | 4,316 | |||||||
FOC II - Mechanicsburg, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 16,136 | |||||||
Land | 0 | |||||||
Building and Improvements | 16,473 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 132 | |||||||
Gross Amount | 16,605 | |||||||
Accumulated Depreciation | 2,497 | |||||||
FOC Clinical - Mechanicsburg, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 17,695 | |||||||
Land | 0 | |||||||
Building and Improvements | 19,634 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 19,634 | |||||||
Accumulated Depreciation | 2,938 | |||||||
FOC I - Mechanicsburg, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 8,204 | |||||||
Land | 0 | |||||||
Building and Improvements | 8,923 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 155 | |||||||
Gross Amount | 9,078 | |||||||
Accumulated Depreciation | 1,429 | |||||||
Copper Springs Senior Living - Meridian, ID | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 498 | |||||||
Building and Improvements | 7,130 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 69 | |||||||
Gross Amount | 7,697 | |||||||
Accumulated Depreciation | 1,580 | |||||||
Addington Place of Brunswick - Brunswick, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,509 | |||||||
Building and Improvements | 14,402 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 21 | |||||||
Gross Amount | 15,932 | |||||||
Accumulated Depreciation | 2,540 | |||||||
Addington Place of Dublin - Dublin, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 403 | |||||||
Building and Improvements | 9,281 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 99 | |||||||
Gross Amount | 9,783 | |||||||
Accumulated Depreciation | 1,788 | |||||||
Allegro at Elizabethtown - Elizabethtown, KY | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 317 | |||||||
Building and Improvements | 7,290 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 188 | |||||||
Gross Amount | 7,795 | |||||||
Accumulated Depreciation | 1,511 | |||||||
Addington Place of Johns Creek - Johns Creek, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 10,139 | |||||||
Land | 997 | |||||||
Building and Improvements | 11,943 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 39 | |||||||
Gross Amount | 12,979 | |||||||
Accumulated Depreciation | 2,171 | |||||||
Allegro at Jupiter - Jupiter, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 34,370 | |||||||
Land | 3,741 | |||||||
Building and Improvements | 49,534 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 151 | |||||||
Gross Amount | 53,426 | |||||||
Accumulated Depreciation | 8,145 | |||||||
Addington Place of Lee's Summit - Lee's Summit, MO | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 17,187 | |||||||
Land | 2,734 | |||||||
Building and Improvements | 25,008 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 209 | |||||||
Gross Amount | 27,951 | |||||||
Accumulated Depreciation | 4,088 | |||||||
Addington Place at Mills - Roswell, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,000 | |||||||
Building and Improvements | 8,611 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 123 | |||||||
Gross Amount | 9,734 | |||||||
Accumulated Depreciation | 1,792 | |||||||
Addington Place of College Harbour - St Petersburg, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 3,791 | |||||||
Building and Improvements | 8,684 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 992 | |||||||
Gross Amount | 13,467 | |||||||
Accumulated Depreciation | 2,309 | |||||||
Allegro at Stuart - Stuart, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 49,069 | |||||||
Land | 5,018 | |||||||
Building and Improvements | 60,575 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 425 | |||||||
Gross Amount | 66,018 | |||||||
Accumulated Depreciation | 10,207 | |||||||
Allegro at Tarpon - Tarpon Springs, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 7,350 | |||||||
Land | 2,360 | |||||||
Building and Improvements | 13,728 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 398 | |||||||
Gross Amount | 16,486 | |||||||
Accumulated Depreciation | 2,907 | |||||||
Addington Place of Titusville - Titusville, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 12,423 | |||||||
Land | 1,379 | |||||||
Building and Improvements | 13,976 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 146 | |||||||
Gross Amount | 15,501 | |||||||
Accumulated Depreciation | 2,682 | |||||||
Allegro at St. Petersburg - Land - St. Petersburg, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 3,045 | |||||||
Building and Improvements | 0 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 3,045 | |||||||
Accumulated Depreciation | 0 | |||||||
Gateway MOB - Clarksville, TN | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 17,560 | |||||||
Land | 0 | |||||||
Building and Improvements | 16,367 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 763 | |||||||
Gross Amount | 17,130 | |||||||
Accumulated Depreciation | 2,437 | |||||||
761 Building - Munster, IN | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 690 | |||||||
Building and Improvements | 10,084 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 173 | |||||||
Gross Amount | 10,947 | |||||||
Accumulated Depreciation | 0 | |||||||
Addington at Wellington Green - Wellington, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 3,182 | |||||||
Building and Improvements | 25,364 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 65 | |||||||
Gross Amount | 28,611 | |||||||
Accumulated Depreciation | 0 | |||||||
Dyer Building - Dyer, IN | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 601 | |||||||
Building and Improvements | 8,992 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 64 | |||||||
Gross Amount | 9,657 | |||||||
Accumulated Depreciation | 1,225 | |||||||
757 Building - Munster, IN | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 645 | |||||||
Building and Improvements | 7,885 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 8,530 | |||||||
Accumulated Depreciation | 1,065 | |||||||
761 Building - Munster, IN | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 6,797 | |||||||
Land | 1,436 | |||||||
Building and Improvements | 8,616 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 59 | |||||||
Gross Amount | 10,111 | |||||||
Accumulated Depreciation | 1,245 | |||||||
759 Building - Munster, IN | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 8,271 | |||||||
Land | 1,101 | |||||||
Building and Improvements | 8,899 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 10,000 | |||||||
Accumulated Depreciation | 1,236 | |||||||
Schererville Building - Schererville, IN | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,260 | |||||||
Building and Improvements | 935 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 29 | |||||||
Gross Amount | 2,224 | |||||||
Accumulated Depreciation | 230 | |||||||
Meadowbrook Senior Living - Agoura Hills, CA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 19,167 | |||||||
Land | 8,821 | |||||||
Building and Improvements | 48,682 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 680 | |||||||
Gross Amount | 58,183 | |||||||
Accumulated Depreciation | 7,342 | |||||||
Mount Vernon Medical Office Building - Mount Vernon, WA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 15,797 | |||||||
Land | 0 | |||||||
Building and Improvements | 18,519 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3 | |||||||
Gross Amount | 18,522 | |||||||
Accumulated Depreciation | 2,552 | |||||||
Wellington at Hershey's Mill - West Chester, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 8,531 | |||||||
Building and Improvements | 80,734 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,044 | |||||||
Gross Amount | 90,309 | |||||||
Accumulated Depreciation | 11,940 | |||||||
Careplex West Medical Office Building - Hampton, VA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 7,187 | |||||||
Land | 2,628 | |||||||
Building and Improvements | 16,098 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 18,726 | |||||||
Accumulated Depreciation | 2,181 | |||||||
Hampton River Medical Arts Building - Hampton, VA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 0 | |||||||
Building and Improvements | 18,083 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 146 | |||||||
Gross Amount | 18,229 | |||||||
Accumulated Depreciation | 2,617 | |||||||
Eye Specialty Group Medical Building - Memphis, TN | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 8,475 | |||||||
Land | 775 | |||||||
Building and Improvements | 7,223 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 7,998 | |||||||
Accumulated Depreciation | 964 | |||||||
Addington Place of Alpharetta - Alpharetta, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,604 | |||||||
Building and Improvements | 26,069 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 20 | |||||||
Gross Amount | 27,693 | |||||||
Accumulated Depreciation | 4,172 | |||||||
Addington Place of Prairie Village - Prairie Village, KS | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 14,812 | |||||||
Land | 1,782 | |||||||
Building and Improvements | 21,869 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 327 | |||||||
Gross Amount | 23,978 | |||||||
Accumulated Depreciation | 3,626 | |||||||
Bloom MOB - Harrisburg, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 15,322 | |||||||
Land | 0 | |||||||
Building and Improvements | 15,928 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 167 | |||||||
Gross Amount | 16,095 | |||||||
Accumulated Depreciation | 2,169 | |||||||
Medical Sciences Pavilion - Harrisburg, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 18,272 | |||||||
Land | 0 | |||||||
Building and Improvements | 22,309 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 22,309 | |||||||
Accumulated Depreciation | 2,873 | |||||||
Wood Glen Nursing and Rehab Center - West Chicago, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,896 | |||||||
Building and Improvements | 16,107 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 18,003 | |||||||
Accumulated Depreciation | 3,270 | |||||||
Pinnacle Center - Southaven, MS | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 7,085 | |||||||
Land | 1,378 | |||||||
Building and Improvements | 6,547 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 310 | |||||||
Gross Amount | 8,235 | |||||||
Accumulated Depreciation | 1,078 | |||||||
Paradise Valley Medical Plaza - Phoenix, AZ | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 13,085 | |||||||
Land | 0 | |||||||
Building and Improvements | 25,194 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 857 | |||||||
Gross Amount | 26,051 | |||||||
Accumulated Depreciation | 3,575 | |||||||
Victory Medical Center at Craig Ranch - McKinney, TX | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,596 | |||||||
Building and Improvements | 40,475 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,226 | |||||||
Gross Amount | 43,297 | |||||||
Accumulated Depreciation | 5,334 | |||||||
Rivershores Healthcare & Rehab Centre - Marseilles, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,276 | |||||||
Building and Improvements | 6,868 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 8,144 | |||||||
Accumulated Depreciation | 1,480 | |||||||
Morton Terrace Healthcare & Rehab Centre - Morton, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 709 | |||||||
Building and Improvements | 5,649 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 6,358 | |||||||
Accumulated Depreciation | 1,482 | |||||||
Morton Villa Healthcare & Rehab Centre - Morton, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 645 | |||||||
Building and Improvements | 3,687 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 87 | |||||||
Gross Amount | 4,419 | |||||||
Accumulated Depreciation | 905 | |||||||
The Heights Healthcare & Rehab Centre - Peoria Heights, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 214 | |||||||
Building and Improvements | 7,952 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 8,166 | |||||||
Accumulated Depreciation | 1,797 | |||||||
Colonial Healthcare & Rehab Centre - Princeton, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 173 | |||||||
Building and Improvements | 5,871 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 6,044 | |||||||
Accumulated Depreciation | 1,506 | |||||||
Capitol Healthcare & Rehab Centre - Springfield, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 603 | |||||||
Building and Improvements | 21,699 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 26 | |||||||
Gross Amount | 22,328 | |||||||
Accumulated Depreciation | 4,276 | |||||||
Acuity Specialty Hospital - Mesa, AZ | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,977 | |||||||
Building and Improvements | 16,203 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 543 | |||||||
Gross Amount | 18,723 | |||||||
Accumulated Depreciation | 2,240 | |||||||
Acuity Specialty Hospital - Sun City, AZ | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 2,329 | |||||||
Building and Improvements | 15,795 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 274 | |||||||
Gross Amount | 18,398 | |||||||
Accumulated Depreciation | 2,163 | |||||||
Addington Place of Shoal Creek - Kansas City, MO | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 13,391 | |||||||
Land | 3,723 | |||||||
Building and Improvements | 22,259 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 362 | |||||||
Gross Amount | 26,344 | |||||||
Accumulated Depreciation | 3,558 | |||||||
Aurora Healthcare Center - Green Bay, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,130 | |||||||
Building and Improvements | 1,678 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 2,808 | |||||||
Accumulated Depreciation | 257 | |||||||
Aurora Healthcare Center - Greenville, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 259 | |||||||
Building and Improvements | 958 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 1,217 | |||||||
Accumulated Depreciation | 155 | |||||||
Aurora Healthcare Center - Kiel, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 676 | |||||||
Building and Improvements | 2,214 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 2,890 | |||||||
Accumulated Depreciation | 303 | |||||||
Aurora Healthcare Center - Plymouth, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 17,038 | |||||||
Land | 2,891 | |||||||
Building and Improvements | 24,224 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 27,115 | |||||||
Accumulated Depreciation | 3,328 | |||||||
Aurora Healthcare Center - Waterford, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 590 | |||||||
Building and Improvements | 6,452 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 7,042 | |||||||
Accumulated Depreciation | 855 | |||||||
Aurora Healthcare Center - Wautoma, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,955 | |||||||
Building and Improvements | 4,361 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 6,316 | |||||||
Accumulated Depreciation | 602 | |||||||
Arbor View Assisted Living and Memory Care - Burlington, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 367 | |||||||
Building and Improvements | 7,815 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 38 | |||||||
Gross Amount | 8,220 | |||||||
Accumulated Depreciation | 1,439 | |||||||
Advanced Orthopedic Medical Center - Richmond, VA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 15,390 | |||||||
Land | 1,523 | |||||||
Building and Improvements | 19,229 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 20,752 | |||||||
Accumulated Depreciation | 2,424 | |||||||
Palm Valley Medical Plaza - Goodyear, AZ | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 3,112 | |||||||
Land | 1,890 | |||||||
Building and Improvements | 4,940 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 201 | |||||||
Gross Amount | 7,031 | |||||||
Accumulated Depreciation | 733 | |||||||
Physicians Plaza of Roane County - Harriman, TN | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 6,293 | |||||||
Land | 1,746 | |||||||
Building and Improvements | 7,842 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 32 | |||||||
Gross Amount | 9,620 | |||||||
Accumulated Depreciation | 1,049 | |||||||
Adventist Health Lacey Medical Plaza - Hanford, CA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 11,526 | |||||||
Land | 328 | |||||||
Building and Improvements | 13,302 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 17 | |||||||
Gross Amount | 13,647 | |||||||
Accumulated Depreciation | 1,589 | |||||||
Medical Center I - Peoria, AZ | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 3,085 | |||||||
Land | 807 | |||||||
Building and Improvements | 1,115 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,410 | |||||||
Gross Amount | 3,332 | |||||||
Accumulated Depreciation | 542 | |||||||
Medical Center II - Peoria, AZ | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 945 | |||||||
Building and Improvements | 1,330 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,774 | |||||||
Gross Amount | 7,049 | |||||||
Accumulated Depreciation | 749 | |||||||
Commercial Center - Peoria, AZ | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 3,254 | |||||||
Land | 959 | |||||||
Building and Improvements | 1,110 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 608 | |||||||
Gross Amount | 2,677 | |||||||
Accumulated Depreciation | 281 | |||||||
Medical Center III - Peoria, AZ | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 2,137 | |||||||
Land | 673 | |||||||
Building and Improvements | 1,651 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 716 | |||||||
Gross Amount | 3,040 | |||||||
Accumulated Depreciation | 490 | |||||||
Morrow Medical Center - Morrow, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 4,334 | |||||||
Land | 1,155 | |||||||
Building and Improvements | 5,674 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 178 | |||||||
Gross Amount | 7,007 | |||||||
Accumulated Depreciation | 728 | |||||||
Belmar Medical Building -Lakewood, CO | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 3,770 | |||||||
Land | 819 | |||||||
Building and Improvements | 4,287 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 137 | |||||||
Gross Amount | 5,243 | |||||||
Accumulated Depreciation | 566 | |||||||
Conroe Medical Arts and Surgery Center - Conroe, TX | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 13,221 | |||||||
Land | 1,965 | |||||||
Building and Improvements | 12,198 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 525 | |||||||
Gross Amount | 14,688 | |||||||
Accumulated Depreciation | 1,672 | |||||||
Medical Center V - Peoria, AZ | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 2,884 | |||||||
Land | 1,089 | |||||||
Building and Improvements | 3,200 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 346 | |||||||
Gross Amount | 4,635 | |||||||
Accumulated Depreciation | 427 | |||||||
Legacy Medical Village - Plano, TX | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 23,662 | |||||||
Land | 3,755 | |||||||
Building and Improvements | 31,097 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 570 | |||||||
Gross Amount | 35,422 | |||||||
Accumulated Depreciation | 3,871 | |||||||
Scripps Cedar Medical Center - Vista, CA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 14,983 | |||||||
Land | 1,213 | |||||||
Building and Improvements | 14,596 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 18 | |||||||
Gross Amount | 15,827 | |||||||
Accumulated Depreciation | 1,666 | |||||||
Nuvista Institute for Healthy Living - Jupiter, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 8,586 | |||||||
Building and Improvements | 54,051 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 62,637 | |||||||
Accumulated Depreciation | 472 | |||||||
Ramsey Woods Memory Care - Cudahy, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 930 | |||||||
Building and Improvements | 4,990 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 14 | |||||||
Gross Amount | 5,934 | |||||||
Accumulated Depreciation | 747 | |||||||
East Coast Square West - Cedar Point, NC | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 5,254 | |||||||
Land | 1,535 | |||||||
Building and Improvements | 4,803 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6 | |||||||
Gross Amount | 6,344 | |||||||
Accumulated Depreciation | 564 | |||||||
East Coast Square North - Morehead City, NC | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 3,933 | |||||||
Land | 899 | |||||||
Building and Improvements | 4,761 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6 | |||||||
Gross Amount | 5,666 | |||||||
Accumulated Depreciation | 548 | |||||||
Eastside Cancer Institute - Greenville, SC | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,498 | |||||||
Building and Improvements | 6,637 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 32 | |||||||
Gross Amount | 8,167 | |||||||
Accumulated Depreciation | 771 | |||||||
Sassafras Medical Building - Erie, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 2,315 | |||||||
Land | 928 | |||||||
Building and Improvements | 4,629 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 5,557 | |||||||
Accumulated Depreciation | 489 | |||||||
Sky Lakes Klamath Medical Clinic - Klamath Falls, OR | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 433 | |||||||
Building and Improvements | 2,623 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 3,056 | |||||||
Accumulated Depreciation | 294 | |||||||
Courtyard Fountains - Gresham, OR | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 2,476 | |||||||
Building and Improvements | 50,601 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 745 | |||||||
Gross Amount | 53,822 | |||||||
Accumulated Depreciation | 6,425 | |||||||
Presence Healing Arts Pavilion - New Lenox, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 5,966 | |||||||
Land | 0 | |||||||
Building and Improvements | 6,768 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 69 | |||||||
Gross Amount | 6,837 | |||||||
Accumulated Depreciation | 795 | |||||||
Mainland Medical Arts Pavilion - Texas City, TX | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 6,174 | |||||||
Land | 320 | |||||||
Building and Improvements | 7,923 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 300 | |||||||
Gross Amount | 8,543 | |||||||
Accumulated Depreciation | 1,021 | |||||||
Renaissance on Peachtree - Atlanta, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 50,821 | |||||||
Land | 4,535 | |||||||
Building and Improvements | 68,895 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 992 | |||||||
Gross Amount | 74,422 | |||||||
Accumulated Depreciation | 8,309 | |||||||
Fox Ridge Senior Living at Bryant - Bryant, AR | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 7,283 | |||||||
Land | 1,687 | |||||||
Building and Improvements | 12,936 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 287 | |||||||
Gross Amount | 14,910 | |||||||
Accumulated Depreciation | 2,218 | |||||||
Fox Ridge Senior Living at Chenal - Little Rock, AR | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 16,695 | |||||||
Land | 6,896 | |||||||
Building and Improvements | 20,579 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 95 | |||||||
Gross Amount | 27,570 | |||||||
Accumulated Depreciation | 2,975 | |||||||
Fox Ridge North Little Rock - North Little Rock, AR | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 10,359 | |||||||
Land | 0 | |||||||
Building and Improvements | 19,265 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 200 | |||||||
Gross Amount | 19,465 | |||||||
Accumulated Depreciation | 2,545 | |||||||
Autumn Leaves of Cy-Fair - Houston, TX | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,225 | |||||||
Building and Improvements | 11,335 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 12,560 | |||||||
Accumulated Depreciation | 1,503 | |||||||
Autumn Leaves of Meyerland - Houston, TX | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 2,033 | |||||||
Building and Improvements | 13,411 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 15,444 | |||||||
Accumulated Depreciation | 1,697 | |||||||
Autumn Leaves of Clear Lake, Houston, TX | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,599 | |||||||
Building and Improvements | 13,194 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 14,793 | |||||||
Accumulated Depreciation | 1,744 | |||||||
Autumn Leaves of The Woodlands - The Woodlands, TX | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 2,413 | |||||||
Building and Improvements | 9,141 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 11,554 | |||||||
Accumulated Depreciation | 1,295 | |||||||
High Desert Medical Group Medical Office Building - Lancaster, CA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 7,480 | |||||||
Land | 1,459 | |||||||
Building and Improvements | 9,300 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 10,759 | |||||||
Accumulated Depreciation | 837 | |||||||
Northside Hospital - Canton, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 8,014 | |||||||
Land | 3,408 | |||||||
Building and Improvements | 8,191 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 30 | |||||||
Gross Amount | 11,629 | |||||||
Accumulated Depreciation | 559 | |||||||
West Michigan Surgery Center - Big Rapids, MI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 258 | |||||||
Building and Improvements | 5,677 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 5,935 | |||||||
Accumulated Depreciation | 351 | |||||||
Camellia Walk Assisted Living and Memory Care - Evans, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 12,476 | |||||||
Land | 1,854 | |||||||
Building and Improvements | 17,372 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 100 | |||||||
Gross Amount | 19,326 | |||||||
Accumulated Depreciation | 1,365 | |||||||
Cedarhurst of Collinsville - Collinsville, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,228 | |||||||
Building and Improvements | 8,652 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 77 | |||||||
Gross Amount | 9,957 | |||||||
Accumulated Depreciation | 540 | |||||||
Arcadian Cove Assisted Living - Richmond, KY | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 481 | |||||||
Building and Improvements | 3,923 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 60 | |||||||
Gross Amount | 4,464 | |||||||
Accumulated Depreciation | 274 | |||||||
Beaumont Medical Center - Warren, MI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,078 | |||||||
Building and Improvements | 9,525 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 19 | |||||||
Gross Amount | 10,622 | |||||||
Accumulated Depreciation | 530 | |||||||
DaVita Dialysis - Hudson, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 226 | |||||||
Building and Improvements | 1,979 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 2,205 | |||||||
Accumulated Depreciation | 107 | |||||||
DaVita Bay Breeze Dialysis Center - Largo, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 399 | |||||||
Building and Improvements | 896 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 1,295 | |||||||
Accumulated Depreciation | 58 | |||||||
Greenfield Medical Plaza - Gilbert, AZ | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,476 | |||||||
Building and Improvements | 4,144 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6 | |||||||
Gross Amount | 5,626 | |||||||
Accumulated Depreciation | 237 | |||||||
RAI Care Center - Clearwater, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 624 | |||||||
Building and Improvements | 3,156 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 3,780 | |||||||
Accumulated Depreciation | 168 | |||||||
Illinois CancerCare - Galesburg, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 290 | |||||||
Building and Improvements | 2,457 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 2,747 | |||||||
Accumulated Depreciation | 147 | |||||||
UnityPoint Clinic - Muscatine, IA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 570 | |||||||
Building and Improvements | 4,541 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 5,111 | |||||||
Accumulated Depreciation | 259 | |||||||
Lee Memorial Health System Outpatient Center - Ft. Myers, | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 439 | |||||||
Building and Improvements | 4,374 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 4,813 | |||||||
Accumulated Depreciation | 241 | |||||||
Decatur Medical Office Building - Decatur, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 695 | |||||||
Building and Improvements | 3,273 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 3,968 | |||||||
Accumulated Depreciation | 197 | |||||||
Madison Medical Plaza - Joliet, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 0 | |||||||
Building and Improvements | 16,855 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 37 | |||||||
Gross Amount | 16,892 | |||||||
Accumulated Depreciation | 844 | |||||||
Woodlake Office Center - Woodbury, MN | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 8,638 | |||||||
Land | 1,017 | |||||||
Building and Improvements | 10,688 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 11,705 | |||||||
Accumulated Depreciation | 582 | |||||||
Rockwall Medical Plaza - Rockwall, TX | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,097 | |||||||
Building and Improvements | 4,582 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 131 | |||||||
Gross Amount | 5,810 | |||||||
Accumulated Depreciation | 255 | |||||||
MetroHealth Buckeye Health Center - Cleveland, OH | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 389 | |||||||
Building and Improvements | 4,367 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5 | |||||||
Gross Amount | 4,761 | |||||||
Accumulated Depreciation | 231 | |||||||
UnityPoint Clinic - Moline, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 396 | |||||||
Building and Improvements | 2,880 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 3,276 | |||||||
Accumulated Depreciation | 164 | |||||||
VA Outpatient Clinic - Galesberg, IL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 359 | |||||||
Building and Improvements | 1,852 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 2,211 | |||||||
Accumulated Depreciation | 121 | |||||||
Philip Professional Center - Lawrenceville, GA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 5,780 | |||||||
Land | 1,285 | |||||||
Building and Improvements | 6,714 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 7,999 | |||||||
Accumulated Depreciation | 364 | |||||||
Texas Children’s Hospital - Houston, TX | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,368 | |||||||
Building and Improvements | 4,428 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 99 | |||||||
Gross Amount | 5,895 | |||||||
Accumulated Depreciation | 332 | |||||||
Florida Medical Heartcare - Tampa, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 586 | |||||||
Building and Improvements | 1,902 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 2,488 | |||||||
Accumulated Depreciation | 161 | |||||||
Florida Medical Somerset - Tampa, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 61 | |||||||
Building and Improvements | 1,366 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 1,427 | |||||||
Accumulated Depreciation | 100 | |||||||
Florida Medical Tampa Palms - Tampa, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 141 | |||||||
Building and Improvements | 1,402 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 1,543 | |||||||
Accumulated Depreciation | 106 | |||||||
Florida Medical Wesley Chapel - Tampa, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 485 | |||||||
Building and Improvements | 1,987 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 2,472 | |||||||
Accumulated Depreciation | 169 | |||||||
Aurora Health Center - Milwaukee, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,014 | |||||||
Building and Improvements | 4,041 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 5,055 | |||||||
Accumulated Depreciation | 329 | |||||||
Vascular Surgery Associates - Tallahassee, FL | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 902 | |||||||
Building and Improvements | 5,383 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 6,285 | |||||||
Accumulated Depreciation | 347 | |||||||
Glendale MOB - Farmington Hills, MI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 504 | |||||||
Building and Improvements | 12,332 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 12,836 | |||||||
Accumulated Depreciation | 517 | |||||||
Crittenton Washington MOB - Washington Township, MI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 640 | |||||||
Building and Improvements | 4,090 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 4,730 | |||||||
Accumulated Depreciation | 236 | |||||||
Crittenton Sterling Heights MOB - Sterling Heights, MI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,398 | |||||||
Building and Improvements | 2,695 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 180 | |||||||
Gross Amount | 4,273 | |||||||
Accumulated Depreciation | 176 | |||||||
Advocate Aurora MOB - Elkhorn, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 181 | |||||||
Building and Improvements | 9,452 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 9,633 | |||||||
Accumulated Depreciation | 423 | |||||||
Pulmonary & Critical Care Med - Lemoyne, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 4,271 | |||||||
Land | 621 | |||||||
Building and Improvements | 3,805 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 4,426 | |||||||
Accumulated Depreciation | 238 | |||||||
Dignity Emerus Blue Diamond - Las Vegas, NV | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 13,966 | |||||||
Land | 2,182 | |||||||
Building and Improvements | 16,594 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 18,776 | |||||||
Accumulated Depreciation | 522 | |||||||
Dignity Emerus Craig Rd - North Las Vegas, NV | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 18,780 | |||||||
Land | 3,807 | |||||||
Building and Improvements | 22,803 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 26,610 | |||||||
Accumulated Depreciation | 724 | |||||||
Greenfield MOB - Greenfield, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 7,526 | |||||||
Land | 1,552 | |||||||
Building and Improvements | 8,333 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 217 | |||||||
Gross Amount | 10,102 | |||||||
Accumulated Depreciation | 301 | |||||||
Milwaukee MOB - South Milwaukee, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 4,136 | |||||||
Land | 410 | |||||||
Building and Improvements | 5,041 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 5,451 | |||||||
Accumulated Depreciation | 145 | |||||||
St. Francis WI MOB - St. Francis, WI | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 9,085 | |||||||
Land | 865 | |||||||
Building and Improvements | 11,355 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 12,220 | |||||||
Accumulated Depreciation | 342 | |||||||
Lancaster Medical Arts MOB - Lancaster, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 85 | |||||||
Building and Improvements | 4,417 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 4,502 | |||||||
Accumulated Depreciation | 69 | |||||||
Women’s Healthcare Group MOB - York, PA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 624 | |||||||
Building and Improvements | 2,161 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 2,785 | |||||||
Accumulated Depreciation | 56 | |||||||
Pioneer Spine Sports - Northampton, MA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 435 | |||||||
Building and Improvements | 1,858 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 2,293 | |||||||
Accumulated Depreciation | 27 | |||||||
Pioneer Spine Sport - Springfield, MA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 333 | |||||||
Building and Improvements | 2,530 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 2,863 | |||||||
Accumulated Depreciation | 37 | |||||||
Pioneer Spine Sports - West Springfield, MA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 374 | |||||||
Building and Improvements | 4,295 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 4,669 | |||||||
Accumulated Depreciation | 58 | |||||||
Felicita Vida - Escondido, CA | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 0 | |||||||
Land | 1,677 | |||||||
Building and Improvements | 28,953 | |||||||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 | |||||||
Gross Amount | 30,630 | |||||||
Accumulated Depreciation | 262 | |||||||
Credit Facilities | Master Credit Facility | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of real estate properties | property | 22 | |||||||
Revolving Credit Facility | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of real estate properties | property | 65 | |||||||
Revolving Credit Facility | Unencumbered Properties | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Maximum borrowing capacity | 250,600 | |||||||
Capital One Facility | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of real estate properties | property | 7 | |||||||
Capital One Facility | Credit Facilities | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 10,362 | |||||||
Capital One Facility | Credit Facilities | Master Credit Facility | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of real estate properties | property | 12 | |||||||
Secured Debt | 216,600 | |||||||
KeyBank Facility | Credit Facilities | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Encumbrances | 32,532 | |||||||
KeyBank Facility | Credit Facilities | Master Credit Facility | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of real estate properties | property | 10 | |||||||
Secured Debt | $ 142,700 | |||||||
Held-for-sale | Unencumbered Properties | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of real estate properties | property | 7 |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation - Schedule III (Changes in Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real estate investments, at cost: | |||
Balance at beginning of year | $ 2,296,627 | $ 2,229,374 | $ 2,060,458 |
Additions-Acquisitions | 80,980 | 121,244 | 169,741 |
Disposals | (166,156) | (53,991) | (825) |
Balance at end of the year | 2,211,451 | 2,296,627 | 2,229,374 |
Accumulated depreciation: | |||
Balance at beginning of year | 226,167 | 170,271 | 119,014 |
Depreciation expense | 64,731 | 62,595 | 51,268 |
Disposals | (30,499) | (6,699) | (11) |
Balance at end of the year | $ 260,399 | $ 226,167 | $ 170,271 |
Uncategorized Items - hti123120
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (87,000) |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (87,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (87,000) |