Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 10, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | gahr3 | ||
Entity Registrant Name | Griffin-American Healthcare REIT III, Inc. | ||
Entity Central Index Key | 1,566,912 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 197,520,424 | ||
Entity Public Float | $ 1,740,068 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Real estate investments, net | $ 2,138,981,000 | $ 1,678,398,000 | |
Real estate notes receivable and debt security investment, net | 101,117,000 | 144,477,000 | |
Cash and cash equivalents | 29,123,000 | 48,953,000 | |
Accounts and other receivables, net | 127,684,000 | 120,970,000 | |
Restricted cash | 26,554,000 | 18,538,000 | |
Real estate deposits | 3,173,000 | 3,333,000 | |
Identified intangible assets, net | 200,827,000 | 387,137,000 | |
Goodwill | 75,265,000 | 62,911,000 | |
Other assets, net | 91,794,000 | 60,302,000 | |
Total assets | 2,794,518,000 | 2,525,019,000 | |
Liabilities: | |||
Mortgage loans payable, net(1) | [1] | 495,717,000 | 295,270,000 |
Lines of credit and term loan(1) | [1] | 649,317,000 | 350,000,000 |
Accounts payable and accrued liabilities(1) | [1] | 105,145,000 | 101,917,000 |
Accounts payable due to affiliates(1) | [1] | 2,186,000 | 1,257,000 |
Identified intangible liabilities, net | 2,216,000 | 1,026,000 | |
Capital lease obligations(1) | [1] | 45,295,000 | 47,158,000 |
Security deposits, prepaid rent and other liabilities(1) | 44,582,000 | 22,146,000 | |
Total liabilities | 1,344,458,000 | 818,774,000 | |
Commitments and contingencies (Note 11) | |||
Redeemable noncontrolling interests (Note 12) | 31,507,000 | 22,987,000 | |
Stockholders’ equity: | |||
Preferred stock, $0.01 par value per share; 200,000,000 shares authorized; none issued and outstanding | 0 | 0 | |
Common stock, $0.01 par value per share; 1,000,000,000 shares authorized; 195,780,039 and 191,135,158 shares issued and outstanding as of December 31, 2016 and 2015, respectively | 1,957,000 | 1,911,000 | |
Additional paid-in capital | 1,754,160,000 | 1,718,423,000 | |
Accumulated deficit | (490,298,000) | (227,715,000) | |
Accumulated other comprehensive loss | (3,029,000) | (506,000) | |
Total stockholders’ equity | 1,262,790,000 | 1,492,113,000 | |
Noncontrolling interests (Note 13) | 155,763,000 | 191,145,000 | |
Total equity | 1,418,553,000 | 1,683,258,000 | |
Total liabilities, redeemable noncontrolling interests and equity | $ 2,794,518,000 | $ 2,525,019,000 | |
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2016 and 2015 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP, a variable interest entity and consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP do not have recourse against Griffin-American Healthcare REIT III, Inc., except for the 2016 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $391,000,000 as of December 31, 2016 and the 2014 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $77,000,000 as of December 31, 2015, which are both guaranteed by Griffin-American Healthcare REIT III, Inc. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Lines of credit and term loan(1) | [1] | $ 649,317 | $ 350,000 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | |
Common stock, shares issued | 195,780,039 | 191,135,158 | |
Common stock, shares outstanding | 195,780,039 | 191,135,158 | |
Two Thousand Sixteen Corporate Line Of Credit [Member] | Line of Credit [Member] | |||
Lines of credit and term loan(1) | $ 391,000 | ||
2014 Corporate Line Of Credit [Member] | Line of Credit [Member] | |||
Lines of credit and term loan(1) | $ 77,000 | ||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2016 and 2015 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP, a variable interest entity and consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP do not have recourse against Griffin-American Healthcare REIT III, Inc., except for the 2016 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $391,000,000 as of December 31, 2016 and the 2014 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $77,000,000 as of December 31, 2015, which are both guaranteed by Griffin-American Healthcare REIT III, Inc. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Resident fees and services | $ 872,405,000 | $ 96,079,000 | $ 0 |
Real estate revenue | 117,166,000 | 64,397,000 | 3,481,000 |
Total revenues | 989,571,000 | 160,476,000 | 3,481,000 |
Expenses: | |||
Property operating expenses | 765,139,000 | 81,455,000 | 0 |
Rental expenses | 29,394,000 | 18,875,000 | 899,000 |
General and administrative | 28,951,000 | 16,544,000 | 1,238,000 |
Acquisition related expenses | 28,589,000 | 74,170,000 | 8,199,000 |
Depreciation and amortization | 271,307,000 | 75,714,000 | 1,510,000 |
Total expenses | 1,123,380,000 | 266,758,000 | 11,846,000 |
Loss from operations | (133,809,000) | (106,282,000) | (8,365,000) |
Other income (expense): | |||
Interest expense (including amortization of deferred financing costs and debt discount/premium) | (45,665,000) | (5,619,000) | (258,000) |
Gain in fair value of derivative financial instruments | 1,968,000 | 0 | 0 |
Foreign currency loss | (8,755,000) | (3,199,000) | 0 |
Interest and other income | 1,085,000 | 839,000 | 25,000 |
Loss from unconsolidated entities | (18,377,000) | (590,000) | 0 |
Loss before income taxes | (203,553,000) | (114,851,000) | (8,598,000) |
Income tax expense | (343,000) | (190,000) | 0 |
Net loss | (203,896,000) | (115,041,000) | (8,598,000) |
Less: net loss attributable to noncontrolling interests | 57,862,000 | 13,708,000 | 0 |
Net loss attributable to controlling interest | $ (146,034,000) | $ (101,333,000) | $ (8,598,000) |
Net loss per common share attributable to controlling interest — basic and diluted | $ (0.75) | $ (0.55) | $ (0.66) |
Weighted average number of common shares outstanding — basic and diluted | 194,199,931 | 183,234,601 | 13,052,785 |
Other comprehensive loss: | |||
Foreign currency translation adjustments | $ (2,523,000) | $ (506,000) | $ 0 |
Total other comprehensive loss | (2,523,000) | (506,000) | 0 |
Comprehensive loss | (206,419,000) | (115,547,000) | (8,598,000) |
Less: comprehensive loss attributable to noncontrolling interests | 57,862,000 | 13,708,000 | 0 |
Comprehensive loss attributable to controlling interest | $ (148,557,000) | $ (101,839,000) | $ (8,598,000) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) | Total | Parent [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated other comprehensive loss attributable to parent | Noncontrolling Interests [Member] | |
Beginning balance (shares) at Dec. 31, 2013 | 22,222 | |||||||
Beginning balance, Stockholders' Equity at Dec. 31, 2013 | $ 202,000 | $ 200,000 | $ 0 | $ 200,000 | $ 0 | $ 0 | $ 2,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock (shares) | 91,298,227 | |||||||
Issuance of common stock | 910,047,000 | 910,047,000 | $ 913,000 | 909,134,000 | ||||
Offering costs — common stock | (91,084,000) | (91,084,000) | (91,084,000) | |||||
Issuance of vested and nonvested restricted common stock (shares) | 15,000 | |||||||
Issuance of vested and nonvested restricted common stock | 30,000 | 30,000 | 30,000 | |||||
Issuance of common stock under the DRIP (shares) | 287,792 | |||||||
Issuance of common stock under the DRIP | 2,734,000 | 2,734,000 | $ 3,000 | 2,731,000 | ||||
Amortization of nonvested common stock compensation | 32,000 | 32,000 | 32,000 | |||||
Reclassification of Noncontrolling interest to mezzanine equity | (2,000) | (2,000) | ||||||
Distributions declared | (7,827,000) | (7,827,000) | (7,827,000) | |||||
Net loss | (8,598,000) | (8,598,000) | (8,598,000) | |||||
Other comprehensive loss | 0 | |||||||
Ending balance (shares) at Dec. 31, 2014 | 91,623,241 | |||||||
Ending balance, Stockholders' Equity at Dec. 31, 2014 | 805,534,000 | 805,534,000 | $ 916,000 | 821,043,000 | (16,425,000) | 0 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock (shares) | 93,632,371 | |||||||
Issuance of common stock | 933,840,000 | 933,840,000 | $ 936,000 | 932,904,000 | ||||
Offering costs — common stock | (91,148,000) | (91,148,000) | (91,148,000) | |||||
Stock based compensation | 3,165,000 | 3,165,000 | ||||||
Issuance of vested and nonvested restricted common stock (shares) | 15,000 | |||||||
Issuance of vested and nonvested restricted common stock | 30,000 | 30,000 | 30,000 | |||||
Issuance of common stock under the DRIP (shares) | 6,245,475 | |||||||
Issuance of common stock under the DRIP | 59,335,000 | 59,335,000 | $ 63,000 | 59,272,000 | ||||
Amortization of nonvested common stock compensation | 79,000 | 79,000 | 79,000 | |||||
Reclassification of Noncontrolling interest to mezzanine equity | 0 | |||||||
Repurchase of common stock (shares) | (380,929) | |||||||
Repurchase of common stock | (3,761,000) | (3,761,000) | $ (4,000) | (3,757,000) | ||||
Contributions from noncontrolling interests | 201,688,000 | 201,688,000 | ||||||
Distributions declared | (109,957,000) | (109,957,000) | (109,957,000) | |||||
Fair value adjustment to redeemable noncontrolling interests | 0 | |||||||
Net loss | (115,041,000) | (101,333,000) | (101,333,000) | (13,708,000) | ||||
Other comprehensive loss | (506,000) | (506,000) | (506,000) | |||||
Ending balance (shares) at Dec. 31, 2015 | 191,135,158 | |||||||
Ending balance, Stockholders' Equity at Dec. 31, 2015 | 1,683,258,000 | 1,492,113,000 | $ 1,911,000 | 1,718,423,000 | (227,715,000) | (506,000) | 191,145,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Offering costs — common stock | (11,000) | (11,000) | (11,000) | |||||
Stock based compensation | 1,329,000 | 1,329,000 | ||||||
Issuance of vested and nonvested restricted common stock (shares) | 30,000 | |||||||
Issuance of vested and nonvested restricted common stock | 60,000 | 60,000 | 60,000 | |||||
Issuance of common stock under the DRIP (shares) | 6,861,647 | |||||||
Issuance of common stock under the DRIP | 64,604,000 | 64,604,000 | $ 69,000 | 64,535,000 | ||||
Amortization of nonvested common stock compensation | 136,000 | 136,000 | 136,000 | |||||
Reclassification of Noncontrolling interest to mezzanine equity | (845,000) | (845,000) | ||||||
Repurchase of common stock (shares) | (2,246,766) | |||||||
Repurchase of common stock | (20,941,000) | (20,941,000) | $ (23,000) | (20,918,000) | ||||
Contributions from noncontrolling interests | 19,753,000 | 19,753,000 | ||||||
Distributions to noncontrolling interests | (244,000) | (244,000) | ||||||
Distributions declared | (116,549,000) | (116,549,000) | (116,549,000) | |||||
Fair value adjustment to redeemable noncontrolling interests | (11,521,000) | (8,065,000) | (8,065,000) | (3,456,000) | ||||
Net loss | (197,953,000) | (146,034,000) | (146,034,000) | (51,919,000) | [1] | |||
Other comprehensive loss | (2,523,000) | (2,523,000) | (2,523,000) | |||||
Ending balance (shares) at Dec. 31, 2016 | 195,780,039 | |||||||
Ending balance, Stockholders' Equity at Dec. 31, 2016 | $ 1,418,553,000 | $ 1,262,790,000 | $ 1,957,000 | $ 1,754,160,000 | $ (490,298,000) | $ (3,029,000) | $ 155,763,000 | |
[1] | Amount excludes $(5,943,000) of net loss attributable to redeemable noncontrolling interests. See Note 12, Redeemable Noncontrolling Interests. |
CONSOLIDATED STATEMENTS OF EQU6
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Net loss attributable to redeemable noncontrolling interests | $ (5,943) | $ 0 | |
Distributions declared (in usd per share) | $ 0.60 | $ 0.60 | $ 0.38 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (203,896,000) | $ (115,041,000) | $ (8,598,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 271,307,000 | 75,714,000 | 1,510,000 |
Other amortization (including deferred financing costs, above/below-market leases, leasehold interests, debt discount/premium, real estate notes receivable loan costs and debt security investment accretion and closing costs) | 4,598,000 | 1,512,000 | 195,000 |
Deferred rent | (10,733,000) | (2,816,000) | (240,000) |
Stock based compensation | 1,620,000 | 3,165,000 | 0 |
Stock based compensation — nonvested restricted common stock | 196,000 | 109,000 | 62,000 |
Acquisition fees paid in stock | 0 | 501,000 | 694,000 |
Share discounts | 0 | 636,000 | 253,000 |
Loss from unconsolidated entities | 18,377,000 | 590,000 | 0 |
Bad debt expense, net | 4,105,000 | 761,000 | 0 |
Foreign currency loss | 8,452,000 | 1,789,000 | 0 |
Contingent consideration related to acquisition of real estate | (9,405,000) | 0 | 0 |
Change in fair value of contingent consideration | 13,430,000 | (1,329,000) | 0 |
Change in fair value of derivative financial instruments | (1,968,000) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables | (2,244,000) | (11,174,000) | (1,753,000) |
Other assets | (22,918,000) | (3,510,000) | (40,000) |
Accounts payable and accrued liabilities | 34,551,000 | 22,027,000 | 2,589,000 |
Accounts payable due to affiliates | 813,000 | 1,085,000 | 162,000 |
Security deposits, prepaid rent and other liabilities | 8,072,000 | 2,994,000 | (1,163,000) |
Net cash provided by (used in) operating activities | 114,357,000 | (22,987,000) | (6,329,000) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of real estate investments | (299,448,000) | (1,445,888,000) | (259,196,000) |
Advances on real estate notes receivable | (1,942,000) | (142,234,000) | 0 |
Principal repayments on real estate notes receivable | 0 | 289,000 | 0 |
Loan costs on real estate notes receivable | (39,000) | (3,539,000) | 0 |
Lease inducement | (5,000,000) | 0 | 0 |
Investments in unconsolidated entities | (3,304,000) | 0 | 0 |
Capital expenditures | (45,985,000) | (2,984,000) | (24,000) |
Restricted cash | (8,016,000) | (18,293,000) | (245,000) |
Real estate deposits | 2,968,000 | 3,300,000 | (6,250,000) |
Proceeds from insurance settlements | 63,000 | 0 | 0 |
Net cash used in investing activities | (360,703,000) | (1,609,349,000) | (265,715,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Borrowings under mortgage loans payable | 3,563,000 | 2,792,000 | 0 |
Payments on mortgage loans payable | (5,769,000) | (1,469,000) | (60,000) |
Borrowings under the lines of credit and term loan | 558,769,000 | 438,105,000 | 0 |
Payments on the lines of credit and term loan | (259,452,000) | (88,105,000) | 0 |
Payment of derivative financial instrument | (15,000) | 0 | 0 |
Proceeds from issuance of common stock | 0 | 975,121,000 | 866,302,000 |
Deferred financing costs | (10,979,000) | (7,237,000) | (973,000) |
Contingent consideration related to acquisition of real estate | (945,000) | 0 | 0 |
Repurchase of common stock | (20,941,000) | (3,761,000) | 0 |
Payments under capital leases | (7,600,000) | (501,000) | 0 |
Contributions from noncontrolling interests | 19,753,000 | 0 | 0 |
Distributions to noncontrolling interests | (244,000) | 0 | 0 |
Contribution from redeemable noncontrolling interests | 2,295,000 | 0 | 0 |
Distributions to redeemable noncontrolling interests | (198,000) | 0 | 0 |
Security deposits | 111,000 | 943,000 | 0 |
Payment of offering costs | (11,000) | (95,420,000) | (86,432,000) |
Distributions paid | (51,681,000) | (43,869,000) | (2,101,000) |
Net cash provided by financing activities | 226,656,000 | 1,176,599,000 | 776,736,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (19,690,000) | (455,737,000) | 504,692,000 |
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH AND CASH EQUIVALENTS | (140,000) | (204,000) | 0 |
CASH AND CASH EQUIVALENTS — Beginning of period | 48,953,000 | 504,894,000 | 202,000 |
CASH AND CASH EQUIVALENTS — End of period | 29,123,000 | 48,953,000 | 504,894,000 |
Cash paid for: | |||
Interest (including interest on capital leases) | 46,839,000 | 8,300,000 | 116,000 |
Income taxes | 409,000 | 9,000 | 0 |
Investing Activities: | |||
Accrued capital expenditures | 5,104,000 | 3,940,000 | 0 |
Real estate deposit | 2,809,000 | 0 | 0 |
Settlement of receivable for investment in unconsolidated entity | 12,573,000 | 0 | 0 |
Tenant improvement overage | 1,260,000 | 0 | 0 |
Principal repayments of real estate notes receivable | 24,110,000 | 0 | 0 |
Properties received in settlement of real estate notes receivable | 23,531,000 | 0 | 0 |
Exercise purchase options — attributable to intangible asset | 56,792,000 | 0 | 0 |
The following represents the increase in certain assets and liabilities in connection with our acquisitions of real estate investments: | |||
Other receivables | 0 | 108,852,000 | 0 |
Other assets | 345,000 | 91,588,000 | 137,000 |
Mortgage loans payable, net | 205,386,000 | 278,461,000 | 17,026,000 |
Accounts payable and accrued liabilities | 309,000 | 79,715,000 | 521,000 |
Security deposits, prepaid rent and other liabilities | 9,774,000 | 42,209,000 | 3,010,000 |
Financing Activities: | |||
Noncontrolling interest | 0 | 201,688,000 | 0 |
Issuance of common stock under the DRIP | 64,604,000 | 59,335,000 | 2,734,000 |
Equipment acquired through capital lease obligations | 5,598,000 | 0 | 0 |
Redeemable noncontrolling interest | 0 | 22,985,000 | 0 |
Distributions declared but not paid | 10,009,000 | 9,745,000 | 2,992,000 |
Accrued offering costs due to affiliates | 0 | 0 | 415,000 |
Reclassification of noncontrolling interest to mezzanine equity | 845,000 | 0 | 2,000 |
Receivable from transfer agent | 0 | 0 | 38,561,000 |
Accrued deferred financing costs | $ 0 | $ 48,000 | $ 13,000 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Griffin-American Healthcare REIT III, Inc., a Maryland corporation, was incorporated on January 11, 2013 and therefore, we consider that our date of inception. We were initially capitalized on January 15, 2013 . We invest in a diversified portfolio of real estate properties, focusing primarily on medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. We also operate healthcare-related facilities utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a “RIDEA” structure (the provisions of the Internal Revenue Code of 1986, as amended, or the Code, authorizing the RIDEA structure were enacted as part of the Housing and Economic Recovery Act of 2008). We also originate and acquire secured loans and real estate-related investments on an infrequent and opportunistic basis. We generally seek investments that produce current income. We qualified to be taxed as a real estate investment trust, or REIT, under the Code for federal income tax purposes beginning with our taxable year ended December 31, 2014 , and we intend to continue to qualify to be taxed as a REIT. On February 26, 2014, we commenced a best efforts initial public offering, or our initial offering, in which we initially offered to the public up to $1,750,000,000 in shares of our common stock for $10.00 per share in our primary offering and up to $150,000,000 in shares of our common stock pursuant to our distribution reinvestment plan, or the DRIP, for $9.50 per share, aggregating up to $1,900,000,000 . We reserved the right to reallocate the shares of common stock we offered in our initial offering between the primary offering and the DRIP. As such, during our initial offering, we reallocated an aggregate of $115,000,000 in shares from the DRIP to the primary offering. Accordingly, we offered to the public up to $1,865,000,000 in shares of our common stock in our primary offering and up to $35,000,000 in shares of our common stock pursuant to the DRIP. On March 12, 2015, we terminated the primary portion of our initial offering. We continued to offer up to $35,000,000 in shares of our common stock through our initial offering pursuant to the DRIP until the termination of the DRIP portion of our initial offering and deregistration of our initial offering on April 22, 2015. As of April 22, 2015, we had received and accepted subscriptions in our initial offering for 184,930,598 shares of our common stock, or $1,842,618,000 , excluding shares of our common stock issued pursuant to the DRIP. As of April 22, 2015, a total of $18,511,000 in distributions were reinvested that resulted in 1,948,563 shares of our common stock being issued pursuant to the DRIP portion of our initial offering. On March 25, 2015, we filed a Registration Statement on Form S-3 under the Securities Act of 1933, as amended, or the Securities Act, to register a maximum of $250,000,000 of additional shares of our common stock pursuant to our distribution reinvestment plan, or the Secondary DRIP Offering. The Registration Statement on Form S-3 was automatically effective with the United States Securities and Exchange Commission, or the SEC, upon its filing; however, we did not commence offering shares pursuant to the Secondary DRIP Offering until April 22, 2015, following the deregistration of our initial offering. Effective October 5, 2016, we amended and restated the DRIP, or the Amended and Restated DRIP, to amend the price at which shares of our common stock are issued pursuant to the Secondary DRIP Offering. See Note 13, Equity — Distribution Reinvestment Plan, for a further discussion. As of December 31, 2016 , a total of $108,163,000 in distributions were reinvested and 11,446,351 shares of our common stock were issued pursuant to the Secondary DRIP Offering. We conduct substantially all of our operations through Griffin-American Healthcare REIT III Holdings, LP, or our operating partnership. We are externally advised by Griffin-American Healthcare REIT III Advisor, LLC, or Griffin-American Advisor, or our advisor, pursuant to an advisory agreement, or the Advisory Agreement, between us and our advisor. The Advisory Agreement was effective as of February 26, 2014 and had a one -year term, subject to successive one -year renewals upon the mutual consent of the parties. The Advisory Agreement was last renewed pursuant to the mutual consent of the parties on February 14, 2017 and expires on February 26, 2018. Our advisor uses its best efforts, subject to the oversight, review and approval of our board of directors, or our board, to, among other things, research, identify, review and make investments in and dispositions of properties and securities on our behalf consistent with our investment policies and objectives. Our advisor performs its duties and responsibilities under the Advisory Agreement as our fiduciary. Our advisor is 75.0% owned and managed by American Healthcare Investors, LLC, or American Healthcare Investors, and 25.0% owned by a wholly owned subsidiary of Griffin Capital Company, LLC, or Griffin Capital (formerly known as Griffin Capital Corporation), or collectively, our co-sponsors. Effective March 1, 2015, American Healthcare Investors is 47.1% owned by AHI Group Holdings, LLC, or AHI Group Holdings (formerly known as American Healthcare Investors LLC), 45.1% indirectly owned by Colony NorthStar, Inc. (NYSE: CLNS), or Colony NorthStar (formerly known as NorthStar Asset Management Group Inc. prior to its merger with Colony Capital, Inc. and NorthStar Realty Finance Corp. on January 10, 2017), and 7.8% owned by James F. Flaherty III, one of Colony NorthStar’s partners. We are not affiliated with Griffin Capital, Griffin Capital Securities, LLC, or Griffin Securities, or our dealer manager, Colony NorthStar or Mr. Flaherty; however, we are affiliated with Griffin-American Advisor, American Healthcare Investors and AHI Group Holdings. We currently operate through six reportable business segments: medical office buildings, hospitals, skilled nursing facilities, senior housing, senior housing — RIDEA and integrated senior health campuses. As of December 31, 2016 , we had completed 48 real estate acquisitions whereby we owned and/or operated 93 properties, comprising 97 buildings, and 104 integrated senior health campuses including completed development projects, or approximately 12,251,000 square feet of gross leasable area, or GLA, for an aggregate contract purchase price of $2,767,881,000 . In addition, as of December 31, 2016 , we had acquired real estate-related investments for an aggregate purchase price of $120,646,000 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The summary of significant accounting policies presented below is designed to assist in understanding our consolidated financial statements. Such consolidated financial statements and the accompanying notes thereto are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing our accompanying consolidated financial statements. Basis of Presentation Our accompanying consolidated financial statements include our accounts and those of our operating partnership, the wholly owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries in which we have control, as well as any variable interest entities, or VIEs, in which we are the primary beneficiary. We evaluate our ability to control an entity, and whether the entity is a VIE and of which we are the primary beneficiary, by considering substantive terms of the arrangement and identifying which enterprise has the power to direct the activities of the entity that most significantly impacts the entity’s economic performance as defined in Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 810, Consolidation , or ASC Topic 810. We operate and intend to continue to operate in an umbrella partnership REIT structure in which our operating partnership, or wholly owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries of which we have control, will own substantially all of the interests in properties acquire d on our behalf. We are the sole general partner of our operating partnership, and as of December 31, 2016 and 2015 , we owned greater than a 99.99% general partnership interest therein. As of December 31, 2016 and 2015 , our advisor owned less than a 0.01% limited partnership interest in our operating partnership. Because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions (even if additional limited partners are admitted to our operating partnership), the accounts of our operating partnership are consolidated in our consolidated financial statements. All intercompany accounts and transactions are eliminated in consolidation. Use of Estimates The preparation of our accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. Cash and Cash Equivalents Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. Restricted Cash Restricted cash primarily comprises lender required accounts for property taxes, tenant improvements, capital improvements and insurance, which are restricted as to use or withdrawal. Revenue Recognition, Tenant and Resident Receivables and Allowance for Uncollectible Accounts We recognize revenue in accordance with ASC Topic 605, Revenue Recognition , or ASC Topic 605. ASC Topic 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (i) there is persuasive evidence that an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the seller’s price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured. Tenant receivables are placed on nonaccrual status when management determines that collectability is not reasonably assured, and thus such revenue is recognized using the cash basis method. Revenue derived from providing long-term healthcare services to residents, including resident room and care charges, community fees and other resident charges, is recognized on the date services are provided at amounts billable to individual residents. For residents under reimbursement arrangements with third-party payers, including Medicaid, Medicare and private insurers, revenue is recognized based on a contractually agreed-upon amount or rate on a per patient, daily basis or as services are performed. In accordance with ASC Topic 840, Leases , minimum annual rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between real estate revenue recognized and cash amounts contractually due from tenants under the lease agreements are recorded to deferred rent receivable or deferred rent liability, as applicable. Tenant reimbursement revenue, which comprises additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized as revenue in the period in which the related expenses are incurred. Tenant reimbursements are recognized and presented in accordance with ASC Subtopic 605-45, Revenue Recognition — Principal Agent Consideration , or ASC Subtopic 605-45. ASC Subtopic 605-45 requires that these reimbursements be recorded on a gross basis as we are generally the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and have credit risk. We recognize lease termination fees at such time when there is a signed termination letter agreement, all of the conditions of such agreement have been met and the tenant is no longer occupying the property. Tenant and resident receivables and unbilled deferred rent receivables are carried net of an allowance for uncollectible amounts. An allowance is maintained for estimated losses resulting from the inability of certain tenants or residents to meet the contractual obligations under their lease agreements. We also maintain an allowance for deferred rent receivables arising from the straight-line recognition of rents. Such allowances are charged to bad debt expense, which is included in general and administrative in our accompanying consolidated statements of operations and comprehensive loss. Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s or resident’s financial condition, security deposits, letters of credit, lease guarantees, current economic conditions and other relevant factors. As of December 31, 2016 and 2015 , we had $9,597,000 and $8,021,000 , respectively, in allowance for uncollectible accounts, which was determined necessary to reduce receivables to our estimate of the amount recoverable. For the years ended December 31, 2016 , 2015 and 2014 , we did not write off any receivables to bad debt expense. For the years ended December 31, 2016 , 2015 and 2014 , $5,609,000 , $1,097,000 and $0 , respectively, of our receivables were written off against the allowance for uncollectible accounts. As of December 31, 2016 and 2015 , we did not have any allowance for uncollectible accounts for deferred rent receivables. For the year ended December 31, 2016 , $81,000 of our deferred rent receivables were directly written off to bad debt expense. For the years ended December 31, 2015 and 2014 , we did not write off any of our deferred rent receivables directly to bad debt expense. Real Estate Investments, Net We carry our operating properties at our historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements, including those related to capital leases. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 39 years , and the cost for tenant improvements is depreciated over the shorter of the lease term or useful life, up to 20 years . The cost of furniture, fixtures and equipment, is depreciated over the estimated useful life, up to 15 years . When depreciable property is retired, replaced or disposed of, the related cost and accumulated depreciation is removed from the accounts and any gain or loss is reflected in earnings. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered to be a lease inducement and is included in other assets, net in our accompanying consolidated balance sheets and is recognized over the lease term as a reduction of rental revenue on a straight-line basis. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs, e.g ., unilateral control of the tenant space during the build-out process. Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. Recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements when we are the owner of the leasehold improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date (and the date on which recognition of lease revenue commences) is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. Impairment of Long-Lived Assets, Intangible Assets and Goodwill We periodically evaluate our long-lived assets, primarily consisting of investments in real estate that we carry at our historical cost less accumulated depreciation, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination. We test goodwill for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with the two-step approach to evaluating impairment. First, we estimate the fair value of the reporting unit and compare it to the reporting unit’s carrying value. If the carrying value exceeds fair value, we proceed with the second step, which requires us to assign the fair value of the reporting unit to all of the assets and liabilities of the reporting unit as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied value of goodwill and is used to determine the amount of impairment. We recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value in the current period. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If the estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. For all of our reporting units we recognize any shortfall from carrying value as an impairment loss in the current period. We test other indefinite-lived intangible assets for impairment at least annually, and more frequently if indicators arise. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized. Fair values of other indefinite-lived intangible assets are determined based on discounted cash flows or appraised values, as appropriate. For the years ended December 31, 2016 , 2015 and 2014 , there were no impairment losses recorded. Property Acquisitions In accordance with ASC Topic 805, Business Combinations , or ASC Topic 805, we, with assistance from independent valuation specialists, measure the fair value of tangible and identified intangible assets and liabilities, as applicable, based on their respective fair values for acquired properties. Our method for allocating the purchase price to acquired investments in real estate requires us to make subjective assessments for determining fair value of the assets acquired and liabilities assumed. This includes determining the value of the buildings, land, leasehold interests, furniture, fixtures and equipment, above- or below-market rent, in-place leases, master leases, above- or below-market debt assumed and derivative financial instruments assumed. These estimates require significant judgment and in some cases involve complex calculations. These allocation assessments directly impact our results of operations, as amounts allocated to certain assets and liabilities have different depreciation or amortization lives. In addition, we amortize the value assigned to above- or below-market rent as a component of revenue, unlike in-place leases and other intangibles, which we include in depreciation and amortization in our accompanying consolidated statements of operations and comprehensive loss. The determination of the fair value of land is based upon comparable sales data. In cases where a leasehold interest in the land is acquired, the value of the leasehold interest is determined by discounting the difference between the contract ground lease payments and a market ground lease payment back to a present value as of the acquisition date. The market ground lease payment is estimated as a percentage of the land value. The fair value of buildings is based upon our determination of the value as if it were to be replaced and vacant using cost data and discounted cash flow models similar to those used by independent appraisers. Factors considered by us include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. We also recognize the fair value of furniture, fixtures and equipment on the premises, if any, as well as the above- or below-market rent, in-place leases, master leases, above- or below-market debt assumed and derivative financial instruments assumed. The value of the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between (i) the level payment equivalent of the contract rent paid pursuant to the lease and (ii) our estimate of market rent payments taking into account rent steps throughout the lease. In the case of leases with options, a case-by-case analysis is performed based on all facts and circumstances of the specific lease to determine whether the option will be assumed to be exercised. The amounts related to above-market leases are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to real estate revenue over the remaining non-cancelable lease term of the acquired leases with each property. The amounts related to below-market leases are included in identified intangible liabilities, net in our accompanying consolidated balance sheets and are amortized to real estate revenue over the remaining non-cancelable lease term plus any below-market renewal options of the acquired leases with each property. The value of in-place lease costs are based on management’s evaluation of the specific characteristics of the tenant’s lease and our overall relationship with the tenants. Characteristics considered by us in allocating these values include the nature and extent of the credit quality and expectations of lease renewals, among other factors. The in-place lease intangible represents the value related to the economic benefit for acquiring a property with in place leases as opposed to a vacant property, which is evaluated based on a review of comparable leases for similar property, terms and conditions for marketing and executing new leases, and implied in the difference between the value of the whole property “as is” and “as vacant.” The net amounts related to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average downtime of the acquired leases with each property. The net amounts related to the value of tenant relationships, if any, would be included in identified intangible assets, net in our accompanying consolidated balance sheets and would be amortized to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases plus the market renewal lease term. The value of a master lease, in which a previous owner or a tenant is relieved of specific rental obligations as additional space is leased, is determined by discounting the expected real estate revenue associated with the master lease space over the assumed lease-up period. The value of above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The net value of above- or below-market debt is included in mortgage loans payable, net in our accompanying consolidated balance sheets and is amortized to interest expense over the remaining term of the assumed mortgage. The value of derivative financial instruments, if any, would be determined in accordance with ASC Topic 820, Fair Value Measurements and Disclosures , or ASC Topic 820, and would be included in derivative financial instruments in our accompanying consolidated balance sheets. The values of contingent consideration assets and liabilities are analyzed at the time of acquisition. For contingent purchase options, the fair market value of the acquired asset is compared to the specified option price at the exercise date. If the option price is below market, it is assumed to be exercised and the difference between the fair market value and the option price is discounted to the present value at the time of acquisition. These values are preliminary estimates in nature and subject to adjustments, which could be material. Any necessary adjustments will be finalized within one year from the date of acquisition. Real Estate Notes Receivable and Debt Security Investment, Net Real estate notes receivable and debt security investment, net consists of mortgage loans collateralized by interests in real property and a held-to-maturity investment. We record loans at cost. Interest income on our real estate notes receivable is recognized on an accrual basis over the life of the investment using the effective interest method and is included in real estate revenue in our accompanying consolidated statements of operations and comprehensive loss. Direct loan costs are amortized over the term of the loan as an adjustment to the yield on the loan. We evaluate the collectability of both interest and principal for each of our loans to determine whether they are impaired. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of the allowance is calculated by comparing the recorded investment to either the value determined by discounting the expected future cash flows using the loan’s effective interest rate or to the fair value of the collateral if the loan is collateral dependent. For the years ended December 31, 2016 , 2015 and 2014 , there were no impairment losses recorded. We classify our marketable debt security as held-to-maturity because we have the positive intent and ability to hold the security to maturity. Our held-to-maturity security is recorded at amortized cost and adjusted for the amortization of premiums or discounts through maturity. When we determine declines in fair value of marketable securities are other-than-temporary, a loss is recognized in earnings. For the years ended December 31, 2016 , 2015 and 2014 , we did not incur any losses for a decline in fair value of marketable securities that are other-than-temporary. See Note 4, Real Estate Notes Receivable and Debt Security Investment, Net , for a further discussion. Derivative Financial Instruments We are exposed to the effect of interest rate changes in the normal course of business. We seek to mitigate these risks by following established risk management policies and procedures, which include the occasional use of derivatives. Our primary strategy in entering into derivative contracts, such as fixed interest rate swaps and interest rate caps, is to add stability to interest expense and to manage our exposure to interest rate movements by effectively converting a portion of our variable-rate debt to fixed-rate debt. We do not enter into derivative instruments for speculative purposes. Derivatives are recognized as either other assets or other liabilities in our accompanying consolidated balance sheets and are measured at fair value in accordance with ASC Topic 815, Derivatives and Hedging , or ASC Topic 815. ASC Topic 815 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts and for hedging activities. Since our derivative instruments are not designated as hedge instruments, they do not qualify for hedge accounting under ASC Topic 815. Changes in the fair value of derivative financial instruments are recorded as a component of interest expense in gain in fair value of derivative financial instruments in our accompanying consolidated statements of operations and comprehensive loss. See Note 9, Derivative Financial Instruments , and Note 15, Fair Value Measurements , for a further discussion of our derivative financial instruments. Fair Value Measurements We follow ASC Topic 820 to account for the fair value of certain assets and liabilities. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. 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. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. See Note 15, Fair Value Measurements , for a further discussion. Real Estate Deposits Real estate deposits include funds held by escrow agents and others to be applied towards the purchase of real estate. Other Assets, Net Other assets, net consist of investments in unconsolidated entities, inventory, prepaid expenses and deposits, deferred financing costs related to our lines of credit and term loan, deferred rent receivables, deferred tax asset, interest rate swap assets, lease inducement and lease commissions. We report investments in unconsolidated entities using the equity method of accounting when we have the ability to exercise significant influence over the operating and financial policies. Under the equity method, our share of the investee’s earnings or losses is included in our accompanying consolidated statements of operations and comprehensive loss. Losses from our investment in unconsolidated entities for the years ended December 31, 2016 , 2015 and 2014 were $18,377,000 , $590,000 and $0 , respectively. To the extent that our cost basis is different from the basis reflected at the entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the entity. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest or the estimated fair value of the assets prior to the sale of interests in the entity. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded. For the year ended December 31, 2016 , we recorded $9,101,000 of impairment losses, which are included in loss from unconsolidated entities in our accompanying consolidated statements of operations and comprehensive loss. For the years ended December 31, 2015 and 2014 , no impairment losses were recorded. Inventory consists primarily of pharmaceutical and medical supplies and is stated at the lower of cost (first-in, first-out) or market. Deferred financing costs related to our lines of credit and term loan include amounts paid to lenders and others to obtain such financing. Such costs are amortized using the straight-line method over the term of the related loan, which approximates the effective interest rate method. Amortization of deferred financing costs related to our lines of credit and term loan is included in interest expense in our accompanying consolidated statements of operations and comprehensive loss. Lease commissions are amortized using the straight-line method over the term of the related lease. Amortization of lease commissions is included in depreciation and amortization in our accompanying consolidated statements of operations and comprehensive loss. See Note 6, Other Assets, Net , for a further discussion. Accounts Payable and Accrued Liabilities As of December 31, 2016 and 2015 , accounts payable and accrued liabilities primarily consisted of reimbursement of payroll related costs to the managers of our senior housing — RIDEA facilities and integrated senior health campuses of $20,992,000 and $19,391,000 , respectively, insurance payable of $19,136,000 and $21,689,000 , respectively, accrued property taxes of $12,766,000 and $11,447,000 , respectively, and accrued distributions of $10,009,000 and $9,745,000 , respectively. Security Deposits, Prepaid Rent and Other Liabilities As of December 31, 2016 and 2015 , security deposits, prepaid rent and other liabilities of $44,582,000 and $22,146,000 , respectively, primarily consisted of deferred revenue, deferred tax liabilities and contingent consideration obligations in connection with our property acquisitions. The contingent consideration obligations are due upon certain criteria being met within specified time frames. For the years ended December 31, 2016 , 2015 and 2014 , we recorded a net (loss) gain on the change in fair value of contingent consideration obligations of ( $13,430,000 ), $1,329,000 and $0 , respectively, which is included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive loss. See Note 15, Fair Value Measurements — Assets and Liabilities Reported at Fair Value — Contingent Consideration, for a further discussion. Stock Compensation We account for stock compensation issued to non-employees in accordance with the provisions of ASC 505-50, Equity – Based Payments to Non-Employees. Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of the performance commitment date or performance completion date. See Note 13, Equity — Noncontrolling Interests, for a further discussion of grants to non-employees. We follow ASC Topic 718, Compensation — Stock Compensation , or ASC Topic 718, to account for our stock compensation pursuant to the 2013 Incentive Plan, or our incentive plan. See Note 13, Equity — 2013 Incentive Plan, for a further discussion of grants under our incentive plan. Foreign Currency We have real estate and real estate-related investments in the United Kingdom, or UK, and Isle of Man for which the functional currency is the UK Pound Sterling, or GBP. We translate the results of operations of our foreign real estate and real estate-related investments into United States Dollars, or USD, using the average currency rates of exchange in effect during the period, and we translate assets and liabilities using the currency exchange rate in effect at the end of the period. The resulting foreign currency translation adjustments are included in accumulated other comprehensive loss, a component of stockholders’ equity in our accompanying consolidated balance sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical currency exchange rates. We also |
Real Estate Investments, Net
Real Estate Investments, Net | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | 3. Real Estate Investments, Net Our real estate investments, net consisted of the following as of December 31, 2016 and 2015 : December 31, 2016 2015 Building, improvements and construction in process $ 1,981,610,000 $ 1,518,611,000 Land 167,329,000 123,906,000 Furniture, fixtures and equipment 84,817,000 62,481,000 2,233,756,000 1,704,998,000 Less: accumulated depreciation (94,775,000 ) (26,600,000 ) $ 2,138,981,000 $ 1,678,398,000 Depreciation expense for the years ended December 31, 2016 , 2015 and 2014 was $68,708,000 , $25,650,000 and $1,124,000 , respectively. In addition to the property acquisitions and completed developments discussed below, for the years ended December 31, 2016 , 2015 and 2014 , we incurred capital expenditures of $44,907,000 , $3,846,000 and $0 on our integrated senior health campuses, $8,236,000 , $2,706,000 and $24,000 on our medical office buildings, $904,000 , $374,000 and $0 on our senior housing — RIDEA facilities and $21,000 , $25,000 and $0 on our hospitals, respectively. We did not have any capital expenditures on our senior housing facilities nor our skilled nursing facilities for the years ended December 31, 2016 , 2015 and 2014 . We reimburse our advisor or its affiliates for acquisition expenses related to selecting, evaluating and acquiring assets. The reimbursement of acquisition expenses, acquisition fees and real estate commissions and other fees paid to unaffiliated parties will not exceed, in the aggregate, 6.0% of the contract purchase price or total development costs, unless fees in excess of such limits are approved by a majority of our directors, including a majority of our independent directors. For the years ended December 31, 2016 , 2015 and 2014 , such fees and expenses noted above did not exceed 6.0% of the contract purchase price of our property acquisitions, except with respect to our acquisition of Crown Senior Care Portfolio. Pursuant to our charter, prior to the acquisition of Crown Senior Care Portfolio, our directors, including a majority of our independent directors, not otherwise interested in the transaction, approved the reimbursement of fees and expenses to our advisor or its affiliates with the acquisition of Crown Senior Care Portfolio in excess of the 6.0% limit and determined that such fees and expenses were commercially fair and reasonable to us. Acquisitions in 2016 For the year ended December 31, 2016 , we completed 12 property acquisitions comprising 23 buildings from unaffiliated parties. The aggregate contract purchase price of these properties was $271,566,000 and we incurred $5,564,000 in acquisition fees to our advisor in connection with these property acquisitions. The following is a summary of these property acquisitions for the year ended December 31, 2016 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) 2016 Corporate Line of Credit(3) Acquisition Fee(4) Naperville MOB Naperville, IL Medical Office 01/12/16 $ 17,385,000 $ — $ 18,000,000 $ 391,000 Lakeview IN Medical Plaza(5) Indianapolis, IN Medical Office 01/21/16 20,000,000 15,000,000 3,500,000 387,000 Pennsylvania Senior Housing Portfolio II Palmyra, PA Senior Housing — RIDEA 02/01/16 27,500,000 — 27,200,000 619,000 Snellville GA MOB Snellville, GA Medical Office 02/05/16 8,300,000 — 8,300,000 187,000 Lakebrook Medical Center Westbrook, CT Medical Office 02/19/16 6,150,000 — — 138,000 Stockbridge GA MOB III Stockbridge, GA Medical Office 03/29/16 10,300,000 — 9,750,000 232,000 Joplin MO MOB Joplin, MO Medical Office 05/10/16 11,600,000 — 12,000,000 261,000 Austell GA MOB Austell, GA Medical Office 05/25/16 12,600,000 — 12,000,000 284,000 Middletown OH MOB Middletown, OH Medical Office 06/16/16 19,300,000 — 17,000,000 434,000 Fox Grape SNF Portfolio Braintree, Brighton, Duxbury, Hingham, Quincy and Weymouth, MA Skilled Nursing 07/01/16 88,000,000 16,133,000 71,000,000 1,980,000 Voorhees NJ MOB Voorhees, NJ Medical Office 07/08/16 11,300,000 — 11,000,000 254,000 Crown Senior Care Portfolio(6) Aberdeen and Felixstowe, UK Senior Housing 11/15/16 23,531,000 — — 46,000 Norwich CT MOB Portfolio Norwich, CT Medical Office 12/16/16 15,600,000 — 14,000,000 351,000 Total $ 271,566,000 $ 31,133,000 $ 203,750,000 $ 5,564,000 ___________ (1) We own 100% of our properties acquired in 2016, with the exception of Lakeview IN Medical Plaza. (2) Represents the principal balance of the mortgage loans payable assumed by us or newly placed on the property at the time of acquisition. (3) Represents borrowings under the 2016 Corporate Line of Credit, as defined in Note 8, Lines of Credit and Term Loan , at the time of acquisition. (4) Unless otherwise noted, our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price of the property. (5) On January 21, 2016, we completed the acquisition of Lakeview IN Medical Plaza, pursuant to a joint venture with an affiliate of Cornerstone Companies, Inc., an unaffiliated third party. Our effective ownership of the joint venture is 86.0% . We paid our advisor in cash an acquisition fee of 2.25% of the portion of the contract purchase price attributed to our ownership interest of approximately 86.0% in the entity that acquired the property. (6) On November 15, 2016, we added three additional senior housing facilities to our existing Crown Senior Care Portfolio for a net contract price of £15,276,000 . The other three senior housing facilities were purchased during 2015. With respect to the three additional senior housing facilities acquired in November 2016, we paid an acquisition fee in cash equal to 2.25% of the contract purchase price of the facilities less £306,000 , or approximately $471,000 , which was previously paid as an acquisition fee for Crown Senior Care Facility. See Note 4, Real Estate Notes Receivable and Debt Security Investment, Net , for a further discussion. The total acquisition fee paid for both Crown Senior Care Facility and the purchase of the three additional senior housing facilities added to Crown Senior Care Portfolio in November 2016 was 2.25% of the contract purchase price of the three additional senior housing facilities added in November 2016. In addition to the property acquisitions in 2016 discussed above, subsequent to the initial purchase of Trilogy Investors, LLC, or Trilogy, our majority-owned subsidiary, in December 2015, we acquired a development parcel with improvements on July 15, 2016 in Harrodsburg, Kentucky, and on September 14, 2016, we acquired land in Muncie, Indiana for a contract purchase price of $2,400,000 and $265,000 , respectively, plus closing costs and acquisition fees, which are included in our integrated senior health campuses segment. The acquisition of the development parcel with improvements in Kentucky was financed with a mortgage loan payable, which had a principal balance of $2,040,000 at the time of acquisition. 2016 Acquisitions of Previously Leased Real Estate Investments For the year ended December 31, 2016 , we, through a majority-owned subsidiary of Trilogy, of which we own 67.7% , acquired the real estate underlying 17 previously leased integrated senior health campuses located in Indiana, Kentucky, Michigan and Ohio. The aggregate contract purchase price of these properties was $227,090,000 and we incurred $3,459,000 in acquisition fees to our advisor in connection with these property acquisitions. The following is a summary of these property acquisitions for the year ended December 31, 2016 : Location Date Acquired Contract Purchase Price Mortgage Loans Payable(1) 2016 Corporate Line of Credit(2) Acquisition Fee(3) Jasper, IN 06/24/16 $ 5,089,000 $ — $ — $ 78,000 Anderson, Evansville, Jasper, Kokomo, New Albany and Tell City, IN; and Cynthiana, KY 06/30/16 130,000,000 93,150,000 30,310,000 1,980,000 Greensburg, IN; Lexington, KY; East Lansing, Howell, Okemos and Shelby Township, MI; and Greenville and Zanesville, OH 08/16/16 87,927,000 77,900,000 11,863,000 1,339,000 Monticello, IN 09/23/16 4,074,000 2,800,000 — 62,000 $ 227,090,000 $ 173,850,000 $ 42,173,000 $ 3,459,000 ___________ (1) Represents the principal balance of the mortgage loans payable placed on the properties at the time of acquisition. (2) Represents borrowings under the 2016 Corporate Line of Credit, as defined in Note 8, Lines of Credit and Term Loan , at the time of acquisition. (3) Our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the property attributed to our ownership interest of approximately 67.7% in the subsidiary of Trilogy that acquired the property. Acquisitions in 2015 For the year ended December 31, 2015 , we completed 23 property acquisitions comprising 50 buildings and 97 integrated senior health campuses from unaffiliated parties. The aggregate contract purchase price of these properties was $1,976,185,000 and we incurred $36,259,000 to our advisor and its affiliates in acquisition fees in connection with these property acquisitions. The following is a summary of our property acquisitions for the year ended December 31, 2015 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) Lines of Credit(3) Acquisition Fee Delta Valley ALF Portfolio(4) Springdale, AR Senior Housing 01/08/15 $ 8,105,000 $ — $ — $ 182,000 (5) Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) Lines of Credit(3) Acquisition Fee Independence MOB Portfolio Southgate, KY; Somerville, MA; Morristown and Verona, NJ; and Bronx, NY Medical Office 01/13/15 and 01/26/15 $ 135,000,000 $ — $ — $ 3,038,000 (5) King of Prussia PA MOB King of Prussia, PA Medical Office 01/21/15 18,500,000 9,946,000 — 416,000 (5) North Carolina ALF Portfolio Clemmons, Mooresville, Raleigh and Wake Forest, NC Senior Housing 01/28/15 and 06/29/15 68,856,000 — — 1,549,000 (6) Orange Star Medical Portfolio Durango, CO; and Friendswood,Keller, and Wharton, TX Medical Office 02/26/15 57,650,000 — — 1,297,000 (7) Kingwood MOB Portfolio Kingwood, TX Medical Office 03/11/15 14,949,000 — — 336,000 (7) Mt. Juliet TN MOB Mount Juliet, TN Medical Office 03/17/15 13,000,000 — — 293,000 (7) Homewood AL MOB Homewood, AL Medical Office 03/27/15 7,444,000 — — 167,000 (7) Paoli PA Medical Plaza Paoli, PA Medical Office 04/10/15 24,820,000 14,004,000 — 558,000 (7) Glen Burnie MD MOB Glen Burnie, MD Medical Office 05/06/15 18,650,000 — — 420,000 (7) Marietta GA MOB Marietta, GA Medical Office 05/07/15 13,050,000 — — 294,000 (7) Mountain Crest Senior Housing Portfolio (8) Elkhart, Hobart, LaPorte and Mishawaka, IN; and Niles, MI Senior Housing — RIDEA 05/14/15, 06/11/15, 07/14/15 and 11/20/15 75,035,000 10,318,000 — 1,688,000 (7) Mount Dora Medical Center Mount Dora, FL Medical Office 05/15/15 16,300,000 — — 367,000 (7) Nebraska Senior Housing Portfolio Bennington and Omaha, NE Senior Housing — RIDEA 05/29/15 66,000,000 — — 1,485,000 (7) Pennsylvania Senior Housing Portfolio Bethlehem, Boyertown and York, PA Senior Housing — RIDEA 06/30/15 87,500,000 12,098,000 — 1,969,000 (7) Southern Illinois MOB Portfolio Waterloo, IL Medical Office 07/01/15 12,272,000 — — 276,000 (7) Napa Medical Center Napa, CA Medical Office 07/02/15 15,700,000 — — 353,000 (7) Chesterfield Corporate Plaza Chesterfield, MO Medical Office 08/14/15 36,000,000 — — 810,000 (7) Richmond VA ALF North Chesterfield, VA Senior Housing — RIDEA 09/11/15 64,000,000 37,643,000 — 1,440,000 (7) Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) Lines of Credit(3) Acquisition Fee Crown Senior Care Portfolio(9) Peel, Isle of Man; and St. Albans and Salisbury, UK Senior Housing 09/15/15, $ 44,554,000 $ — $ — $ 1,002,000 (7) Washington DC SNF Washington, DC Skilled Nursing 10/29/15 40,000,000 — — 900,000 (7) Trilogy(10) IN, KY, MI and OH Integrated Senior Health Campuses 12/01/15 1,125,000,000 210,497,000 360,000,000 17,108,000 (7) Stockbridge GA MOB II Stockbridge, GA Medical Office 12/03/15 8,000,000 — — 180,000 (7) Marietta GA MOB II Marietta, GA Medical Office 12/09/15 5,800,000 — — 131,000 (7) Total $ 1,976,185,000 $ 294,506,000 $ 360,000,000 $ 36,259,000 ___________ (1) We own 100% of our properties acquired in 2015, with the exception of Trilogy. (2) Represents the principal balance of the mortgage loans payable assumed by us at the time of acquisition. (3) Represents borrowings at the time of acquisition under the 2014 Corporate Line of Credit and the Trilogy PropCo Line of Credit, both as defined and further discussed in Note 8, Lines of Credit and Term Loan . (4) On January 8, 2015, we added one additional building to our existing Delta Valley ALF Portfolio. The other two buildings were purchased in September 2014. (5) Our advisor and its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price, which was paid as follows: (i) in cash equal to 2.00% of the contract purchase price and (ii) the remainder in shares of our common stock in an amount equal to 0.25% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees. (6) With respect to the acquisition of the first two buildings in North Carolina ALF Portfolio in January 2015, our advisor and its affiliates were paid an acquisition fee of 2.25% of the contract purchase price, which was paid as follows: (i) in cash equal to 2.00% of the contract purchase price; and (ii) the remainder in shares of our common stock in an amount equal to 0.25% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees. With respect to the additional two buildings added to our existing North Carolina ALF Portfolio in June 2015, our advisor was paid in cash an acquisition fee of 2.25% of the contract purchase price. (7) Our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price, except for Trilogy, which we paid our advisor an acquisition fee based on the portion of the contract purchase price attributed to our ownership interest at the time of acquisition. (8) On November 20, 2015, we purchased vacant land as part of Mountain Crest Senior Housing Portfolio for a total price of $35,000 . (9) On September 15, 2015, we purchased our first senior housing facility of Crown Senior Care Portfolio for a net contract purchase price of £6,850,000 , or approximately $10,571,000 , based on the currency exchange rate on the acquisition date. On October 8, 2015 and December 8, 2015 we added additional senior housing facilities to our existing Crown Senior Care Portfolio, for a net contract price of £11,300,000 and £11,100,000 , respectively, or approximately $17,309,000 and $16,674,000 , respectively, based on the currency exchange rate on the applicable acquisition date. (10) On December 1, 2015, we completed the acquisition of Trilogy, the parent company of Trilogy Health Services, LLC, or Trilogy Health Services, through our majority-owned subsidiary, Trilogy REIT Holdings, LLC, or Trilogy REIT Holdings. NorthStar Healthcare Income, Inc, or NHI, owns a minority interest in Trilogy REIT Holdings. Trilogy REIT Holdings acquired Trilogy for a purchase price based on a total company valuation of approximately $1,125,000,000 . Our effective ownership of Trilogy was approximately 67.6% at the time of acquisition. Our portion of the purchase price for Trilogy was approximately $760,356,000 . The acquisition of Trilogy was financed in part by using a combination of debt financing, including: (i) approximately $270,000,000 in borrowings under the Trilogy PropCo Line of Credit; (ii) the assumption of 23 U.S. Department of Housing and Urban Development, or HUD, loans with a principal amount totaling approximately $204,000,000 as of December 1, 2015; (iii) $90,000,000 in borrowings under the 2014 Corporate Line of Credit; and (iv) the assumption of approximately $26,000,000 in other existing indebtedness of Trilogy. The remaining cash balance was financed using: (i) an equity contribution by us of approximately $381,000,000 from cash on hand from the net proceeds of our initial public offering and (ii) an equity contribution by NHI of approximately $202,000,000 . See Note 18, Business Combinations , for a further discussion. Acquisitions in 2014 For the year ended December 31, 2014 , we completed 11 property acquisitions comprising 24 buildings from unaffiliated parties. The aggregate contract purchase price of these properties was $277,700,000 and we incurred $6,248,000 to our advisor and its affiliates in acquisition fees in connection with these property acquisitions. The following is a summary of our property acquisitions for the year ended December 31, 2014 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) Acquisition Fee(3) DeKalb Professional Center Lithonia, GA Medical Office 06/06/14 $ 2,830,000 $ — $ 64,000 Country Club MOB Stockbridge, GA Medical Office 06/26/14 2,775,000 — 62,000 Acworth Medical Complex Acworth, GA Medical Office 07/02/14 6,525,000 — 147,000 Wichita KS MOB Wichita, KS Medical Office 09/04/14 8,800,000 — 198,000 Delta Valley ALF Portfolio Batesville and Cleveland, MS Senior Housing 09/11/14 13,345,000 — 300,000 Lee’s Summit MO MOB Lee’s Summit, MO Medical Office 09/18/14 6,750,000 — 152,000 Carolina Commons MOB Indian Land, SC Medical Office 10/15/14 12,000,000 8,474,000 270,000 Mount Olympia MOB Portfolio Mount Dora, FL; Olympia Fields, IL; and Columbus, OH Medical Office 12/04/14 16,150,000 — 363,000 Southlake TX Hospital Southlake, TX Hospital 12/04/14 128,000,000 — 2,880,000 East Texas MOB Portfolio Longview and Marshall, TX Medical Office 12/12/14 68,500,000 — 1,541,000 Premier MOB Novi, MI Medical Office 12/19/14 12,025,000 7,950,000 271,000 Total $ 277,700,000 $ 16,424,000 $ 6,248,000 ___________ (1) We own 100% of our properties acquired in 2014. (2) Represents the principal balance of the mortgage loans payable assumed by us at the time of acquisition. (3) Our advisor and its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price, which was paid as follows: (i) in cash equal to 2.00% of the contract purchase price and (ii) the remainder in shares of our common stock in an amount equal to 0.25% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees. Completed Development in 2016 For the year ended December 31, 2016 , we completed the development of three integrated senior health campuses, representing $25,381,000 , which is included in real estate investments, net, in our accompanying consolidated balance sheets. For the years ended December 31, 2015 and 2014 , we did not complete any developments. |
Real Estate Notes Receivable an
Real Estate Notes Receivable and Investment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Real Estate Notes Receivable and Investment, Net | 4. Real Estate Notes Receivable and Debt Security Investment, Net As of December 31, 2016 and 2015 , we had $101,117,000 and $144,477,000 of notes receivable and debt security investment, net, respectively. The following is a summary of our notes receivable and debt security investment, including unamortized loan and closing costs, net as of December 31, 2016 and 2015 : December 31, Origination Date Maturity Date Contractual Interest Rate(1) Maximum Advances Available 2016 2015 Acquisition Fee(2) Mezzanine Floating Rate Notes(3)(5) United States 02/04/15 12/09/17 6.70% $ 31,567,000 $ 7,167,000 $ 31,277,000 $ 631,000 Mezzanine Fixed Rate Notes(3)(5) United States 02/04/15 12/09/19 6.75% $ 28,650,000 28,650,000 28,650,000 573,000 Crown Senior Care Facility(4)(5) United Kingdom 09/16/15 11/15/16 N/A N/A — 20,746,000 471,000 Debt security investment(6) 10/15/15 08/25/25 4.24% N/A 63,176,000 60,945,000 1,209,000 98,993,000 141,618,000 $ 2,884,000 Unamortized loan and closing costs, net 2,124,000 2,859,000 $ 101,117,000 $ 144,477,000 ___________ (1) Represents the per annum interest rate in effect as of December 31, 2016 . (2) Our advisor was paid in cash, as compensation for services in connection with real estate-related investments, an acquisition fee of 2.00% of the total amount advanced or invested through December 31, 2016 . (3) On February 4, 2015, we acquired eight promissory notes at par in the aggregate outstanding principal amount of $60,217,000 , or the Mezzanine Notes, comprising four fixed-rate notes in the aggregate outstanding principal amount of $28,650,000 , or the Mezzanine Fixed Rate Notes, and four floating rate notes in the aggregate outstanding principal amount of $31,567,000 , or the Mezzanine Floating Rate Notes. The Mezzanine Notes evidence interests in a portion of a mezzanine loan that consisted in total of 40 promissory notes in the aggregate outstanding principal amount of $389,852,000 . The mezzanine loan is secured by pledges of equity interests in the owners of a portfolio of domestic healthcare properties, which such owners are themselves owned indirectly by a non-wholly owned subsidiary of NorthStar Realty Finance Corp. The maturity date of the Mezzanine Floating Rate Notes may be extended by three successive one -year extension periods at the borrower’s option, subject to satisfaction of certain conditions. In October 2016, the borrower exercised its right to extend the original December 9, 2016 maturity date of the Mezzanine Floating Rate Notes for one year to December 2017. (4) We entered into a facility agreement with the CHG Borrower, an unaffiliated third party, on September 16, 2015. The facility agreement, as amended, was collateralized by three senior housing facilities in the UK and the income from the CHG Borrower’s operations. On November 15, 2016, we purchased the facilities securing Crown Senior Care Facility and the note receivable was settled in full. See Note 3, Real Estate Investments, Net — Acquisitions in 2016, for a further discussion. (5) Balance represents the original principal balance, increased by any subsequent advances and decreased by any subsequent principal paydowns, and only requires monthly interest payments. The Mezzanine Floating Rate Notes, Mezzanine Fixed Rate Notes and Crown Senior Care Facility are subject to certain prepayment restrictions if repaid before the respective maturity dates. (6) On October 15, 2015, we acquired a commercial mortgage-backed debt security, or the debt security, for a purchase price of $60,429,000 , from an unaffiliated third party. The debt security was issued by FREMF 2015-KS03 Mortgage Trust, or the Mortgage Trust, and represents a 10.0% beneficial ownership interest in the Mortgage Trust. The Mortgage Trust owns a pool of 59 mortgage loans that are secured by 59 domestic senior housing facilities. The debt security bears an interest rate on the stated principal amount thereof equal to 4.24% per annum, the terms of which security provide for monthly interest-only payments. The debt security matures on August 25, 2025 at a stated amount of $93,433,000 , resulting in an anticipated yield-to-maturity of 10.0% per annum. The debt security is subordinate to all other interests in the Mortgage Trust and is not guaranteed by a government-sponsored entity. As of December 31, 2016 and 2015 , the net carrying amount with accretion is $64,912,000 and $62,761,000 , respectively. We classify our debt security investment as held-to-maturity and we have not recorded any unrealized holding gains or losses on such investment. We reimburse our advisor or its affiliates for acquisition expenses related to selecting, evaluating and acquiring assets. The reimbursement of acquisition expenses, acquisition fees and real estate commissions and other fees paid to unaffiliated parties will not exceed, in the aggregate, 6.0% of the contract purchase price or total development costs, unless fees in excess of such limits are approved by a majority of our directors, including a majority of our independent directors. For the years ended December 31, 2016 , 2015 and 2014 , such fees and expenses noted above did not exceed 6.0% of the contract purchase price of our real estate-related investments. The following shows the change in the carrying amount of real estate notes receivable and debt security investment, net for the years ended December 31, 2016 and 2015 : Amount Real estate notes receivable and debt security investment, net — December 31, 2014 $ — Additions: Acquisition of real estate notes receivable 81,805,000 Investment in debt security 60,429,000 Accretion on debt security investment 516,000 Loan and closing costs 3,539,000 Deductions: Principal repayments on real estate notes receivable (289,000 ) Foreign currency translation adjustments (860,000 ) Amortization of loan and closing costs (663,000 ) Real estate notes receivable and debt security investment, net — December 31, 2015 $ 144,477,000 Additions: Advances on real estate notes receivable $ 1,942,000 Accretion on debt security investment 2,231,000 Loan costs 39,000 Deductions: Principal repayments on real estate notes receivable (24,110,000 ) Settlement of real estate notes receivable for properties (23,531,000 ) Foreign currency translation adjustments 823,000 Amortization of loan and closing costs (754,000 ) Real estate notes receivable and debt security investment, net — December 31, 2016 $ 101,117,000 For the years ended December 31, 2016 , 2015 and 2014 , we did not record any impairment losses on our real estate notes receivable or debt security investment. Amortization expense on loan and closing costs for the years ended December 31, 2016 and 2015 , was recorded against real estate revenue in our accompanying consolidated statements of operations and comprehensive loss. We did not incur any amortization expense for the year ended December 31, 2014 . |
Identified Intangible Assets, N
Identified Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Identified Intangible Assets, Net | 5. Identified Intangible Assets, Net Identified intangible assets, net consisted of the following as of December 31, 2016 and 2015 : December 31, 2016 2015 Amortized intangible assets: In-place leases, net of accumulated amortization of $23,997,000 and $35,531,000 as of December 31, 2016 and 2015, respectively (with a weighted average remaining life of 8.6 years and 2.5 years as of December 31, 2016 and 2015, respectively) $ 68,376,000 $ 221,846,000 Leasehold interests, net of accumulated amortization of $266,000 and $126,000 as of December 31, 2016 and 2015, respectively (with a weighted average remaining life of 55.6 years and 56.6 years as of December 31, 2016 and 2015, respectively) 7,628,000 7,768,000 Above-market leases, net of accumulated amortization of $2,622,000 and $1,360,000 as of December 31, 2016 and 2015, respectively (with a weighted average remaining life of 5.2 years and 5.0 years as of December 31, 2016 and 2015, respectively) 4,206,000 4,401,000 Unamortized intangible assets: Certificates of need 76,142,000 51,855,000 Trade names 30,267,000 30,267,000 Purchase option assets(1) 14,208,000 71,000,000 $ 200,827,000 $ 387,137,000 ___________ (1) Under certain leases within our leased facilities, in which we are the lessee, we have the right to acquire the properties at varying dates in the future and at our option. We estimate the fair value of these purchase option assets by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. We do not amortize the resulting intangible asset over the term of the lease, but rather adjust the recognized value of the asset upon purchase. In 2016, we exercised the right to acquire several leased facilities and the value of the purchased option assets utilized was $56,792,000 . See Note 3, Real Estate Investments, Net — Acquisitions in 2016 — 2016 Acquisitions of Previously Leased Real Estate Investments. Amortization expense for the years ended December 31, 2016 , 2015 and 2014 was $203,147,000 , $51,413,000 and $536,000 , respectively, which included $1,580,000 , $1,242,000 and $149,000 , respectively, of amortization recorded against real estate revenue for above-market leases and $140,000 , $125,000 and $1,000 , respectively, of amortization recorded to rental expenses for leasehold interests in our accompanying consolidated statements of operations and comprehensive loss. The aggregate weighted average remaining life of the amortized identified intangible assets was 12.9 and 4.3 years as of December 31, 2016 and 2015 , respectively. As of December 31, 2016 , estimated amortization expense on the identified intangible assets for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2017 $ 23,908,000 2018 7,985,000 2019 6,792,000 2020 5,535,000 2021 4,940,000 Thereafter 31,050,000 $ 80,210,000 |
Other Assets, Net
Other Assets, Net | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Other Assets, Net | 6. Other Assets, Net Other assets, net consisted of the following as of December 31, 2016 and 2015 : December 31, 2016 2015 Investments in unconsolidated entities $ 20,057,000 $ 27,210,000 Inventory 17,266,000 16,313,000 Prepaid expenses, deposits and other assets 16,002,000 7,098,000 Deferred financing costs, net of accumulated amortization of $3,519,000 and $550,000 as of December 31, 2016 and 2015, respectively(1) 9,624,000 6,344,000 Deferred rent receivables 11,804,000 3,028,000 Deferred tax asset, net(2) 8,295,000 — Lease inducement, net of accumulated amortization of $88,000 as of December 31, 2016 (with a weighted average remaining life of 14.0 years as of December 31, 2016) 4,912,000 — Lease commissions, net of accumulated amortization of $175,000 and $17,000 as of December 31, 2016 and 2015, respectively 3,834,000 309,000 $ 91,794,000 $ 60,302,000 ___________ (1) In accordance with ASU 2015-03 and ASU 2015-15, deferred financing costs, net only include costs related to our lines of credit and term loan. (2) See Note 16, Income Taxes and Distributions , for a further discussion. Amortization expense on lease commissions for the years ended December 31, 2016 , 2015 and 2014 was $162,000 , $17,000 and $0 , respectively. Amortization expense on deferred financing costs of our lines of credit and term loan for the years ended December 31, 2016 , 2015 and 2014 was $3,456,000 , $467,000 and $83,000 , respectively. Amortization expense on deferred financing costs of our lines of credit and term loan is recorded to interest expense in our accompanying consolidated statements of operations and comprehensive loss. Amortization expense on lease inducement for the year ended December 31, 2016 was $88,000 , which was recorded against real estate revenue in our accompanying consolidated statement of operations and comprehensive loss. We did not incur any amortization expense on lease inducement for the years ended December 31, 2015 and 2014 . |
Mortgage Loans Payable, Net
Mortgage Loans Payable, Net | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans Payable, Net | 7. Mortgage Loans Payable, Net As of December 31, 2016 and 2015 , mortgage loans payable were $517,057,000 ( $495,717,000 , including discount/premium and deferred financing costs, net) and $312,240,000 ( $295,270,000 , including discount/premium and deferred financing costs, net), respectively. As of December 31, 2016 , we had 31 fixed-rate and six variable-rate mortgage loans payable with effective interest rates ranging from 2.45% to 6.72% per annum based on interest rates in effect as of December 31, 2016 and a weighted average effective interest rate of 4.41% . As of December 31, 2015 , we had 30 fixed-rate mortgage loans and one variable-rate mortgage loan payable with effective interest rates ranging from 2.45% to 6.43% per annum based on interest rates in effect as of December 31, 2015 and a weighted average effective interest rate of 3.98% . We are required by the terms of certain loan documents to meet certain covenants, such as net worth ratios, fixed charge coverage ratio, leverage ratio and reporting requirements. Mortgage loans payable, net consisted of the following as of December 31, 2016 and 2015 : December 31, 2016 2015 Total fixed-rate debt $ 313,265,000 $ 302,892,000 Total variable-rate debt 203,792,000 9,348,000 Total fixed and variable-rate debt 517,057,000 312,240,000 Less: deferred financing costs, net(1) (3,861,000 ) (1,200,000 ) Add: premium 1,678,000 1,916,000 Less: discount (19,157,000 ) (17,686,000 ) Mortgage loans payable, net $ 495,717,000 $ 295,270,000 ___________ (1) In accordance with ASU 2015-03 and ASU 2015-15, deferred financing costs, net only include costs related to our mortgage loans payable. The following shows the changes in the carrying amount of mortgage loans payable, net for the years ended December 31, 2016 and 2015 : Amount Mortgage loans payable, net — December 31, 2014 $ 16,742,000 Additions: Borrowings on mortgage loans payable, net 2,792,000 Assumption of mortgage loans payable, net 278,461,000 Amortization of deferred financing costs 160,000 Deductions: Scheduled principal payments on mortgage loans payable (1,469,000 ) Amortization of discount/premium on mortgage loans payable (273,000 ) Deferred financing costs (1,143,000 ) Mortgage loans payable, net — December 31, 2015 $ 295,270,000 Additions: Borrowings on mortgage loans payable, net $ 194,883,000 Assumption of mortgage loans payable, net 14,066,000 Amortization of deferred financing costs 1,065,000 Deductions: Scheduled principal payments on mortgage loans payable (5,769,000 ) Amortization of discount/premium on mortgage loans payable (72,000 ) Deferred financing costs (3,726,000 ) Mortgage loans payable, net — December 31, 2016 $ 495,717,000 As of December 31, 2016 , the principal payments due on our mortgage loans payable for each of the next five years ending December 31 and thereafter were as follows: Year Amount 2017 $ 15,829,000 2018 177,824,000 2019 21,393,000 2020 30,685,000 2021 9,428,000 Thereafter 261,898,000 $ 517,057,000 |
Lines of Credit
Lines of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Line of Credit Facility [Abstract] | |
Lines Of Credit | 8. Lines of Credit and Term Loan 2014 Corporate Line of Credit On August 18, 2014, we, through our operating partnership and certain of our subsidiaries, or the subsidiary guarantors, entered into a credit agreement, or the 2014 Credit Agreement, with Bank of America, N.A., or Bank of America, as lender, administrative agent, swing line lender and issuer of letters of credit; KeyBank, National Association, or KeyBank, as lender and syndication agent; and a syndicate of other banks, as lenders, to obtain a revolving line of credit with an aggregate maximum principal amount of $60,000,000 , or the 2014 Corporate Line of Credit. On August 18, 2014, we also entered into separate revolving notes, or the 2014 Corporate Revolving Notes, with each of Bank of America and KeyBank, whereby we promised to pay the principal amount of each revolving loan and accrued interest to the respective lender or its registered assigns, in accordance with the terms and conditions of the 2014 Corporate Credit Agreement. On November 30, 2015, we entered into a Commitment Increase Amendment Agreement with Bank of America, as administrative agent, swingline lender and issuer of letters of credit; Bank of America, and KeyBank, as lenders, and the subsidiary guarantors named therein, to increase the aggregate maximum principal amount of the 2014 Corporate Line of Credit to $200,000,000 , subject to certain maximum borrowing conditions. Our aggregate borrowing capacity under the 2014 Corporate Line of Credit was $200,000,000 as of December 31, 2015 . As of December 31, 2015 , borrowings outstanding under the 2014 Corporate Line of Credit totaled $77,000,000 and $123,000,000 remained available. The weighted average interest rate on borrowings outstanding as of December 31, 2015 was 2.25% per annum. On February 3, 2016, we, through our operating partnership, terminated the 2014 Corporate Credit Agreement, as amended, and the 2014 Corporate Revolving Notes with each of Bank of America and KeyBank and entered into the 2016 Corporate Line of Credit as described below. We currently do not have any obligations under the 2014 Corporate Credit Agreement or the 2014 Corporate Revolving Notes. 2016 Corporate Line of Credit On February 3, 2016, we, through the subsidiary guarantors, entered into a credit agreement, or the 2016 Corporate Credit Agreement, with Bank of America, as administrative agent, a swing line lender and a letter of credit issuer; KeyBank, as syndication agent, a swing line lender and a letter of credit issuer; and a syndicate of other banks, as lenders, to obtain a revolving line of credit with an aggregate maximum principal amount of $300,000,000 , or the 2016 Corporate Revolving Credit Facility, and a term loan credit facility in the amount of $200,000,000 , or the 2016 Corporate Term Loan Facility, and together with the 2016 Corporate Revolving Credit Facility, the 2016 Corporate Line of Credit. Pursuant to the terms of the 2016 Corporate Credit Agreement, we may borrow up to $25,000,000 in the form of standby letters of credit and up to $25,000,000 in the form of swing line loans. The 2016 Corporate Line of Credit matures on February 3, 2019, and may be extended for one 12 -month period during the term of the 2016 Corporate Credit Agreement, subject to satisfaction of certain conditions, including payment of an extension fee. The maximum principal amount of the 2016 Corporate Line of Credit may be increased by up to $500,000,000 , for a total principal amount of $1,000,000,000 , subject to: (i) the terms of the 2016 Corporate Credit Agreement; and (ii) such additional financing being offered and provided by existing lenders or new lenders under the 2016 Corporate Credit Agreement. On February 3, 2016, we also entered into separate revolving notes, or the 2016 Corporate Revolving Notes, and separate term notes, or the Term Notes, with each of Bank of America, KeyBank and a syndicate of other banks. Until such time as we or our operating partnership have obtained two investment grade ratings from any of Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services and/or Fitch Ratings, loans under the 2016 Corporate Line of Credit bear interest at per annum rates equal to, at our option, either: (i)(a) the Eurodollar Rate, as defined in the 2016 Corporate Credit Agreement, plus (b) in the case of revolving loans, a margin ranging from 1.55% to 2.20% per annum based on our and our consolidated subsidiaries’ consolidated leverage ratio and in the case of term loans, a margin ranging from 1.50% to 2.10% per annum based on our and our consolidated subsidiaries’ consolidated leverage ratio; or (ii)(a) the greatest of: (1) the prime rate publicly announced by Bank of America, (2) the Federal Funds Rate (as defined in the Credit Agreement) plus 0.50% per annum, (3) the one-month Eurodollar Rate (as defined in the Credit Agreement) plus 1.00% per annum and (4) 0.00% , plus (b) in the case of revolving loans, a margin ranging from 0.55% to 1.20% per annum based on our consolidated leverage ratio and in the case of term loans, a margin ranging from 0.50% to 1.10% per annum based on our consolidated leverage ratio. After such time as we or our operating partnership have obtained two investment grade ratings from any of Moody’s Investors Service, Inc., Standard & Poor’s Rating Services and/or Fitch Ratings and submitted a written election to the administrative agent, loans under the 2016 Corporate Line of Credit shall bear interest at per annum rates equal to, at the option of our operating partnership, either: (i)(a) the Eurodollar Rate, as defined in the 2016 Corporate Credit Agreement, plus (b) in the case of revolving loans, a margin ranging from 0.925% to 1.70% per annum based on our or our operating partnership’s debt ratings and in the case of term loans, a margin ranging from 1.00% to 1.95% per annum based on our or our operating partnership’s debt ratings; or (ii)(a) the greatest of: (1) the prime rate publicly announced by Bank of America, (2) the Federal Funds Rate (as defined in the 2016 Corporate Credit Agreement) plus 0.50% per annum, (3) the one-month Eurodollar Rate (as defined in the 2016 Corporate Credit Agreement) plus 1.00% per annum and (4) 0.00% , plus (b) in the case of revolving loans, a margin ranging from 0.00% to 0.70% per annum based on our or our operating partnership’s debt ratings and in the case of term loans, a margin ranging from 0.00% to 0.95% per annum based on our or our operating partnership’s debt ratings. Accrued interest under the 2016 Corporate Credit Agreement is payable monthly. We are required to pay a fee on the unused portion of the lenders’ commitments under the 2016 Corporate Revolving Credit Facility in an amount equal to 0.30% per annum on the actual average daily unused portion of the available commitments if the average daily amount of actual usage is less than 50.0% and in an amount equal to 0.20% per annum on the actual average daily unused portion of the available commitments if the actual average daily usage is greater than 50.0% . Such fee is payable quarterly in arrears, which commenced in April 2016. We are also required to pay a fee on the unused portion of the lenders’ commitments under the 2016 Corporate Term Loan Facility in an amount equal to: (i) 0.25% per annum multiplied by (ii) the actual daily amount of the unused Term Loan Commitments, as defined in the 2016 Corporate Credit Agreement, during the period for which payment is made. The unused fee on Term Loan Facility is payable quarterly in arrears, which commenced in April 2016. The 2016 Corporate Credit Agreement contains various affirmative and negative covenants that are customary for credit facilities and transactions of this type, including limitations on the incurrence of debt by our operating partnership and its subsidiaries and limitations on secured recourse indebtedness. As of December 31, 2016 , our aggregate borrowing capacity under the 2016 Corporate Line of Credit was $500,000,000 . As of December 31, 2016 , borrowings outstanding under the 2016 Corporate Line of Credit totaled $391,000,000 , and $109,000,000 remained available. As of December 31, 2016 , the weighted average interest rate on borrowings outstanding was 2.53% per annum. Trilogy PropCo Line of Credit On December 1, 2015, in connection with the acquisition of Trilogy, we, through Trilogy PropCo Finance, LLC, a Delaware limited liability company (as the surviving entity of a merger with Trilogy Finance Merger Sub, LLC, or Trilogy PropCo Parent) and an indirect subsidiary of Trilogy, and certain of its subsidiaries, or the Trilogy Co-Borrowers and, together with Trilogy PropCo Parent, or the Trilogy PropCo Borrowers, entered into a loan agreement, or the Trilogy PropCo Credit Agreement, with KeyBank, as administrative agent; Regions Bank, as syndication agent; and syndicate of other banks, as lenders, to obtain a line of credit with an aggregate maximum principal amount of $300,000,000 , or the Trilogy PropCo Line of Credit. On December 1, 2015, we also entered into separate revolving notes with each of KeyBank and Regions Bank, whereby we promised to pay the principal amount of each revolving loan and accrued interest to the respective lender or its registered assigns, in accordance with the terms and conditions of the Trilogy Propco Credit Agreement. The proceeds of the loans made under the Trilogy Propco Line of Credit may be used for working capital, capital expenditures, acquisition of properties and fee interests in leasehold properties and general corporate purposes. The Trilogy PropCo Line of Credit has a four -year term, maturing on December 1, 2019, unless extended for a one year period subject to satisfaction of certain conditions, including payment of an extension fee or otherwise terminated in accordance with the terms thereunder. Availability of the total commitment under the Trilogy PropCo Line of Credit is subject to a borrowing base based on, among other things, the appraised value of certain real estate and villa units constructed on such real estate. On December 1, 2015, the Trilogy PropCo Borrowers borrowed $270,000,000 under the Trilogy PropCo Line of Credit, the proceeds of which were used to refinance certain indebtedness of certain Trilogy Co-Borrowers. Provided that no default or event of default has occurred and subject to certain terms and conditions set forth in the Trilogy PropCo Credit Agreement, the Trilogy PropCo Borrowers shall have the option, at any time and from time to time, before the maturity date, to request an increase of the total maximum principal amount by $100,000,000 to $400,000,000 . At the Trilogy PropCo Borrowers’ option, the Trilogy PropCo Line of Credit bears interest at a floating rate based on an adjusted London Interbank Offered Rate, or LIBOR, rate plus an applicable margin of 4.25% or an alternate base rate plus an applicable margin of 3.25% . In addition to paying interest on the outstanding principal under the Trilogy PropCo Line of Credit, the Trilogy PropCo Borrowers are required to pay an unused fee to the lenders in respect of the unutilized commitments at a rate equal to an initial rate of 0.25% per annum, subject to adjustment depending on usage. Outstanding amounts under the Trilogy PropCo Line of Credit may be prepaid, in whole or in part, at any time, without penalty or premium, subject to customary breakage costs. The Trilogy PropCo Credit Agreement contains various affirmative and negative covenants that are customary for credit facilities and transactions of this type, including incurrence of debt and limitations on secured recourse indebtedness. Our aggregate borrowing capacity under the Trilogy PropCo Line of Credit was $300,000,000 as of December 31, 2016 and 2015 . As of December 31, 2016 and 2015 , borrowings outstanding under the Trilogy PropCo Line of Credit totaled $238,776,000 and $273,000,000 , respectively, and $61,224,000 and $27,000,000 , respectively, remained available. The weighted average interest rate on borrowings outstanding as of December 31, 2016 and 2015 was 4.87% and 4.50% , respectively, per annum. Trilogy OpCo Line of Credit On March 21, 2016, we, through Trilogy Healthcare Holdings, Inc., a Delaware corporation and a direct subsidiary of Trilogy, and certain of its subsidiaries, or the Trilogy OpCo Borrowers, entered into a credit agreement, or the Trilogy OpCo Credit Agreement, with Wells Fargo Bank, National Association, as administrative agent and lender; and a syndicate of other banks, as lenders, to obtain a $42,000,000 secured revolving credit facility, or the Trilogy OpCo Line of Credit. The Trilogy OpCo Line of Credit is secured primarily by residents’ receivables of the Trilogy OpCo Borrowers. The terms of the Trilogy OpCo Line of Credit Agreement provided for a one -time increase during the term of the agreement by up to $18,000,000 , for a maximum amount of $60,000,000 , subject to certain conditions. On April 1, 2016, we increased the aggregate maximum principal amount of the Trilogy OpCo Line of Credit to $60,000,000 . The Trilogy OpCo Line of Credit has a five -year term, maturing on March 21, 2021, unless otherwise terminated in accordance with the terms thereunder. The Trilogy OpCo Line of Credit bears interest at a floating rate based on, at the Trilogy OpCo Borrowers’ option, an adjusted LIBOR rate plus an applicable margin of 3.00% or an alternate base rate plus an applicable margin of 2.00% . Accrued interest under the Trilogy Opco Line of Credit is payable monthly. In addition to paying interest on the outstanding principal under the Trilogy OpCo Line of Credit, the Trilogy OpCo Borrowers are required to pay an unused fee in an amount equal to 0.50% per annum times the average monthly unutilized commitment. The unused fee is payable monthly in arrears, commencing on the first day of each month from and after the closing date up to the first day of the month prior to the date on which the obligations are paid in full. If the commitment is terminated prior to the second anniversary of the closing date, a prepayment premium of 1.00% of the total commitment applies. The Trilogy OpCo Credit Agreement, as amended, contains customary events of default, covenants and other terms, including, among other things, restrictions on the payment of dividends and other distributions, incurrence of indebtedness, creation of liens and transactions with affiliates. Availability of the total commitment under the Trilogy OpCo Line of Credit is subject to a borrowing base based on, among other things, the eligible accounts receivable outstanding of the Trilogy OpCo Borrowers. Our aggregate borrowing capacity under the Trilogy OpCo Line of Credit was $60,000,000 as of December 31, 2016 , subject to certain terms and conditions. As of December 31, 2016 , borrowings outstanding under the Trilogy OpCo Line of Credit totaled $19,541,000 , and $40,459,000 remained available. The weighted average interest rate on borrowings outstanding as of December 31, 2016 was 4.53% per annum. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | 9. Derivative Financial Instruments Consistent with ASC Topic 815, we record derivative financial instruments in our accompanying consolidated balance sheets as either an asset or a liability measured at fair value. ASC Topic 815 permits special hedge accounting if certain requirements are met. Hedge accounting allows for gains and losses on derivatives designated as hedges to be offset by the change in value of the hedged item or items or to be deferred in other comprehensive income (loss). We did not have any derivative financial instruments as of December 31, 2015 . The following table lists the derivative financial instruments held by us as of December 31, 2016 : Notional Amount Index Interest Rate Fair Value Instrument Maturity Date $ 17,075,000 one month LIBOR 2.25 % $ — Cap 02/01/18 140,000,000 one month LIBOR 0.82 % 1,355,000 Swap 02/03/19 60,000,000 one month LIBOR 0.78 % 627,000 Swap 02/03/19 $ 217,075,000 $ 1,982,000 As of December 31, 2016 , none of our derivatives were designated as hedges. Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements, but do not meet the strict hedge accounting requirements of ASC Topic 815. Changes in the fair value of derivative financial instruments are recorded as a component of interest expense in gain in fair value of derivative financial instruments in our accompanying consolidated statements of operations and comprehensive loss. For the years ended December 31, 2015 and 2014 , we did not have any derivative financial instruments. For the year ended December 31, 2016 , we recorded a decrease of $1,968,000 to interest expense in our accompanying consolidated statements of operations and comprehensive loss related to the change in the fair value of our derivative financial instruments. See Note 15, Fair Value Measurements , for a further discussion of the fair value of our derivative financial instruments. |
Identified Intangible Liabiliti
Identified Intangible Liabilities, Net | 12 Months Ended |
Dec. 31, 2016 | |
Identified Intangible Liabilities [Abstract] | |
Identified Intangible Liabilities, Net | 10. Identified Intangible Liabilities, Net As of December 31, 2016 and 2015 , identified intangible liabilities consisted of below-market leases of $2,216,000 and $1,026,000 , respectively, net of accumulated amortization of $946,000 and $350,000 , respectively. Amortization expense on below-market leases for the years ended December 31, 2016 , 2015 and 2014 was $651,000 , $356,000 and $35,000 , respectively. Amortization expense on below-market leases is recorded to real estate revenue in our accompanying consolidated statements of operations and comprehensive loss. The weighted average remaining life of below-market leases was 5.1 years and 5.4 years as of December 31, 2016 and 2015 , respectively. As of December 31, 2016 , estimated amortization expense on below-market leases for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2017 $ 652,000 2018 477,000 2019 392,000 2020 263,000 2021 147,000 Thereafter 285,000 $ 2,216,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Litigation We are not presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us, which if determined unfavorably to us, would have a material adverse effect on our consolidated financial position, results of operations or cash flows. Environmental Matters We follow a policy of monitoring our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at our properties, we are not currently aware of any environmental liability with respect to our properties that would have a material effect on our consolidated financial position, results of operations or cash flows. Further, we are not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that we believe would require additional disclosure or the recording of a loss contingency. Other Our other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business, which include calls/puts to sell/acquire properties. In our view, these matters are not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2016 | |
Temporary Equity [Abstract] | |
Redeemable Noncontrolling Interest | 12. Redeemable Noncontrolling Interests As of December 31, 2016 and 2015 , we owned greater than a 99.99% general partnership interest in our operating partnership and our advisor owned less than a 0.01% limited partnership interest in our operating partnership. As our advisor, Griffin-American Advisor is entitled to special redemption rights of its limited partnership units. The noncontrolling interest of our advisor in our operating partnership that has redemption features outside of our control is accounted for as redeemable noncontrolling interest and is presented outside of permanent equity in our accompanying consolidated balance sheets. See Note 13, Equity — Noncontrolling Interest of Limited Partner in Operating Partnership, for a further discussion. In addition, see Note 14, Related Party Transactions — Liquidity Stage — Subordinated Participation Interest — Subordinated Distribution Upon Listing and Note 14, Related Party Transactions — Subordinated Distribution Upon Termination, for a further discussion of the redemption features of the limited partnership units. On December 1, 2015, we, through Trilogy REIT Holdings, in which we indirectly hold a 70.0% ownership interest, pursuant to an equity purchase agreement with Trilogy and other seller party thereto, completed the acquisition of approximately 96.7% of the outstanding equity interests of Trilogy. Pursuant to the equity purchase agreement, at the closing of the acquisition, certain members of Trilogy’s pre-closing management retained a portion of the outstanding equity interests of Trilogy held by such members of Trilogy’s pre-closing management, representing in the aggregate approximately 3.3% of the outstanding equity interests of Trilogy. The noncontrolling interests held by Trilogy’s pre-closing management have redemption features outside of our control and are accounted for as redeemable noncontrolling interest in our accompanying consolidated balance sheets. As of December 31, 2016 , Trilogy REIT Holdings and certain members of Trilogy’s pre-closing management owned approximately 96.7% and 3.3% of Trilogy, respectively. We record the carrying amount of redeemable noncontrolling interests at the greater of: (i) the initial carrying amount, increased or decreased for the noncontrolling interests’ share of net income or loss and distributions or (ii) the redemption value. The changes in the carrying amount of redeemable noncontrolling interests consisted of the following for the years ended December 31, 2016 and 2015 : December 31, 2016 2015 Beginning balance $ 22,987,000 $ 2,000 Addition 2,295,000 — Reclassification from equity 845,000 — Acquisition of Trilogy — 22,985,000 Distributions (198,000 ) — Fair value adjustment to redemption value 11,521,000 — Net loss attributable to redeemable noncontrolling interests (5,943,000 ) — Ending balance $ 31,507,000 $ 22,987,000 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | 13. Equity Preferred Stock Our charter authorizes us to issue 200,000,000 shares of our preferred stock, par value $0.01 per share. As of December 31, 2016 and 2015 , no shares of preferred stock were issued and outstanding. Common Stock Our charter authorizes us to issue 1,000,000,000 shares of our common stock, par value $0.01 per share. On January 15, 2013, our advisor acquired 22,222 shares of our common stock for total cash consideration of $200,000 and was admitted as our initial stockholder. We used the proceeds from the sale of shares of our common stock to our advisor to make an initial capital contribution to our operating partnership. On March 12, 2015, we terminated the primary portion of our initial offering. We continued to offer shares of our common stock in our initial offering pursuant to the DRIP, until the termination of the DRIP portion of our initial offering and deregistration of our initial offering on April 22, 2015. On March 25, 2015, we filed a Registration Statement on Form S-3 under the Securities Act to register a maximum of $250,000,000 of additional shares of our common stock pursuant to the Secondary DRIP Offering. The Registration Statement on Form S-3 was automatically effective with the SEC upon its filing; however, we did not commence offering shares pursuant to the Secondary DRIP Offering until April 22, 2015, following the deregistration of our initial offering. Effective October 5, 2016, the Amended and Restated DRIP amended the price at which shares of our common stock will be issued pursuant to the Secondary DRIP Offering. See Distribution Reinvestment Plan section below for a further discussion. Through December 31, 2016 , we had issued 184,930,598 shares of our common stock in connection with the primary portion of our initial offering and 13,394,914 shares of our common stock pursuant to the DRIP and the Secondary DRIP Offering. We also repurchased 2,627,695 shares of our common stock under our share repurchase plan through December 31, 2016 . Through December 31, 2016 , we granted an aggregate of 60,000 shares of our restricted common stock to our independent directors. As of December 31, 2016 and 2015 , we had 195,780,039 and 191,135,158 shares of our common stock issued and outstanding, respectively. Selling Commissions Through the termination of the primary portion of our initial offering on March 12, 2015, we paid our dealer manager selling commissions of up to 7.0% of the gross offering proceeds from the sale of shares of our common stock in our initial offering other than shares of our common stock sold pursuant to the DRIP. Our dealer manager was permitted to re-allow all or a portion of these fees to participating broker-dealers. For the years ended December 31, 2015 and 2014 , we incurred $62,362,000 and $60,784,000 , respectively, in selling commissions to our dealer manager. Such commissions were charged to stockholders’ equity as such amounts were paid to our dealer manager from the gross proceeds of our initial offering. Dealer Manager Fee Through the termination of the primary portion of our initial offering on March 12, 2015, we paid our dealer manager a dealer manager fee of up to 3.0% of the gross offering proceeds from the sale of shares of our common stock in our initial offering other than shares of our common stock sold pursuant to the DRIP. For the years ended December 31, 2015 and 2014 , we incurred $27,789,000 and $27,308,000 , respectively, in dealer manager fees to our dealer manager. Such fees were charged to stockholders’ equity as such amounts were paid to our dealer manager from the gross proceeds of our initial offering. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss, net of noncontrolling interests, by component consisted of the following for the years ended December 31, 2016 and 2015 : December 31, 2016 2015 Beginning balance — foreign currency translation adjustments $ (506,000 ) $ — Net change in current period (2,523,000 ) (506,000 ) Ending balance — foreign currency translation adjustments $ (3,029,000 ) $ (506,000 ) Noncontrolling Interest of Limited Partner in Operating Partnership On January 15, 2013, our advisor made an initial capital contribution of $2,000 to our operating partnership in exchange for 222 limited partnership units. Upon the effectiveness of the Advisory Agreement on February 26, 2014, Griffin-American Advisor became our advisor. As our advisor, Griffin-American Ad visor is entitled to special redemption rights of its limited partnership units. Therefore, as of February 26, 2014, such limited partnership units no longer meet the criteria for classification within the equity section of our accompanying consolidated balance sheets and as such were reclassified to the mezzanine section of our accompanying consolidated balance sheets. See Note 12, Redeemable Noncontrolling Interests , for a further discussion. Noncontrolling Interests On December 1, 2015, we, through Trilogy REIT Holdings, completed the acquisition of approximately 96.7% of the outstanding equity interests of Trilogy. As of December 31, 2016 , Trilogy REIT Holdings owned approximately 96.7% of Trilogy. We are the indirect owner of a 70.0% interest in Trilogy REIT Holdings and serve as the sole manager of Trilogy REIT Holdings. NHI, through certain of its subsidiaries, owns a 30.0% ownership interest in Trilogy REIT Holdings. As of December 31, 2016 and 2015 , 30.0% of the net earnings of Trilogy REIT Holdings were allocated to noncontrolling interests. In connection with the acquisition and operation of Trilogy, profit interest units in Trilogy, or the Profit Interests, were issued to Trilogy Management Services, LLC and an independent director of Trilogy, both are unaffiliated third parties that manage or direct the day-to-day operations of Trilogy. The Profit Interests consist of time-based or performance-based commitments. The time-based Profit Interests were measured at their grant date fair value and vest in increments of 20.0% on each anniversary of the respective grant date over a five -year period. We amortize the time-based Profit Interests on a straight-line basis over the vesting periods, which are recorded to general and administrative in our accompanying consolidated statements of operations and comprehensive loss. The performance-based Profit Interests are subject to a performance commitment and vest upon liquidity events as defined in the Profit Interests agreements. The performance-based Profit Interests were measured at their grant date fair value and immediately expensed. The performance-based Profit Interests will be subject to fair value measurements until vesting occurs with changes to fair value recorded to general and administrative in our accompanying consolidated statements of operations and comprehensive loss. For the year ended December 31, 2016 , we recognized stock compensation expense related to the Profit Interests of $1,329,000 . There were no canceled, expired or exercised Profit Interests during the year ended December 31, 2016 . The nonvested awards are presented as noncontrolling interests and will be re-classified to redeemable noncontrolling interests upon vesting as they have redemption features outside of our control similar to the common stock units held by Trilogy’s pre-closing management once vested. See Note 12, Redeemable Noncontrolling Interests , for a further discussion. On January 6, 2016, one of our consolidated subsidiaries issued non-voting preferred shares of beneficial interests to qualified investors for total proceeds of $125,000 . These preferred shares of beneficial interests are entitled to receive cumulative preferential cash dividends at the rate of 12.5% per annum. In accordance with ASC Topic 810, we classify the value of the subsidiary’s preferred shares of beneficial interests as noncontrolling interests in our accompanying consolidated balance sheets and the dividends of the preferred shares of beneficial interests as net loss attributable to noncontrolling interests in our accompanying consolidated statements of operations and comprehensive loss. In addition, as of December 31, 2016 , we owned an 86.0% interest in a consolidated limited liability company that owns the Lakeview IN Medical Plaza property we acquired on January 21, 2016. As such, 14.0% of the earnings of the Lakeview IN Medical Plaza property were allocated to noncontrolling interests for the year ended December 31, 2016 . Distribution Reinvestment Plan We adopted the DRIP that allowed stockholders to purchase additional shares of our common stock through the reinvestment of distributions at an offering price equal to 95.0% of the primary offering price of our initial offering, subject to certain conditions. We had registered and reserved $35,000,000 in shares of our common stock for sale pursuant to the DRIP in our initial offering at an offering price of $9.50 per share, which we terminated on April 22, 2015. On March 25, 2015, we filed a Registration Statement on Form S-3 under the Securities Act to register a maximum of $250,000,000 of additional shares of our common stock pursuant to the Secondary DRIP Offering. The Registration Statement on Form S-3 was automatically effective with the SEC upon its filing; however, we did not commence offering shares pursuant to the Secondary DRIP Offering until April 22, 2015, following the deregistration of our initial offering. Effective October 5, 2016, the Amended and Restated DRIP amended the price at which shares of our common stock are issued pursuant to the Secondary DRIP Offering. Pursuant to the Amended and Restated DRIP, shares are issued at a price equal to the most recently estimated value of one share of our common stock, as approved and established by our board. The Amended and Restated DRIP became effective with the distribution payment to stockholders paid in the month of November 2016, which distributions were reinvested at $9.01 per share, the estimated per share net asset value, or NAV, unanimously approved and established by our board on October 5, 2016. Formerly, shares were issued pursuant to the Secondary DRIP Offering at 95.0% of the estimated value of one share of our common stock, as estimated by our board. In all other material respects, the terms of the Secondary DRIP Offering remain unchanged by the Amended and Restated DRIP. For the years ended December 31, 2016 , 2015 and 2014 , $64,604,000 , $59,335,000 and $2,734,000 in distributions were reinvested and 6,861,647 , 6,245,475 and 287,792 shares of our common stock, respectively, were issued pursuant to the DRIP portion of our initial offering and the Secondary DRIP Offering. As of December 31, 2016 and 2015 , a total of $126,673,000 and $62,069,000 , respectively, in distributions were reinvested that resulted in 13,394,914 and 6,533,267 shares of our common stock, respectively, being issued pursuant to the DRIP portion of our initial offering and the Secondary DRIP Offering. Share Repurchase Plan Our board has approved a share repurchase plan. Our share repurchase plan allows for repurchases of shares of our common stock by us when certain criteria are met. Share repurchases will be made at the sole discretion of our board. Subject to the availability of the funds for share repurchases, we will limit the number of shares of our common stock repurchased during any calendar year to 5.0% of the weighted average number of shares of our common stock outstanding during the prior calendar year; provided, however, that shares subject to a repurchase requested upon the death of a stockholder will not be subject to this cap. Funds for the repurchase of shares of our common stock will come exclusively from the cumulative proceeds we receive from the sale of shares of our common stock pursuant to the DRIP portion of our initial offering and the Secondary DRIP Offering. Furthermore, our share repurchase plan provides that if there are insufficient funds to honor all repurchase requests, pending requests will be honored among all requests for repurchase in any given repurchase period as follows: first, pro rata as to repurchases sought upon a stockholder’s death; next, pro rata as to repurchases sought by stockholders with a qualifying disability; and, finally, pro rata as to other repurchase requests. All repurchases will be subject to a one -year holding period, except for repurchases made in connection with a stockholder’s death or “qualifying disability,” as defined in our share repurchase plan. Further, all share repurchases will be repurchased following a one -year holding period at a price between 92.5% and 100% of each stockholder’s repurchase amount, depending on the period of time their shares have been held. Until October 4, 2016, the repurchase amount for shares repurchased under our share repurchase plan was equal to the lesser of the amount a stockholder paid for their shares of our common stock or the most recent per share offering price. However, if shares of our common stock were repurchased in connection with a stockholder’s death or qualifying disability, the repurchase price was no less than 100% of the price paid to acquire the shares of our common stock from us. Effective with respect to share repurchase requests submitted during the fourth quarter 2016, the Repurchase Amount, as such term is defined in our share repurchase plan, as amended, shall be equal to the lesser of (i) the amount per share that a stockholder paid for their shares of our common stock, or (ii) the most recent estimated value of one share of our common stock, as determined by our board. Accordingly, with respect to share repurchase requests submitted during or after the fourth quarter 2016, we repurchase shares as follows: (a) for stockholders who have continuously held their shares of our common stock for at least one year, the price will be 92.5% of the Repurchase Amount; (b) for stockholders who have continuously held their shares of our common stock for at least two years, the price will be 95.0% of the Repurchase Amount; (c) for stockholders who have continuously held their shares of our common stock for at least three years, the price will be 97.5% of the Repurchase Amount; (d) for stockholders who have held their shares of our common stock for at least four years, the price will be 100% of the Repurchase Amount; and (e) for requests submitted pursuant to a death or a qualifying disability, the price will be 100% of the amount per share the stockholder paid for their shares of common stock (in each case, as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to our common stock). On October 5, 2016, our board approved and established an estimated per share NAV of our common stock of $9.01 . For the years ended December 31, 2016 , 2015 and 2014 , we received share repurchase requests and repurchased 2,246,766 , 380,929 and 0 shares of our common stock, respectively, for an aggregate of $20,941,000 , $3,761,000 and $0 , respectively, at an average repurchase price of $9.32 , $9.87 and $0 per share, respectively. As of December 31, 2016 and 2015 , we received share repurchase requests and repurchased 2,627,695 and 380,929 shares of our common stock, respectively, for an aggregate of $24,702,000 and $3,761,000 , respectively, at an average repurchase price of $9.40 and $9.87 per share, respectively. All shares were repurchased using proceeds we received from the sale of shares of our common stock pursuant to the DRIP portion of our initial offering and the Secondary DRIP Offering. 2013 Incentive Plan We adopted our incentive plan pursuant to which our board or a committee of our independent directors may make grants of options, shares of restricted common stock, stock purchase rights, stock appreciation rights or other awards to our independent directors, employees and consultants. The maximum number of shares of our common stock that may be issued pursuant to our incentive plan is 2,000,000 shares. Through December 31, 2016 , we granted an aggregate of 30,000 shares of our restricted common stock, as defined in our incentive plan, to our independent directors in connection with their initial election or re-election to our board, of which 20.0% vested on the grant date and 20.0% will vest on each of the first four anniversaries of the grant date. In addition, through December 31, 2016 , we granted an aggregate of 30,000 shares of restricted common stock, as defined in our incentive plan, to our independent directors in consideration for their past services rendered. These shares of restricted common stock vest under the same period described above. Shares of our restricted common stock may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered. Such restrictions expire upon vesting. Shares of our restricted common stock have full voting rights and rights to distributions. From the applicable dates that the required service periods began, or the service inception dates, to the applicable grant dates, we recognized compensation expense related to the shares of our restricted common stock based on the reporting date fair value, which was estimated at $10.00 per share, the then most recent price paid to acquire a share of common stock in our initial offering. Beginning on the applicable grant dates, compensation cost related to the shares of our restricted common stock is measured based on the applicable grant date fair value, which we estimated at $10.00 per share, the then most recent price paid to acquire a share of common stock in our initial offering. Stock compensation expense is recognized from the applicable service inception dates to the vesting date for each vesting tranche (i.e., on a tranche by tranche basis) using the accelerated attribution method. ASC Topic 718, Compensation — Stock Compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For the years ended December 31, 2016 , 2015 and 2014 , we did not assume any forfeitures. For the years ended December 31, 2016 , 2015 and 2014 , we recognized stock compensation expense related to the director grants of $196,000 , $109,000 and $62,000 , respectively, which is included in general and administrative in our accompanying consolidated statements of operations and comprehensive loss. As of December 31, 2016 and 2015 , there was $233,000 and $129,000 , respectively, of total unrecognized compensation expense, net of estimated forfeitures, related to nonvested shares of our restricted common stock. As of December 31, 2016 , this expense is expected to be recognized over a remaining weighted average period of 1.73 years. As of December 31, 2016 and 2015 , the weighted average grant date fair value of the nonvested shares of our restricted common stock was $390,000 and $210,000 , respectively. A summary of the status of the nonvested shares of our restricted common stock as of December 31, 2016 , 2015 and 2014 and the changes for the years ended December 31, 2016 and 2015 is presented below: Number of Nonvested Shares of our Restricted Common Stock Weighted Average Grant Date Fair Value Balance — December 31, 2014 12,000 $ 10.00 Granted 15,000 $ 10.00 Vested (6,000 ) $ 10.00 Forfeited — $ — Balance — December 31, 2015 21,000 $ 10.00 Granted 30,000 $ 10.00 Vested (12,000 ) $ 10.00 Forfeited — $ — Balance — December 31, 2016 39,000 $ 10.00 Expected to vest — December 31, 2016 39,000 $ 10.00 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions Fees and Expenses Paid to Affiliates All of our executive officers and our non-independent directors are also executive officers and employees and/or holders of a direct or indirect interest in our advisor, one of our co-sponsors or other affiliated entities. We are affiliated with our advisor, American Healthcare Investors and AHI Group Holdings; however, we are not affiliated with Griffin Capital, Griffin Securities, Colony NorthStar or Mr. Flaherty. We entered into the Advisory Agreement, which entitles our advisor and its affiliates to specified compensation for certain services, as well as reimbursement of certain expenses. In the aggregate, for the years ended December 31, 2016 , 2015 and 2014 , we incurred $29,494,000 and $47,376,000 and $9,641,000 , respectively, in fees and expenses to our affiliates as detailed below. Offering Stage Other Organizational and Offering Expenses Through the termination of the primary portion of our initial offering on March 12, 2015, our other organizational and offering expenses were incurred by our advisor or its affiliates on our behalf. We reimbursed our advisor or its affiliates for actual expenses incurred up to 2.0% of the gross offering proceeds from the sale of shares of our common stock in our initial offering other than shares of our common stock sold pursuant to the DRIP. For the years ended December 31, 2015 and 2014 , we incurred $533,000 and $2,974,000 , respectively, in offering expenses to our advisor. Other organizational expenses were expensed as incurred and offering expenses were charged to stockholders’ equity as such amounts were reimbursed to our advisor from the gross proceeds of our initial offering. Acquisition and Development Stage Acquisition Fee We pay our advisor or its affiliates an acquisition fee of up to 2.25% of the contract purchase price, including any contingent or earn-out payments that may be paid, for each property we acquire or 2.00% of the origination or acquisition price, including any contingent or earn-out payments that may be paid, for any real estate-related investment we originate or acquire. Until January 30, 2015, the acquisition fee for property acquisitions was paid as follows: (i) in cash equal to 2.00% of the contract purchase price; and (ii) the remainder in shares of our common stock in an amount equal to 0.25% of the contract purchase price, at the established offering price as of the date of closing, net of selling commissions and dealer manager fees, which was $9.00 per share. Since January 31, 2015, the acquisition fee for property acquisitions is paid in cash equal to 2.25% of the contract purchase price. Our advisor or its affiliates are entitled to receive these acquisition fees for properties and real estate-related investments we acquire with funds raised in our initial offering including acquisitions completed after the termination of the Advisory Agreement, or funded with net proceeds from the sale of a property or real estate-related investment, subject to certain conditions. Acquisition fees in connection with the acquisition of properties are expensed as incurred in accordance with ASC Topic 805 and included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive loss. Acquisition fees in connection with the acquisition of real estate-related investments are capitalized as part of the associated investment in our accompanying consolidated balance sheets. For the years ended December 31, 2016 , 2015 and 2014 , we incurred $9,591,000 , $39,204,000 and $6,279,000 , respectively, in acquisition fees to our advisor or its affiliates, which included no shares of common stock for the year ended December 31, 2016 , and 55,684 , and 77,139 shares of our common stock issued for the years ended December 31, 2015 and 2014 , respectively. Development Fee In the event our advisor or its affiliates provide development-related services, our advisor or its affiliates receive a development fee in an amount that is usual and customary for comparable services rendered for similar projects in the geographic market where the services are provided; however, we will not pay a development fee to our advisor or its affiliates if our advisor or its affiliates elect to receive an acquisition fee based on the cost of such development. For the year ended December 31, 2016 , we incurred $182,000 in development fees to our advisor or its affiliates. For the years ended December 31, 2015 and 2014 , we did not incur any development fees to our advisor or its affiliates. Development fees are included in acquisition related expenses in our accompanying consolidated statement of operations and comprehensive loss. Reimbursement of Acquisition Expenses We reimburse our advisor or its affiliates for acquisition expenses related to selecting, evaluating and acquiring assets, which are reimbursed regardless of whether an asset is acquired. The reimbursement of acquisition expenses, acquisition fees and real estate commissions paid to unaffiliated parties will not exceed, in the aggregate, 6.0% of the contract purchase price or total development costs, unless fees in excess of such limits are approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in the transaction. For the years ended December 31, 2016 , 2015 and 2014 , such fees and expenses did not exceed 6.0% of the contract purchase price of our acquisitions, except with respect to our acquisition of Crown Senior Care Portfolio. For a further discussion, please see Note 3, Real Estate Investments, Net . Reimbursements of acquisition expenses are expensed as incurred in accordance with ASC Topic 805 and included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive loss. Reimbursements of acquisition expenses in connection with the acquisition of real estate-related investments are capitalized as part of the associated investment in our accompanying consolidated balance sheets. For the years ended December 31, 2016 , 2015 and 2014 , we incurred $1,000 , $3,000 and $4,000 , respectively, in acquisition expenses to our advisor or its affiliates. Operational Stage Asset Management Fee We pay our advisor or its affiliates a monthly fee for services rendered in connection with the management of our assets equal to one-twelfth of 0.75% of average invested assets, subject to our stockholders receiving distributions in an amount equal to 5.0% per annum, cumulative, non-compounded, of invested capital. For such purposes, average invested assets means the average of the aggregate book value of our assets invested in real estate properties and real estate-related investments, before deducting depreciation, amortization, bad debt and other similar non-cash reserves, computed by taking the average of such values at the end of each month during the period of calculation; and invested capital means, for a specified period, the aggregate issue price of shares of our common stock purchased by our stockholders, reduced by distributions of net sales proceeds by us to our stockholders and by any amounts paid by us to repurchase shares of our common stock pursuant to our share repurchase plan. For the years ended December 31, 2016 , 2015 and 2014 , we incurred $16,949,000 , $6,831,000 and $160,000 , respectively, in asset management fees to our advisor or its affiliates. Our advisor agreed to waive a combination of certain acquisition fees and/or asset management fees that may otherwise have been due to our advisor pursuant to our Advisory Agreement, in order to provide us with additional funds to pay distributions to our stockholders prior to our first property acquisition. As such, the asset management fees of $37,000 that would have been incurred through December 31, 2014 were waived by our advisor. Our advisor did not receive any additional securities, shares of our stock, or any other form of consideration or any repayment as a result of the waiver of such asset management fees. Asset management fees are included in general and administrative in our accompanying consolidated statements of operations and comprehensive loss. Property Management Fee Our advisor or its affiliates may directly serve as property manager of our properties or may sub-contract their property management duties to any third party and provide oversight of such third-party property manager. We pay our advisor or its affiliates a monthly management fee equal to a percentage of the gross monthly cash receipts of such property as follows: (i) a 1.0% property management oversight fee for any stand-alone, single-tenant, net leased property; (ii) a 1.5% property management oversight fee for any property that is not a stand-alone, single-tenant, net leased property and for which our advisor or its affiliates will provide oversight of a third party that performs the duties of a property manager with respect to such property; or (iii) a fair and reasonable property management fee that is approved by a majority of our directors, including a majority of our independent directors, that is not less favorable to us than terms available from unaffiliated third parties for any property that is not a stand-alone, single-tenant, net leased property and for which our advisor or its affiliates will directly serve as the property manager without sub-contracting such duties to a third party. For the years ended December 31, 2016 , 2015 and 2014 , we incurred $2,313,000 , $738,000 and $44,000 , respectively, in property management fees to our advisor or its affiliates. Property management fees are included in property operating expenses and rental expenses in our accompanying consolidated statements of operations and comprehensive loss. Lease Fees We pay our advisor or its affiliates a separate fee for any leasing activities 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 as determined by a survey of brokers and agents in such area. Such fee is generally expected to range from 3.0% to 6.0% of the gross revenues generated during the initial term of the lease. For the years ended December 31, 2016 , 2015 and 2014 , we incurred $213,000 , $23,000 and $0 , respectively, in lease fees to our advisor or its affiliates. Lease fees are capitalized as lease commissions and included in other assets, net in our accompanying consolidated balance sheets. Construction Management Fee In the event that our advisor or its affiliates assist with planning and coordinating the construction of any capital or tenant improvements, our advisor or its affiliates are paid a construction management fee of up to 5.0% of the cost of such improvements. For the years ended December 31, 2016 , 2015 and 2014 , we incurred $80,000 , $11,000 and $0 , respectively, in construction management fees to our advisor or its affiliates. Construction management fees are capitalized as part of the associated asset and included in real estate investments, net in our accompanying consolidated balance sheets or will be expensed and included in our accompanying consolidated statements of operations and comprehensive loss, as applicable. Operating Expenses We reimburse our advisor or its affiliates for operating expenses incurred in rendering services to us, subject to certain limitations. However, we cannot reimburse our advisor or its affiliates at the end of any fiscal quarter for total operating expenses that, in the four consecutive fiscal quarters then ended, exceed the greater of: (i) 2.0% of our average invested assets, as defined in the Advisory Agreement; or (ii) 25.0% of our net income, as defined in the Advisory Agreement, unless our independent directors determined that such excess expenses were justified based on unusual and nonrecurring factors which they deem sufficient. Our operating expenses as a percentage of average invested assets and as a percentage of net income were 1.0% and 14.5% , respectively, for the 12 months ended December 31, 2016 ; however, our operating expenses did not exceed the aforementioned limitation. Our operating expenses as a percentage of average invested assets and as a percentage of net income were 1.1% and (48.2)% , respectively, for the 12 months ended December 31, 2015 ; however, our operating expenses did not exceed the aforementioned limitation. From the commencement of our offering through December 31, 2014 , our operating expenses exceeded the aforementioned limitation by $199,000 . Our operating expenses as a percentage of average invested assets and as a percentage of net income were 2.5% and (13.9)% , respectively, from the commencement of our offering through December 31, 2014 . We satisfied the conditions of the minimum offering and had funds held in escrow released to us to commence real estate operations in May 2014. We purchased our first property in June 2014. At this early stage of our operations, our general and administrative expenses were relatively high compared with our net income and our average invested assets. Our board of directors determined that the relationship of our general and administrative expenses to our net income and our average invested assets was justified from the commencement of our offering through December 31, 2014 given the unusual costs of operating a public company in the early stage of operations. For the years ended December 31, 2016 , 2015 and 2014 , our advisor or its affiliates incurred operating expenses on our behalf of $165,000 , $33,000 and $180,000 , respectively. Operating expenses are generally included in general and administrative in our accompanying consolidated statements of operations and comprehensive loss. Compensation for Additional Services We pay our advisor and its affiliates for services performed for us other than those required to be rendered by our advisor or its affiliates under the Advisory Agreement. The rate of compensation for these services has to be approved by a majority of our board, including a majority of our independent directors, and cannot exceed an amount that would be paid to unaffiliated parties for similar services. For the years ended December 31, 2016 , 2015 and 2014 , our advisor and its affiliates were not compensated for any additional services. Liquidity Stage Disposition Fees For services relating to the sale of one or more properties, we pay our advisor or its affiliates a disposition fee up to the lesser of 2.0% of the contract sales price or 50.0% of a customary competitive real estate commission given the circumstances surrounding the sale, in each case as determined by our board, including a majority of our independent directors, upon the provision of a substantial amount of the services in the sales effort. The amount of disposition fees paid, when added to the real estate commissions paid to unaffiliated parties, will not exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price. For the years ended December 31, 2016 , 2015 and 2014 , we did not incur any disposition fees to our advisor or its affiliates. Subordinated Participation Interest Subordinated Distribution of Net Sales Proceeds In the event of liquidation, we will pay our advisor a subordinated distribution of net sales proceeds. The distribution will be equal to 15.0% of the remaining net proceeds from the sales of properties, after distributions to our stockholders, in the aggregate, of: (i) a full return of capital raised from stockholders (less amounts paid to repurchase shares of our common stock pursuant to our share repurchase plan); plus (ii) an annual 7.0% cumulative, non-compounded return on the gross proceeds from the sale of shares of our common stock, as adjusted for distributions of net sales proceeds. Actual amounts to be received depend on the sale prices of properties upon liquidation. For the years ended December 31, 2016 , 2015 and 2014 , we did not incur any such distributions to our advisor. Subordinated Distribution Upon Listing Upon the listing of shares of our common stock on a national securities exchange, in redemption of our advisor’s limited partnership units, we will pay our advisor a distribution equal to 15.0% of the amount by which (i) the market value of our outstanding common stock at listing plus distributions paid prior to listing exceeds (ii) the sum of the total amount of capital raised from stockholders (less amounts paid to repurchase shares of our common stock pursuant to our share repurchase plan) and the amount of cash that, if distributed to stockholders as of the date of listing, would have provided them an annual 7.0% cumulative, non-compounded return on the gross proceeds from the sale of shares of our common stock through the date of listing. Actual amounts to be paid depend upon the market value of our outstanding stock at the time of listing, among other factors. For the years ended December 31, 2016 , 2015 and 2014 , we did not incur any such distributions to our advisor. Subordinated Distribution Upon Termination Pursuant to the Agreement of Limited Partnership, as amended, of our operating partnership, upon termination or non-renewal of the Advisory Agreement, our advisor will also be entitled to a subordinated distribution in redemption of its limited partnership units from our operating partnership equal to 15.0% of the amount, if any, by which (i) the appraised value of our assets on the termination date, less any indebtedness secured by such assets, plus total distributions paid through the termination date, exceeds (ii) the sum of the total amount of capital raised from stockholders (less amounts paid to repurchase shares of our common stock pursuant to our share repurchase plan) an d the total amount of cash equal to an annual 7.0% cumula tive, non-compounded return on the gross proceeds from the sale of shares of our common stock through the termination date. In addition, our advisor may elect to defer its right to receive a subordinated distribution upon termination until either a listing or other liquidity event, including a liquidation, sale of substantially all of our assets or merger in which our stockholders receive in exchange for their shares of our common stock, shares of a company that are traded on a national securities exchange. As of December 31, 2016 and 2015 , we had not recorded any charges to earnings related to the subordinated distribution upon termination. Stock Purchase Plans On March 5, 2014, our Chief Executive Officer and Chairman of the Board of Directors, Jeffrey T. Hanson, our President, Chief Operating Officer, and Director, Danny Prosky, and our Executive Vice President, General Counsel, Mathieu B. Streiff, each executed stock purchase plans, or the 2014 Stock Purchase Plans, whereby they each irrevocably agreed to invest 100% of their net after-tax base salary and cash bonus compensation earned as employees of American Healthcare Investors directly into our company by purchasing shares of our common stock. In addition, our former Chief Financial Officer, Shannon K S Johnson, our Executive Vice President — Acquisitions, Stefan K.L. Oh, our Assistant General Counsel and Secretary, Cora Lo, and our Former Vice President — Asset Management, Chris Rooney, each executed similar 2014 Stock Purchase Plans whereby each irrevocably agreed to invest 15.0% , 15.0% , 10.0% and 15.0% , respectively, of their net after-tax base salaries that were earned as employees of American Healthcare Investors directly into our company by purchasing shares of our common stock. Such arrangements terminated on December 31, 2014 . Effective January 1, 2015, Messrs. Hanson, Prosky, Streiff, Oh and Rooney, and Mses. Johnson and Lo, each adopted a stock purchase plan, or the 2015 Stock Purchase Plans, on terms similar to each of the 2014 Stock Purchase Plans described above. The 2015 Stock Purchase Plans each terminated in connection with the termination of the primary portion of our initial offering. Purchases of shares of our common stock pursuant to the 2014 Stock Purchase Plans commenced after the initial release from the escrow of the minimum offering amount, beginning with the officers’ regularly scheduled payroll payment on May 20, 2014. Purchases of shares of our common stock pursuant to the 2015 Stock Purchase Plans commenced with the officers’ regularly scheduled payroll payment paid on or after January 1, 2015. The shares of common stock were purchased at a price of $9.00 per share, reflecting the purchase price of the shares in our initial offering, exclusive of selling commissions and the dealer manager fee. For the years ended December 31, 2015 and 2014 , our officers invested the following amounts and we issued the following shares of our common stock pursuant to the applicable stock purchase plan: Years Ended December 31, 2015 2014 Officer’s Name Title Amount Shares Amount Shares Jeffrey T. Hanson Chief Executive Officer and Chairman of the Board of Directors $ 17,000 1,902 $ 59,000 6,574 Danny Prosky President, Chief Operating Officer and Director 20,000 2,246 81,000 9,053 Mathieu B. Streiff Executive Vice President, General Counsel 19,000 2,062 74,000 8,188 Stefan K.L. Oh Executive Vice President — Acquisitions 2,000 168 14,000 1,556 Cora Lo Assistant General Counsel and Secretary 1,000 106 8,000 900 Shannon K S Johnson Former Chief Financial Officer 1,000 165 13,000 1,475 Chris Rooney Former Vice President — Asset Management 1,000 135 12,000 1,366 $ 61,000 6,784 $ 261,000 29,112 Accounts Payable Due to Affiliates The following amounts were outstanding to our affiliates as of December 31, 2016 and 2015 : December 31, Fee 2016 2015 Asset and property management fees $ 1,736,000 $ 1,111,000 Acquisition fees 202,000 133,000 Development fees 105,000 — Lease commissions 89,000 1,000 Construction management fees 38,000 9,000 Operating expenses 16,000 3,000 $ 2,186,000 $ 1,257,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 15. Fair Value Measurements Assets and Liabilities Reported at Fair Value The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 , aggregated by the level in the fair value hierarchy within which those measurements fall. Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Derivative financial instrument $ — $ 1,982,000 $ — $ 1,982,000 Contingent consideration receivables — — — — Total assets at fair value $ — $ 1,982,000 $ — $ 1,982,000 Liabilities: Derivative financial instrument $ — $ — $ — $ — Contingent consideration obligations — — 8,992,000 8,992,000 Warrants — — 1,250,000 1,250,000 Total liabilities at fair value $ — $ — $ 10,242,000 $ 10,242,000 The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 , aggregated by the level in the fair value hierarchy within which those measurements fall. Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Contingent consideration receivables $ — $ — $ — $ — Total assets at fair value $ — $ — $ — $ — Liabilities: Contingent consideration obligations $ — $ — $ 5,912,000 $ 5,912,000 Warrants — — 1,014,000 1,014,000 Total liabilities at fair value $ — $ — $ 6,926,000 $ 6,926,000 There were no transfers into and out of fair value measurement levels during the years ended December 31, 2016 and 2015 . Derivative Financial Instruments We use interest rate swaps and interest rate caps to manage interest rate risk associated with floating-rate debt. The valuation of these instruments is determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, as well as option volatility. The fair values of interest rate swaps are determined by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates derived from observable market interest rate curves. To comply with the provisions of ASC Topic 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although we have determined that the majority of the inputs used to value our derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparty. However, as of December 31, 2016 , we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Contingent Consideration Assets As of December 31, 2016 , we have not recorded any contingent consideration receivables. In connection with our purchase of King of Prussia PA MOB in January 2015, there was a contingent consideration receivable in the amount of either $0 or $1,100,000 . We would have received $1,100,000 in the event that within one year of the acquisition date certain criteria were not met, including the seller leasing 4,536 square feet of GLA meeting certain lease terms, occupancy by the tenant, delivery of a signed estoppel by the tenant and our receipt of the first month’s rent under the lease. Such contingency expired in January 2016. In addition, in connection with our acquisition of Mt. Juliet TN MOB in March 2015, there is a contingent consideration receivable in the range of $0 up to a maximum of $308,000 . We would receive payment of contingent consideration in the event that a tenant occupying 6,611 square feet of GLA terminates their lease, prior to March 31, 2018, and to the extent there is a shortfall in rent from any replacement tenant. As of December 31, 2016 , we do not believe that we will receive such amounts, and therefore, we have not recorded any contingent consideration receivables. When recorded by us, contingent consideration receivables will be included in other assets, net in our accompanying consolidated balance sheets. Liabilities As of December 31, 2016 and 2015 , we have accrued $8,992,000 and $5,912,000 , respectively, as contingent consideration obligations in connection with our property acquisitions, which is included in security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheets. Such consideration will be paid upon various conditions being met, including our tenants achieving certain operating performance metrics and sellers’ leasing unoccupied space, as discussed below. Of the amount accrued as of December 31, 2016 , $8,942,000 relates to our acquisition of North Carolina ALF Portfolio in January and June 2015 and $50,000 relates to our acquisition of King of Prussia PA MOB. Of the amount accrued as of December 31, 2015 , $4,131,000 relates to our acquisition of North Carolina ALF Portfolio in January and June 2015, $1,381,000 relates to our acquisition of Stockbridge GA MOB II and $400,000 relates to our acquisition of King of Prussia PA MOB. The estimated total amount of $8,942,000 related to North Carolina ALF Portfolio will be paid based upon the computation in the lease agreement and receipt of notification within three years after the applicable acquisition date that the tenant has increased its earnings before interest, taxes, depreciation, and rent cost, or EBITDAR, as defined in the lease agreement, for the preceding three months. There is no minimum required payment but the total maximum is capped at $35,144,000 and is also limited by the tenant’s ability to increase its EBITDAR. Any payment made will result in an increase in the monthly rent charged to the tenant and additional rental revenue to us. Upon the tenant meeting certain conditions under the lease agreement and providing us notice in October 2016, we paid $10,000,000 towards this obligation related to the Wake Forest Facility in November 2016. We have assumed that the tenant will meet the remaining conditions under the lease agreement and that we will pay the remaining contingent consideration for the three other facilities three years from the date of the applicable acquisition. Warrants As of December 31, 2016 and 2015 , we have recorded $1,250,000 and $1,014,000 , respectively, related to warrants in Trilogy common units held by certain members of Trilogy’s pre-closing management, which is included in security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheets. Once exercised, these warrants have redemption features similar to the common units held by members of Trilogy’s pre-closing management. See Note 12, Redeemable Noncontrolling Interests , for a further discussion. As of December 31, 2016 and 2015 , the carrying value is a reasonable estimate of fair value. Investments in Unconsolidated Entities The fair value of one of our investments in unconsolidated entities was based on an income approach utilizing a discounted cash flows valuation model, and inputs were considered to be Level 3 measurements within the fair value hierarchy. Inputs to this valuation model included earnings multiples, discount rate, growth rates of revenue, operating expenses and cost of capital, some of which influence our expectation of future cash flows from our equity investments in the unconsolidated entities and, accordingly, the fair value of our investments. The following is a summary of the quantitative information related to this non-recurring fair value measurement for the impairment of our investments in unconsolidated entities using a discounted cash flows valuation model: Unobservable Inputs Ranges Terminal EBITDA(1) multiple 8.0X-9.0X Weighted average cost of capital 7.75%-9.75% Operating expenses as a percent of revenue 74%-84% Annual revenue growth 2.75%-3.65% ___________ (1) Earnings before interest, tax, depreciation and amortization. Unobservable Inputs and Reconciliation for Contingent Consideration Liabilities The fair value of the contingent consideration is determined based on the facts and circumstances existing at each reporting date and the likelihood of the counterparty achieving the necessary conditions based on a probability weighted discounted cash flow analysis based, in part, on significant inputs which are not observable in the market. As a result, we have determined that our contingent consideration valuations are classified in Level 3 of the fair value hierarchy. Any changes in the fair value of our contingent consideration assets and obligations subsequent to their acquisition date valuations are charged to earnings. Gains and losses recognized on contingent consideration assets and obligations are included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive loss. The following table shows quantitative information about unobservable inputs related to Level 3 fair value measurements used as of December 31, 2016 and 2015 for the contingent consideration obligations: Range of Inputs or Inputs December 31, Acquisition Unobservable Inputs(1) 2016 2015 North Carolina ALF Portfolio — North Raleigh and Mooresville(2) Tenant’s Annualized EBITDAR, as defined, for the Three Months Prior to Payment $ 3,459,000 $ 3,516,000 Timing of Payment January 27, 2018 January 27, 2018 Applicable Rate, as defined in the lease agreement 7.2% 7.2% Discount Rate per Annum 1.20% 1.06% Percentage of Eligible Payment Requested 100% 100% North Carolina ALF Portfolio — Clemmons(2) Tenant’s Annualized EBITDAR, as defined, for the Three Months Prior to Payment $ 1,753,000 $ 197,000 Timing of Payment June 28, 2018 June 28, 2018 Applicable Rate, as defined in the lease agreement 7.2% 7.2% Discount Rate per Annum 1.20% 1.06% Percentage of Eligible Payment Requested 100% 100% King of Prussia PA MOB(3) Percentage of Allowance for Leasing Commissions to be Paid 100% 100% ___________ (1) Significant increases or decreases in any of the unobservable inputs in isolation or in the aggregate would result in a significantly higher or lower fair value measurement to the contingent consideration obligation as of December 31, 2016 and 2015 . (2) The most significant input to the valuation is the tenant’s annualized EBITDAR, as defined in the lease agreement. An increase (decrease) in the tenant’s annualized EBITDAR would increase (decrease) the fair value. (3) An increase (decrease) in the leasing commissions to be paid would increase (decrease) the fair value. The following is a reconciliation of the beginning and ending balances of our contingent consideration assets and obligations for the years ended December 31, 2016 , 2015 and 2014 : Years Ended December 31, 2016 2015 2014 Contingent Consideration Receivables: Beginning balance $ — $ — $ — Additions to contingent consideration receivables — — — Realized/unrealized (gains) losses recognized in earnings — — — Ending balance $ — $ — $ — Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to assets still held $ — $ — $ — Contingent Consideration Obligations: Beginning balance $ 5,912,000 $ 1,393,000 $ — Additions to contingent consideration obligations — 5,848,000 1,393,000 Realized/unrealized losses (gains) recognized in earnings 13,430,000 (1,329,000 ) — Settlements of obligations (10,350,000 ) — — Ending balance $ 8,992,000 $ 5,912,000 $ 1,393,000 Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to obligations still held $ 13,430,000 $ (1,329,000 ) $ — Financial Instruments Disclosed at Fair Value ASC Topic 825, Financial Instruments, requires disclosure of the fair value of financial instruments, whether or not recognized on the face of the balance sheet. Fair value is defined under ASC Topic 820. Our accompanying consolidated balance sheets include the following financial instruments: real estate notes receivable, debt security investment, cash and cash equivalents, accounts and other receivables, restricted cash, real estate deposits, accounts payable and accrued liabilities, accounts payable due to affiliates, mortgage loans payable and borrowings under our lines of credit and term loan. We consider the carrying values of cash and cash equivalents, accounts and other receivables, restricted cash, real estate deposits and accounts payable and accrued liabilities to approximate the fair value for these financial instruments based upon an evaluation of the underlying characteristics, market data and because of the short period of time between origination of the instruments and their expected realization. The fair value of cash and cash equivalents is classified in Level 1 of the fair value hierarchy. The fair value of accounts payable due to affiliates is not determinable due to the related party nature of the accounts payable. The fair value of the other financial instruments is classified in Level 2 of the fair value hierarchy. The fair value of our real estate notes receivable and debt security investment are estimated using a discounted cash flow analysis using interest rates available to us for investments with similar terms and maturities. The fair value of the mortgage loans payable and our lines of credit and term loan are estimated using a discounted cash flow analysis using borrowing rates available to us for debt instruments with similar terms and maturities. We have determined that the valuations of our real estate notes receivable, debt security investment, mortgage loans payable and lines of credit and term loan are classified in Level 2 within the fair value hierarchy. The carrying amounts and estimated fair values of such financial instruments as of December 31, 2016 and 2015 were as follows: December 31, 2016 2015 Carrying Fair Carrying Fair Financial Assets: Real estate notes receivable $ 36,205,000 $ 37,231,000 $ 81,716,000 $ 80,845,000 Debt security investment $ 64,912,000 $ 94,320,000 $ 62,761,000 $ 94,393,000 Financial Liabilities: Mortgage loans payable $ 495,717,000 $ 495,532,000 $ 295,270,000 $ 294,701,000 Lines of credit and term loan $ 639,693,000 $ 647,336,000 $ 343,656,000 $ 350,000,000 |
Income Taxes and Distributions
Income Taxes and Distributions | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes and Distributions | 16. Income Taxes and Distributions As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. We have elected to treat certain of our consolidated subsidiaries as TRSs, pursuant to the Code. TRSs may participate in services that would otherwise be considered impermissible for REITs and are subject to federal and state income tax at regular corporate tax rates. We did not incur income taxes for the year ended December 31, 2014 . The components of loss before taxes for the years ended December 31, 2016 and 2015 , were as follows: December 31, 2016 2015 Domestic $ (202,886,000 ) $ (109,748,000 ) Foreign (667,000 ) (5,103,000 ) Loss before income taxes $ (203,553,000 ) $ (114,851,000 ) The components of income tax expense for the years ended December 31, 2016 and 2015 , were as follows: December 31, 2016 2015 Federal deferred $ (6,656,000 ) $ (6,156,000 ) State deferred (1,502,000 ) (1,291,000 ) Foreign deferred — — Federal current (3,000 ) 147,000 Foreign current 160,000 43,000 Valuation allowances 8,344,000 7,447,000 Total income tax expense $ 343,000 $ 190,000 Current Income Tax Federal and state income taxes are generally a function of the level of income recognized by our TRSs. Foreign income taxes are generally a function of our income on our real estate and real estate-related investments located in the UK and Isle of Man. Deferred Taxes Deferred income tax is generally a function of the period’s temporary differences (primarily basis differences between tax and financial reporting for real estate assets and equity investments) and generation of tax net operating losses that may be realized in future periods depending on sufficient taxable income. We apply the rules under ASC 740-10, Accounting for Uncertainty in Income Taxes, for uncertain tax positions using a “more likely than not” recognition threshold for tax positions. Pursuant to these rules, we will initially recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits of the tax position, that such a position will be sustained upon examination by the relevant tax authorities. If the tax benefit meets the “more likely than not” threshold, the measurement of the tax benefit will be based on our estimate of the ultimate tax benefit to be sustained if audited by the taxing authority. As of December 31, 2016 and 2015 , we did not have any tax benefits or liabilities for uncertain tax positions that we believe should be recognized in our accompanying consolidated financial statements. We used estimated fair value for the preliminary allocation of consideration to the net tangible and intangible assets acquired and liabilities assumed for the Trilogy acquisition in December 2015. During 2016, we obtained additional information that required revisions to the preliminary purchase price allocation. Specifically, the basis differences between tax and book were updated, and as a result, a deferred tax liability was recorded. The primary driver of this difference was the use of bonus depreciation for tax purposes. See Note 18, Business Combinations , for a further discussion. The additional Trilogy information obtained also impacted our allocation of deferred tax assets. An election was filed to step up the tax basis of certain assets pursuant to section 743 of the Code, and additional book/tax basis differences were finalized related to the contribution of certain assets by Trilogy to its TRS subsidiary prior to our acquisition of Trilogy. The contribution was structured as a tax free contribution, pursuant to section 351 of the Code. Straight line rent basis differences and net operating losses contributed to the growth in the deferred tax asset account in 2016. We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A valuation allowance is established if we believe it is more likely than not that all or a portion of the deferred tax assets are not realizable. As of December 31, 2016 and 2015 , our valuation allowance substantially reserves the net deferred tax asset due to inherent uncertainty of future income. We will continue to monitor industry and economic conditions, and our ability to generate taxable income based on our business plan and available tax planning strategies, which would allow us to utilize the tax benefits of the net deferred tax assets and thereby allow us to reverse all, or a portion of, our valuation allowance in the future. Any increases or decreases to the deferred income tax assets or liabilities are reflected in income tax expense (benefit) in our accompanying consolidated statements of operations and comprehensive loss. The components of deferred tax assets and liabilities as of December 31, 2016 and 2015 were as follows: December 31, 2016 2015 Deferred income tax assets: Fixed assets & intangibles $ 13,015,000 $ 5,840,000 Expense accruals & other 6,586,000 1,050,000 Net operating loss 6,947,000 557,000 Allowances for accounts receivable 2,891,000 — Reserves and accruals 2,361,000 — Investment in joint ventures 1,189,000 — Valuation allowances (24,695,000 ) (7,447,000 ) Total deferred income tax assets $ 8,294,000 $ — Deferred income tax liabilities: Fixed assets and intangibles $ (13,181,000 ) $ — Other — temporary differences (3,104,000 ) — Total deferred income tax liabilities $ (16,285,000 ) $ — Tax Treatment of Distributions For federal income tax purposes, distributions to stockholders are characterized as ordinary income, capital gain distributions or nontaxable distributions. Nontaxable distributions will reduce U.S. stockholders’ basis (but not below zero) in their shares. The income tax treatment for distributions reportable for the years ended December 31, 2016 , 2015 and 2014 was as follows: Years Ended December 31, 2016 2015 2014 Ordinary income $ 28,135,000 24.2 % $ 17,271,000 16.7 % $ 649,000 13.4 % Capital gain — — — — — — Return of capital 88,140,000 75.8 85,923,000 83.3 4,183,000 86.6 $ 116,275,000 100 % $ 103,194,000 100 % $ 4,832,000 100 % Amounts listed above do not include distributions paid on nonvested shares of our restricted common stock which have been separately reported. |
Future Minimum Rent
Future Minimum Rent | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Future Minimum Rent | 17. Future Minimum Rent Rental Income We have operating leases with tenants that expire at various dates through 2050 and in some cases are subject to scheduled fixed increases or adjustments based on a consumer price index. Generally, our leases grant tenants renewal options. Our leases also generally provide for additional rents based on certain operating expenses. Future minimum base rent contractually due under operating leases, excluding tenant reimbursements of certain costs, as of December 31, 2016 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2017 $ 88,511,000 2018 83,934,000 2019 79,579,000 2020 72,738,000 2021 69,909,000 Thereafter 580,014,000 $ 974,685,000 Rental Expense We have ground and other lease obligations that generally require fixed annual rental payments and may also include escalation clauses and renewal options. These leases expire at various dates through 2112 , excluding extension options. Future minimum lease obligations under non-cancelable ground and other lease obligations as of December 31, 2016 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2017 $ 17,946,000 2018 22,288,000 2019 22,943,000 2020 23,617,000 2021 24,310,000 Thereafter 225,725,000 $ 336,829,000 We evaluate our leases for operating versus capital lease treatment in accordance with ASC Topic 840, Leases. A lease is classified as a capital lease if it provides for transfer of ownership of the leased asset at the end of the lease term, contains a bargain purchase option, has a lease term greater than 75.0% of the economic life of the leased asset, or if the net present value of the future minimum lease payments are in excess of 90.0% of the fair value of the leased asset. Future minimum lease payments under capital leases as of December 31, 2016 for each of the next five years ending December 31 was as follows: Year Amount(1) 2017 $ 9,796,000 2018 6,834,000 2019 3,987,000 2020 2,002,000 2021 661,000 $ 23,280,000 ___________ (1) Amounts above represent principal of $20,796,000 and interest obligations of $2,484,000 under capital lease arrangements. As of December 31, 2016 and 2015 , we have recorded $24,500,000 of purchase option liabilities, which are included in capital lease obligations in our accompanying consolidated balance sheets and which are excluded from amounts above. Purchase option liabilities are recorded at their estimated fair value by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | 18. Business Combinations Trilogy Purchase Price Allocation We utilized estimated fair values for the preliminary allocation of consideration to the net tangible and intangible assets acquired and liabilities assumed for the acquisition of Trilogy in December 2015. As we continued to integrate Trilogy during 2016, we obtained additional information on the acquired assets and assumed liabilities which, if significant, required revisions to the preliminary purchase price allocation for Trilogy. Amounts for certain income tax accounts were also subject to change pending the filing of Trilogy’s pre-acquisition tax returns and the receipt of information from taxing authorities, which, if significant, required revisions to preliminary assumptions and estimates. If we determined that any measurement period adjustments were significant, we recognized those adjustments, including any related impacts to deferred tax positions, goodwill or net income, in the reporting period in which the adjustments are determined. The final purchase price allocation to assets acquired and liabilities assumed for the acquisition of Trilogy in December 2015 was: Trilogy(1) Building and improvements $ 504,554,000 Land 38,956,000 Furniture, fixtures and equipment 59,192,000 Construction in progress 17,132,000 In-place leases 183,704,000 Capital lease assets 43,601,000 Certificates of need 51,295,000 Trade names 30,267,000 Purchase option assets 71,000,000 Goodwill 75,264,000 Other assets 37,639,000 Total assets acquired 1,112,604,000 Mortgage loans payable, net (193,220,000 ) Lines of credit (270,000,000 ) Capital lease obligations (47,660,000 ) Deferred income tax liabilities (7,699,000 ) Other liabilities (7,634,000 ) Total liabilities assumed (526,213,000 ) Net assets acquired $ 586,391,000 ___________ (1) Trilogy’s assets acquired and liabilities assumed are consolidated and reported at 100% . At the time of acquisition, we owned approximately 67.6% of the net assets acquired. During 2016, we updated the purchase price allocation of Trilogy to adjust deferred income tax liabilities as of the Trilogy acquisition date for pre-merger Trilogy’s federal income tax returns and revised estimates. This measurement period adjustment was reflected in the table above as an increase to goodwill of $7,699,000 , with corresponding adjustments to deferred income tax liabilities, which is included in security deposits, prepaid rent and other liabilities, in our accompanying consolidated balance sheets. We also adjusted the initial valuation of our unconsolidated entities that we own investment interests in through Trilogy. This adjustment was also reflected in the table above as an increase to goodwill of $4,654,000 , with corresponding adjustments to investments in unconsolidated entities, which is included in other assets, net, in our accompanying consolidated balance sheets. There was no impact to our consolidated statement of operations and comprehensive loss for the fiscal year ended December 31, 2015 . In addition, we adjusted the initial purchase price allocation during 2016 relating to three properties subject to capital leases to decrease the allocation to land by $3,201,000 and increase the allocation to building and improvements by the same amount. The impact to our consolidated statement of operations and comprehensive loss as a result of this reallocation is immaterial for the fiscal year ended December 31, 2015 . For the period from the acquisition date through December 31, 2015 , we recognized $66,115,000 of revenue and $18,588,000 of net loss for Trilogy. 2016 Business Combinations For the year ended December 31, 2016 , using cash on hand and debt financing, we completed 12 property acquisitions comprising 23 buildings and acquired the real estate underlying 17 previously leased integrated senior health campuses, which have been accounted for as business combinations. The aggregate contract purchase price for these property acquisitions was $498,656,000 , plus closing costs and acquisition fees of $14,111,000 , which are included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive loss. See Note 3, Real Estate Investments, Net , for a listing of the properties acquired, acquisition dates and the amount of financing initially incurred in connection with such acquisitions. Results of operations for the property acquisitions for the year ended December 31, 2016 are reflected in our accompanying consolidated statements of operations and comprehensive loss for the period from the date of acquisition of each property through December 31, 2016 . For the period from the acquisition date through December 31, 2016 , we recognized the following amounts of revenue and net income for the 2016 property acquisitions: Acquisition Revenue Net Income 2016 Acquisitions $ 20,228,000 $ 1,021,000 The fair values of the assets acquired and liabilities assumed since January 1, 2016 are preliminary estimates determined using the income, cost and market approaches. Any necessary adjustments will be finalized within one year from the date of acquisition. The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed of our 2016 property acquisitions: 2016 Acquisitions Building and improvements $ 439,067,000 Land 44,738,000 Furniture, fixtures and equipment 644,000 In-place leases 48,827,000 Above-market leases 1,385,000 Certificates of need 18,410,000 Purchase option assets (56,792,000 ) Total assets acquired 496,279,000 Mortgage loans payable, net (14,066,000 ) Below-market leases (1,842,000 ) Total liabilities assumed (15,908,000 ) Net assets acquired $ 480,371,000 Assuming the property acquisitions in 2016 discussed above had occurred on January 1, 2015, for the years ended December 31, 2016 and 2015 , unaudited pro forma revenue, net loss, net loss attributable to controlling interest and net loss per common share attributable to controlling interest — basic and diluted would have been as follows: Years Ended December 31, 2016 2015 Revenue $ 1,001,599,000 $ 193,796,000 Net loss $ (170,845,000 ) $ (154,270,000 ) Net loss attributable to controlling interest $ (113,592,000 ) $ (133,299,000 ) Net loss pe r com mon share attributable to controlling interest — basic and diluted $ (0.58 ) $ (0.73 ) The unaudited pro forma adjustments assume that the offering proceeds, at a price of $10.00 per share, net of offering costs, were raised as of January 1, 2015. In addition, acquisition related expenses associated with the acquisitions have been excluded from the pro forma results in 2016 and included in the 2015 pro forma results. The pro forma results are not necessarily indicative of the operating results that would have been obtained had the acquisitions occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. 2015 Business Combinations For the year ended December 31, 2015 , using net proceeds from our offering and the assumption of mortgage loans payable and borrowing against lines of credit, we completed 23 property acquisitions comprising 50 buildings and 97 integrated senior health campuses, which have been accounted for as business combinations. The aggregate contract purchase price for these property acquisitions was $1,976,185,000 , plus closing costs and acquisition fees of $66,047,000 , which are included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive loss. See Note 3, Real Estate Investments, Net for a listing of the properties acquired, acquisition dates and the amount of financing initially incurred or assumed in connection with such acquisitions. Results of operations for the property acquisitions during the year ended December 31, 2015 are reflected in our accompanying consolidated statements of operations and comprehensive loss for the period from the date of acquisition of each property through December 31, 2015 . We present separately Trilogy at — Trilogy Purchase Price Allocation above and Independence MOB Portfolio and Pennsylvania Senior Housing Portfolio below, which are individually significant property acquisitions during the year ended December 31, 2015 . The fair values of the assets acquired and liabilities assumed were preliminarily determined using the income, cost and market approaches. The fair value measurements were primarily based on significant inputs that are not observable in the market and are considered Level 3 under the Fair Value Measurement and Disclosure framework. For the period from the acquisition date through December 31, 2015 , we recognized the following amounts of revenue and net income (loss) for the 2015 property acquisitions, excluding Trilogy that is presented at — Trilogy Purchase Price Allocation above: Acquisition Revenue Net Income (Loss) Independence MOB Portfolio $ 14,021,000 $ 2,171,000 Pennsylvania Senior Housing Portfolio $ 8,500,000 $ (2,743,000 ) Other 2015 Acquisitions $ 46,235,000 $ (1,344,000 ) The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed for our 2015 property acquisitions, excluding Trilogy that is presented at — Trilogy Purchase Price Allocation above, and which we determined using Level 2 and Level 3 inputs: Independence MOB Portfolio Pennsylvania Senior Housing Portfolio Other 2015 Acquisitions Building and improvements $ 113,727,000 $ 76,970,000 $ 530,242,000 Land 7,367,000 2,994,000 50,776,000 Furniture, fixtures and equipment — 635,000 1,966,000 In-place leases 7,182,000 8,057,000 48,041,000 Leasehold interest 5,715,000 — 687,000 Above-market leases 1,321,000 — 1,163,000 Total assets acquired 135,312,000 88,656,000 632,875,000 Mortgage loans payable, net — (13,271,000 ) (71,969,000 ) Below-market leases (350,000 ) — (193,000 ) Other liabilities — — (5,848,000 ) (1) Total liabilities assumed (350,000 ) (13,271,000 ) (78,010,000 ) Net assets acquired $ 134,962,000 $ 75,385,000 $ 554,865,000 ___________ (1) Included in other liabilities is $4,067,000 , $1,381,000 and $400,000 accrued for as contingent consideration obligations in connection with the purchase of North Carolina ALF Portfolio, Stockbridge GA MOB II and King of Prussia PA MOB, respectively. For a further discussion, see Note 15, Fair Value Measurements — Assets and Liabilities Reported at Fair Value. Assuming all the property acquisitions in 2015 discussed above had occurred on January 1, 2014 , for the years ended December 31, 2015 and 2014 , unaudited pro forma revenue, net loss, net loss attributable to controlling interest and net loss per common share attributable to controlling interest — basic and diluted would have been as follows: Years Ended December 31, 2015 2014 Revenue $ 918,450,000 $ 888,332,000 Net loss $ (41,824,000 ) $ (227,678,000 ) Net loss attributable to controlling interest $ (46,311,000 ) $ (225,835,000 ) Net loss per common share attributable to controlling interest — basic and diluted $ (0.15 ) $ (1.73 ) The unaudited pro forma adjustments assume that the offering proceeds, at a price of $10.00 per share, net of offering costs were raised as of January 1, 2014 . In addition, acquisition related expenses associated with the acquisitions have been excluded from the pro forma results in 2015 and included in the 2014 pro forma results. The pro forma results are not necessarily indicative of the operating results that would have been obtained had the acquisitions occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 19. Segment Reporting ASC Topic 280 establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. We segregate our operations into reporting segments in order to assess the performance of our business in the same way that management reviews our performance and makes operating decisions. Accordingly, when we acquired our first medical office building in June 2014; senior housing facility in September 2014; hospital in December 2014; senior housing — RIDEA portfolio in May 2015; skilled nursing facilities in October 2015; and integrated senior health campuses in December 2015, we added a new reportable business segment at such time. As of December 31, 2016 , we evaluated our business and made resource allocations based on six reportable business segments: medical office buildings, hospitals, skilled nursing facilities, senior housing, senior housing — RIDEA and integrated senior health campuses. Our medical office buildings are typically leased to multiple tenants under separate leases in each building, thus requiring active management and responsibility for many of the associated operating expenses (although many of these are, or can effectively be, passed through to the tenants). In addition, our medical office buildings segment includes the Mezzanine Notes. Our hospital investments are primarily single-tenant properties that lease the facilities to unaffiliated tenants under triple-net and generally master leases that transfer the obligation for all facility operating costs (including maintenance, repairs, taxes, insurance and capital expenditures) to the tenant. Our skilled nursing facilities and senior housing facilities are similarly structured as our hospital investments. In addition, our senior housing segment includes Crown Senior Care Facility and our debt security investment. Our senior housing — RIDEA properties include senior housing facilities that are owned and operated utilizing a RIDEA structure. Our integrated senior health campuses include a range of assisted living, memory care, independent living, skilled nursing services and certain ancillary businesses. We evaluate performance based upon segment net operating income. We define segment net operating income as total revenues, less property operating expenses and rental expenses, which excludes depreciation and amortization, general and administrative expenses, acquisition related expenses, interest expense, foreign currency gain (loss), interest and other income, loss from unconsolidated entities and income tax benefit (expense) for each segment. We believe that net income (loss), as defined by GAAP, is the most appropriate earnings measurement. However, we believe that segment net operating income serves as an appropriate supplemental performance measure to net income (loss) because it allows investors and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies and between periods on a consistent basis. Interest expense, depreciation and amortization and other expenses not attributable to individual properties are not allocated to individual segments for purposes of assessing segment performance. Non-segment assets primarily consist of corporate assets including cash and cash equivalents, other receivables, real estate deposits, deferred financing costs, interest rate swap assets and other assets not attributable to individual properties. Summary information for the reportable segments during the years ended December 31, 2016 , 2015 and 2014 was as follows: Medical Office Buildings Skilled Nursing Facilities Hospitals Senior Housing Senior Housing — RIDEA Integrated Senior Health Campuses Year Ended December 31, 2016 Revenues: Resident fees and services $ — $ — $ — $ — $ 62,371,000 $ 810,034,000 $ 872,405,000 Real estate revenue 73,252,000 8,686,000 16,711,000 18,517,000 — — 117,166,000 Total revenues 73,252,000 8,686,000 16,711,000 18,517,000 62,371,000 810,034,000 989,571,000 Expenses: Property operating expenses — — — — 42,346,000 722,793,000 765,139,000 Rental expenses 26,863,000 758,000 1,235,000 538,000 — — 29,394,000 Segment net operating income $ 46,389,000 $ 7,928,000 $ 15,476,000 $ 17,979,000 $ 20,025,000 $ 87,241,000 $ 195,038,000 Expenses: General and administrative $ 28,951,000 Acquisition related expenses 28,589,000 Depreciation and amortization 271,307,000 Loss from operations (133,809,000 ) Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (45,665,000 ) Gain in fair value of derivative financial instruments 1,968,000 Foreign currency loss (8,755,000 ) Interest and other income 1,085,000 Loss from unconsolidated entities (18,377,000 ) Loss before income taxes (203,553,000 ) Income tax expense (343,000 ) Net loss $ (203,896,000 ) Medical Office Buildings Skilled Nursing Facilities Hospitals Senior Housing Senior Housing — RIDEA Integrated Senior Health Campuses Year Ended December 31, 2015 Revenues: Resident fees and services $ — $ — $ — $ — $ 29,964,000 $ 66,115,000 $ 96,079,000 Real estate revenue 49,804,000 808,000 5,297,000 8,488,000 — — 64,397,000 Total revenues 49,804,000 808,000 5,297,000 8,488,000 29,964,000 66,115,000 160,476,000 Expenses: Property operating expenses — — — — 20,820,000 60,635,000 81,455,000 Rental expenses 16,806,000 53,000 1,625,000 391,000 — — 18,875,000 Segment net operating income $ 32,998,000 $ 755,000 $ 3,672,000 $ 8,097,000 $ 9,144,000 $ 5,480,000 $ 60,146,000 Expenses: General and administrative $ 16,544,000 Acquisition related expenses 74,170,000 Depreciation and amortization 75,714,000 Loss from operations (106,282,000 ) Other income (expense): Interest expense (including amortization of deferred financing costs and debt discount/premium) (5,619,000 ) Foreign currency loss (3,199,000 ) Interest and other income 839,000 Loss from unconsolidated entities (590,000 ) Loss before income taxes (114,851,000 ) Income tax expense (190,000 ) Net loss $ (115,041,000 ) Medical Office Buildings Skilled Nursing Facilities Hospitals Senior Housing Senior Housing — RIDEA Integrated Senior Health Campuses Year Ended December 31, 2014 Revenues: Real estate revenue $ 2,117,000 $ — $ 921,000 $ 443,000 $ — $ — $ 3,481,000 Expenses: Rental expenses 700,000 — 120,000 79,000 — — 899,000 Segment net operating income $ 1,417,000 $ — $ 801,000 $ 364,000 $ — $ — $ 2,582,000 Expenses: General and administrative $ 1,238,000 Acquisition related expenses 8,199,000 Depreciation and amortization 1,510,000 Loss from operations (8,365,000 ) Other income (expense): Interest expense (including amortization of deferred financing costs and debt discount/premium) (258,000 ) Interest and other income 25,000 Net loss $ (8,598,000 ) Assets by reportable segment as of December 31, 2016 and 2015 were as follows: December 31, 2016 2015 Integrated senior health campuses $ 1,330,597,000 $ 1,258,308,000 Medical office buildings 699,381,000 577,399,000 Senior housing — RIDEA 286,058,000 290,184,000 Senior housing 212,314,000 225,574,000 Skilled nursing facilities 129,984,000 39,945,000 Hospitals 127,258,000 127,372,000 Other 8,926,000 6,237,000 Total assets $ 2,794,518,000 $ 2,525,019,000 As of December 31, 2016 and 2015 , goodwill of $75,265,000 and $62,911,000 , respectively, was allocated to integrated senior health campuses, and no other segments had goodwill. Our portfolio of properties and other investments are located in the United States, Isle of Man and the UK. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for our operations for the periods presented: Years Ended December 31, 2016 2015 2014 Revenues: United States $ 985,069,000 $ 159,673,000 $ 3,481,000 International 4,502,000 803,000 — Total revenues $ 989,571,000 $ 160,476,000 $ 3,481,000 The following is a summary of real estate investments, net by geographic regions as of December 31, 2016 and 2015 : December 31, 2016 2015 Real estate investments, net: United States $ 2,089,247,000 $ 1,638,074,000 International 49,734,000 40,324,000 Total real estate investments, net $ 2,138,981,000 $ 1,678,398,000 |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 20. Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk are primarily real estate notes receivable and debt security investment, cash and cash equivalents, accounts and other receivables, restricted cash and real estate deposits. We are exposed to credit risk with respect to the real estate notes receivable and debt security investment, but we believe collection of the outstanding amount is probable. We believe that the risk is further mitigated as the real estate notes receivable are secured by property and there is a guarantee of completion agreement executed between the parent company of the borrowers and us. Cash and cash equivalents are generally invested in investment-grade, short-term instruments with a maturity of three months or less when purchased. We have cash and cash equivalents in financial institutions that are insured by the Federal Deposit Insurance Corporation, or FDIC. As of December 31, 2016 and 2015 , we had cash and cash equivalents in excess of FDIC insured limits. We believe this risk is not significant. Concentration of credit risk with respect to accounts receivable from tenants is limited. We perform credit evaluations of prospective tenants and security deposits are obtained at the time of property acquisition and upon lease execution. Based on leases in effect as of December 31, 2016 , properties in one state in the United States accounted for 10.0% or more of the annualized base rent or annualized net operating income of our total property portfolio. Properties located in Indiana accounted for 35.0% of the annualized base rent or annualized net operating income of our total property portfolio. Accordingly, there is a geographic concentration of risk subject to fluctuations in such state’s economy. Based on leases in effect as of December 31, 2016 , our six reportable business segments, integrated senior health campuses, medical office buildings, senior housing — RIDEA, hospitals, senior housing and skilled nursing facilities, accounted for 43.8% , 30.0% , 10.5% , 4.1% , 5.8% and 5.8% , respectively, of our annualized base rent or annualized net operating income. As of December 31, 2016 , none of our tenants at our properties accounted for 10.0% or more of our aggregate annualized base rent or annualized net operating income, which is based on contractual base rent from leases in effect inclusive of our senior housing — RIDEA facilities and integrated senior health campuses operations as of December 31, 2016 . |
Per Share Data
Per Share Data | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Per Share Data | 21. Per Share Data We report earnings (loss) per share pursuant to ASC Topic 260, Earnings per Share . Basic earnings (loss) per share for all periods presented are computed by dividing net income (loss) applicable to common stock by the weighted average number of shares of our common stock outstanding during the period. Net income (loss) applicable to common stock is calculated as net income (loss) attributable to controlling interest less distributions allocated to participating securities of $18,000 , $10,000 and $2,000 , respectively, for the years ended December 31, 2016 , 2015 and 2014 . Diluted earnings (loss) per share are computed based on the weighted average number of shares of our common stock and all potentially dilutive securities, if any. Nonvested shares of our restricted common stock and redeemable limited partnership units of our operating partnership are participating securities and give rise to potentially dilutive shares of our common stock. As of December 31, 2016 and 2015 , there were 39,000 and 21,000 nonvested shares, respectively, of our restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these periods. As of December 31, 2016 and 2015 , there were 222 units of redeemable limited partnership units of our operating partnership outstanding, but such units were also excluded from the computation of diluted earnings per share because such units were anti-dilutive during these periods. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 22. Selected Quarterly Financial Data (Unaudited) Set forth below is the unaudited selected quarterly financial data. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the unaudited selected quarterly financial data when read in conjunction with our consolidated financial statements. Quarters Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Revenues $ 250,815,000 $ 248,930,000 $ 241,321,000 $ 248,505,000 Expenses (274,913,000 ) (289,445,000 ) (278,088,000 ) (280,934,000 ) Loss from operations (24,098,000 ) (40,515,000 ) (36,767,000 ) (32,429,000 ) Other expense (24,291,000 ) (15,853,000 ) (16,026,000 ) (13,574,000 ) Income tax (expense) benefit (170,000 ) 2,000 884,000 (1,059,000 ) Net loss (48,559,000 ) (56,366,000 ) (51,909,000 ) (47,062,000 ) Less: net loss attributable to noncontrolling interests 18,617,000 13,921,000 12,529,000 12,795,000 Net loss attributable to controlling interest $ (29,942,000 ) $ (42,445,000 ) $ (39,380,000 ) $ (34,267,000 ) Net loss per common share attributable to controlling interest — basic and diluted $ (0.15 ) $ (0.22 ) $ (0.20 ) $ (0.18 ) Weighted average number of common shares outstanding — basic and diluted 195,806,001 195,027,512 193,698,615 192,240,851 Quarters Ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Revenues $ 100,549,000 $ 29,280,000 $ 17,884,000 $ 12,763,000 Expenses (171,346,000 ) (44,458,000 ) (30,466,000 ) (20,488,000 ) Loss from operations (70,797,000 ) (15,178,000 ) (12,582,000 ) (7,725,000 ) Other expense (5,502,000 ) (2,433,000 ) (261,000 ) (373,000 ) Income tax benefit (expense) 140,000 (330,000 ) — — Net loss (76,159,000 ) (17,941,000 ) (12,843,000 ) (8,098,000 ) Less: net loss attributable to noncontrolling interests 11,204,000 2,504,000 — — Net loss attributable to controlling interest $ (64,955,000 ) $ (15,437,000 ) $ (12,843,000 ) $ (8,098,000 ) Net loss per common share attributable to controlling interest — basic and diluted $ (0.35 ) $ (0.08 ) $ (0.07 ) $ (0.05 ) Weighted average number of common shares outstanding — basic and diluted 190,629,929 189,099,028 187,460,097 165,407,740 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. Subsequent Events Property Acquisitions Subsequent to December 31, 2016 , we completed the acquisition of one building from unaffiliated parties. The aggregate contract purchase price of this property was $15,000,000 and we paid $338,000 in acquisition fees to our advisor in connection with this acquisition. We have not yet measured the fair value of the tangible and identified intangible assets and liabilities of this acquisition. The following is a summary of our property acquisition subsequent to December 31, 2016 : Acquisition(1) Location Type Date Contract Purchase Price 2016 Corporate Line of Credit(2) Acquisition Fee (3) North Carolina ALF Portfolio(4) Huntersville, NC Senior Housing 01/18/17 $ 15,000,000 $ 14,000,000 $ 338,000 ______________ (1) We own 100% of our property acquired subsequent to December 31, 2016 . (2) Represents borrowings under the 2016 Corporate Line of Credit at the time of acquisition. (3) Our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price of the property. (4) On January 18, 2017, we added an additional building to our existing North Carolina ALF Portfolio. The other four buildings were acquired in January 2015 and June 2015. Acquisitions of Previously Leased Real Estate Investments On February 1, 2017, we, through a majority-owned subsidiary of Trilogy, of which we owned 67.7% at time of acquisition, acquired the real estate underlying six previously leased integrated senior health campuses located in Indiana, Kentucky and Ohio. The aggregate contract purchase price of these properties was $72,200,000 and we incurred $1,099,000 in acquisition fees to our advisor in connection with this acquisition. The following is a summary of our acquisition: Location Date Acquired Contract Purchase Price Lines of Credit and Term Loan(1) Acquisition Fee(2) Boonville, Columbus and Hanover, IN; Lexington, KY; and Maumee and Willard, OH 02/01/17 $ 72,200,000 $ 61,700,000 $ 1,099,000 ___________ (1) Represents borrowings under our lines of credit and term loan at the time of acquisition. (2) Our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest of approximately 67.7% in the subsidiary of Trilogy that acquired the properties. |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | Initial Cost to Company Gross Amount of Which Carried at Close of Period(g) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(f) Accumulated Depreciation (h)(i) Date of Construction Date Acquired DeKalb Professional Center (Medical Office) Lithonia, GA $ — $ 479,000 $ 2,871,000 $ — $ 479,000 $ 2,871,000 $ 3,350,000 $ (348,000 ) 2008 06/06/14 Country Club MOB (Medical Office) Stockbridge, GA — 240,000 2,306,000 1,000 240,000 2,307,000 2,547,000 (230,000 ) 2002 06/26/14 Acworth Medical Complex (Medical Office) Acworth, GA — 216,000 3,135,000 7,000 216,000 3,142,000 3,358,000 (268,000 ) 1976/2009 07/02/14 Acworth, GA — 250,000 2,214,000 6,000 250,000 2,220,000 2,470,000 (218,000 ) 1976/2009 07/02/14 Acworth, GA — 104,000 774,000 3,000 104,000 777,000 881,000 (79,000 ) 1976/2009 07/02/14 Wichita KS MOB (Medical Office) Wichita, KS — 943,000 6,288,000 116,000 943,000 6,404,000 7,347,000 (598,000 ) 1980/1996 09/04/14 Delta Valley ALF Portfolio (Senior Housing) Batesville, MS — 331,000 5,103,000 (1,000 ) 331,000 5,102,000 5,433,000 (404,000 ) 1999/2005 09/11/14 Cleveland, MS — 348,000 6,369,000 — 348,000 6,369,000 6,717,000 (551,000 ) 2004 09/11/14 Springdale, AR — 891,000 6,538,000 — 891,000 6,538,000 7,429,000 (530,000 ) 1998/2005 01/08/15 Lee’s Summit MO MOB (Medical Office) Lee’s Summit, MO — 1,045,000 5,068,000 75,000 1,045,000 5,143,000 6,188,000 (691,000 ) 2006 09/18/14 Carolina Commons MOB (Medical Office) Indian Land, SC 7,822,000 1,028,000 9,430,000 (32,000 ) 1,028,000 9,398,000 10,426,000 (916,000 ) 2009 10/15/14 Mount Olympia MOB Portfolio (Medical Office) Olympia Fields, IL — 298,000 2,726,000 — 298,000 2,726,000 3,024,000 (203,000 ) 2005 12/04/14 Columbus, OH — 225,000 5,649,000 41,000 225,000 5,690,000 5,915,000 (408,000 ) 2005 12/04/14 Mount Dora, FL — 393,000 5,633,000 — 393,000 5,633,000 6,026,000 (362,000 ) 2009 12/04/14 Southlake TX Hospital (Hospital) Southlake, TX — 5,089,000 108,517,000 — 5,089,000 108,517,000 113,606,000 (6,057,000 ) 2013 12/04/14 East Texas MOB Portfolio (Medical Office) Longview, TX — — 19,942,000 — — 19,942,000 19,942,000 (1,378,000 ) 2008 12/12/14 Longview, TX — 228,000 965,000 — 228,000 965,000 1,193,000 (120,000 ) 1979/1997 12/12/14 Longview, TX — 759,000 1,696,000 — 759,000 1,696,000 2,455,000 (208,000 ) 1998 12/12/14 Longview, TX — — 8,027,000 — — 8,027,000 8,027,000 (571,000 ) 2004 12/12/14 Marshall, TX — 368,000 1,711,000 — 368,000 1,711,000 2,079,000 (243,000 ) 1970 12/12/14 Longview, TX — — 696,000 29,000 — 725,000 725,000 (82,000 ) 1956 12/12/14 Initial Cost to Company Gross Amount of Which Carried at Close of Period(g) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(f) Accumulated Depreciation (h)(i) Date of Construction Date Acquired Longview, TX $ — $ — $ 27,601,000 $ 385,000 $ — $ 27,986,000 $ 27,986,000 $ (2,148,000 ) 1985/1993/ 2004 12/12/14 Premier MOB (Medical Office) Novi, MI 7,625,000 644,000 10,420,000 240,000 644,000 10,660,000 11,304,000 (689,000 ) 2006 12/19/14 Independence MOB Portfolio (Medical Office) Southgate, KY — 411,000 11,005,000 103,000 411,000 11,108,000 11,519,000 (711,000 ) 1988 01/13/15 Somerville, MA — 1,509,000 46,775,000 117,000 1,509,000 46,892,000 48,401,000 (2,573,000 ) 1990 01/13/15 Morristown, NJ — 3,763,000 26,957,000 1,000,000 3,763,000 27,957,000 31,720,000 (2,173,000 ) 1980 01/13/15 Verona, NJ — 1,683,000 9,405,000 116,000 1,683,000 9,521,000 11,204,000 (702,000 ) 1970 01/13/15 Bronx, NY — — 19,593,000 79,000 — 19,672,000 19,672,000 (1,229,000 ) 1987/1988 01/26/15 King of Prussia PA MOB (Medical Office) King of Prussia, PA 9,617,000 3,427,000 13,849,000 1,496,000 3,427,000 15,345,000 18,772,000 (1,117,000 ) 1946/2000 01/21/15 North Carolina ALF Portfolio (Senior Housing) Clemmons, NC — 596,000 13,237,000 — 596,000 13,237,000 13,833,000 (649,000 ) 2014 06/29/15 Mooresville, NC — 835,000 15,894,000 — 835,000 15,894,000 16,729,000 (936,000 ) 2012 01/28/15 Raleigh, NC — 1,069,000 21,235,000 — 1,069,000 21,235,000 22,304,000 (1,170,000 ) 2013 01/28/15 Wake Forest, NC — 772,000 13,596,000 — 772,000 13,596,000 14,368,000 (634,000 ) 2014 06/29/15 Orange Star Medical Portfolio (Medical Office and Hospital) Keller, TX — 1,604,000 7,912,000 6,000 1,604,000 7,918,000 9,522,000 (497,000 ) 2011 02/26/15 Wharton, TX — 259,000 10,590,000 — 259,000 10,590,000 10,849,000 (609,000 ) 1987 02/26/15 Friendswood, TX — 500,000 7,664,000 16,000 500,000 7,680,000 8,180,000 (452,000 ) 2008 02/26/15 Durango, CO — 623,000 14,166,000 50,000 623,000 14,216,000 14,839,000 (742,000 ) 2004 02/26/15 Durango, CO — 788,000 10,467,000 125,000 788,000 10,592,000 11,380,000 (631,000 ) 2004 02/26/15 Kingwood MOB Portfolio (Medical Office) Kingwood, TX — 820,000 8,589,000 37,000 820,000 8,626,000 9,446,000 (520,000 ) 2005 03/11/15 Kingwood, TX — 781,000 3,943,000 — 781,000 3,943,000 4,724,000 (254,000 ) 2008 03/11/15 Mt Juliet TN MOB (Medical Office) Mount Juliet, TN — 1,188,000 10,720,000 — 1,188,000 10,720,000 11,908,000 (644,000 ) 2012 03/17/15 Homewood AL MOB (Medical Office) Homewood, AL — 405,000 6,590,000 — 405,000 6,590,000 6,995,000 (429,000 ) 2010 03/27/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(g) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(f) Accumulated Depreciation (h)(i) Date of Construction Date Acquired Paoli PA Medical Plaza (Medical Office) Paoli, PA $ 13,575,000 $ 2,313,000 $ 12,447,000 $ 1,136,000 $ 2,313,000 $ 13,583,000 $ 15,896,000 $ (799,000 ) 1951 04/10/15 Paoli, PA — 1,668,000 7,357,000 209,000 1,668,000 7,566,000 9,234,000 (496,000 ) 1975 04/10/15 Glen Burnie MD MOB (Medical Office) Glen Burnie, MD — 2,692,000 14,095,000 1,226,000 2,692,000 15,321,000 18,013,000 (867,000 ) 1981 05/06/15 Marietta GA MOB (Medical Office) Marietta, GA — 1,347,000 10,947,000 21,000 1,347,000 10,968,000 12,315,000 (568,000 ) 2002 05/07/15 Mountain Crest Senior Housing Portfolio (Senior Housing — RIDEA) Elkhart, IN — 793,000 6,009,000 42,000 793,000 6,051,000 6,844,000 (434,000 ) 1997 05/14/15 Elkhart, IN — 782,000 6,760,000 74,000 782,000 6,834,000 7,616,000 (548,000 ) 2000 05/14/15 Hobart, IN — 604,000 11,529,000 (295,000 ) 604,000 11,234,000 11,838,000 (608,000 ) 2008 05/14/15 LaPorte, IN — 392,000 14,894,000 (25,000 ) 392,000 14,869,000 15,261,000 (817,000 ) 2008 05/14/15 Mishawaka, IN 10,033,000 3,670,000 14,416,000 114,000 3,670,000 14,530,000 18,200,000 (754,000 ) 1978 07/14/15 Niles, MI — 404,000 5,050,000 72,000 404,000 5,122,000 5,526,000 (441,000 ) 2000 06/11/15 and 11/20/15 Mount Dora Medical Center (Medical Office) Mount Dora, FL — 736,000 14,616,000 (74,000 ) 736,000 14,542,000 15,278,000 (876,000 ) 2008 05/15/15 Nebraska Senior Housing Portfolio (Senior Housing — RIDEA) Bennington, NE — 981,000 20,427,000 59,000 981,000 20,486,000 21,467,000 (1,033,000 ) 2009 05/29/15 Omaha, NE — 1,274,000 38,619,000 62,000 1,274,000 38,681,000 39,955,000 (1,764,000 ) 2000 05/29/15 Pennsylvania Senior Housing Portfolio (Senior Housing — RIDEA) Bethlehem, PA 11,790,000 1,542,000 22,249,000 104,000 1,542,000 22,353,000 23,895,000 (1,154,000 ) 2005 06/30/15 Boyertown, PA — 480,000 25,544,000 (71,000 ) 480,000 25,473,000 25,953,000 (1,097,000 ) 2000 06/30/15 York, PA — 972,000 29,860,000 (110,000 ) 972,000 29,750,000 30,722,000 (1,283,000 ) 1986 06/30/15 Southern Illinois MOB Portfolio (Medical Office) Waterloo, IL — 94,000 1,977,000 — 94,000 1,977,000 2,071,000 (105,000 ) 2015 07/01/15 Waterloo, IL — 266,000 6,332,000 (34,000 ) 266,000 6,298,000 6,564,000 (366,000 ) 1995 07/01/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(g) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(f) Accumulated Depreciation (h)(i) Date of Construction Date Acquired Waterloo, IL $ — $ 200,000 $ 2,648,000 $ — $ 200,000 $ 2,648,000 $ 2,848,000 $ (148,000 ) 2011 07/01/15 Napa Medical Center (Medical Office) Napa, CA — 1,176,000 13,328,000 263,000 1,176,000 13,591,000 14,767,000 (876,000 ) 1980 07/02/15 Chesterfield Corporate Plaza (Medical Office) Chesterfield, MO — 8,030,000 24,533,000 1,634,000 8,030,000 26,167,000 34,197,000 (1,391,000 ) 1989 08/14/15 Richmond VA ALF(Senior Housing — RIDEA) North Chesterfield, VA 36,720,000 2,146,000 56,671,000 (129,000 ) 2,146,000 56,542,000 58,688,000 (2,008,000 ) 2009 09/11/15 Crown Senior Care Portfolio (Senior Housing) Peel, Isle of Man — 1,128,000 6,736,000 — 1,128,000 6,736,000 7,864,000 (269,000 ) 2015 09/15/15 St. Albans, UK — 1,138,000 11,962,000 — 1,138,000 11,962,000 13,100,000 (431,000 ) 2015 10/08/15 Salisbury, UK — 1,209,000 11,615,000 — 1,209,000 11,615,000 12,824,000 (382,000 ) 2015 12/08/15 Aberdeen, UK — 1,962,000 5,850,000 — 1,962,000 5,850,000 7,812,000 (28,000 ) 1986 11/15/16 Felixstowe, UK — 682,000 5,620,000 1,000 682,000 5,621,000 6,303,000 (25,000 ) 2010/2011 11/15/16 Felixstowe, UK — 515,000 2,463,000 — 515,000 2,463,000 2,978,000 (12,000 ) 2010/2011 11/15/16 Washington DC SNF (Skilled Nursing) Washington, DC — 1,194,000 34,200,000 — 1,194,000 34,200,000 35,394,000 (1,529,000 ) 1983 10/29/15 Stockbridge GA MOB II (Medical Office) Stockbridge, GA — 499,000 8,353,000 43,000 499,000 8,396,000 8,895,000 (357,000 ) 2006 12/03/15 Marietta GA MOB II (Medical Office) Marietta, GA — 661,000 4,783,000 111,000 661,000 4,894,000 5,555,000 (180,000 ) 2007 12/09/15 Naperville MOB (Medical Office) Naperville, IL — 392,000 3,765,000 7,000 392,000 3,772,000 4,164,000 (204,000 ) 1999 01/12/16 Naperville, IL — 548,000 11,815,000 (3,000 ) 548,000 11,812,000 12,360,000 (431,000 ) 1989 01/12/16 Lakeview IN Medical Plaza (Medical Office) Indianapolis, IN 15,000,000 2,375,000 15,911,000 1,748,000 2,375,000 17,659,000 20,034,000 (771,000 ) 1987 01/21/16 Pennsylvania Senior Housing Portfolio II (Senior Housing — RIDEA) Palmyra, PA — 835,000 24,424,000 — 835,000 24,424,000 25,259,000 (1,003,000 ) 2007 02/01/16 Snellville GA MOB (Medical Office) Snellville, GA — 332,000 7,781,000 6,000 332,000 7,787,000 8,119,000 (271,000 ) 2005 02/05/16 Lakebrook Medical Center (Medical Office) Westbrook, CT — 653,000 4,855,000 52,000 653,000 4,907,000 5,560,000 (165,000 ) 2007 02/19/16 Initial Cost to Company Gross Amount of Which Carried at Close of Period(g) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(f) Accumulated Depreciation (h)(i) Date of Construction Date Acquired Stockbridge GA MOB III (Medical Office) Stockbridge, GA $ — $ 606,000 $ 7,924,000 $ 8,000 $ 606,000 $ 7,932,000 $ 8,538,000 $ (233,000 ) 2007 03/29/16 Joplin MO MOB (Medical Office) Joplin, MO — 1,245,000 9,860,000 11,000 1,245,000 9,871,000 11,116,000 (371,000 ) 2000 05/10/16 Austell GA MOB (Medical Office) Austell, GA — 663,000 10,547,000 5,000 663,000 10,552,000 11,215,000 (210,000 ) 2008 05/25/16 Middletown OH MOB (Medical Office) Middletown, OH — — 17,389,000 — — 17,389,000 17,389,000 (279,000 ) 2007 06/16/16 Fox Grape SNF Portfolio (Skilled Nursing) Braintree, MA — 1,875,000 10,847,000 — 1,845,000 10,877,000 12,722,000 (155,000 ) 2015 07/01/16 Brighton, MA — 758,000 2,661,000 — 779,000 2,640,000 3,419,000 (42,000 ) 1982 07/01/16 Duxbury, MA — 2,823,000 11,244,000 — 2,922,000 11,145,000 14,067,000 (174,000 ) 1983 07/01/16 Hingham, MA — 2,150,000 17,390,000 — 2,316,000 17,224,000 19,540,000 (245,000 ) 1990 07/01/16 Weymouth, MA — 1,818,000 5,286,000 — 1,857,000 5,247,000 7,104,000 (84,000 ) 1963 07/01/16 Quincy, MA 16,045,000 3,537,000 13,697,000 — 3,537,000 13,697,000 17,234,000 (65,000 ) 1995 11/01/16 Voorhees NJ MOB (Medical Office) Voorhees, NJ — 1,727,000 8,451,000 17,000 1,727,000 8,468,000 10,195,000 (168,000 ) 2008 07/08/16 Norwich CT MOB Portfolio (Medical Office) Norwich, CT — 403,000 1,601,000 — 403,000 1,601,000 2,004,000 — 2014 12/16/16 Norwich, CT — 804,000 12,094,000 3,000 804,000 12,097,000 12,901,000 — 1999 12/16/16 Owen Valley Health Campus Spencer, IN 9,591,000 307,000 9,111,000 195,000 307,000 9,306,000 9,613,000 (261,000 ) 1999 12/01/15 Homewood Health Campus Lebanon, IN 9,622,000 973,000 9,702,000 265,000 980,000 9,960,000 10,940,000 (274,000 ) 2000 12/01/15 Ashford Place Health Campus Shelbyville, IN 6,784,000 664,000 12,662,000 25,000 664,000 12,687,000 13,351,000 (358,000 ) 2004 12/01/15 Mill Pond Health Campus Greencastle, IN 8,027,000 1,576,000 8,124,000 1,000 1,576,000 8,125,000 9,701,000 (232,000 ) 2005 12/01/15 St. Andrews Health Campus Batesville, IN 5,064,000 552,000 8,213,000 4,000 552,000 8,217,000 8,769,000 (234,000 ) 2005 12/01/15 Hampton Oaks Health Campus Scottsburg, IN 7,130,000 720,000 8,145,000 159,000 777,000 8,247,000 9,024,000 (240,000 ) 2006 12/01/15 Forest Park Health Campus Richmond, IN 7,786,000 535,000 9,399,000 259,000 535,000 9,658,000 10,193,000 (277,000 ) 2007 12/01/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(g) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(f) Accumulated Depreciation (h)(i) Date of Construction Date Acquired The Maples at Waterford Crossing Goshen, IN $ 6,372,000 $ 344,000 $ 8,027,000 $ 5,000 $ 347,000 $ 8,029,000 $ 8,376,000 $ (230,000 ) 2006 12/01/15 Morrison Woods Health Campus Muncie, IN 6,697,000 1,526,000 10,144,000 4,000 1,526,000 10,148,000 11,674,000 (300,000 ) 2008 12/01/15 and 09/14/16 Woodbridge Health Campus Logansport, IN 9,117,000 228,000 11,812,000 11,000 228,000 11,823,000 12,051,000 (343,000 ) 2003 12/01/15 Bridgepointe Health Campus Vincennes, IN 7,798,000 572,000 7,469,000 22,000 572,000 7,491,000 8,063,000 (214,000 ) 2002 12/01/15 Greenleaf Living Center Elkhart, IN 12,457,000 492,000 12,157,000 113,000 492,000 12,270,000 12,762,000 (349,000 ) 2000 12/01/15 Scenic Hills Care Center Ferdinand, IN 8,119,000 212,000 5,702,000 4,000 212,000 5,706,000 5,918,000 (170,000 ) 1985 12/01/15 Forest Glen Health Campus Springfield, OH 11,291,000 846,000 12,754,000 144,000 860,000 12,884,000 13,744,000 (375,000 ) 2007 12/01/15 The Meadows of Kalida Health Campus Kalida, OH 8,624,000 298,000 7,628,000 22,000 298,000 7,650,000 7,948,000 (214,000 ) 2007 12/01/15 The Heritage Findlay, OH 14,558,000 1,312,000 13,475,000 57,000 1,312,000 13,532,000 14,844,000 (391,000 ) 1975 12/01/15 Genoa Retirement Village Genoa, OH 9,054,000 881,000 8,113,000 46,000 881,000 8,159,000 9,040,000 (236,000 ) 1985 12/01/15 The Residence of Waterford Crossing Goshen, IN 9,341,000 344,000 4,381,000 757,000 349,000 5,133,000 5,482,000 (153,000 ) 2004 12/01/15 St. Elizabeth Healthcare Delphi, IN 5,721,000 522,000 5,463,000 173,000 554,000 5,604,000 6,158,000 (172,000 ) 1986 12/01/15 Cumberland Pointe West Lafayette, IN 10,679,000 1,645,000 13,696,000 31,000 1,645,000 13,727,000 15,372,000 (413,000 ) 1980 12/01/15 Franciscan Healthcare Center Louisville, KY 11,976,000 808,000 8,439,000 273,000 808,000 8,712,000 9,520,000 (260,000 ) 1975 12/01/15 Blair Ridge Health Campus Peru, IN 8,413,000 734,000 11,648,000 36,000 734,000 11,684,000 12,418,000 (376,000 ) 2001 12/01/15 Glen Oaks Health Campus New Castle, IN 5,815,000 384,000 8,189,000 15,000 384,000 8,204,000 8,588,000 (223,000 ) 2011 12/01/15 Covered Bridge Health Campus Seymour, IN (c) 386,000 9,699,000 57,000 386,000 9,756,000 10,142,000 (281,000 ) 2002 12/01/15 Stonebridge Health Campus Bedford, IN (c) 1,087,000 7,965,000 25,000 1,087,000 7,990,000 9,077,000 (234,000 ) 2004 12/01/15 RiverOaks Health Campus Princeton, IN (c) 440,000 8,953,000 59,000 440,000 9,012,000 9,452,000 (256,000 ) 2004 12/01/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(g) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(f) Accumulated Depreciation (h)(i) Date of Construction Date Acquired Spring Mill Health Campus Merrillville, IN (c) $ 174,000 $ 10,780,000 $ 88,000 $ 174,000 $ 10,868,000 $ 11,042,000 $ (315,000 ) 1998 12/01/15 Park Terrace Health Campus Louisville, KY (c) 2,177,000 7,626,000 345,000 2,177,000 7,971,000 10,148,000 (233,000 ) 1977 12/01/15 Cobblestone Crossing Terre Haute, IN (c) 1,462,000 13,860,000 5,306,000 1,462,000 19,166,000 20,628,000 (435,000 ) 2008 12/01/15 Creasy Springs Health Campus Lafayette, IN (c) 2,111,000 14,337,000 5,372,000 2,111,000 19,709,000 21,820,000 (472,000 ) 2010 12/01/15 Avalon Springs Health Campus Valparaiso, IN (c) 1,542,000 14,107,000 51,000 1,542,000 14,158,000 15,700,000 (404,000 ) 2012 12/01/15 Prairie Lakes Health Campus Noblesville, IN (c) 2,204,000 13,227,000 110,000 2,204,000 13,337,000 15,541,000 (383,000 ) 2010 12/01/15 RidgeWood Health Campus Lawrenceburg, IN (c) 1,240,000 16,118,000 7,000 1,240,000 16,125,000 17,365,000 (455,000 ) 2009 12/01/15 Westport Place Health Campus Louisville, KY (c) 1,245,000 9,946,000 — 1,245,000 9,946,000 11,191,000 (277,000 ) 2011 12/01/15 Lakeland Rehab & Health Center Milford, IN (c) 306,000 2,727,000 16,000 306,000 2,743,000 3,049,000 (81,000 ) 1973 12/01/15 Amber Manor Care Center Petersburg, IN (c) 446,000 6,063,000 127,000 456,000 6,180,000 6,636,000 (183,000 ) 1990 12/01/15 The Meadows of Leipsic Health Campus Leipsic, OH (c) 1,242,000 6,988,000 224,000 1,242,000 7,212,000 8,454,000 (211,000 ) 1986 12/01/15 Springview Manor Lima, OH (c) 260,000 3,968,000 18,000 260,000 3,986,000 4,246,000 (117,000 ) 1978 12/01/15 Willows at Bellevue Bellevue, OH (c) 587,000 15,575,000 13,000 587,000 15,588,000 16,175,000 (436,000 ) 2008 12/01/15 Briar Hill Health Campus North Baltimore, OH (c) 673,000 2,688,000 21,000 673,000 2,709,000 3,382,000 (81,000 ) 1977 12/01/15 Cypress Pointe Health Campus Englewood, OH (c) 921,000 10,291,000 120,000 921,000 10,411,000 11,332,000 (290,000 ) 2010 12/01/15 The Oaks at NorthPointe Woods Battle Creek, MI (c) 567,000 12,716,000 3,000 567,000 12,719,000 13,286,000 (360,000 ) 2008 12/01/15 RidgeCrest Health Campus Jackson, MI (c) 642,000 6,194,000 38,000 656,000 6,218,000 6,874,000 (174,000 ) 2010 12/01/15 Westlake Health Campus Commerce, MI (c) 815,000 13,502,000 1,194,000 815,000 14,696,000 15,511,000 (384,000 ) 2011 12/01/15 Springhurst Health Campus Greenfield, IN (c) 931,000 10,614,000 613,000 1,043,000 11,115,000 12,158,000 (329,000 ) 2007 12/01/15 Glen Ridge Health Campus Louisville, KY (c) 1,208,000 9,771,000 65,000 1,257,000 9,787,000 11,044,000 (265,000 ) 2006 12/01/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(g) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(f) Accumulated Depreciation (h)(i) Date of Construction Date Acquired St. Mary Healthcare Lafayette, IN (c) $ 348,000 $ 2,710,000 $ 2,000 $ 348,000 $ 2,712,000 $ 3,060,000 $ (81,000 ) 1969 12/01/15 The Oaks at Woodfield Grand Blanc, MI (c) 897,000 12,270,000 9,000 897,000 12,279,000 13,176,000 (354,000 ) 2012 12/01/15 Stonegate Health Campus Lapeer, MI (c) 538,000 13,159,000 37,000 567,000 13,167,000 13,734,000 (382,000 ) 2012 12/01/15 Glen Oaks Senior Living at Forest Ridge New Castle, IN (c) 204,000 5,470,000 19,000 204,000 5,489,000 5,693,000 (159,000 ) 2005 12/01/15 Highland Oaks Health Center McConnelsville, OH $ — 880,000 1,803,000 7,000 880,000 1,810,000 2,690,000 (57,000 ) 1978 12/01/15 Valley View Healthcare Center Fremont, OH — 190,000 4,326,000 177,000 190,000 4,503,000 4,693,000 (128,000 ) 1974 12/01/15 Richland Manor Bluffton, OH — 224,000 2,200,000 9,000 224,000 2,209,000 2,433,000 (66,000 ) 1940 12/01/15 Silver Oaks Health Campus(d) Columbus, IN — 4,607,000 19,717,000 423,000 2,905,000 21,842,000 24,747,000 (659,000 ) 2001 12/01/15 Woodmont Health Campus(d) Boonville, IN — 1,565,000 8,979,000 70,000 799,000 9,815,000 10,614,000 (289,000 ) 2000 12/01/15 Thornton Terrace Health Campus(d) Hanover, IN — 1,496,000 8,542,000 52,000 764,000 9,326,000 10,090,000 (271,000 ) 2003 12/01/15 River Terrace Health Campus Madison, IN 12,912,000 107,000 13,378,000 1,842,000 107,000 15,220,000 15,327,000 (306,000 ) 2016 03/28/16 St. Charles Health Campus Jasper, IN 11,544,000 467,000 14,532,000 554,000 467,000 15,086,000 15,553,000 (247,000 ) 2000 06/24/16 and 06/30/16 Bethany Pointe Health Campus Anderson, IN 18,392,000 2,337,000 26,524,000 479,000 2,338,000 27,002,000 29,340,000 (417,000 ) 1999 06/30/16 River Pointe Health Campus Evansville, IN 12,206,000 1,118,000 14,736,000 784,000 1,118,000 15,520,000 16,638,000 (276,000 ) 1999 06/30/16 Waterford Place Health Campus Kokomo, IN 16,681,000 1,219,000 18,557,000 685,000 1,249,000 19,212,000 20,461,000 (314,000 ) 2000 06/30/16 Autumn Woods Health Campus New Albany, IN 12,356,000 1,016,000 13,414,000 951,000 1,016,000 14,365,000 15,381,000 (283,000 ) 2000 06/30/16 Oakwood Health Campus Tell City, IN 12,898,000 783,000 11,880,000 777,000 783,000 12,657,000 13,440,000 (235,000 ) 2000 06/30/16 Cedar Ridge Health Campus Cynthiana, KY 9,072,000 102,000 8,435,000 550,000 102,000 8,985,000 9,087,000 (167,000 ) 2005 06/30/16 The Willows at Harrodsburg Harrodsburg, KY 2,040,000 2,400,000 — 232,000 2,400,000 232,000 2,632,000 (1,000 ) 1991 07/15/16 Aspen Place Health Campus Greensburg, IN 4,940,000 980,000 10,970,000 630,000 1,001,000 11,579,000 12,580,000 (138,000 ) 2012 08/16/16 Initial Cost to Company Gross Amount of Which Carried at Close of Period(g) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(f) Accumulated Depreciation (h)(i) Date of Construction Date Acquired The Willows at Citation Lexington, KY $ 6,139,000 $ 826,000 $ 10,017,000 $ 577,000 $ 844,000 $ 10,576,000 $ 11,420,000 $ (123,000 ) 2014 08/16/16 The Willows at East Lansing East Lansing, MI 12,795,000 1,449,000 15,161,000 1,190,000 1,493,000 16,307,000 17,800,000 (218,000 ) 2014 08/16/16 The Willows at Howell Howell, MI 8,450,000 1,051,000 12,099,000 767,000 1,079,000 12,838,000 13,917,000 (174,000 ) 2015 08/16/16 The Willows at Okemos Okemos, MI 10,979,000 1,171,000 12,326,000 745,000 1,196,000 13,046,000 14,242,000 (201,000 ) 2014 08/16/16 Shelby Crossing Health Campus Shelby Township, MI 13,514,000 2,533,000 18,440,000 1,887,000 2,588,000 20,272,000 22,860,000 (312,000 ) 2013 08/16/16 Village Green Healthcare Center Greenville, OH 6,227,000 355,000 9,696,000 352,000 363,000 10,040,000 10,403,000 (107,000 ) 2014 08/16/16 The Oaks at Northpointe Zanesville, OH 5,322,000 624,000 11,665,000 927,000 638,000 12,578,000 13,216,000 (169,000 ) 2013 08/16/16 The Oaks at Berthesda Zanesville, OH 9,535,000 714,000 10,791,000 604,000 729,000 11,380,000 12,109,000 (136,000 ) 2013 08/16/16 White Oak Health Campus Monticello, IN 2,792,000 — 3,176,000 780,000 — 3,956,000 3,956,000 (57,000 ) 2010 09/23/16 $ 517,057,000 $ 169,348,000 $ 1,922,439,000 $ 42,913,000 $ 167,034,000 $ 1,967,666,000 $ 2,134,700,000 $ (79,769,000 ) Leased properties(e) $ — $ — $ 71,089,000 $ 27,967,000 $ 295,000 $ 98,761,000 $ 99,056,000 $ (15,006,000 ) $ 517,057,000 $ 169,348,000 $ 1,993,528,000 $ 70,880,000 $ 167,329,000 $ 2,066,427,000 $ 2,233,756,000 $ (94,775,000 ) ________________ (a) We own 100% of our properties as of December 31, 2016 , with the exception of Trilogy and Lakeview IN Medical Plaza. (b) The cost capitalized subsequent to acquisition is shown net of dispositions. (c) As of December 31, 2016 , the Trilogy PropCo Line of Credit is secured by the above 27 properties. As of December 31, 2016 , the outstanding balance was $238,776,000 . (d) Represents real property assets associated with capital leases. (e) Represents furniture, fixtures, equipment and improvements associated with properties under operating leases. (f) The changes in total real estate for the years ended December 31, 2016 , 2015 and 2014 are as follows: Amount Balance — December 31, 2013 $ — Acquisitions 250,129,000 Additions 24,000 Dispositions — Balance — December 31, 2014 $ 250,153,000 Acquisitions $ 1,449,241,000 Additions 6,951,000 Dispositions (168,000 ) Foreign currency translation adjustment (1,179,000 ) Balance — December 31, 2015 $ 1,704,998,000 Acquisitions $ 487,114,000 Additions 54,069,000 Dispositions (1,420,000 ) Foreign currency translation adjustment (11,005,000 ) Balance — December 31, 2016 $ 2,233,756,000 (g) As of December 31, 2016 , for federal income tax purposes, the aggregate cost of our properties was $2,130,647,000 . (h) The changes in accumulated depreciation for the years ended December 31, 2016 , 2015 and 2014 are as follows: Amount Balance — December 31, 2013 $ — Additions 1,124,000 Dispositions — Balance — December 31, 2014 $ 1,124,000 Additions $ 25,650,000 Dispositions (167,000 ) Foreign currency translation adjustment (7,000 ) Balance — December 31, 2015 $ 26,600,000 Additions $ 68,708,000 Dispositions (628,000 ) Foreign currency translation adjustment 95,000 Balance — December 31, 2016 $ 94,775,000 (i) The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 39 years , and the cost of tenant improvements is depreciated over the shorter of the lease term or useful life, up to 20 years . The cost of furniture, fixtures and equipment is depreciated over the estimated useful life, up to 15 years . |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions (even if additional limited partners are admitted to our operating partnership), the accounts of our operating partnership are consolidated in our consolidated financial statements. All intercompany accounts and transactions are eliminated in consolidation. Basis of Presentation Our accompanying consolidated financial statements include our accounts and those of our operating partnership, the wholly owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries in which we have control, as well as any variable interest entities, or VIEs, in which we are the primary beneficiary. We evaluate our ability to control an entity, and whether the entity is a VIE and of which we are the primary beneficiary, by considering substantive terms of the arrangement and identifying which enterprise has the power to direct the activities of the entity that most significantly impacts the entity’s economic performance as defined in Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 810, Consolidation , or ASC Topic 810. We operate and intend to continue to operate in an umbrella partnership REIT structure in which our operating partnership, or wholly owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries of which we have control, will own substantially all of the interests in properties acquire d on our behalf. |
Use of Estimates | Use of Estimates The preparation of our accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. |
Restricted Cash | Restricted Cash Restricted cash primarily comprises lender required accounts for property taxes, tenant improvements, capital improvements and insurance, which are restricted as to use or withdrawal. |
Revenue Recognition, Tenant and Resident Receivables and Allowance for Uncollectible Accounts | Revenue Recognition, Tenant and Resident Receivables and Allowance for Uncollectible Accounts We recognize revenue in accordance with ASC Topic 605, Revenue Recognition , or ASC Topic 605. ASC Topic 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (i) there is persuasive evidence that an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the seller’s price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured. Tenant receivables are placed on nonaccrual status when management determines that collectability is not reasonably assured, and thus such revenue is recognized using the cash basis method. Revenue derived from providing long-term healthcare services to residents, including resident room and care charges, community fees and other resident charges, is recognized on the date services are provided at amounts billable to individual residents. For residents under reimbursement arrangements with third-party payers, including Medicaid, Medicare and private insurers, revenue is recognized based on a contractually agreed-upon amount or rate on a per patient, daily basis or as services are performed. In accordance with ASC Topic 840, Leases , minimum annual rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between real estate revenue recognized and cash amounts contractually due from tenants under the lease agreements are recorded to deferred rent receivable or deferred rent liability, as applicable. Tenant reimbursement revenue, which comprises additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized as revenue in the period in which the related expenses are incurred. Tenant reimbursements are recognized and presented in accordance with ASC Subtopic 605-45, Revenue Recognition — Principal Agent Consideration , or ASC Subtopic 605-45. ASC Subtopic 605-45 requires that these reimbursements be recorded on a gross basis as we are generally the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and have credit risk. We recognize lease termination fees at such time when there is a signed termination letter agreement, all of the conditions of such agreement have been met and the tenant is no longer occupying the property. Tenant and resident receivables and unbilled deferred rent receivables are carried net of an allowance for uncollectible amounts. An allowance is maintained for estimated losses resulting from the inability of certain tenants or residents to meet the contractual obligations under their lease agreements. We also maintain an allowance for deferred rent receivables arising from the straight-line recognition of rents. Such allowances are charged to bad debt expense, which is included in general and administrative in our accompanying consolidated statements of operations and comprehensive loss. Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s or resident’s financial condition, security deposits, letters of credit, lease guarantees, current economic conditions and other relevant factors. |
Real Estate Investments, Net | Real Estate Investments, Net We carry our operating properties at our historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements, including those related to capital leases. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 39 years , and the cost for tenant improvements is depreciated over the shorter of the lease term or useful life, up to 20 years . The cost of furniture, fixtures and equipment, is depreciated over the estimated useful life, up to 15 years . When depreciable property is retired, replaced or disposed of, the related cost and accumulated depreciation is removed from the accounts and any gain or loss is reflected in earnings. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered to be a lease inducement and is included in other assets, net in our accompanying consolidated balance sheets and is recognized over the lease term as a reduction of rental revenue on a straight-line basis. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs, e.g ., unilateral control of the tenant space during the build-out process. Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. Recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements when we are the owner of the leasehold improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date (and the date on which recognition of lease revenue commences) is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. |
Impairment of Long-Lived, Goodwill and Intangible Assets | Impairment of Long-Lived Assets, Intangible Assets and Goodwill We periodically evaluate our long-lived assets, primarily consisting of investments in real estate that we carry at our historical cost less accumulated depreciation, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination. We test goodwill for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with the two-step approach to evaluating impairment. First, we estimate the fair value of the reporting unit and compare it to the reporting unit’s carrying value. If the carrying value exceeds fair value, we proceed with the second step, which requires us to assign the fair value of the reporting unit to all of the assets and liabilities of the reporting unit as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied value of goodwill and is used to determine the amount of impairment. We recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value in the current period. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If the estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. For all of our reporting units we recognize any shortfall from carrying value as an impairment loss in the current period. We test other indefinite-lived intangible assets for impairment at least annually, and more frequently if indicators arise. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized. Fair values of other indefinite-lived intangible assets are determined based on discounted cash flows or appraised values, as appropriate. |
Property Acquisitions | Property Acquisitions In accordance with ASC Topic 805, Business Combinations , or ASC Topic 805, we, with assistance from independent valuation specialists, measure the fair value of tangible and identified intangible assets and liabilities, as applicable, based on their respective fair values for acquired properties. Our method for allocating the purchase price to acquired investments in real estate requires us to make subjective assessments for determining fair value of the assets acquired and liabilities assumed. This includes determining the value of the buildings, land, leasehold interests, furniture, fixtures and equipment, above- or below-market rent, in-place leases, master leases, above- or below-market debt assumed and derivative financial instruments assumed. These estimates require significant judgment and in some cases involve complex calculations. These allocation assessments directly impact our results of operations, as amounts allocated to certain assets and liabilities have different depreciation or amortization lives. In addition, we amortize the value assigned to above- or below-market rent as a component of revenue, unlike in-place leases and other intangibles, which we include in depreciation and amortization in our accompanying consolidated statements of operations and comprehensive loss. The determination of the fair value of land is based upon comparable sales data. In cases where a leasehold interest in the land is acquired, the value of the leasehold interest is determined by discounting the difference between the contract ground lease payments and a market ground lease payment back to a present value as of the acquisition date. The market ground lease payment is estimated as a percentage of the land value. The fair value of buildings is based upon our determination of the value as if it were to be replaced and vacant using cost data and discounted cash flow models similar to those used by independent appraisers. Factors considered by us include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. We also recognize the fair value of furniture, fixtures and equipment on the premises, if any, as well as the above- or below-market rent, in-place leases, master leases, above- or below-market debt assumed and derivative financial instruments assumed. The value of the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between (i) the level payment equivalent of the contract rent paid pursuant to the lease and (ii) our estimate of market rent payments taking into account rent steps throughout the lease. In the case of leases with options, a case-by-case analysis is performed based on all facts and circumstances of the specific lease to determine whether the option will be assumed to be exercised. The amounts related to above-market leases are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to real estate revenue over the remaining non-cancelable lease term of the acquired leases with each property. The amounts related to below-market leases are included in identified intangible liabilities, net in our accompanying consolidated balance sheets and are amortized to real estate revenue over the remaining non-cancelable lease term plus any below-market renewal options of the acquired leases with each property. The value of in-place lease costs are based on management’s evaluation of the specific characteristics of the tenant’s lease and our overall relationship with the tenants. Characteristics considered by us in allocating these values include the nature and extent of the credit quality and expectations of lease renewals, among other factors. The in-place lease intangible represents the value related to the economic benefit for acquiring a property with in place leases as opposed to a vacant property, which is evaluated based on a review of comparable leases for similar property, terms and conditions for marketing and executing new leases, and implied in the difference between the value of the whole property “as is” and “as vacant.” The net amounts related to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average downtime of the acquired leases with each property. The net amounts related to the value of tenant relationships, if any, would be included in identified intangible assets, net in our accompanying consolidated balance sheets and would be amortized to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases plus the market renewal lease term. The value of a master lease, in which a previous owner or a tenant is relieved of specific rental obligations as additional space is leased, is determined by discounting the expected real estate revenue associated with the master lease space over the assumed lease-up period. The value of above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The net value of above- or below-market debt is included in mortgage loans payable, net in our accompanying consolidated balance sheets and is amortized to interest expense over the remaining term of the assumed mortgage. The value of derivative financial instruments, if any, would be determined in accordance with ASC Topic 820, Fair Value Measurements and Disclosures , or ASC Topic 820, and would be included in derivative financial instruments in our accompanying consolidated balance sheets. The values of contingent consideration assets and liabilities are analyzed at the time of acquisition. For contingent purchase options, the fair market value of the acquired asset is compared to the specified option price at the exercise date. If the option price is below market, it is assumed to be exercised and the difference between the fair market value and the option price is discounted to the present value at the time of acquisition. These values are preliminary estimates in nature and subject to adjustments, which could be material. Any necessary adjustments will be finalized within one year from the date of acquisition. |
Real Estate Notes Receivable and Debt Security Investment, Net | Real Estate Notes Receivable and Debt Security Investment, Net Real estate notes receivable and debt security investment, net consists of mortgage loans collateralized by interests in real property and a held-to-maturity investment. We record loans at cost. Interest income on our real estate notes receivable is recognized on an accrual basis over the life of the investment using the effective interest method and is included in real estate revenue in our accompanying consolidated statements of operations and comprehensive loss. Direct loan costs are amortized over the term of the loan as an adjustment to the yield on the loan. We evaluate the collectability of both interest and principal for each of our loans to determine whether they are impaired. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of the allowance is calculated by comparing the recorded investment to either the value determined by discounting the expected future cash flows using the loan’s effective interest rate or to the fair value of the collateral if the loan is collateral dependent. We classify our marketable debt security as held-to-maturity because we have the positive intent and ability to hold the security to maturity. Our held-to-maturity security is recorded at amortized cost and adjusted for the amortization of premiums or discounts through maturity. When we determine declines in fair value of marketable securities are other-than-temporary, a loss is recognized in earnings. |
Derivative Financial Instruments | Derivative Financial Instruments We are exposed to the effect of interest rate changes in the normal course of business. We seek to mitigate these risks by following established risk management policies and procedures, which include the occasional use of derivatives. Our primary strategy in entering into derivative contracts, such as fixed interest rate swaps and interest rate caps, is to add stability to interest expense and to manage our exposure to interest rate movements by effectively converting a portion of our variable-rate debt to fixed-rate debt. We do not enter into derivative instruments for speculative purposes. Derivatives are recognized as either other assets or other liabilities in our accompanying consolidated balance sheets and are measured at fair value in accordance with ASC Topic 815, Derivatives and Hedging , or ASC Topic 815. ASC Topic 815 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts and for hedging activities. Since our derivative instruments are not designated as hedge instruments, they do not qualify for hedge accounting under ASC Topic 815. Changes in the fair value of derivative financial instruments are recorded as a component of interest expense in gain in fair value of derivative financial instruments in our accompanying consolidated statements of operations and comprehensive loss. |
Fair Value Measurements | Fair Value Measurements We follow ASC Topic 820 to account for the fair value of certain assets and liabilities. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. 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. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. |
Real Estate Deposits | Real Estate Deposits Real estate deposits include funds held by escrow agents and others to be applied towards the purchase of real estate. |
Other Assets, Net | Other Assets, Net Other assets, net consist of investments in unconsolidated entities, inventory, prepaid expenses and deposits, deferred financing costs related to our lines of credit and term loan, deferred rent receivables, deferred tax asset, interest rate swap assets, lease inducement and lease commissions. We report investments in unconsolidated entities using the equity method of accounting when we have the ability to exercise significant influence over the operating and financial policies. Under the equity method, our share of the investee’s earnings or losses is included in our accompanying consolidated statements of operations and comprehensive loss. To the extent that our cost basis is different from the basis reflected at the entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the entity. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest or the estimated fair value of the assets prior to the sale of interests in the entity. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded. |
Other Assets, Net | Inventory consists primarily of pharmaceutical and medical supplies and is stated at the lower of cost (first-in, first-out) or market. Deferred financing costs related to our lines of credit and term loan include amounts paid to lenders and others to obtain such financing. Such costs are amortized using the straight-line method over the term of the related loan, which approximates the effective interest rate method. Amortization of deferred financing costs related to our lines of credit and term loan is included in interest expense in our accompanying consolidated statements of operations and comprehensive loss. Lease commissions are amortized using the straight-line method over the term of the related lease. Amortization of lease commissions is included in depreciation and amortization in our accompanying consolidated statements of operations and comprehensive loss. |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities As of December 31, 2016 and 2015 , accounts payable and accrued liabilities primarily consisted of reimbursement of payroll related costs to the managers of our senior housing — RIDEA facilities and integrated senior health campuses of $20,992,000 and $19,391,000 , respectively, insurance payable of $19,136,000 and $21,689,000 , respectively, accrued property taxes of $12,766,000 and $11,447,000 , respectively, and accrued distributions of $10,009,000 and $9,745,000 , respectively. |
Security Deposits, Prepaid Rent and Other Liabilities | Security Deposits, Prepaid Rent and Other Liabilities security deposits, prepaid rent and other liabilities of $44,582,000 and $22,146,000 , respectively, primarily consisted of deferred revenue, deferred tax liabilities and contingent consideration obligations in connection with our property acquisitions. The contingent consideration obligations are due upon certain criteria being met within specified time frames. |
Stock Compensation | We follow ASC Topic 718, Compensation — Stock Compensation , or ASC Topic 718, to account for our stock compensation pursuant to the 2013 Incentive Plan, or our incentive plan. Stock Compensation We account for stock compensation issued to non-employees in accordance with the provisions of ASC 505-50, Equity – Based Payments to Non-Employees. Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of the performance commitment date or performance completion date. |
Foreign Currency | Foreign Currency We have real estate and real estate-related investments in the United Kingdom, or UK, and Isle of Man for which the functional currency is the UK Pound Sterling, or GBP. We translate the results of operations of our foreign real estate and real estate-related investments into United States Dollars, or USD, using the average currency rates of exchange in effect during the period, and we translate assets and liabilities using the currency exchange rate in effect at the end of the period. The resulting foreign currency translation adjustments are included in accumulated other comprehensive loss, a component of stockholders’ equity in our accompanying consolidated balance sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical currency exchange rates. We also have intercompany notes and payables denominated in GBP with our UK subsidiaries. Gains or losses resulting from remeasuring such intercompany notes and payables into USD at the end of each reporting period are reflected in our accompanying consolidated statements of operations and comprehensive loss. When such intercompany notes and payables are deemed to be of a long-term investment nature, they will be reflected in accumulated other comprehensive loss in our accompanying consolidated balance sheets. Gains or losses resulting from foreign currency transactions are remeasured into USD at the rates of exchange prevailing on the date of the transactions. The effects of transaction gains or losses are generally included in our accompanying consolidated statements of operations and comprehensive loss. |
Income Taxes | Income Taxes We qualified, and elected to be taxed, as a REIT under the Code for federal income tax purposes beginning with our taxable year ended December 31, 2014. To maintain our qualification as a REIT, we must meet certain organizational and operational requirements, including a requirement to currently distribute at least 90.0% of our annual taxable income, excluding net capital gains, to our stockholders. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to maintain our qualification as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service, or the IRS, grants us relief under certain statutory provisions. Such an event could have a material adverse affect on our net income and net cash available for distribution to our stockholders. We may be subject to certain state and local income taxes on our income, property or net worth in some jurisdictions, and in certain circumstances we may also be subject to federal excise taxes on undistributed income. In addition, certain activities that we undertake are conducted by subsidiaries, which we elected to be treated as taxable REIT subsidiaries, or TRSs, to allow us to provide services that would otherwise be considered impermissible for REITs. Also, we have real estate and real estate-related investments in the UK and Isle of Man, which do not accord REIT status to United States REITs under their tax laws. Accordingly, we recognize income tax benefit (expense) for the federal, state and local income taxes incurred by our TRSs and foreign income taxes on our real estate and real estate-related investments in the UK and Isle of Man. We follow ASC Topic 740, Income Taxes , to recognize, measure, present and disclose in our accompanying consolidated financial statements uncertain tax positions that we have taken or expect to take on a tax return. As of December 31, 2016 and 2015 , we did not have any tax benefits and liabilities for uncertain tax positions that we believe should be recognized in our accompanying consolidated financial statements. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets reflect the impact of the future deductibility of operating loss carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in income tax expense in our accompanying consolidated statements of operations and comprehensive loss when such changes occur. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is recorded in income tax expense in our accompanying consolidated statements of operations and comprehensive loss. Deferred tax assets are included in other assets, net, and deferred tax liabilities are included in security deposits, prepaid rent and other liabilities, in our accompanying consolidated balance sheets. |
Segment Disclosure | We segregate our operations into reporting segments in order to assess the performance of our business in the same way that management reviews our performance and makes operating decisions. Segment Disclosure ASC Topic 280, Segment Reporting , establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. |
GLA and Other Measures | GLA and Other Measures GLA and other measures used to describe real estate investments included in our accompanying consolidated financial statements are presented on an unaudited basis. |
Reclassifications | Reclassifications deferred financing costs, net, related to our mortgage loans payable have been reclassified from other assets, net to mortgage loans payable, net in our accompanying consolidated balance sheets to conform to the current period presentation in accordance with Accounting Standards Update, or ASU, 2015-03, Simplifying the Presentation of Debt Issuance Costs, or ASU 2015-03. Such reclassification did not have a material impact on our consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, or ASU 2014-09, which replaces the existing accounting standards for revenue recognition. ASU 2014-09 provides a five-step framework to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration expected to be received in exchange for those goods or services. Since its issuance, the FASB has amended several aspects of ASU 2014-09, including provisions that address principal-versus-agent implementation guidance and identifying performance obligations. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2017. It may be adopted either by restating all years presented in the financial statements or by recording the impact of adoption as an adjustment to retained earnings at the beginning of the year of adoption. Our primary source of revenue is generated through leasing arrangements, which are excluded from ASU 2014-09 and its amendments; however, we expect that the adoption of ASU 2014-09 and its amendments on January 1, 2018 will impact our recognition of non - lease revenue, such as certain resident fees in our RIDEA structures (a portion of which are not generated through leasing arrangements). In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, or ASU 2015-02, which amends the consolidation analysis required under ASC Topic 810. Specifically, ASU 2015-02 (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs; (ii) eliminates the presumption that a general partner should consolidate a limited partnership and (iii) amends the effect of fee arrangements in the primary beneficiary determination. Further, the application of ASU 2015-02 permits the use of either the full retrospective or modified retrospective adoption approach. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015 with early adoption permitted. We adopted ASU 2015-02 on January 1, 2016, which did not have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, or ASU 2015-03, which amends the presentation of debt issuance costs in the financial statements to present such costs as a direct deduction from the carrying amount of the related debt liability rather than as an asset. Amortization of such costs is required to be reported as interest expense. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , or ASU 2015-15, which clarified that debt issuance costs associated with line of credit arrangements may continue to be presented as an asset, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The application of ASU 2015-03 requires retrospective adjustment of all prior periods presented. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2015 with early adoption permitted. We adopted ASU 2015-03 on January 1, 2016, which did not have a material impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, or ASU 2015-16, which eliminates the requirement to restate prior period financial statements for measurement period adjustments in a business combination. The cumulative effect of a measurement period adjustment as a result of a change in the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, is required to be recorded in the reporting period in which the adjustment amount is determined, rather than retrospectively. Further, ASU 2015-16 requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in the current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for interim and annual reporting periods beginning after December 15, 2015 and should be applied prospectively to adjustments to provisional amounts that occur after the effective date. Early adoption is permitted for financial statements that have not yet been made available for issuance. We adopted ASU 2015-16 on January 1, 2016, which did not have a material impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , or ASU 2016-01, which amends the classification and measurement of financial instruments. ASU 2016-01 revises the accounting related to: (i) the classification and measurement of investments in equity securities; and (ii) the presentation of certain fair value changes for financial liabilities measured at fair value. ASU 2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, with respect to only certain of the amendments in ASU 2016-01, for financial statements that have not yet been made available for issuance. ASU 2016-01 requires the application of the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, with certain exceptions. We have not yet determined the impact the adoption of ASU 2016-01 on January 1, 2018 will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , or ASU 2016-02, which amends the guidance on accounting for leases, including extensive amendments to the disclosure requirements. Under ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under ASU 2016-02, lessor accounting is largely unchanged. ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted for financial statements that have not yet been made available for issuance. ASU 2016-02 requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Upon the adoption of ASU 2016-02 on January 1, 2019, we will recognize all of our operating leases for which we are the lessee, including facilities leases and ground leases, on our consolidated balance sheets and will capitalize fewer legal costs related to the drafting and execution of our lease agreements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, or ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 requires disclosures about a change in accounting principle under ASC 250, Accounting Changes and Error Corrections , in the period of adoption. ASU 2016-09 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted for financial statements that have not yet been made available for issuance. We adopted ASU 2016-09 on January 1, 2017, which did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, which introduces a new approach to estimate credit losses on certain types of financial instruments based on expected losses. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted after December 15, 2018. We have not yet determined the impact the adoption of ASU 2016-13 on January 1, 2020 will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, or ASU 2016-15, which intends to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. We have not yet determined the impact the adoption of ASU 2016-15 on January 1, 2018 will have on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, or ASU 2016-16, which removes the prohibition in ASC 740, Income Taxes , against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. ASU 2016-16 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. We have not yet determined the impact the adoption of ASU 2016-16 on January 1, 2018 will have on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-17, Interests Held through Related Parties That Are under Common Control , or ASU 2016-17, which amends the consolidation requirements that apply to a single decision maker’s evaluation of interests held through related parties that are under common control when it is determining whether it is the primary beneficiary of a VIE. ASU 2016-17 is effective for annual periods beginning on or after December 15, 2016. Early adoption is permitted, including adoption in an interim period. We adopted ASU 2016-17 on January 1, 2017, which did not have an impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Restricted Cash , or ASU 2016-18, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning on or after December 15, 2017, including interim periods within those periods. Early adoption is permitted, including adoption in an interim period. We do not expect the adoption of ASU 2016-18 on January 1, 2018 to have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business , or ASU 2017-01, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU 2017-01 states that if substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the transaction should be accounted for as an asset acquisition. In addition, ASU 2017-01 clarifies the requirements for a set of activities to be considered a business and narrows the definition of an output. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. ASU 2017-01 is effective for annual periods beginning on or after December 15, 2017, including interim periods within those periods. Early adoption is permitted, including adoption in an interim period. Upon the adoption of ASU 2017-01, we expect to recognize a majority of our real estate acquisitions and dispositions as asset transactions rather than business combinations, which will result in the capitalization of related transaction costs. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, or ASU 2017-04, which eliminates Step 2 from the goodwill impairment test and allows an entity to perform its goodwill impairment test by comparing the fair value of a reporting segment with its carrying amount. ASU 2017-04 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. We do not expect the adoption of ASU 2017-04 on January 1, 2020 to have a material impact on our consolidated financial statements. |
Real Estate Investments, Net (T
Real Estate Investments, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | Our real estate investments, net consisted of the following as of December 31, 2016 and 2015 : December 31, 2016 2015 Building, improvements and construction in process $ 1,981,610,000 $ 1,518,611,000 Land 167,329,000 123,906,000 Furniture, fixtures and equipment 84,817,000 62,481,000 2,233,756,000 1,704,998,000 Less: accumulated depreciation (94,775,000 ) (26,600,000 ) $ 2,138,981,000 $ 1,678,398,000 |
Summary of Acquisitions | The following is a summary of these property acquisitions for the year ended December 31, 2016 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) 2016 Corporate Line of Credit(3) Acquisition Fee(4) Naperville MOB Naperville, IL Medical Office 01/12/16 $ 17,385,000 $ — $ 18,000,000 $ 391,000 Lakeview IN Medical Plaza(5) Indianapolis, IN Medical Office 01/21/16 20,000,000 15,000,000 3,500,000 387,000 Pennsylvania Senior Housing Portfolio II Palmyra, PA Senior Housing — RIDEA 02/01/16 27,500,000 — 27,200,000 619,000 Snellville GA MOB Snellville, GA Medical Office 02/05/16 8,300,000 — 8,300,000 187,000 Lakebrook Medical Center Westbrook, CT Medical Office 02/19/16 6,150,000 — — 138,000 Stockbridge GA MOB III Stockbridge, GA Medical Office 03/29/16 10,300,000 — 9,750,000 232,000 Joplin MO MOB Joplin, MO Medical Office 05/10/16 11,600,000 — 12,000,000 261,000 Austell GA MOB Austell, GA Medical Office 05/25/16 12,600,000 — 12,000,000 284,000 Middletown OH MOB Middletown, OH Medical Office 06/16/16 19,300,000 — 17,000,000 434,000 Fox Grape SNF Portfolio Braintree, Brighton, Duxbury, Hingham, Quincy and Weymouth, MA Skilled Nursing 07/01/16 88,000,000 16,133,000 71,000,000 1,980,000 Voorhees NJ MOB Voorhees, NJ Medical Office 07/08/16 11,300,000 — 11,000,000 254,000 Crown Senior Care Portfolio(6) Aberdeen and Felixstowe, UK Senior Housing 11/15/16 23,531,000 — — 46,000 Norwich CT MOB Portfolio Norwich, CT Medical Office 12/16/16 15,600,000 — 14,000,000 351,000 Total $ 271,566,000 $ 31,133,000 $ 203,750,000 $ 5,564,000 ___________ (1) We own 100% of our properties acquired in 2016, with the exception of Lakeview IN Medical Plaza. (2) Represents the principal balance of the mortgage loans payable assumed by us or newly placed on the property at the time of acquisition. (3) Represents borrowings under the 2016 Corporate Line of Credit, as defined in Note 8, Lines of Credit and Term Loan , at the time of acquisition. (4) Unless otherwise noted, our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price of the property. (5) On January 21, 2016, we completed the acquisition of Lakeview IN Medical Plaza, pursuant to a joint venture with an affiliate of Cornerstone Companies, Inc., an unaffiliated third party. Our effective ownership of the joint venture is 86.0% . We paid our advisor in cash an acquisition fee of 2.25% of the portion of the contract purchase price attributed to our ownership interest of approximately 86.0% in the entity that acquired the property. (6) On November 15, 2016, we added three additional senior housing facilities to our existing Crown Senior Care Portfolio for a net contract price of £15,276,000 . The other three senior housing facilities were purchased during 2015. With respect to the three additional senior housing facilities acquired in November 2016, we paid an acquisition fee in cash equal to 2.25% of the contract purchase price of the facilities less £306,000 , or approximately $471,000 , which was previously paid as an acquisition fee for Crown Senior Care Facility. See Note 4, Real Estate Notes Receivable and Debt Security Investment, Net , for a further discussion. The total acquisition fee paid for both Crown Senior Care Facility and the purchase of the three additional senior housing facilities added to Crown Senior Care Portfolio in November 2016 was 2.25% of the contract purchase price of the three additional senior housing facilities added in November 2016. The following is a summary of our property acquisitions for the year ended December 31, 2014 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) Acquisition Fee(3) DeKalb Professional Center Lithonia, GA Medical Office 06/06/14 $ 2,830,000 $ — $ 64,000 Country Club MOB Stockbridge, GA Medical Office 06/26/14 2,775,000 — 62,000 Acworth Medical Complex Acworth, GA Medical Office 07/02/14 6,525,000 — 147,000 Wichita KS MOB Wichita, KS Medical Office 09/04/14 8,800,000 — 198,000 Delta Valley ALF Portfolio Batesville and Cleveland, MS Senior Housing 09/11/14 13,345,000 — 300,000 Lee’s Summit MO MOB Lee’s Summit, MO Medical Office 09/18/14 6,750,000 — 152,000 Carolina Commons MOB Indian Land, SC Medical Office 10/15/14 12,000,000 8,474,000 270,000 Mount Olympia MOB Portfolio Mount Dora, FL; Olympia Fields, IL; and Columbus, OH Medical Office 12/04/14 16,150,000 — 363,000 Southlake TX Hospital Southlake, TX Hospital 12/04/14 128,000,000 — 2,880,000 East Texas MOB Portfolio Longview and Marshall, TX Medical Office 12/12/14 68,500,000 — 1,541,000 Premier MOB Novi, MI Medical Office 12/19/14 12,025,000 7,950,000 271,000 Total $ 277,700,000 $ 16,424,000 $ 6,248,000 ___________ (1) We own 100% of our properties acquired in 2014. (2) Represents the principal balance of the mortgage loans payable assumed by us at the time of acquisition. (3) Our advisor and its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price, which was paid as follows: (i) in cash equal to 2.00% of the contract purchase price and (ii) the remainder in shares of our common stock in an amount equal to 0.25% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees. The following is a summary of our property acquisitions for the year ended December 31, 2015 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) Lines of Credit(3) Acquisition Fee Delta Valley ALF Portfolio(4) Springdale, AR Senior Housing 01/08/15 $ 8,105,000 $ — $ — $ 182,000 (5) Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) Lines of Credit(3) Acquisition Fee Independence MOB Portfolio Southgate, KY; Somerville, MA; Morristown and Verona, NJ; and Bronx, NY Medical Office 01/13/15 and 01/26/15 $ 135,000,000 $ — $ — $ 3,038,000 (5) King of Prussia PA MOB King of Prussia, PA Medical Office 01/21/15 18,500,000 9,946,000 — 416,000 (5) North Carolina ALF Portfolio Clemmons, Mooresville, Raleigh and Wake Forest, NC Senior Housing 01/28/15 and 06/29/15 68,856,000 — — 1,549,000 (6) Orange Star Medical Portfolio Durango, CO; and Friendswood,Keller, and Wharton, TX Medical Office 02/26/15 57,650,000 — — 1,297,000 (7) Kingwood MOB Portfolio Kingwood, TX Medical Office 03/11/15 14,949,000 — — 336,000 (7) Mt. Juliet TN MOB Mount Juliet, TN Medical Office 03/17/15 13,000,000 — — 293,000 (7) Homewood AL MOB Homewood, AL Medical Office 03/27/15 7,444,000 — — 167,000 (7) Paoli PA Medical Plaza Paoli, PA Medical Office 04/10/15 24,820,000 14,004,000 — 558,000 (7) Glen Burnie MD MOB Glen Burnie, MD Medical Office 05/06/15 18,650,000 — — 420,000 (7) Marietta GA MOB Marietta, GA Medical Office 05/07/15 13,050,000 — — 294,000 (7) Mountain Crest Senior Housing Portfolio (8) Elkhart, Hobart, LaPorte and Mishawaka, IN; and Niles, MI Senior Housing — RIDEA 05/14/15, 06/11/15, 07/14/15 and 11/20/15 75,035,000 10,318,000 — 1,688,000 (7) Mount Dora Medical Center Mount Dora, FL Medical Office 05/15/15 16,300,000 — — 367,000 (7) Nebraska Senior Housing Portfolio Bennington and Omaha, NE Senior Housing — RIDEA 05/29/15 66,000,000 — — 1,485,000 (7) Pennsylvania Senior Housing Portfolio Bethlehem, Boyertown and York, PA Senior Housing — RIDEA 06/30/15 87,500,000 12,098,000 — 1,969,000 (7) Southern Illinois MOB Portfolio Waterloo, IL Medical Office 07/01/15 12,272,000 — — 276,000 (7) Napa Medical Center Napa, CA Medical Office 07/02/15 15,700,000 — — 353,000 (7) Chesterfield Corporate Plaza Chesterfield, MO Medical Office 08/14/15 36,000,000 — — 810,000 (7) Richmond VA ALF North Chesterfield, VA Senior Housing — RIDEA 09/11/15 64,000,000 37,643,000 — 1,440,000 (7) Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) Lines of Credit(3) Acquisition Fee Crown Senior Care Portfolio(9) Peel, Isle of Man; and St. Albans and Salisbury, UK Senior Housing 09/15/15, $ 44,554,000 $ — $ — $ 1,002,000 (7) Washington DC SNF Washington, DC Skilled Nursing 10/29/15 40,000,000 — — 900,000 (7) Trilogy(10) IN, KY, MI and OH Integrated Senior Health Campuses 12/01/15 1,125,000,000 210,497,000 360,000,000 17,108,000 (7) Stockbridge GA MOB II Stockbridge, GA Medical Office 12/03/15 8,000,000 — — 180,000 (7) Marietta GA MOB II Marietta, GA Medical Office 12/09/15 5,800,000 — — 131,000 (7) Total $ 1,976,185,000 $ 294,506,000 $ 360,000,000 $ 36,259,000 ___________ (1) We own 100% of our properties acquired in 2015, with the exception of Trilogy. (2) Represents the principal balance of the mortgage loans payable assumed by us at the time of acquisition. (3) Represents borrowings at the time of acquisition under the 2014 Corporate Line of Credit and the Trilogy PropCo Line of Credit, both as defined and further discussed in Note 8, Lines of Credit and Term Loan . (4) On January 8, 2015, we added one additional building to our existing Delta Valley ALF Portfolio. The other two buildings were purchased in September 2014. (5) Our advisor and its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price, which was paid as follows: (i) in cash equal to 2.00% of the contract purchase price and (ii) the remainder in shares of our common stock in an amount equal to 0.25% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees. (6) With respect to the acquisition of the first two buildings in North Carolina ALF Portfolio in January 2015, our advisor and its affiliates were paid an acquisition fee of 2.25% of the contract purchase price, which was paid as follows: (i) in cash equal to 2.00% of the contract purchase price; and (ii) the remainder in shares of our common stock in an amount equal to 0.25% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees. With respect to the additional two buildings added to our existing North Carolina ALF Portfolio in June 2015, our advisor was paid in cash an acquisition fee of 2.25% of the contract purchase price. (7) Our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price, except for Trilogy, which we paid our advisor an acquisition fee based on the portion of the contract purchase price attributed to our ownership interest at the time of acquisition. (8) On November 20, 2015, we purchased vacant land as part of Mountain Crest Senior Housing Portfolio for a total price of $35,000 . (9) On September 15, 2015, we purchased our first senior housing facility of Crown Senior Care Portfolio for a net contract purchase price of £6,850,000 , or approximately $10,571,000 , based on the currency exchange rate on the acquisition date. On October 8, 2015 and December 8, 2015 we added additional senior housing facilities to our existing Crown Senior Care Portfolio, for a net contract price of £11,300,000 and £11,100,000 , respectively, or approximately $17,309,000 and $16,674,000 , respectively, based on the currency exchange rate on the applicable acquisition date. (10) On December 1, 2015, we completed the acquisition of Trilogy, the parent company of Trilogy Health Services, LLC, or Trilogy Health Services, through our majority-owned subsidiary, Trilogy REIT Holdings, LLC, or Trilogy REIT Holdings. NorthStar Healthcare Income, Inc, or NHI, owns a minority interest in Trilogy REIT Holdings. Trilogy REIT Holdings acquired Trilogy for a purchase price based on a total company valuation of approximately $1,125,000,000 . Our effective ownership of Trilogy was approximately 67.6% at the time of acquisition. Our portion of the purchase price for Trilogy was approximately $760,356,000 . The acquisition of Trilogy was financed in part by using a combination of debt financing, including: (i) approximately $270,000,000 in borrowings under the Trilogy PropCo Line of Credit; (ii) the assumption of 23 U.S. Department of Housing and Urban Development, or HUD, loans with a principal amount totaling approximately $204,000,000 as of December 1, 2015; (iii) $90,000,000 in borrowings under the 2014 Corporate Line of Credit; and (iv) the assumption of approximately $26,000,000 in other existing indebtedness of Trilogy. The remaining cash balance was financed using: (i) an equity contribution by us of approximately $381,000,000 from cash on hand from the net proceeds of our initial public offering and (ii) an equity contribution by NHI of approximately $202,000,000 . See Note 18, Business Combinations , for a further discussion. The following is a summary of our property acquisition subsequent to December 31, 2016 : Acquisition(1) Location Type Date Contract Purchase Price 2016 Corporate Line of Credit(2) Acquisition Fee (3) North Carolina ALF Portfolio(4) Huntersville, NC Senior Housing 01/18/17 $ 15,000,000 $ 14,000,000 $ 338,000 ______________ (1) We own 100% of our property acquired subsequent to December 31, 2016 . (2) Represents borrowings under the 2016 Corporate Line of Credit at the time of acquisition. (3) Our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price of the property. (4) On January 18, 2017, we added an additional building to our existing North Carolina ALF Portfolio. The other four buildings were acquired in January 2015 and June 2015. |
Summary of acquisitions of previously leased real estate investments | The following is a summary of these property acquisitions for the year ended December 31, 2016 : Location Date Acquired Contract Purchase Price Mortgage Loans Payable(1) 2016 Corporate Line of Credit(2) Acquisition Fee(3) Jasper, IN 06/24/16 $ 5,089,000 $ — $ — $ 78,000 Anderson, Evansville, Jasper, Kokomo, New Albany and Tell City, IN; and Cynthiana, KY 06/30/16 130,000,000 93,150,000 30,310,000 1,980,000 Greensburg, IN; Lexington, KY; East Lansing, Howell, Okemos and Shelby Township, MI; and Greenville and Zanesville, OH 08/16/16 87,927,000 77,900,000 11,863,000 1,339,000 Monticello, IN 09/23/16 4,074,000 2,800,000 — 62,000 $ 227,090,000 $ 173,850,000 $ 42,173,000 $ 3,459,000 ___________ (1) Represents the principal balance of the mortgage loans payable placed on the properties at the time of acquisition. (2) Represents borrowings under the 2016 Corporate Line of Credit, as defined in Note 8, Lines of Credit and Term Loan , at the time of acquisition. (3) Our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the property attributed to our ownership interest of approximately 67.7% in the subsidiary of Trilogy that acquired the property. The following is a summary of our acquisition: Location Date Acquired Contract Purchase Price Lines of Credit and Term Loan(1) Acquisition Fee(2) Boonville, Columbus and Hanover, IN; Lexington, KY; and Maumee and Willard, OH 02/01/17 $ 72,200,000 $ 61,700,000 $ 1,099,000 ___________ (1) Represents borrowings under our lines of credit and term loan at the time of acquisition. (2) Our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest of approximately 67.7% in the subsidiary of Trilogy that acquired the properties. |
Real Estate Notes Receivable 34
Real Estate Notes Receivable and Investment, Net(Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Real Estate Notes Receivable, Net | The following is a summary of our notes receivable and debt security investment, including unamortized loan and closing costs, net as of December 31, 2016 and 2015 : December 31, Origination Date Maturity Date Contractual Interest Rate(1) Maximum Advances Available 2016 2015 Acquisition Fee(2) Mezzanine Floating Rate Notes(3)(5) United States 02/04/15 12/09/17 6.70% $ 31,567,000 $ 7,167,000 $ 31,277,000 $ 631,000 Mezzanine Fixed Rate Notes(3)(5) United States 02/04/15 12/09/19 6.75% $ 28,650,000 28,650,000 28,650,000 573,000 Crown Senior Care Facility(4)(5) United Kingdom 09/16/15 11/15/16 N/A N/A — 20,746,000 471,000 Debt security investment(6) 10/15/15 08/25/25 4.24% N/A 63,176,000 60,945,000 1,209,000 98,993,000 141,618,000 $ 2,884,000 Unamortized loan and closing costs, net 2,124,000 2,859,000 $ 101,117,000 $ 144,477,000 ___________ (1) Represents the per annum interest rate in effect as of December 31, 2016 . (2) Our advisor was paid in cash, as compensation for services in connection with real estate-related investments, an acquisition fee of 2.00% of the total amount advanced or invested through December 31, 2016 . (3) On February 4, 2015, we acquired eight promissory notes at par in the aggregate outstanding principal amount of $60,217,000 , or the Mezzanine Notes, comprising four fixed-rate notes in the aggregate outstanding principal amount of $28,650,000 , or the Mezzanine Fixed Rate Notes, and four floating rate notes in the aggregate outstanding principal amount of $31,567,000 , or the Mezzanine Floating Rate Notes. The Mezzanine Notes evidence interests in a portion of a mezzanine loan that consisted in total of 40 promissory notes in the aggregate outstanding principal amount of $389,852,000 . The mezzanine loan is secured by pledges of equity interests in the owners of a portfolio of domestic healthcare properties, which such owners are themselves owned indirectly by a non-wholly owned subsidiary of NorthStar Realty Finance Corp. The maturity date of the Mezzanine Floating Rate Notes may be extended by three successive one -year extension periods at the borrower’s option, subject to satisfaction of certain conditions. In October 2016, the borrower exercised its right to extend the original December 9, 2016 maturity date of the Mezzanine Floating Rate Notes for one year to December 2017. (4) We entered into a facility agreement with the CHG Borrower, an unaffiliated third party, on September 16, 2015. The facility agreement, as amended, was collateralized by three senior housing facilities in the UK and the income from the CHG Borrower’s operations. On November 15, 2016, we purchased the facilities securing Crown Senior Care Facility and the note receivable was settled in full. See Note 3, Real Estate Investments, Net — Acquisitions in 2016, for a further discussion. (5) Balance represents the original principal balance, increased by any subsequent advances and decreased by any subsequent principal paydowns, and only requires monthly interest payments. The Mezzanine Floating Rate Notes, Mezzanine Fixed Rate Notes and Crown Senior Care Facility are subject to certain prepayment restrictions if repaid before the respective maturity dates. (6) On October 15, 2015, we acquired a commercial mortgage-backed debt security, or the debt security, for a purchase price of $60,429,000 , from an unaffiliated third party. The debt security was issued by FREMF 2015-KS03 Mortgage Trust, or the Mortgage Trust, and represents a 10.0% beneficial ownership interest in the Mortgage Trust. The Mortgage Trust owns a pool of 59 mortgage loans that are secured by 59 domestic senior housing facilities. The debt security bears an interest rate on the stated principal amount thereof equal to 4.24% per annum, the terms of which security provide for monthly interest-only payments. The debt security matures on August 25, 2025 at a stated amount of $93,433,000 , resulting in an anticipated yield-to-maturity of 10.0% per annum. The debt security is subordinate to all other interests in the Mortgage Trust and is not guaranteed by a government-sponsored entity. As of December 31, 2016 and 2015 , the net carrying amount with accretion is $64,912,000 and $62,761,000 , respectively. We classify our debt security investment as held-to-maturity and we have not recorded any unrealized holding gains or losses on such investment. |
Changes in Carrying Amount of Real Estate Notes Receivable | The following shows the change in the carrying amount of real estate notes receivable and debt security investment, net for the years ended December 31, 2016 and 2015 : Amount Real estate notes receivable and debt security investment, net — December 31, 2014 $ — Additions: Acquisition of real estate notes receivable 81,805,000 Investment in debt security 60,429,000 Accretion on debt security investment 516,000 Loan and closing costs 3,539,000 Deductions: Principal repayments on real estate notes receivable (289,000 ) Foreign currency translation adjustments (860,000 ) Amortization of loan and closing costs (663,000 ) Real estate notes receivable and debt security investment, net — December 31, 2015 $ 144,477,000 Additions: Advances on real estate notes receivable $ 1,942,000 Accretion on debt security investment 2,231,000 Loan costs 39,000 Deductions: Principal repayments on real estate notes receivable (24,110,000 ) Settlement of real estate notes receivable for properties (23,531,000 ) Foreign currency translation adjustments 823,000 Amortization of loan and closing costs (754,000 ) Real estate notes receivable and debt security investment, net — December 31, 2016 $ 101,117,000 |
Identified Intangible Assets,35
Identified Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Identified intangible assets, net | Identified intangible assets, net consisted of the following as of December 31, 2016 and 2015 : December 31, 2016 2015 Amortized intangible assets: In-place leases, net of accumulated amortization of $23,997,000 and $35,531,000 as of December 31, 2016 and 2015, respectively (with a weighted average remaining life of 8.6 years and 2.5 years as of December 31, 2016 and 2015, respectively) $ 68,376,000 $ 221,846,000 Leasehold interests, net of accumulated amortization of $266,000 and $126,000 as of December 31, 2016 and 2015, respectively (with a weighted average remaining life of 55.6 years and 56.6 years as of December 31, 2016 and 2015, respectively) 7,628,000 7,768,000 Above-market leases, net of accumulated amortization of $2,622,000 and $1,360,000 as of December 31, 2016 and 2015, respectively (with a weighted average remaining life of 5.2 years and 5.0 years as of December 31, 2016 and 2015, respectively) 4,206,000 4,401,000 Unamortized intangible assets: Certificates of need 76,142,000 51,855,000 Trade names 30,267,000 30,267,000 Purchase option assets(1) 14,208,000 71,000,000 $ 200,827,000 $ 387,137,000 ___________ (1) Under certain leases within our leased facilities, in which we are the lessee, we have the right to acquire the properties at varying dates in the future and at our option. We estimate the fair value of these purchase option assets by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. We do not amortize the resulting intangible asset over the term of the lease, but rather adjust the recognized value of the asset upon purchase. In 2016, we exercised the right to acquire several leased facilities and the value of the purchased option assets utilized was $56,792,000 . See Note 3, Real Estate Investments, Net — Acquisitions in 2016 — 2016 Acquisitions of Previously Leased Real Estate Investments. |
Amortization expense on identified intangible assets | As of December 31, 2016 , estimated amortization expense on the identified intangible assets for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2017 $ 23,908,000 2018 7,985,000 2019 6,792,000 2020 5,535,000 2021 4,940,000 Thereafter 31,050,000 $ 80,210,000 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Other Assets, Net | Other assets, net consisted of the following as of December 31, 2016 and 2015 : December 31, 2016 2015 Investments in unconsolidated entities $ 20,057,000 $ 27,210,000 Inventory 17,266,000 16,313,000 Prepaid expenses, deposits and other assets 16,002,000 7,098,000 Deferred financing costs, net of accumulated amortization of $3,519,000 and $550,000 as of December 31, 2016 and 2015, respectively(1) 9,624,000 6,344,000 Deferred rent receivables 11,804,000 3,028,000 Deferred tax asset, net(2) 8,295,000 — Lease inducement, net of accumulated amortization of $88,000 as of December 31, 2016 (with a weighted average remaining life of 14.0 years as of December 31, 2016) 4,912,000 — Lease commissions, net of accumulated amortization of $175,000 and $17,000 as of December 31, 2016 and 2015, respectively 3,834,000 309,000 $ 91,794,000 $ 60,302,000 ___________ (1) In accordance with ASU 2015-03 and ASU 2015-15, deferred financing costs, net only include costs related to our lines of credit and term loan. (2) See Note 16, Income Taxes and Distributions , for a further discussion. |
Mortgage Loans Payable, Net (Ta
Mortgage Loans Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule of Mortgage Loans Payable, Net | Mortgage loans payable, net consisted of the following as of December 31, 2016 and 2015 : December 31, 2016 2015 Total fixed-rate debt $ 313,265,000 $ 302,892,000 Total variable-rate debt 203,792,000 9,348,000 Total fixed and variable-rate debt 517,057,000 312,240,000 Less: deferred financing costs, net(1) (3,861,000 ) (1,200,000 ) Add: premium 1,678,000 1,916,000 Less: discount (19,157,000 ) (17,686,000 ) Mortgage loans payable, net $ 495,717,000 $ 295,270,000 ___________ (1) In accordance with ASU 2015-03 and ASU 2015-15, deferred financing costs, net only include costs related to our mortgage loans payable. |
Schedule of Activity Related to Notes Payable | The following shows the changes in the carrying amount of mortgage loans payable, net for the years ended December 31, 2016 and 2015 : Amount Mortgage loans payable, net — December 31, 2014 $ 16,742,000 Additions: Borrowings on mortgage loans payable, net 2,792,000 Assumption of mortgage loans payable, net 278,461,000 Amortization of deferred financing costs 160,000 Deductions: Scheduled principal payments on mortgage loans payable (1,469,000 ) Amortization of discount/premium on mortgage loans payable (273,000 ) Deferred financing costs (1,143,000 ) Mortgage loans payable, net — December 31, 2015 $ 295,270,000 Additions: Borrowings on mortgage loans payable, net $ 194,883,000 Assumption of mortgage loans payable, net 14,066,000 Amortization of deferred financing costs 1,065,000 Deductions: Scheduled principal payments on mortgage loans payable (5,769,000 ) Amortization of discount/premium on mortgage loans payable (72,000 ) Deferred financing costs (3,726,000 ) Mortgage loans payable, net — December 31, 2016 $ 495,717,000 |
Schedule of Principal Payments Due on Mortgage Loans Payable | As of December 31, 2016 , the principal payments due on our mortgage loans payable for each of the next five years ending December 31 and thereafter were as follows: Year Amount 2017 $ 15,829,000 2018 177,824,000 2019 21,393,000 2020 30,685,000 2021 9,428,000 Thereafter 261,898,000 $ 517,057,000 |
Derivative Financial Instrume38
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table lists the derivative financial instruments held by us as of December 31, 2016 : Notional Amount Index Interest Rate Fair Value Instrument Maturity Date $ 17,075,000 one month LIBOR 2.25 % $ — Cap 02/01/18 140,000,000 one month LIBOR 0.82 % 1,355,000 Swap 02/03/19 60,000,000 one month LIBOR 0.78 % 627,000 Swap 02/03/19 $ 217,075,000 $ 1,982,000 |
Identified Intangible Liabili39
Identified Intangible Liabilities, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Identified Intangible Liabilities [Abstract] | |
Summary of Amortization Expense on Below Market Leases | As of December 31, 2016 , estimated amortization expense on below-market leases for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2017 $ 652,000 2018 477,000 2019 392,000 2020 263,000 2021 147,000 Thereafter 285,000 $ 2,216,000 |
Redeemable Noncontrolling Int40
Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Temporary Equity [Abstract] | |
Redeemable Noncontrolling Interest | The changes in the carrying amount of redeemable noncontrolling interests consisted of the following for the years ended December 31, 2016 and 2015 : December 31, 2016 2015 Beginning balance $ 22,987,000 $ 2,000 Addition 2,295,000 — Reclassification from equity 845,000 — Acquisition of Trilogy — 22,985,000 Distributions (198,000 ) — Fair value adjustment to redemption value 11,521,000 — Net loss attributable to redeemable noncontrolling interests (5,943,000 ) — Ending balance $ 31,507,000 $ 22,987,000 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive loss, net of noncontrolling interests, by component consisted of the following for the years ended December 31, 2016 and 2015 : December 31, 2016 2015 Beginning balance — foreign currency translation adjustments $ (506,000 ) $ — Net change in current period (2,523,000 ) (506,000 ) Ending balance — foreign currency translation adjustments $ (3,029,000 ) $ (506,000 ) |
Status and Changes of Nonvested Shares of Restricted Common Stock | A summary of the status of the nonvested shares of our restricted common stock as of December 31, 2016 , 2015 and 2014 and the changes for the years ended December 31, 2016 and 2015 is presented below: Number of Nonvested Shares of our Restricted Common Stock Weighted Average Grant Date Fair Value Balance — December 31, 2014 12,000 $ 10.00 Granted 15,000 $ 10.00 Vested (6,000 ) $ 10.00 Forfeited — $ — Balance — December 31, 2015 21,000 $ 10.00 Granted 30,000 $ 10.00 Vested (12,000 ) $ 10.00 Forfeited — $ — Balance — December 31, 2016 39,000 $ 10.00 Expected to vest — December 31, 2016 39,000 $ 10.00 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | For the years ended December 31, 2015 and 2014 , our officers invested the following amounts and we issued the following shares of our common stock pursuant to the applicable stock purchase plan: Years Ended December 31, 2015 2014 Officer’s Name Title Amount Shares Amount Shares Jeffrey T. Hanson Chief Executive Officer and Chairman of the Board of Directors $ 17,000 1,902 $ 59,000 6,574 Danny Prosky President, Chief Operating Officer and Director 20,000 2,246 81,000 9,053 Mathieu B. Streiff Executive Vice President, General Counsel 19,000 2,062 74,000 8,188 Stefan K.L. Oh Executive Vice President — Acquisitions 2,000 168 14,000 1,556 Cora Lo Assistant General Counsel and Secretary 1,000 106 8,000 900 Shannon K S Johnson Former Chief Financial Officer 1,000 165 13,000 1,475 Chris Rooney Former Vice President — Asset Management 1,000 135 12,000 1,366 $ 61,000 6,784 $ 261,000 29,112 |
Schedule Of Amount Outstanding To Affiliates Table | The following amounts were outstanding to our affiliates as of December 31, 2016 and 2015 : December 31, Fee 2016 2015 Asset and property management fees $ 1,736,000 $ 1,111,000 Acquisition fees 202,000 133,000 Development fees 105,000 — Lease commissions 89,000 1,000 Construction management fees 38,000 9,000 Operating expenses 16,000 3,000 $ 2,186,000 $ 1,257,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 , aggregated by the level in the fair value hierarchy within which those measurements fall. Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Derivative financial instrument $ — $ 1,982,000 $ — $ 1,982,000 Contingent consideration receivables — — — — Total assets at fair value $ — $ 1,982,000 $ — $ 1,982,000 Liabilities: Derivative financial instrument $ — $ — $ — $ — Contingent consideration obligations — — 8,992,000 8,992,000 Warrants — — 1,250,000 1,250,000 Total liabilities at fair value $ — $ — $ 10,242,000 $ 10,242,000 The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 , aggregated by the level in the fair value hierarchy within which those measurements fall. Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Contingent consideration receivables $ — $ — $ — $ — Total assets at fair value $ — $ — $ — $ — Liabilities: Contingent consideration obligations $ — $ — $ 5,912,000 $ 5,912,000 Warrants — — 1,014,000 1,014,000 Total liabilities at fair value $ — $ — $ 6,926,000 $ 6,926,000 |
Inputs Related to Non-recurring Fair Value Measurements | The following is a summary of the quantitative information related to this non-recurring fair value measurement for the impairment of our investments in unconsolidated entities using a discounted cash flows valuation model: Unobservable Inputs Ranges Terminal EBITDA(1) multiple 8.0X-9.0X Weighted average cost of capital 7.75%-9.75% Operating expenses as a percent of revenue 74%-84% Annual revenue growth 2.75%-3.65% ___________ (1) Earnings before interest, tax, depreciation and amortization. |
Fair Value Inputs, Liabilities, Quantitative Information | The following table shows quantitative information about unobservable inputs related to Level 3 fair value measurements used as of December 31, 2016 and 2015 for the contingent consideration obligations: Range of Inputs or Inputs December 31, Acquisition Unobservable Inputs(1) 2016 2015 North Carolina ALF Portfolio — North Raleigh and Mooresville(2) Tenant’s Annualized EBITDAR, as defined, for the Three Months Prior to Payment $ 3,459,000 $ 3,516,000 Timing of Payment January 27, 2018 January 27, 2018 Applicable Rate, as defined in the lease agreement 7.2% 7.2% Discount Rate per Annum 1.20% 1.06% Percentage of Eligible Payment Requested 100% 100% North Carolina ALF Portfolio — Clemmons(2) Tenant’s Annualized EBITDAR, as defined, for the Three Months Prior to Payment $ 1,753,000 $ 197,000 Timing of Payment June 28, 2018 June 28, 2018 Applicable Rate, as defined in the lease agreement 7.2% 7.2% Discount Rate per Annum 1.20% 1.06% Percentage of Eligible Payment Requested 100% 100% King of Prussia PA MOB(3) Percentage of Allowance for Leasing Commissions to be Paid 100% 100% ___________ (1) Significant increases or decreases in any of the unobservable inputs in isolation or in the aggregate would result in a significantly higher or lower fair value measurement to the contingent consideration obligation as of December 31, 2016 and 2015 . (2) The most significant input to the valuation is the tenant’s annualized EBITDAR, as defined in the lease agreement. An increase (decrease) in the tenant’s annualized EBITDAR would increase (decrease) the fair value. (3) An increase (decrease) in the leasing commissions to be paid would increase (decrease) the fair value. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following is a reconciliation of the beginning and ending balances of our contingent consideration assets and obligations for the years ended December 31, 2016 , 2015 and 2014 : Years Ended December 31, 2016 2015 2014 Contingent Consideration Receivables: Beginning balance $ — $ — $ — Additions to contingent consideration receivables — — — Realized/unrealized (gains) losses recognized in earnings — — — Ending balance $ — $ — $ — Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to assets still held $ — $ — $ — Contingent Consideration Obligations: Beginning balance $ 5,912,000 $ 1,393,000 $ — Additions to contingent consideration obligations — 5,848,000 1,393,000 Realized/unrealized losses (gains) recognized in earnings 13,430,000 (1,329,000 ) — Settlements of obligations (10,350,000 ) — — Ending balance $ 8,992,000 $ 5,912,000 $ 1,393,000 Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to obligations still held $ 13,430,000 $ (1,329,000 ) $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following is a reconciliation of the beginning and ending balances of our contingent consideration assets and obligations for the years ended December 31, 2016 , 2015 and 2014 : Years Ended December 31, 2016 2015 2014 Contingent Consideration Receivables: Beginning balance $ — $ — $ — Additions to contingent consideration receivables — — — Realized/unrealized (gains) losses recognized in earnings — — — Ending balance $ — $ — $ — Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to assets still held $ — $ — $ — Contingent Consideration Obligations: Beginning balance $ 5,912,000 $ 1,393,000 $ — Additions to contingent consideration obligations — 5,848,000 1,393,000 Realized/unrealized losses (gains) recognized in earnings 13,430,000 (1,329,000 ) — Settlements of obligations (10,350,000 ) — — Ending balance $ 8,992,000 $ 5,912,000 $ 1,393,000 Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to obligations still held $ 13,430,000 $ (1,329,000 ) $ — |
Fair Value, by Balance Sheet Grouping | The carrying amounts and estimated fair values of such financial instruments as of December 31, 2016 and 2015 were as follows: December 31, 2016 2015 Carrying Fair Carrying Fair Financial Assets: Real estate notes receivable $ 36,205,000 $ 37,231,000 $ 81,716,000 $ 80,845,000 Debt security investment $ 64,912,000 $ 94,320,000 $ 62,761,000 $ 94,393,000 Financial Liabilities: Mortgage loans payable $ 495,717,000 $ 495,532,000 $ 295,270,000 $ 294,701,000 Lines of credit and term loan $ 639,693,000 $ 647,336,000 $ 343,656,000 $ 350,000,000 |
Income Taxes and Distributions
Income Taxes and Distributions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of loss before Income Tax, Domestic and Foreign | The components of loss before taxes for the years ended December 31, 2016 and 2015 , were as follows: December 31, 2016 2015 Domestic $ (202,886,000 ) $ (109,748,000 ) Foreign (667,000 ) (5,103,000 ) Loss before income taxes $ (203,553,000 ) $ (114,851,000 ) |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense for the years ended December 31, 2016 and 2015 , were as follows: December 31, 2016 2015 Federal deferred $ (6,656,000 ) $ (6,156,000 ) State deferred (1,502,000 ) (1,291,000 ) Foreign deferred — — Federal current (3,000 ) 147,000 Foreign current 160,000 43,000 Valuation allowances 8,344,000 7,447,000 Total income tax expense $ 343,000 $ 190,000 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities as of December 31, 2016 and 2015 were as follows: December 31, 2016 2015 Deferred income tax assets: Fixed assets & intangibles $ 13,015,000 $ 5,840,000 Expense accruals & other 6,586,000 1,050,000 Net operating loss 6,947,000 557,000 Allowances for accounts receivable 2,891,000 — Reserves and accruals 2,361,000 — Investment in joint ventures 1,189,000 — Valuation allowances (24,695,000 ) (7,447,000 ) Total deferred income tax assets $ 8,294,000 $ — Deferred income tax liabilities: Fixed assets and intangibles $ (13,181,000 ) $ — Other — temporary differences (3,104,000 ) — Total deferred income tax liabilities $ (16,285,000 ) $ — |
Summary of Tax Treatment of Distributions | The income tax treatment for distributions reportable for the years ended December 31, 2016 , 2015 and 2014 was as follows: Years Ended December 31, 2016 2015 2014 Ordinary income $ 28,135,000 24.2 % $ 17,271,000 16.7 % $ 649,000 13.4 % Capital gain — — — — — — Return of capital 88,140,000 75.8 85,923,000 83.3 4,183,000 86.6 $ 116,275,000 100 % $ 103,194,000 100 % $ 4,832,000 100 % |
Future Minimum Rent (Tables)
Future Minimum Rent (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments to be Received under Operating Leases, excluding tenant reimbursements of certain costs | Future minimum base rent contractually due under operating leases, excluding tenant reimbursements of certain costs, as of December 31, 2016 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2017 $ 88,511,000 2018 83,934,000 2019 79,579,000 2020 72,738,000 2021 69,909,000 Thereafter 580,014,000 $ 974,685,000 |
Schedule of Future Minimum Lease Obligations under Non-cancelable Ground and Other Lease Obligations | Future minimum lease obligations under non-cancelable ground and other lease obligations as of December 31, 2016 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2017 $ 17,946,000 2018 22,288,000 2019 22,943,000 2020 23,617,000 2021 24,310,000 Thereafter 225,725,000 $ 336,829,000 |
Schedule of Future Minimum Lease Payments under Capital Leases | Future minimum lease payments under capital leases as of December 31, 2016 for each of the next five years ending December 31 was as follows: Year Amount(1) 2017 $ 9,796,000 2018 6,834,000 2019 3,987,000 2020 2,002,000 2021 661,000 $ 23,280,000 ___________ (1) Amounts above represent principal of $20,796,000 and interest obligations of $2,484,000 under capital lease arrangements. As of December 31, 2016 and 2015 , we have recorded $24,500,000 of purchase option liabilities, which are included in capital lease obligations in our accompanying consolidated balance sheets and which are excluded from amounts above. Purchase option liabilities are recorded at their estimated fair value by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule Of Revenues And Net Income (Loss) Of Properties Acquired | For the period from the acquisition date through December 31, 2015 , we recognized the following amounts of revenue and net income (loss) for the 2015 property acquisitions, excluding Trilogy that is presented at — Trilogy Purchase Price Allocation above: Acquisition Revenue Net Income (Loss) Independence MOB Portfolio $ 14,021,000 $ 2,171,000 Pennsylvania Senior Housing Portfolio $ 8,500,000 $ (2,743,000 ) Other 2015 Acquisitions $ 46,235,000 $ (1,344,000 ) For the period from the acquisition date through December 31, 2016 , we recognized the following amounts of revenue and net income for the 2016 property acquisitions: Acquisition Revenue Net Income 2016 Acquisitions $ 20,228,000 $ 1,021,000 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed of our 2016 property acquisitions: 2016 Acquisitions Building and improvements $ 439,067,000 Land 44,738,000 Furniture, fixtures and equipment 644,000 In-place leases 48,827,000 Above-market leases 1,385,000 Certificates of need 18,410,000 Purchase option assets (56,792,000 ) Total assets acquired 496,279,000 Mortgage loans payable, net (14,066,000 ) Below-market leases (1,842,000 ) Total liabilities assumed (15,908,000 ) Net assets acquired $ 480,371,000 The final purchase price allocation to assets acquired and liabilities assumed for the acquisition of Trilogy in December 2015 was: Trilogy(1) Building and improvements $ 504,554,000 Land 38,956,000 Furniture, fixtures and equipment 59,192,000 Construction in progress 17,132,000 In-place leases 183,704,000 Capital lease assets 43,601,000 Certificates of need 51,295,000 Trade names 30,267,000 Purchase option assets 71,000,000 Goodwill 75,264,000 Other assets 37,639,000 Total assets acquired 1,112,604,000 Mortgage loans payable, net (193,220,000 ) Lines of credit (270,000,000 ) Capital lease obligations (47,660,000 ) Deferred income tax liabilities (7,699,000 ) Other liabilities (7,634,000 ) Total liabilities assumed (526,213,000 ) Net assets acquired $ 586,391,000 ___________ (1) Trilogy’s assets acquired and liabilities assumed are consolidated and reported at 100% . At the time of acquisition, we owned approximately 67.6% of the net assets acquired. The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed for our 2015 property acquisitions, excluding Trilogy that is presented at — Trilogy Purchase Price Allocation above, and which we determined using Level 2 and Level 3 inputs: Independence MOB Portfolio Pennsylvania Senior Housing Portfolio Other 2015 Acquisitions Building and improvements $ 113,727,000 $ 76,970,000 $ 530,242,000 Land 7,367,000 2,994,000 50,776,000 Furniture, fixtures and equipment — 635,000 1,966,000 In-place leases 7,182,000 8,057,000 48,041,000 Leasehold interest 5,715,000 — 687,000 Above-market leases 1,321,000 — 1,163,000 Total assets acquired 135,312,000 88,656,000 632,875,000 Mortgage loans payable, net — (13,271,000 ) (71,969,000 ) Below-market leases (350,000 ) — (193,000 ) Other liabilities — — (5,848,000 ) (1) Total liabilities assumed (350,000 ) (13,271,000 ) (78,010,000 ) Net assets acquired $ 134,962,000 $ 75,385,000 $ 554,865,000 ___________ (1) Included in other liabilities is $4,067,000 , $1,381,000 and $400,000 accrued for as contingent consideration obligations in connection with the purchase of North Carolina ALF Portfolio, Stockbridge GA MOB II and King of Prussia PA MOB, respectively. For a further discussion, see Note 15, Fair Value Measurements — Assets and Liabilities Reported at Fair Value. |
Business Acquisition, Pro Forma Information | Assuming the property acquisitions in 2016 discussed above had occurred on January 1, 2015, for the years ended December 31, 2016 and 2015 , unaudited pro forma revenue, net loss, net loss attributable to controlling interest and net loss per common share attributable to controlling interest — basic and diluted would have been as follows: Years Ended December 31, 2016 2015 Revenue $ 1,001,599,000 $ 193,796,000 Net loss $ (170,845,000 ) $ (154,270,000 ) Net loss attributable to controlling interest $ (113,592,000 ) $ (133,299,000 ) Net loss pe r com mon share attributable to controlling interest — basic and diluted $ (0.58 ) $ (0.73 ) Assuming all the property acquisitions in 2015 discussed above had occurred on January 1, 2014 , for the years ended December 31, 2015 and 2014 , unaudited pro forma revenue, net loss, net loss attributable to controlling interest and net loss per common share attributable to controlling interest — basic and diluted would have been as follows: Years Ended December 31, 2015 2014 Revenue $ 918,450,000 $ 888,332,000 Net loss $ (41,824,000 ) $ (227,678,000 ) Net loss attributable to controlling interest $ (46,311,000 ) $ (225,835,000 ) Net loss per common share attributable to controlling interest — basic and diluted $ (0.15 ) $ (1.73 ) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary Information by Reportable Segment | Summary information for the reportable segments during the years ended December 31, 2016 , 2015 and 2014 was as follows: Medical Office Buildings Skilled Nursing Facilities Hospitals Senior Housing Senior Housing — RIDEA Integrated Senior Health Campuses Year Ended December 31, 2016 Revenues: Resident fees and services $ — $ — $ — $ — $ 62,371,000 $ 810,034,000 $ 872,405,000 Real estate revenue 73,252,000 8,686,000 16,711,000 18,517,000 — — 117,166,000 Total revenues 73,252,000 8,686,000 16,711,000 18,517,000 62,371,000 810,034,000 989,571,000 Expenses: Property operating expenses — — — — 42,346,000 722,793,000 765,139,000 Rental expenses 26,863,000 758,000 1,235,000 538,000 — — 29,394,000 Segment net operating income $ 46,389,000 $ 7,928,000 $ 15,476,000 $ 17,979,000 $ 20,025,000 $ 87,241,000 $ 195,038,000 Expenses: General and administrative $ 28,951,000 Acquisition related expenses 28,589,000 Depreciation and amortization 271,307,000 Loss from operations (133,809,000 ) Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (45,665,000 ) Gain in fair value of derivative financial instruments 1,968,000 Foreign currency loss (8,755,000 ) Interest and other income 1,085,000 Loss from unconsolidated entities (18,377,000 ) Loss before income taxes (203,553,000 ) Income tax expense (343,000 ) Net loss $ (203,896,000 ) Medical Office Buildings Skilled Nursing Facilities Hospitals Senior Housing Senior Housing — RIDEA Integrated Senior Health Campuses Year Ended December 31, 2015 Revenues: Resident fees and services $ — $ — $ — $ — $ 29,964,000 $ 66,115,000 $ 96,079,000 Real estate revenue 49,804,000 808,000 5,297,000 8,488,000 — — 64,397,000 Total revenues 49,804,000 808,000 5,297,000 8,488,000 29,964,000 66,115,000 160,476,000 Expenses: Property operating expenses — — — — 20,820,000 60,635,000 81,455,000 Rental expenses 16,806,000 53,000 1,625,000 391,000 — — 18,875,000 Segment net operating income $ 32,998,000 $ 755,000 $ 3,672,000 $ 8,097,000 $ 9,144,000 $ 5,480,000 $ 60,146,000 Expenses: General and administrative $ 16,544,000 Acquisition related expenses 74,170,000 Depreciation and amortization 75,714,000 Loss from operations (106,282,000 ) Other income (expense): Interest expense (including amortization of deferred financing costs and debt discount/premium) (5,619,000 ) Foreign currency loss (3,199,000 ) Interest and other income 839,000 Loss from unconsolidated entities (590,000 ) Loss before income taxes (114,851,000 ) Income tax expense (190,000 ) Net loss $ (115,041,000 ) Medical Office Buildings Skilled Nursing Facilities Hospitals Senior Housing Senior Housing — RIDEA Integrated Senior Health Campuses Year Ended December 31, 2014 Revenues: Real estate revenue $ 2,117,000 $ — $ 921,000 $ 443,000 $ — $ — $ 3,481,000 Expenses: Rental expenses 700,000 — 120,000 79,000 — — 899,000 Segment net operating income $ 1,417,000 $ — $ 801,000 $ 364,000 $ — $ — $ 2,582,000 Expenses: General and administrative $ 1,238,000 Acquisition related expenses 8,199,000 Depreciation and amortization 1,510,000 Loss from operations (8,365,000 ) Other income (expense): Interest expense (including amortization of deferred financing costs and debt discount/premium) (258,000 ) Interest and other income 25,000 Net loss $ (8,598,000 ) |
Assets by Reportable Segment | Assets by reportable segment as of December 31, 2016 and 2015 were as follows: December 31, 2016 2015 Integrated senior health campuses $ 1,330,597,000 $ 1,258,308,000 Medical office buildings 699,381,000 577,399,000 Senior housing — RIDEA 286,058,000 290,184,000 Senior housing 212,314,000 225,574,000 Skilled nursing facilities 129,984,000 39,945,000 Hospitals 127,258,000 127,372,000 Other 8,926,000 6,237,000 Total assets $ 2,794,518,000 $ 2,525,019,000 |
Revenue and Real Estate Investments by Geographical Areas | The following is a summary of geographic information for our operations for the periods presented: Years Ended December 31, 2016 2015 2014 Revenues: United States $ 985,069,000 $ 159,673,000 $ 3,481,000 International 4,502,000 803,000 — Total revenues $ 989,571,000 $ 160,476,000 $ 3,481,000 The following is a summary of real estate investments, net by geographic regions as of December 31, 2016 and 2015 : December 31, 2016 2015 Real estate investments, net: United States $ 2,089,247,000 $ 1,638,074,000 International 49,734,000 40,324,000 Total real estate investments, net $ 2,138,981,000 $ 1,678,398,000 |
Selected Quarterly Financial 48
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Set forth below is the unaudited selected quarterly financial data. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the unaudited selected quarterly financial data when read in conjunction with our consolidated financial statements. Quarters Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Revenues $ 250,815,000 $ 248,930,000 $ 241,321,000 $ 248,505,000 Expenses (274,913,000 ) (289,445,000 ) (278,088,000 ) (280,934,000 ) Loss from operations (24,098,000 ) (40,515,000 ) (36,767,000 ) (32,429,000 ) Other expense (24,291,000 ) (15,853,000 ) (16,026,000 ) (13,574,000 ) Income tax (expense) benefit (170,000 ) 2,000 884,000 (1,059,000 ) Net loss (48,559,000 ) (56,366,000 ) (51,909,000 ) (47,062,000 ) Less: net loss attributable to noncontrolling interests 18,617,000 13,921,000 12,529,000 12,795,000 Net loss attributable to controlling interest $ (29,942,000 ) $ (42,445,000 ) $ (39,380,000 ) $ (34,267,000 ) Net loss per common share attributable to controlling interest — basic and diluted $ (0.15 ) $ (0.22 ) $ (0.20 ) $ (0.18 ) Weighted average number of common shares outstanding — basic and diluted 195,806,001 195,027,512 193,698,615 192,240,851 Quarters Ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Revenues $ 100,549,000 $ 29,280,000 $ 17,884,000 $ 12,763,000 Expenses (171,346,000 ) (44,458,000 ) (30,466,000 ) (20,488,000 ) Loss from operations (70,797,000 ) (15,178,000 ) (12,582,000 ) (7,725,000 ) Other expense (5,502,000 ) (2,433,000 ) (261,000 ) (373,000 ) Income tax benefit (expense) 140,000 (330,000 ) — — Net loss (76,159,000 ) (17,941,000 ) (12,843,000 ) (8,098,000 ) Less: net loss attributable to noncontrolling interests 11,204,000 2,504,000 — — Net loss attributable to controlling interest $ (64,955,000 ) $ (15,437,000 ) $ (12,843,000 ) $ (8,098,000 ) Net loss per common share attributable to controlling interest — basic and diluted $ (0.35 ) $ (0.08 ) $ (0.07 ) $ (0.05 ) Weighted average number of common shares outstanding — basic and diluted 190,629,929 189,099,028 187,460,097 165,407,740 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Summary of acquisitions of previously leased real estate investments | The following is a summary of these property acquisitions for the year ended December 31, 2016 : Location Date Acquired Contract Purchase Price Mortgage Loans Payable(1) 2016 Corporate Line of Credit(2) Acquisition Fee(3) Jasper, IN 06/24/16 $ 5,089,000 $ — $ — $ 78,000 Anderson, Evansville, Jasper, Kokomo, New Albany and Tell City, IN; and Cynthiana, KY 06/30/16 130,000,000 93,150,000 30,310,000 1,980,000 Greensburg, IN; Lexington, KY; East Lansing, Howell, Okemos and Shelby Township, MI; and Greenville and Zanesville, OH 08/16/16 87,927,000 77,900,000 11,863,000 1,339,000 Monticello, IN 09/23/16 4,074,000 2,800,000 — 62,000 $ 227,090,000 $ 173,850,000 $ 42,173,000 $ 3,459,000 ___________ (1) Represents the principal balance of the mortgage loans payable placed on the properties at the time of acquisition. (2) Represents borrowings under the 2016 Corporate Line of Credit, as defined in Note 8, Lines of Credit and Term Loan , at the time of acquisition. (3) Our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the property attributed to our ownership interest of approximately 67.7% in the subsidiary of Trilogy that acquired the property. The following is a summary of our acquisition: Location Date Acquired Contract Purchase Price Lines of Credit and Term Loan(1) Acquisition Fee(2) Boonville, Columbus and Hanover, IN; Lexington, KY; and Maumee and Willard, OH 02/01/17 $ 72,200,000 $ 61,700,000 $ 1,099,000 ___________ (1) Represents borrowings under our lines of credit and term loan at the time of acquisition. (2) Our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest of approximately 67.7% in the subsidiary of Trilogy that acquired the properties. |
Summary of Acquisitions | The following is a summary of these property acquisitions for the year ended December 31, 2016 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) 2016 Corporate Line of Credit(3) Acquisition Fee(4) Naperville MOB Naperville, IL Medical Office 01/12/16 $ 17,385,000 $ — $ 18,000,000 $ 391,000 Lakeview IN Medical Plaza(5) Indianapolis, IN Medical Office 01/21/16 20,000,000 15,000,000 3,500,000 387,000 Pennsylvania Senior Housing Portfolio II Palmyra, PA Senior Housing — RIDEA 02/01/16 27,500,000 — 27,200,000 619,000 Snellville GA MOB Snellville, GA Medical Office 02/05/16 8,300,000 — 8,300,000 187,000 Lakebrook Medical Center Westbrook, CT Medical Office 02/19/16 6,150,000 — — 138,000 Stockbridge GA MOB III Stockbridge, GA Medical Office 03/29/16 10,300,000 — 9,750,000 232,000 Joplin MO MOB Joplin, MO Medical Office 05/10/16 11,600,000 — 12,000,000 261,000 Austell GA MOB Austell, GA Medical Office 05/25/16 12,600,000 — 12,000,000 284,000 Middletown OH MOB Middletown, OH Medical Office 06/16/16 19,300,000 — 17,000,000 434,000 Fox Grape SNF Portfolio Braintree, Brighton, Duxbury, Hingham, Quincy and Weymouth, MA Skilled Nursing 07/01/16 88,000,000 16,133,000 71,000,000 1,980,000 Voorhees NJ MOB Voorhees, NJ Medical Office 07/08/16 11,300,000 — 11,000,000 254,000 Crown Senior Care Portfolio(6) Aberdeen and Felixstowe, UK Senior Housing 11/15/16 23,531,000 — — 46,000 Norwich CT MOB Portfolio Norwich, CT Medical Office 12/16/16 15,600,000 — 14,000,000 351,000 Total $ 271,566,000 $ 31,133,000 $ 203,750,000 $ 5,564,000 ___________ (1) We own 100% of our properties acquired in 2016, with the exception of Lakeview IN Medical Plaza. (2) Represents the principal balance of the mortgage loans payable assumed by us or newly placed on the property at the time of acquisition. (3) Represents borrowings under the 2016 Corporate Line of Credit, as defined in Note 8, Lines of Credit and Term Loan , at the time of acquisition. (4) Unless otherwise noted, our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price of the property. (5) On January 21, 2016, we completed the acquisition of Lakeview IN Medical Plaza, pursuant to a joint venture with an affiliate of Cornerstone Companies, Inc., an unaffiliated third party. Our effective ownership of the joint venture is 86.0% . We paid our advisor in cash an acquisition fee of 2.25% of the portion of the contract purchase price attributed to our ownership interest of approximately 86.0% in the entity that acquired the property. (6) On November 15, 2016, we added three additional senior housing facilities to our existing Crown Senior Care Portfolio for a net contract price of £15,276,000 . The other three senior housing facilities were purchased during 2015. With respect to the three additional senior housing facilities acquired in November 2016, we paid an acquisition fee in cash equal to 2.25% of the contract purchase price of the facilities less £306,000 , or approximately $471,000 , which was previously paid as an acquisition fee for Crown Senior Care Facility. See Note 4, Real Estate Notes Receivable and Debt Security Investment, Net , for a further discussion. The total acquisition fee paid for both Crown Senior Care Facility and the purchase of the three additional senior housing facilities added to Crown Senior Care Portfolio in November 2016 was 2.25% of the contract purchase price of the three additional senior housing facilities added in November 2016. The following is a summary of our property acquisitions for the year ended December 31, 2014 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) Acquisition Fee(3) DeKalb Professional Center Lithonia, GA Medical Office 06/06/14 $ 2,830,000 $ — $ 64,000 Country Club MOB Stockbridge, GA Medical Office 06/26/14 2,775,000 — 62,000 Acworth Medical Complex Acworth, GA Medical Office 07/02/14 6,525,000 — 147,000 Wichita KS MOB Wichita, KS Medical Office 09/04/14 8,800,000 — 198,000 Delta Valley ALF Portfolio Batesville and Cleveland, MS Senior Housing 09/11/14 13,345,000 — 300,000 Lee’s Summit MO MOB Lee’s Summit, MO Medical Office 09/18/14 6,750,000 — 152,000 Carolina Commons MOB Indian Land, SC Medical Office 10/15/14 12,000,000 8,474,000 270,000 Mount Olympia MOB Portfolio Mount Dora, FL; Olympia Fields, IL; and Columbus, OH Medical Office 12/04/14 16,150,000 — 363,000 Southlake TX Hospital Southlake, TX Hospital 12/04/14 128,000,000 — 2,880,000 East Texas MOB Portfolio Longview and Marshall, TX Medical Office 12/12/14 68,500,000 — 1,541,000 Premier MOB Novi, MI Medical Office 12/19/14 12,025,000 7,950,000 271,000 Total $ 277,700,000 $ 16,424,000 $ 6,248,000 ___________ (1) We own 100% of our properties acquired in 2014. (2) Represents the principal balance of the mortgage loans payable assumed by us at the time of acquisition. (3) Our advisor and its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price, which was paid as follows: (i) in cash equal to 2.00% of the contract purchase price and (ii) the remainder in shares of our common stock in an amount equal to 0.25% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees. The following is a summary of our property acquisitions for the year ended December 31, 2015 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) Lines of Credit(3) Acquisition Fee Delta Valley ALF Portfolio(4) Springdale, AR Senior Housing 01/08/15 $ 8,105,000 $ — $ — $ 182,000 (5) Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) Lines of Credit(3) Acquisition Fee Independence MOB Portfolio Southgate, KY; Somerville, MA; Morristown and Verona, NJ; and Bronx, NY Medical Office 01/13/15 and 01/26/15 $ 135,000,000 $ — $ — $ 3,038,000 (5) King of Prussia PA MOB King of Prussia, PA Medical Office 01/21/15 18,500,000 9,946,000 — 416,000 (5) North Carolina ALF Portfolio Clemmons, Mooresville, Raleigh and Wake Forest, NC Senior Housing 01/28/15 and 06/29/15 68,856,000 — — 1,549,000 (6) Orange Star Medical Portfolio Durango, CO; and Friendswood,Keller, and Wharton, TX Medical Office 02/26/15 57,650,000 — — 1,297,000 (7) Kingwood MOB Portfolio Kingwood, TX Medical Office 03/11/15 14,949,000 — — 336,000 (7) Mt. Juliet TN MOB Mount Juliet, TN Medical Office 03/17/15 13,000,000 — — 293,000 (7) Homewood AL MOB Homewood, AL Medical Office 03/27/15 7,444,000 — — 167,000 (7) Paoli PA Medical Plaza Paoli, PA Medical Office 04/10/15 24,820,000 14,004,000 — 558,000 (7) Glen Burnie MD MOB Glen Burnie, MD Medical Office 05/06/15 18,650,000 — — 420,000 (7) Marietta GA MOB Marietta, GA Medical Office 05/07/15 13,050,000 — — 294,000 (7) Mountain Crest Senior Housing Portfolio (8) Elkhart, Hobart, LaPorte and Mishawaka, IN; and Niles, MI Senior Housing — RIDEA 05/14/15, 06/11/15, 07/14/15 and 11/20/15 75,035,000 10,318,000 — 1,688,000 (7) Mount Dora Medical Center Mount Dora, FL Medical Office 05/15/15 16,300,000 — — 367,000 (7) Nebraska Senior Housing Portfolio Bennington and Omaha, NE Senior Housing — RIDEA 05/29/15 66,000,000 — — 1,485,000 (7) Pennsylvania Senior Housing Portfolio Bethlehem, Boyertown and York, PA Senior Housing — RIDEA 06/30/15 87,500,000 12,098,000 — 1,969,000 (7) Southern Illinois MOB Portfolio Waterloo, IL Medical Office 07/01/15 12,272,000 — — 276,000 (7) Napa Medical Center Napa, CA Medical Office 07/02/15 15,700,000 — — 353,000 (7) Chesterfield Corporate Plaza Chesterfield, MO Medical Office 08/14/15 36,000,000 — — 810,000 (7) Richmond VA ALF North Chesterfield, VA Senior Housing — RIDEA 09/11/15 64,000,000 37,643,000 — 1,440,000 (7) Acquisition(1) Location Type Date Acquired Contract Purchase Price Mortgage Loans Payable(2) Lines of Credit(3) Acquisition Fee Crown Senior Care Portfolio(9) Peel, Isle of Man; and St. Albans and Salisbury, UK Senior Housing 09/15/15, $ 44,554,000 $ — $ — $ 1,002,000 (7) Washington DC SNF Washington, DC Skilled Nursing 10/29/15 40,000,000 — — 900,000 (7) Trilogy(10) IN, KY, MI and OH Integrated Senior Health Campuses 12/01/15 1,125,000,000 210,497,000 360,000,000 17,108,000 (7) Stockbridge GA MOB II Stockbridge, GA Medical Office 12/03/15 8,000,000 — — 180,000 (7) Marietta GA MOB II Marietta, GA Medical Office 12/09/15 5,800,000 — — 131,000 (7) Total $ 1,976,185,000 $ 294,506,000 $ 360,000,000 $ 36,259,000 ___________ (1) We own 100% of our properties acquired in 2015, with the exception of Trilogy. (2) Represents the principal balance of the mortgage loans payable assumed by us at the time of acquisition. (3) Represents borrowings at the time of acquisition under the 2014 Corporate Line of Credit and the Trilogy PropCo Line of Credit, both as defined and further discussed in Note 8, Lines of Credit and Term Loan . (4) On January 8, 2015, we added one additional building to our existing Delta Valley ALF Portfolio. The other two buildings were purchased in September 2014. (5) Our advisor and its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price, which was paid as follows: (i) in cash equal to 2.00% of the contract purchase price and (ii) the remainder in shares of our common stock in an amount equal to 0.25% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees. (6) With respect to the acquisition of the first two buildings in North Carolina ALF Portfolio in January 2015, our advisor and its affiliates were paid an acquisition fee of 2.25% of the contract purchase price, which was paid as follows: (i) in cash equal to 2.00% of the contract purchase price; and (ii) the remainder in shares of our common stock in an amount equal to 0.25% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees. With respect to the additional two buildings added to our existing North Carolina ALF Portfolio in June 2015, our advisor was paid in cash an acquisition fee of 2.25% of the contract purchase price. (7) Our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price, except for Trilogy, which we paid our advisor an acquisition fee based on the portion of the contract purchase price attributed to our ownership interest at the time of acquisition. (8) On November 20, 2015, we purchased vacant land as part of Mountain Crest Senior Housing Portfolio for a total price of $35,000 . (9) On September 15, 2015, we purchased our first senior housing facility of Crown Senior Care Portfolio for a net contract purchase price of £6,850,000 , or approximately $10,571,000 , based on the currency exchange rate on the acquisition date. On October 8, 2015 and December 8, 2015 we added additional senior housing facilities to our existing Crown Senior Care Portfolio, for a net contract price of £11,300,000 and £11,100,000 , respectively, or approximately $17,309,000 and $16,674,000 , respectively, based on the currency exchange rate on the applicable acquisition date. (10) On December 1, 2015, we completed the acquisition of Trilogy, the parent company of Trilogy Health Services, LLC, or Trilogy Health Services, through our majority-owned subsidiary, Trilogy REIT Holdings, LLC, or Trilogy REIT Holdings. NorthStar Healthcare Income, Inc, or NHI, owns a minority interest in Trilogy REIT Holdings. Trilogy REIT Holdings acquired Trilogy for a purchase price based on a total company valuation of approximately $1,125,000,000 . Our effective ownership of Trilogy was approximately 67.6% at the time of acquisition. Our portion of the purchase price for Trilogy was approximately $760,356,000 . The acquisition of Trilogy was financed in part by using a combination of debt financing, including: (i) approximately $270,000,000 in borrowings under the Trilogy PropCo Line of Credit; (ii) the assumption of 23 U.S. Department of Housing and Urban Development, or HUD, loans with a principal amount totaling approximately $204,000,000 as of December 1, 2015; (iii) $90,000,000 in borrowings under the 2014 Corporate Line of Credit; and (iv) the assumption of approximately $26,000,000 in other existing indebtedness of Trilogy. The remaining cash balance was financed using: (i) an equity contribution by us of approximately $381,000,000 from cash on hand from the net proceeds of our initial public offering and (ii) an equity contribution by NHI of approximately $202,000,000 . See Note 18, Business Combinations , for a further discussion. The following is a summary of our property acquisition subsequent to December 31, 2016 : Acquisition(1) Location Type Date Contract Purchase Price 2016 Corporate Line of Credit(2) Acquisition Fee (3) North Carolina ALF Portfolio(4) Huntersville, NC Senior Housing 01/18/17 $ 15,000,000 $ 14,000,000 $ 338,000 ______________ (1) We own 100% of our property acquired subsequent to December 31, 2016 . (2) Represents borrowings under the 2016 Corporate Line of Credit at the time of acquisition. (3) Our advisor was paid in cash, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price of the property. (4) On January 18, 2017, we added an additional building to our existing North Carolina ALF Portfolio. The other four buildings were acquired in January 2015 and June 2015. |
Organization and Description 50
Organization and Description of Business (Detail) $ / shares in Units, ft² in Thousands | Dec. 31, 2016ft²segment | Feb. 26, 2014USD ($)$ / shares | Mar. 15, 2017BuildingCampus | Dec. 31, 2015USD ($)shares | Feb. 26, 2017 | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Apr. 21, 2015USD ($)shares | Dec. 31, 2016USD ($)ft²shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2016USD ($)ft²shares | Dec. 31, 2016USD ($)ft²BuildingAcquisitionPropertyCampus | Dec. 31, 2016ft² | Oct. 05, 2016$ / shares | Mar. 25, 2015USD ($) | Mar. 01, 2015 |
Class of Stock [Line Items] | |||||||||||||||||
Date of inception | Jan. 11, 2013 | ||||||||||||||||
Date of capitalization | Jan. 15, 2013 | ||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 1,900,000,000 | ||||||||||||||||
Issuance of common stock under the DRIP | $ 64,604,000 | $ 59,335,000 | $ 2,734,000 | $ 62,069,000 | $ 126,673,000 | ||||||||||||
Issuance of common stock under the DRIP (shares) | shares | 6,533,267 | 13,394,914 | |||||||||||||||
Advisory agreement term | 1 year | ||||||||||||||||
Number of reportable segments | segment | 6 | ||||||||||||||||
Number of acquisition completed from unaffiliated parties | Acquisition | 48 | ||||||||||||||||
Number of properties acquired from unaffiliated parties | Property | 93 | ||||||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 97 | ||||||||||||||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 104 | ||||||||||||||||
GLA (Sq Ft) | ft² | 12,251 | 12,251 | 12,251 | 12,251 | 12,251 | 12,251 | |||||||||||
Contract purchase price | $ 498,656,000 | $ 2,767,881,000 | |||||||||||||||
Acquisition aggregated cost of acquired real estate notes receivable and investments | $ 120,646,000 | ||||||||||||||||
AHI Group Holdings, LLC [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ownership percentage in affiliate | 47.10% | ||||||||||||||||
NorthStar Asset Management Group Inc. [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ownership percentage in affiliate | 45.10% | ||||||||||||||||
James F. Flaherty III [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ownership percentage in affiliate | 7.80% | ||||||||||||||||
Griffin Capital Corporation [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ownership percentage in affiliate | 25.00% | ||||||||||||||||
American Healthcare Investors [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ownership percentage in affiliate | 75.00% | ||||||||||||||||
Common Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 1,750,000,000 | ||||||||||||||||
Share price (usd per share) | $ / shares | $ 10 | ||||||||||||||||
Aggregate maximum offering amount - reallocated | $ 1,865,000,000 | ||||||||||||||||
Amount of common stock reallocated from DRIP to primary offering | $ 115,000,000 | ||||||||||||||||
Subscriptions in offering of common stock received and accepted shares | shares | 184,930,598 | ||||||||||||||||
Subscriptions in offering of common stock received and accepted value | $ 1,842,618,000 | ||||||||||||||||
DRIP [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 150,000,000 | ||||||||||||||||
Share price (usd per share) | $ / shares | $ 9.50 | $ 9.01 | |||||||||||||||
Aggregate maximum offering amount - reallocated | $ 35,000,000 | ||||||||||||||||
Subscriptions in offering of common stock received and accepted shares | shares | 1,948,563 | ||||||||||||||||
Subscriptions in offering of common stock received and accepted value | $ 18,511,000 | ||||||||||||||||
DRIP S-3 Public Offering [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 250,000,000 | ||||||||||||||||
Issuance of common stock under the DRIP | $ 108,163,000 | ||||||||||||||||
Issuance of common stock under the DRIP (shares) | shares | 11,446,351 | ||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Advisory agreement renewal term | 1 year | ||||||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 1 | ||||||||||||||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 6 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Detail) | Dec. 31, 2016USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) |
Percentage of ownership in operating partnership | 99.99% | 99.99% | ||||
Percentage of limited partnership interest | 0.01% | 0.01% | ||||
Allowance for uncollectible receivables | $ 9,597,000 | $ 9,597,000 | $ 8,021,000 | $ 8,021,000 | $ 9,597,000 | |
Receivables written off to bad debt expense | 0 | 0 | $ 0 | |||
Receivables written off against the allowance for uncollectible accounts | 5,609,000 | 1,097,000 | 0 | |||
Impairment losses on long-lived, goodwill and intangible assets | 0 | 0 | 0 | |||
Impairment losses on real estate notes receivable and investments | 0 | 0 | 0 | |||
Loss from unconsolidated entities | 18,377,000 | 590,000 | 0 | |||
Security deposits, prepaid rent and other liabilities(1) | 44,582,000 | 44,582,000 | 22,146,000 | 22,146,000 | 44,582,000 | |
Payroll related costs | 20,992,000 | 20,992,000 | 19,391,000 | 19,391,000 | 20,992,000 | |
Insurance payable | 19,136,000 | 19,136,000 | 21,689,000 | 21,689,000 | 19,136,000 | |
Taxes payable | 12,766,000 | 12,766,000 | 11,447,000 | 11,447,000 | 12,766,000 | |
Accrued distributions | 10,009,000 | 10,009,000 | 9,745,000 | 2,992,000 | 9,745,000 | 10,009,000 |
Business combination, contingent consideration, liability | $ 8,992,000 | 8,992,000 | 5,912,000 | 5,912,000 | $ 8,992,000 | |
Gain from change in fair value of contingent consideration | $ 13,430,000 | (1,329,000) | 0 | |||
Percentage of income required to be distributed as dividends (at least) | 90.00% | 90.00% | 90.00% | |||
Number of reportable segments | segment | 6 | |||||
Reclassifications | 1,200,000 | 217,000 | 1,200,000 | |||
Other Asset Impairment Charges | $ 9,101,000 | 0 | 0 | |||
Acquisition expenses [Member] | ||||||
Gain from change in fair value of contingent consideration | $ 13,430,000 | 1,329,000 | 0 | |||
Building and Building Improvements [Member] | ||||||
Estimated useful life | 39 years | |||||
Leasehold Improvements [Member] | Maximum [Member] | ||||||
Estimated useful life | 20 years | |||||
Furniture, Fixtures, and Equipment [Member] | Maximum [Member] | ||||||
Estimated useful life | 15 years | |||||
Deferred Rent Receivable [Member] | ||||||
Allowance for uncollectible receivables | $ 0 | $ 0 | 0 | 0 | $ 0 | $ 0 |
Receivables written off to bad debt expense | $ 81,000 | $ 0 | $ 0 |
Real Estate Investments, Net -
Real Estate Investments, Net - Investments in Consolidated Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | $ 2,233,756 | $ 1,704,998 |
Less: accumulated depreciation | (94,775) | (26,600) |
Real estate investments, net | 2,138,981 | 1,678,398 |
Building, Improvements and Construction in Process[Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | 1,981,610 | 1,518,611 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | 167,329 | 123,906 |
Furniture, Fixtures, and Equipment [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | $ 84,817 | $ 62,481 |
Real Estate Investments, Net 53
Real Estate Investments, Net - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 14, 2016 | Jul. 15, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | ||||||
Depreciation | $ 68,708 | $ 25,650 | $ 1,124 | |||
Maximum percentage of fees and expenses associated with the acquisition | 6.00% | 6.00% | 6.00% | |||
Contract purchase price | $ 498,656 | $ 2,767,881 | ||||
Harrodsburg, Kentucky Development Parcel [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Contract purchase price | $ 2,400 | |||||
Mortgage loans payable related to acquisition of properties | $ 2,040 | |||||
Muncie, Indiana Land [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Contract purchase price | $ 265 | |||||
Crown Senior Care Portfolio [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Maximum percentage of fees and expenses associated with the acquisition | 6.00% | |||||
Contract purchase price | $ 23,531 | $ 44,554 | ||||
Mortgage loans payable related to acquisition of properties | 0 | 0 | ||||
Skilled Nursing Facilities [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Capital expenditures incurred | 0 | 0 | $ 0 | |||
Medical Office Building [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Capital expenditures incurred | 8,236 | 2,706 | 24 | |||
Senior Housing-RIDEA [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Capital expenditures incurred | 904 | 374 | 0 | |||
Hospitals [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Capital expenditures incurred | 21 | 25 | 0 | |||
Integrated Senior Health Campuses [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Capital expenditures incurred | 44,907 | 3,846 | 0 | |||
Senior Housing [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Capital expenditures incurred | $ 0 | $ 0 | $ 0 |
Real Estate Investments, Net 54
Real Estate Investments, Net - Summary of Acquisitions (Detail) £ in Thousands | Nov. 15, 2016USD ($) | Nov. 15, 2016GBP (£) | Dec. 01, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) |
Real Estate Properties [Line Items] | |||||||
Contract purchase price | $ 498,656,000 | $ 2,767,881,000 | |||||
Naperville MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Jan. 12, 2016 | ||||||
Contract purchase price | $ 17,385,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 18,000,000 | ||||||
Acquisition fees | $ 391,000 | ||||||
Lakeview IN Medical Plaza [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Jan. 21, 2016 | ||||||
Contract purchase price | $ 20,000,000 | ||||||
Mortgage loans payable related to acquisition of properties | 15,000,000 | ||||||
Lines of credit | 3,500,000 | ||||||
Acquisition fees | $ 387,000 | ||||||
Pennsylvania Senior Housing Portfolio II [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Senior Housing — RIDEA | ||||||
Date of acquisition of property | Feb. 1, 2016 | ||||||
Contract purchase price | $ 27,500,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 27,200,000 | ||||||
Acquisition fees | $ 619,000 | ||||||
Snellville GA MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Feb. 5, 2016 | ||||||
Contract purchase price | $ 8,300,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 8,300,000 | ||||||
Acquisition fees | $ 187,000 | ||||||
Lakebrook Medical Center [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Feb. 19, 2016 | ||||||
Contract purchase price | $ 6,150,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 138,000 | ||||||
Stockbridge GA MOB III [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Mar. 29, 2016 | ||||||
Contract purchase price | $ 10,300,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 9,750,000 | ||||||
Acquisition fees | $ 232,000 | ||||||
Joplin MO MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | May 10, 2016 | ||||||
Contract purchase price | $ 11,600,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 12,000,000 | ||||||
Acquisition fees | $ 261,000 | ||||||
Austell GA MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | May 25, 2016 | ||||||
Contract purchase price | $ 12,600,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 12,000,000 | ||||||
Acquisition fees | $ 284,000 | ||||||
Middletown OH MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Jun. 16, 2016 | ||||||
Contract purchase price | $ 19,300,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 17,000,000 | ||||||
Acquisition fees | $ 434,000 | ||||||
Fox Grape SNF Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Skilled Nursing | ||||||
Date of acquisition of property | Jul. 1, 2016 | ||||||
Date two of acquisition of property | Nov. 1, 2016 | ||||||
Contract purchase price | $ 88,000,000 | ||||||
Mortgage loans payable related to acquisition of properties | 16,133,000 | ||||||
Lines of credit | 71,000,000 | ||||||
Acquisition fees | $ 1,980,000 | ||||||
Voorhees NJ MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Jul. 8, 2016 | ||||||
Contract purchase price | $ 11,300,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 11,000,000 | ||||||
Acquisition fees | $ 254,000 | ||||||
Crown Senior Care Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Senior Housing | Senior Housing | |||||
Date of acquisition of property | Nov. 15, 2016 | Sep. 15, 2015 | |||||
Date two of acquisition of property | Oct. 8, 2015 | ||||||
Date three of acquisition of property | Dec. 8, 2015 | ||||||
Contract purchase price | $ 23,531,000 | $ 44,554,000 | |||||
Mortgage loans payable related to acquisition of properties | 0 | 0 | |||||
Lines of credit | 0 | 0 | |||||
Acquisition fees | $ 471,000 | £ 306 | $ 46,000 | $ 1,002,000 | |||
Norwich CT MOB Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Dec. 16, 2016 | ||||||
Contract purchase price | $ 15,600,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 14,000,000 | ||||||
Acquisition fees | 351,000 | ||||||
Independence MOB Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Jan. 13, 2015 | ||||||
Date two of acquisition of property | Jan. 26, 2015 | ||||||
Contract purchase price | $ 135,000,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 3,038,000 | ||||||
King of Prussia PA MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Jan. 21, 2015 | ||||||
Contract purchase price | $ 18,500,000 | ||||||
Mortgage loans payable related to acquisition of properties | 9,946,000 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 416,000 | ||||||
North Carolina ALF Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Senior Housing | ||||||
Date of acquisition of property | Jan. 28, 2015 | ||||||
Date two of acquisition of property | Jun. 29, 2015 | ||||||
Contract purchase price | $ 68,856,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 1,549,000 | ||||||
Orange Star Medical Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office and Hospital | ||||||
Date of acquisition of property | Feb. 26, 2015 | ||||||
Contract purchase price | $ 57,650,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 1,297,000 | ||||||
Kingwood MOB Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Mar. 11, 2015 | ||||||
Contract purchase price | $ 14,949,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 336,000 | ||||||
Mt. Juliet TN MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Mar. 17, 2015 | ||||||
Contract purchase price | $ 13,000,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 293,000 | ||||||
Homewood AL MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Mar. 27, 2015 | ||||||
Contract purchase price | $ 7,444,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 167,000 | ||||||
Paoli PA Medical Plaza [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Apr. 10, 2015 | ||||||
Contract purchase price | $ 24,820,000 | ||||||
Mortgage loans payable related to acquisition of properties | 14,004,000 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 558,000 | ||||||
Glen Burnie MD MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | May 6, 2015 | ||||||
Contract purchase price | $ 18,650,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 420,000 | ||||||
Marietta GA MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | May 7, 2015 | ||||||
Contract purchase price | $ 13,050,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 294,000 | ||||||
Mountain Crest Senior Housing Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Senior Housing — RIDEA | ||||||
Date of acquisition of property | May 14, 2015 | ||||||
Date two of acquisition of property | Jun. 11, 2015 | ||||||
Date three of acquisition of property | Jul. 14, 2015 | ||||||
Date four of acquisition of property | Nov. 20, 2015 | ||||||
Contract purchase price | $ 75,035,000 | ||||||
Mortgage loans payable related to acquisition of properties | 10,318,000 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 1,688,000 | ||||||
Mount Dora Medical Center [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | May 15, 2015 | ||||||
Contract purchase price | $ 16,300,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 367,000 | ||||||
Nebraska Senior Housing Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Senior Housing — RIDEA | ||||||
Date of acquisition of property | May 29, 2015 | ||||||
Contract purchase price | $ 66,000,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 1,485,000 | ||||||
Pennsylvania Senior Housing Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Senior Housing — RIDEA | ||||||
Date of acquisition of property | Jun. 30, 2015 | ||||||
Contract purchase price | $ 87,500,000 | ||||||
Mortgage loans payable related to acquisition of properties | 12,098,000 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 1,969,000 | ||||||
Southern Illinois MOB Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Jul. 1, 2015 | ||||||
Contract purchase price | $ 12,272,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 276,000 | ||||||
Napa Medical Center [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Jul. 2, 2015 | ||||||
Contract purchase price | $ 15,700,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 353,000 | ||||||
Chesterfield Corporate Plaza [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Aug. 14, 2015 | ||||||
Contract purchase price | $ 36,000,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 810,000 | ||||||
Richmond VA ALF [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Senior Housing — RIDEA | ||||||
Date of acquisition of property | Sep. 11, 2015 | ||||||
Contract purchase price | $ 64,000,000 | ||||||
Mortgage loans payable related to acquisition of properties | 37,643,000 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 1,440,000 | ||||||
Washington DC SNF [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Skilled Nursing | ||||||
Date of acquisition of property | Oct. 29, 2015 | ||||||
Contract purchase price | $ 40,000,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 900,000 | ||||||
Trilogy [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Integrated Senior Health Campuses | ||||||
Date of acquisition of property | Dec. 1, 2015 | ||||||
Contract purchase price | $ 1,125,000,000 | $ 1,125,000,000 | |||||
Mortgage loans payable related to acquisition of properties | 210,497,000 | ||||||
Lines of credit | 360,000,000 | ||||||
Acquisition fees | $ 17,108,000 | ||||||
Stockbridge GA MOB II [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Dec. 3, 2015 | ||||||
Contract purchase price | $ 8,000,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 180,000 | ||||||
Marietta GA MOB II [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Dec. 9, 2015 | ||||||
Contract purchase price | $ 5,800,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 131,000 | ||||||
DeKalb Professional Center [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Jun. 6, 2014 | ||||||
Contract purchase price | $ 2,830,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Acquisition fees | $ 64,000 | ||||||
Country Club MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Jun. 26, 2014 | ||||||
Contract purchase price | $ 2,775,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Acquisition fees | $ 62,000 | ||||||
Acworth Medical Complex [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Jul. 2, 2014 | ||||||
Contract purchase price | $ 6,525,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Acquisition fees | $ 147,000 | ||||||
Wichita KS MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Sep. 4, 2014 | ||||||
Contract purchase price | $ 8,800,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Acquisition fees | $ 198,000 | ||||||
Delta Valley ALF Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Senior Housing | Senior Housing | |||||
Date of acquisition of property | Jan. 8, 2015 | Sep. 11, 2014 | |||||
Contract purchase price | $ 8,105,000 | $ 13,345,000 | |||||
Mortgage loans payable related to acquisition of properties | 0 | 0 | |||||
Lines of credit | 0 | ||||||
Acquisition fees | 182,000 | $ 300,000 | |||||
Lee's Summit MO MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Sep. 18, 2014 | ||||||
Contract purchase price | $ 6,750,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Acquisition fees | $ 152,000 | ||||||
Carolina Commons MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Oct. 15, 2014 | ||||||
Contract purchase price | $ 12,000,000 | ||||||
Mortgage loans payable related to acquisition of properties | 8,474,000 | ||||||
Acquisition fees | $ 270,000 | ||||||
Mount Olympia MOB Portflio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Dec. 4, 2014 | ||||||
Contract purchase price | $ 16,150,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Acquisition fees | $ 363,000 | ||||||
Southlake TX Hospital [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Hospital | ||||||
Date of acquisition of property | Dec. 4, 2014 | ||||||
Contract purchase price | $ 128,000,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Acquisition fees | $ 2,880,000 | ||||||
East Texas MOB Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Dec. 12, 2014 | ||||||
Contract purchase price | $ 68,500,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Acquisition fees | $ 1,541,000 | ||||||
Premier MOB [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Type of property acquired | Medical Office | ||||||
Date of acquisition of property | Dec. 19, 2014 | ||||||
Contract purchase price | $ 12,025,000 | ||||||
Mortgage loans payable related to acquisition of properties | 7,950,000 | ||||||
Acquisition fees | 271,000 | ||||||
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Contract purchase price | 227,090,000 | ||||||
Mortgage loans payable related to acquisition of properties | 173,850,000 | ||||||
Lines of credit | 42,173,000 | ||||||
Acquisition fees | $ 3,459,000 | ||||||
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | Jasper, IN [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Date of acquisition of property | Jun. 24, 2016 | ||||||
Contract purchase price | $ 5,089,000 | ||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | $ 78,000 | ||||||
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | Anderson, Evansville, Jasper, Kokomo, New Albany and Tell City, IN and Cynthiana, KY [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Date of acquisition of property | Jun. 30, 2016 | ||||||
Contract purchase price | $ 130,000,000 | ||||||
Mortgage loans payable related to acquisition of properties | 93,150,000 | ||||||
Lines of credit | 30,310,000 | ||||||
Acquisition fees | $ 1,980,000 | ||||||
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | Greensburg, IN; Lexington, KY; East Lansing, Howell, Okemos, and Shelby Township, MI; and Greenville and Zanesville, OH [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Date of acquisition of property | Aug. 16, 2016 | ||||||
Contract purchase price | $ 87,927,000 | ||||||
Mortgage loans payable related to acquisition of properties | 77,900,000 | ||||||
Lines of credit | 11,863,000 | ||||||
Acquisition fees | $ 1,339,000 | ||||||
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | Monticello, IN [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Date of acquisition of property | Sep. 23, 2016 | ||||||
Contract purchase price | $ 4,074,000 | ||||||
Mortgage loans payable related to acquisition of properties | 2,800,000 | ||||||
Lines of credit | 0 | ||||||
Acquisition fees | 62,000 | ||||||
Two Thousand Sixteen Acquisitions [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Contract purchase price | 271,566,000 | ||||||
Mortgage loans payable related to acquisition of properties | 31,133,000 | ||||||
Lines of credit | 203,750,000 | ||||||
Acquisition fees | $ 5,564,000 | ||||||
2015 Acquisitions [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Contract purchase price | 1,976,185,000 | ||||||
Mortgage loans payable related to acquisition of properties | 294,506,000 | ||||||
Lines of credit | 360,000,000 | ||||||
Acquisition fees | $ 36,259,000 | ||||||
Two Thousand Fourteen Acquisitions [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Contract purchase price | 277,700,000 | ||||||
Mortgage loans payable related to acquisition of properties | 16,424,000 | ||||||
Acquisition fees | $ 6,248,000 |
Real Estate Investments, Net 55
Real Estate Investments, Net - Summary of Acquisitions (Phantom) (Detail) $ / shares in Units, £ in Thousands | Nov. 15, 2016USD ($)Building | Nov. 15, 2016GBP (£)Building | Sep. 14, 2016USD ($) | Jul. 15, 2016USD ($) | Dec. 01, 2015USD ($)MortgageLoan | Nov. 20, 2015USD ($) | Jan. 08, 2015Building | Jun. 30, 2015Building | Jan. 30, 2015Building$ / shares | Sep. 30, 2014Building | Dec. 31, 2015USD ($)$ / shares | Jan. 30, 2015$ / shares | Dec. 31, 2016USD ($)BuildingAcquisitionCampus | Dec. 31, 2015USD ($)BuildingAcquisitionCampus$ / shares | Dec. 31, 2014USD ($)BuildingAcquisition$ / shares | Dec. 31, 2016USD ($)BuildingAcquisitionCampus | Dec. 08, 2015USD ($) | Dec. 08, 2015GBP (£) | Oct. 08, 2015USD ($) | Oct. 08, 2015GBP (£) | Sep. 15, 2015USD ($) | Sep. 15, 2015GBP (£) |
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Ownership percentage, excluding joint venture, properties | 100.00% | 100.00% | 100.00% | |||||||||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 97 | |||||||||||||||||||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 104 | |||||||||||||||||||||
Acquisition fee of contract purchase price | 2.25% | 2.25% | ||||||||||||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | 2.25% | 2.00% | 2.00% | ||||||||||||||||||
Percentage of acquisition fee of contract purchase price for properties acquired paid in shares | 0.25% | 0.25% | ||||||||||||||||||||
Per share amount of shares of common stock in which payment was made | $ / shares | $ 9 | $ 9 | $ 9 | |||||||||||||||||||
Number of acquisition completed from unaffiliated parties | Acquisition | 48 | |||||||||||||||||||||
Contract purchase price | $ 498,656,000 | $ 2,767,881,000 | ||||||||||||||||||||
Borrowings under the lines of credit and term loan | 558,769,000 | $ 438,105,000 | $ 0 | |||||||||||||||||||
Mortgage loans payable, gross | $ 312,240,000 | $ 517,057,000 | 312,240,000 | $ 517,057,000 | ||||||||||||||||||
NorthStar Healthcare Income, Inc. [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Joint venture ownership interest | 30.00% | 30.00% | ||||||||||||||||||||
Delta Valley ALF Portfolio [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 1 | 2 | ||||||||||||||||||||
Contract purchase price | 8,105,000 | 13,345,000 | ||||||||||||||||||||
Mortgage loans payable related to acquisition of properties | 0 | 0 | ||||||||||||||||||||
Acquisition fees | 182,000 | $ 300,000 | ||||||||||||||||||||
Lines of credit | 0 | |||||||||||||||||||||
North Carolina ALF Portfolio - North Raleigh and Mooresville [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 2 | |||||||||||||||||||||
Acquisition fee of contract purchase price | 2.25% | |||||||||||||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.00% | |||||||||||||||||||||
Percentage of acquisition fee of contract purchase price for properties acquired paid in shares | 0.25% | |||||||||||||||||||||
Per share amount of shares of common stock in which payment was made | $ / shares | $ 9 | $ 9 | ||||||||||||||||||||
North Carolina ALF Portfolio - Clemmons and Wake Forest [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 2 | |||||||||||||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||||||||||||||||||||
Mountain Crest Senior Housing Portfolio [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Purchase price of vacant land | $ 35,000 | |||||||||||||||||||||
Contract purchase price | 75,035,000 | |||||||||||||||||||||
Mortgage loans payable related to acquisition of properties | 10,318,000 | |||||||||||||||||||||
Acquisition fees | 1,688,000 | |||||||||||||||||||||
Lines of credit | $ 0 | |||||||||||||||||||||
Crown Senior Care Portfolio [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 3 | 3 | 3 | |||||||||||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | 2.25% | ||||||||||||||||||||
Contractual purchase price | £ 15,276 | $ 16,674,000 | £ 11,100 | $ 17,309,000 | £ 11,300 | $ 10,571,000 | £ 6,850 | |||||||||||||||
Contract purchase price | $ 23,531,000 | $ 44,554,000 | ||||||||||||||||||||
Mortgage loans payable related to acquisition of properties | 0 | 0 | ||||||||||||||||||||
Acquisition fees | $ 471,000 | £ 306 | 46,000 | 1,002,000 | ||||||||||||||||||
Lines of credit | $ 0 | 0 | ||||||||||||||||||||
Lakeview IN Medical Plaza [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||||||||||||||||||||
Joint venture ownership interest | 86.00% | 86.00% | ||||||||||||||||||||
Contract purchase price | $ 20,000,000 | |||||||||||||||||||||
Mortgage loans payable related to acquisition of properties | 15,000,000 | |||||||||||||||||||||
Acquisition fees | 387,000 | |||||||||||||||||||||
Lines of credit | $ 3,500,000 | |||||||||||||||||||||
Trilogy [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Contract purchase price | $ 1,125,000,000 | 1,125,000,000 | ||||||||||||||||||||
Mortgage loans payable related to acquisition of properties | 210,497,000 | |||||||||||||||||||||
Ownership percentage, properties | 67.59% | 67.67% | ||||||||||||||||||||
Number of separate mortgage loans insured by HUD | MortgageLoan | 23 | |||||||||||||||||||||
Mortgage loans payable, gross | $ 204,000,000 | |||||||||||||||||||||
Total liabilities assumed | 26,000,000 | |||||||||||||||||||||
Acquisition fees | 17,108,000 | |||||||||||||||||||||
Lines of credit | 360,000,000 | |||||||||||||||||||||
Trilogy [Member] | Griffin-American Healthcare REIT III, Inc. [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Contract purchase price | 760,356,000 | |||||||||||||||||||||
Amount of equity contribution | 381,000,000 | |||||||||||||||||||||
Trilogy [Member] | NorthStar Healthcare Income, Inc. [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Amount of equity contribution | 202,000,000 | |||||||||||||||||||||
Harrodsburg, Kentucky Development Parcel [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Contract purchase price | $ 2,400,000 | |||||||||||||||||||||
Mortgage loans payable related to acquisition of properties | $ 2,040,000 | |||||||||||||||||||||
Muncie, Indiana Land [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Contract purchase price | $ 265,000 | |||||||||||||||||||||
Revolving Credit Facility [Member] | Trilogy [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Borrowings under the lines of credit and term loan | 90,000,000 | |||||||||||||||||||||
Revolving Credit Facility [Member] | Trilogy Propco Line of Credit [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 300,000,000 | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | |||||||||||||||||
Revolving Credit Facility [Member] | Trilogy Propco Line of Credit [Member] | Trilogy [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Borrowings under the lines of credit and term loan | $ 270,000,000 | |||||||||||||||||||||
Two Thousand Fourteen Acquisitions [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 24 | |||||||||||||||||||||
Number of acquisition completed from unaffiliated parties | Acquisition | 11 | |||||||||||||||||||||
Contract purchase price | $ 277,700,000 | |||||||||||||||||||||
Mortgage loans payable related to acquisition of properties | 16,424,000 | |||||||||||||||||||||
Acquisition fees | $ 6,248,000 | |||||||||||||||||||||
2015 Acquisitions [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 50 | |||||||||||||||||||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 97 | |||||||||||||||||||||
Number of acquisition completed from unaffiliated parties | Acquisition | 23 | |||||||||||||||||||||
Contract purchase price | $ 1,976,185,000 | |||||||||||||||||||||
Mortgage loans payable related to acquisition of properties | 294,506,000 | |||||||||||||||||||||
Acquisition fees | 36,259,000 | |||||||||||||||||||||
Lines of credit | $ 360,000,000 | |||||||||||||||||||||
Two Thousand Sixteen Acquisitions [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 23 | |||||||||||||||||||||
Number of acquisition completed from unaffiliated parties | Acquisition | 12 | |||||||||||||||||||||
Contract purchase price | $ 271,566,000 | |||||||||||||||||||||
Mortgage loans payable related to acquisition of properties | 31,133,000 | |||||||||||||||||||||
Total liabilities assumed | 15,908,000 | $ 15,908,000 | ||||||||||||||||||||
Acquisition fees | 5,564,000 | |||||||||||||||||||||
Lines of credit | $ 203,750,000 | |||||||||||||||||||||
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 17 | |||||||||||||||||||||
Contract purchase price | $ 227,090,000 | |||||||||||||||||||||
Mortgage loans payable related to acquisition of properties | 173,850,000 | |||||||||||||||||||||
Acquisition fees | 3,459,000 | |||||||||||||||||||||
Lines of credit | $ 42,173,000 | |||||||||||||||||||||
Integrated Senior Health Campuses [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Number of completed development | 3 | |||||||||||||||||||||
Total completed development cost | $ 25,381,000 |
Real Estate Investments, Net Re
Real Estate Investments, Net Real Estate Investments, Net - Summary of Acquisitions of Previously Leased Real Estate Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | 48 Months Ended |
Dec. 31, 2016 | Dec. 31, 2016 | |
Real Estate Properties [Line Items] | ||
Contract purchase price | $ 498,656 | $ 2,767,881 |
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | ||
Real Estate Properties [Line Items] | ||
Contract purchase price | 227,090 | |
Mortgage loans payable related to acquisition of properties | 173,850 | |
Lines of credit | 42,173 | |
Acquisition fees | $ 3,459 | |
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | Jasper, IN [Member] | ||
Real Estate Properties [Line Items] | ||
Date of acquisition of property | Jun. 24, 2016 | |
Contract purchase price | $ 5,089 | |
Mortgage loans payable related to acquisition of properties | 0 | |
Lines of credit | 0 | |
Acquisition fees | $ 78 | |
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | Anderson, Evansville, Jasper, Kokomo, New Albany and Tell City, IN and Cynthiana, KY [Member] | ||
Real Estate Properties [Line Items] | ||
Date of acquisition of property | Jun. 30, 2016 | |
Contract purchase price | $ 130,000 | |
Mortgage loans payable related to acquisition of properties | 93,150 | |
Lines of credit | 30,310 | |
Acquisition fees | $ 1,980 | |
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | Greensburg, IN; Lexington, KY; East Lansing, Howell, Okemos, and Shelby Township, MI; and Greenville and Zanesville, OH [Member] | ||
Real Estate Properties [Line Items] | ||
Date of acquisition of property | Aug. 16, 2016 | |
Contract purchase price | $ 87,927 | |
Mortgage loans payable related to acquisition of properties | 77,900 | |
Lines of credit | 11,863 | |
Acquisition fees | $ 1,339 | |
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | Monticello, IN [Member] | ||
Real Estate Properties [Line Items] | ||
Date of acquisition of property | Sep. 23, 2016 | |
Contract purchase price | $ 4,074 | |
Mortgage loans payable related to acquisition of properties | 2,800 | |
Lines of credit | 0 | |
Acquisition fees | $ 62 |
Real Estate Notes Receivable 57
Real Estate Notes Receivable and Investment, Net - Additional Information (Details) $ in Thousands | Sep. 16, 2015Property | Feb. 04, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Oct. 15, 2015USD ($) |
Real Estate Notes Receivable and Investment, Net | ||||||
Real estate notes receivable and investment, net | $ 101,117 | $ 144,477 | $ 0 | |||
Percentage of acquisition fee of contract purchase price for real estate investments acquired paid in cash | 2.00% | |||||
Investment | $ 64,912 | $ 62,761 | ||||
Maximum percentage of fees and expenses associated with the acquisition | 6.00% | 6.00% | 6.00% | |||
Crown Senior Care Facility [Member] | ||||||
Real Estate Notes Receivable and Investment, Net | ||||||
Properties used for collateral | Property | 3 | |||||
Mezzanine Notes [Member] | ||||||
Real Estate Notes Receivable and Investment, Net | ||||||
Number of promissory notes acquired | 8 | |||||
Real estate notes receivable acquired | $ 60,217 | |||||
Number of promissory notes in the aggregate outstanding principal amount | 40 | |||||
Aggregate outstanding principal amount of Mezzanine promissory notes pool | $ 389,852 | |||||
Mezzanine Fixed Rate Notes [Member] | ||||||
Real Estate Notes Receivable and Investment, Net | ||||||
Real estate notes receivable acquired | $ 28,650 | |||||
Number of fixed rate notes | 4 | |||||
Mortgage loans on real estate, commercial and consumer, maximum borrowing amount | $ 28,650 | |||||
Mezzanine Floating Rate Notes [Member] | ||||||
Real Estate Notes Receivable and Investment, Net | ||||||
Real estate notes receivable acquired | $ 31,567 | |||||
Number of floating rate notes | 4 | |||||
Number of extensions | 3 | |||||
Period for each extension of Floating Rate Notes | 1 year | |||||
Mortgage loans on real estate, commercial and consumer, maximum borrowing amount | $ 31,567 | |||||
Investment, Net [Member] | ||||||
Real Estate Notes Receivable and Investment, Net | ||||||
Held-to-maturity Securities | $ 60,429 | |||||
Beneficial ownership interest in Mortgage Trust | 10.00% | |||||
Number of mortgage loans that are secured | 59 | |||||
Number of U.S. domestic senior housing facilities pledged as collateral | 59 | |||||
Stated interest rate | 4.24% | |||||
Stated amount after maturity | $ 93,433 | |||||
Anticipated yield-to-maturity | 10.00% |
Real Estate Notes Receivable 58
Real Estate Notes Receivable and Investment, Net (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Notes Receivable and Investment, Net | |||
Real estate notes receivable and investment | $ 98,993,000 | $ 141,618,000 | |
Acquisition Fee | 2,884,000 | ||
Unamortized loan and closing costs, net | 2,124,000 | 2,859,000 | |
Real Estate Loans Receivable and Investment, Net [Roll Forward] | |||
Real estate notes receivable and investment, net - Beginning Balance | 144,477,000 | 0 | |
Acquisition of real estate notes receivable | 1,942,000 | 81,805,000 | |
Investment in debt security | 60,429,000 | ||
Accretion on debt security investment | 2,231,000 | 516,000 | |
Loan and closing costs | 39,000 | 3,539,000 | |
Principal repayments on real estate notes receivable | (24,110,000) | 0 | $ 0 |
Foreign currency translation adjustments | 823,000 | (860,000) | |
Principal repayments on real estate notes receivable | (289,000) | ||
Settlement of real estate notes receivable for properties | (23,531,000) | 0 | 0 |
Amortization of loan and closing costs | (754,000) | (663,000) | |
Real estate notes receivable and investment, net - Ending Balance | $ 101,117,000 | 144,477,000 | $ 0 |
Mezzanine Floating Rate Notes [Member] | |||
Real Estate Notes Receivable and Investment, Net | |||
Origination Date | Feb. 4, 2015 | ||
Maturity Date | Dec. 9, 2017 | ||
Contractual Interest Rate | 6.70% | ||
Maximum Advances Available | $ 31,567,000 | ||
Real estate notes receivable and investment | 7,167,000 | 31,277,000 | |
Acquisition Fee | $ 631,000 | ||
Mezzanine Fixed Rate Notes [Member] | |||
Real Estate Notes Receivable and Investment, Net | |||
Origination Date | Feb. 4, 2015 | ||
Maturity Date | Dec. 9, 2019 | ||
Contractual Interest Rate | 6.75% | ||
Maximum Advances Available | $ 28,650,000 | ||
Real estate notes receivable and investment | 28,650,000 | 28,650,000 | |
Acquisition Fee | $ 573,000 | ||
Crown Senior Care Facility [Member] | |||
Real Estate Notes Receivable and Investment, Net | |||
Origination Date | Sep. 16, 2015 | ||
Maturity Date | Nov. 15, 2016 | ||
Real estate notes receivable and investment | $ 0 | 20,746,000 | |
Acquisition Fee | $ 471,000 | ||
Investment, Net [Member] | |||
Real Estate Notes Receivable and Investment, Net | |||
Origination Date | Oct. 15, 2015 | ||
Maturity Date | Aug. 25, 2025 | ||
Contractual Interest Rate | 4.24% | ||
Real estate notes receivable and investment | $ 63,176,000 | $ 60,945,000 | |
Acquisition Fee | $ 1,209,000 |
Identified Intangible Assets,59
Identified Intangible Assets, Net - Summary of Identified Intangibles, Net (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Identified intangible assets, net | $ 80,210,000 | ||
Intangible assets, net | 200,827,000 | $ 387,137,000 | |
Amortization of Intangible Assets | 203,147,000 | 51,413,000 | $ 536,000 |
Certificate Of Need [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Unamortized intangible assets | 76,142,000 | 51,855,000 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Unamortized intangible assets | 30,267,000 | 30,267,000 | |
Purchase Option Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Unamortized intangible assets | 14,208,000 | 71,000,000 | |
Leasehold Interests [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 140,000 | 125,000 | 1,000 |
Above Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 1,580,000 | 1,242,000 | $ 149,000 |
In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Identified intangible assets, net | 68,376,000 | 221,846,000 | |
Leasehold Interests [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Identified intangible assets, net | 7,628,000 | 7,768,000 | |
Above Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Identified intangible assets, net | $ 4,206,000 | $ 4,401,000 |
Identified Intangible Assets,60
Identified Intangible Assets, Net - Summary of Identified Intangibles, Net (Phantom) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average remaining life | 12 years 10 months 24 days | 4 years 3 months 18 days |
In-Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net of accumulated amortization | $ 23,997 | $ 35,531 |
Weighted average remaining life | 8 years 7 months 2 days | 2 years 6 months 18 days |
Leasehold Interests [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net of accumulated amortization | $ 266 | $ 126 |
Weighted average remaining life | 55 years 7 months 6 days | 56 years 7 months 6 days |
Above Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net of accumulated amortization | $ 2,622 | $ 1,360 |
Weighted average remaining life | 5 years 2 months 6 days | 5 years |
Identified Intangible Assets,61
Identified Intangible Assets, Net - Summary of Amortization Expense on Identified Intangible Assets, Net (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
2,017 | $ 23,908 |
2,018 | 7,985 |
2,019 | 6,792 |
2,020 | 5,535 |
2,021 | 4,940 |
Thereafter | 31,050 |
Identified intangible assets, net | $ 80,210 |
Other Assets, Net - Schedule of
Other Assets, Net - Schedule of Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets [Abstract] | ||
Investments in unconsolidated entities | $ 20,057 | $ 27,210 |
Inventory | 17,266 | 16,313 |
Prepaid expenses, deposits and other assets | 16,002 | 7,098 |
Deferred financing costs, net of accumulated amortization of $3,519,000 and $550,000 as of December 31, 2016 and 2015, respectively(1) | 9,624 | 6,344 |
Deferred rent receivables | 11,804 | 3,028 |
Deferred tax asset, net(2) | 8,295 | 0 |
Lease inducement, net of accumulated amortization of $88,000 as of December 31, 2016 (with a weighted average remaining life of 14.0 years as of December 31, 2016) | 4,912 | 0 |
Lease commissions, net of accumulated amortization of $175,000 and $17,000 as of December 31, 2016 and 2015, respectively | 3,834 | 309 |
Other Assets | $ 91,794 | $ 60,302 |
Other Assets, Net - Schedule 63
Other Assets, Net - Schedule of Other Assets, Net (Phantom) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Assets [Abstract] | |||
Accumulated amortization, deferred financing costs | $ 3,519,000 | $ 550,000 | |
Accumulated amortization, lease commissions | 175,000 | 17,000 | |
Accumulated Amortization, Lease Incentives | 88,000 | 0 | |
Amortization expense on lease commissions | 162,000 | 17,000 | $ 0 |
Amortization expense on deferred financing costs | 3,456,000 | 467,000 | 83,000 |
Amortization of Lease Incentives | $ 88,000 | $ 0 | $ 0 |
Mortgage Loans Payable, Net - S
Mortgage Loans Payable, Net - Schedule of Mortgage Loans Payable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | |||||
Mortgage loans payable, gross | $ 517,057 | $ 312,240 | |||
Less: deferred financing costs, net(1) | (9,624) | (6,344) | |||
Add: premium | 1,678 | 1,916 | |||
Less: discount | (19,157) | (17,686) | |||
Mortgage loans payable, net | 495,717 | [1] | 295,270 | [1] | $ 16,742 |
Mortgage Loans Payable, Net [Member] | |||||
Debt Instrument [Line Items] | |||||
Less: deferred financing costs, net(1) | (3,861) | (1,200) | |||
Fixed Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage loans payable, gross | 313,265 | 302,892 | |||
Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage loans payable, gross | $ 203,792 | $ 9,348 | |||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2016 and 2015 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP, a variable interest entity and consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP do not have recourse against Griffin-American Healthcare REIT III, Inc., except for the 2016 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $391,000,000 as of December 31, 2016 and the 2014 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $77,000,000 as of December 31, 2015, which are both guaranteed by Griffin-American Healthcare REIT III, Inc. |
Mortgage Loans Payable, Net -65
Mortgage Loans Payable, Net - Schedule of Mortgage Loans Payable, Net (Details) $ in Thousands | Dec. 31, 2016USD ($)MortgageLoan | Dec. 31, 2015USD ($)MortgageLoan | Dec. 31, 2014USD ($) | ||
Debt Instrument [Line Items] | |||||
Principal amount | $ | $ 517,057 | $ 312,240 | |||
Mortgage loans payable, net(1) | $ | $ 495,717 | [1] | $ 295,270 | [1] | $ 16,742 |
Number of variable rate mortgage loans payable | MortgageLoan | 6 | 1 | |||
Number of fixed rate mortgage loans payable | MortgageLoan | 31 | 30 | |||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage loans payable with effective interest rates | 2.45% | 2.45% | |||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage loans payable with effective interest rates | 6.72% | 6.43% | |||
Mortgage Loans Payable, Net [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average effective interest rate | 4.41% | 3.98% | |||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2016 and 2015 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP, a variable interest entity and consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP do not have recourse against Griffin-American Healthcare REIT III, Inc., except for the 2016 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $391,000,000 as of December 31, 2016 and the 2014 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $77,000,000 as of December 31, 2015, which are both guaranteed by Griffin-American Healthcare REIT III, Inc. |
Mortgage Loans Payable, Net -66
Mortgage Loans Payable, Net - Schedule of Activity Related to Notes Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | |||
Change in Carrying Amount of Mortgage Loans Payable, Net [Roll Forward] | ||||
Mortgage loans payable, net — beginning balance | $ 295,270 | [1] | $ 16,742 | |
Borrowings on mortgage loans payable, net | 194,883 | 2,792 | ||
Assumptions of mortgage loans payable, net | 14,066 | 278,461 | ||
Amortization of deferred financing costs related to mortgage | 1,065 | 160 | ||
Scheduled principal payments on mortgage loans payable | (5,769) | (1,469) | ||
Amortization of discount/premium on mortgage loans payable | (72) | (273) | ||
Deferred financing costs | (3,726) | (1,143) | ||
Mortgage loans payable, net — ending balance | [1] | $ 495,717 | $ 295,270 | |
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2016 and 2015 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP, a variable interest entity and consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP do not have recourse against Griffin-American Healthcare REIT III, Inc., except for the 2016 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $391,000,000 as of December 31, 2016 and the 2014 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $77,000,000 as of December 31, 2015, which are both guaranteed by Griffin-American Healthcare REIT III, Inc. |
Mortgage Loans Payable, Net -67
Mortgage Loans Payable, Net - Schedule of Principal Payments Due on Mortgage Loans Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Mortgage Loans on Real Estate [Abstract] | ||
2,017 | $ 15,829 | |
2,018 | 177,824 | |
2,019 | 21,393 | |
2,020 | 30,685 | |
2,021 | 9,428 | |
Thereafter | 261,898 | |
Total | $ 517,057 | $ 312,240 |
Lines of Credit Line of Credit
Lines of Credit Line of Credit (Details) | Mar. 21, 2016USD ($)Extension | Feb. 03, 2016USD ($)Extension | Feb. 02, 2016 | Dec. 01, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Apr. 01, 2016USD ($) | Nov. 30, 2015USD ($) | Aug. 18, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||||||||||
Borrowing outstanding | [1] | $ 649,317,000 | $ 350,000,000 | ||||||||
Number of investment ratings Moody | 2 | ||||||||||
Borrowings under the lines of credit and term loan | 558,769,000 | 438,105,000 | $ 0 | ||||||||
2014 Corporate Line Of Credit [Member] | Line of Credit [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | $ 60,000,000 | |||||||||
Aggregate borrowing capacity | 200,000,000 | ||||||||||
Borrowing outstanding | 77,000,000 | ||||||||||
Line of credit facility, remaining borrowing capacity | $ 123,000,000 | ||||||||||
Weighted average interest rate on borrowings outstanding | 2.30% | ||||||||||
Two Thousand Sixteen Corporate Line Of Credit [Member] | Line of Credit [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Aggregate borrowing capacity | 500,000,000 | ||||||||||
Borrowing outstanding | 391,000,000 | ||||||||||
Line of credit facility, remaining borrowing capacity | $ 109,000,000 | ||||||||||
Weighted average interest rate on borrowings outstanding | 2.53% | ||||||||||
Trilogy Propco Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||||||
Line of credit extension term | 1 year | ||||||||||
Borrowing outstanding | 238,776,000 | 273,000,000 | |||||||||
Line of credit facility, remaining borrowing capacity | $ 61,224,000 | $ 27,000,000 | |||||||||
Weighted average interest rate on borrowings outstanding | 4.87% | 4.50% | |||||||||
Potential increase amount to maximum borrowing capacity | $ 100,000,000 | ||||||||||
Potential maximum borrowing capacity | $ 400,000,000 | ||||||||||
Deb maturity term | 4 years | ||||||||||
Trilogy Propco Line of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 4.25% | ||||||||||
Trilogy Propco Line of Credit [Member] | Revolving Credit Facility [Member] | Alternate Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 3.25% | ||||||||||
Trilogy Propco Line of Credit [Member] | Revolving Credit Facility [Member] | Trilogy Borrowers [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Borrowings under the lines of credit and term loan | $ 270,000,000 | ||||||||||
Commitment fee percentage | 0.25% | ||||||||||
Trilogy OpCo Line Of Credit [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 60,000,000 | ||||||||||
Borrowing outstanding | 19,541,000 | ||||||||||
Line of credit facility, remaining borrowing capacity | $ 40,459,000 | ||||||||||
Weighted average interest rate on borrowings outstanding | 4.53% | ||||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | ||||||||||
Commitment fee percentage when average daily used portion is greater than 50% | 0.30% | ||||||||||
Average daily used amount percentage (greater than) | 50.00% | ||||||||||
Commitment fee percentage when average daily used portion is less than 50% | 0.20% | ||||||||||
Average daily used amount percentage (less than) | 50.00% | ||||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Term Loan Facility [Member] | Term Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | ||||||||||
Line of Credit Facility, unused capacity, commitment fee percentage | 0.25% | ||||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Line Of Credit [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Potential increase amount to maximum borrowing capacity | $ 500,000,000 | ||||||||||
Potential maximum borrowing capacity | $ 1,000,000,000 | ||||||||||
Line Of Credit Facility, number of potential extensions | Extension | 1 | ||||||||||
Line Of Credit Facility, potential extension term | 12 months | ||||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Line Of Credit [Member] | Alternate Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, base rate, percent | 0.00% | 0.00% | |||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Line Of Credit [Member] | Federal Funds Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 0.50% | 0.50% | |||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Line Of Credit [Member] | One-Month Eurodollar [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 1.00% | 1.00% | |||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Line Of Credit [Member] | Standby Letters of Credit [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | ||||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Line Of Credit [Member] | Bridge Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | ||||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Revolving Notes [Member] | Minimum [Member] | Eurodollar [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 0.925% | 1.55% | |||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Revolving Notes [Member] | Minimum [Member] | Alternate Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 0.00% | 0.55% | |||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Revolving Notes [Member] | Maximum [Member] | Eurodollar [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 1.70% | 2.20% | |||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Revolving Notes [Member] | Maximum [Member] | Alternate Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 0.70% | 1.20% | |||||||||
Line of Credit [Member] | Term Notes [Member] | Minimum [Member] | Eurodollar [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 1.00% | 1.50% | |||||||||
Line of Credit [Member] | Term Notes [Member] | Minimum [Member] | Alternate Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 0.00% | 0.50% | |||||||||
Line of Credit [Member] | Term Notes [Member] | Maximum [Member] | Eurodollar [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 1.95% | 2.10% | |||||||||
Line of Credit [Member] | Term Notes [Member] | Maximum [Member] | Alternate Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 0.95% | 1.10% | |||||||||
Line of Credit [Member] | Trilogy OpCo Line Of Credit [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 42,000,000 | ||||||||||
Increased line of credit facility maximum borrowing capacity | $ 60,000,000 | ||||||||||
Line of Credit Facility, unused capacity, commitment fee percentage | 0.50% | ||||||||||
Line of Credit Facility, prepayment fee, percent | 1.00% | ||||||||||
Potential increase amount to maximum borrowing capacity | $ 18,000,000 | ||||||||||
Potential maximum borrowing capacity | $ 60,000,000 | ||||||||||
Deb maturity term | 5 years | ||||||||||
Line Of Credit Facility, number of potential extensions | Extension | 1 | ||||||||||
Line of Credit [Member] | Trilogy OpCo Line Of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 3.00% | ||||||||||
Line of Credit [Member] | Trilogy OpCo Line Of Credit [Member] | Revolving Credit Facility [Member] | Alternate Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Variable interest rate | 2.00% | ||||||||||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2016 and 2015 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP, a variable interest entity and consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP do not have recourse against Griffin-American Healthcare REIT III, Inc., except for the 2016 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $391,000,000 as of December 31, 2016 and the 2014 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $77,000,000 as of December 31, 2015, which are both guaranteed by Griffin-American Healthcare REIT III, Inc. |
Derivative Financial Instrume69
Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain in fair value of derivative financial instruments | $ 1,968 | $ 0 | $ 0 |
Derivative Financial Instrume70
Derivative Financial Instruments (Detail) - Not Designated as Hedging Instrument [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 217,075 |
Derivative Assets (Liabilities), at Fair Value, Net | 1,982 |
Cap [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 17,075 |
Debt Instrument, Description of Variable Rate Basis | one month LIBOR |
Derivative, Cap Interest Rate | 2.25% |
Derivative Assets (Liabilities), at Fair Value, Net | $ 0 |
Derivative, Type of Instrument | Cap |
Derivative, Maturity Date | Feb. 1, 2018 |
Swap, .82% Interest Rate [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 140,000 |
Debt Instrument, Description of Variable Rate Basis | one month LIBOR |
Derivative, Basis Spread on Variable Rate | 0.82% |
Derivative Assets (Liabilities), at Fair Value, Net | $ 1,355 |
Derivative, Type of Instrument | Swap |
Derivative, Maturity Date | Feb. 3, 2019 |
Swap, .78% Interest Rate [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 60,000 |
Debt Instrument, Description of Variable Rate Basis | one month LIBOR |
Derivative, Basis Spread on Variable Rate | 0.78% |
Derivative Assets (Liabilities), at Fair Value, Net | $ 627 |
Derivative, Type of Instrument | Swap |
Derivative, Maturity Date | Feb. 3, 2019 |
Identified Intangible Liabili71
Identified Intangible Liabilities, Net - Summary of Identified Intangible Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite Lived Intangible Liabilities [Line Items] | |||
Identified intangible liabilities, net | $ 2,216 | $ 1,026 | |
Below Market Lease [Member] | |||
Finite Lived Intangible Liabilities [Line Items] | |||
Identified intangible liabilities, net | 2,216 | 1,026 | |
Accumulated amortization | 946 | 350 | |
Amortization of above and below Market Leases | $ 651 | $ 356 | $ 35 |
Remaining Weighted Average Amortization Period in Years | 5 years 1 month 6 days | 5 years 4 months 24 days |
Identified Intangible Liabili72
Identified Intangible Liabilities, Net - Summary of Amortization Expense on Below Market Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Identified Intangible Liabilities [Abstract] | |
2,017 | $ 652 |
2,018 | 477 |
2,019 | 392 |
2,020 | 263 |
2,021 | 147 |
Thereafter | 285 |
Total | $ 2,216 |
Redeemable Noncontrolling Int73
Redeemable Noncontrolling Interest (Detail) | 36 Months Ended | 48 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 01, 2015 | |
Noncontrolling Interest [Line Items] | |||
Percentage of ownership in operating partnership | 99.99% | 99.99% | |
Percentage of limited partnership interest | 0.01% | 0.01% | |
Trilogy REIT Holdings, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Joint venture ownership interest | 70.00% | 70.00% | |
Trilogy [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage equity interest | 96.67% | 96.69% | |
Noncontrolling limited partnership interest in operating partnership (less than) | 3.33% | 3.31% |
Redeemable Noncontrolling Int74
Redeemable Noncontrolling Interest Redeemable Noncontrolling Interest - Changes in Carrying Amount (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in carrying amount of redeemable noncontrolling interest [Roll Forward] | |||
Beginning balance | $ 22,987 | $ 2 | |
Addition | 2,295 | 0 | $ 0 |
Reclassification from equity | 845 | 0 | 2 |
Acquisition of Trilogy | 0 | 22,985 | 0 |
Distributions | (198) | 0 | 0 |
Fair value adjustment to redemption value | 11,521 | 0 | |
Net loss attributable to redeemable noncontrolling interests | (5,943) | 0 | |
Ending balance | $ 31,507 | $ 22,987 | $ 2 |
Equity (Detail)
Equity (Detail) | Dec. 31, 2016USD ($)Anniversary$ / sharesshares | Oct. 05, 2016$ / shares | Dec. 01, 2015 | Jul. 01, 2015shares | Feb. 26, 2014USD ($)$ / shares | Jan. 15, 2013USD ($)shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)Anniversary$ / sharesRateshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Apr. 21, 2015shares | Dec. 31, 2016USD ($)Anniversary$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)Anniversary$ / sharesshares | Jan. 06, 2016USD ($) | Mar. 25, 2015USD ($) |
Class of Stock [Line Items] | ||||||||||||||||
Number of shares of preferred stock, authorized to be issued | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||
Preferred stock, par value (usd per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Preferred stock, shares issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Number of shares of common stock, authorized to be issued | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||
Common stock, par value (usd per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Maximum dollar amount of common stock issuable under public offering | $ | $ 1,900,000,000 | |||||||||||||||
Granted (shares) | 60,000 | |||||||||||||||
Issuance of common stock under the DRIP (shares) | 6,533,267 | 13,394,914 | ||||||||||||||
Common stock repuchased during period under share repurchase plan shares | 2,246,766 | 380,929 | 0 | 380,929 | 2,627,695 | |||||||||||
Common stock, shares, outstanding | 195,780,039 | 191,135,158 | 195,780,039 | 191,135,158 | 195,780,039 | 191,135,158 | 195,780,039 | |||||||||
Selling commissions percentage | 7.00% | |||||||||||||||
Selling commissions expenses | $ | $ 62,362,000 | $ 60,784,000 | ||||||||||||||
Dealer manager fee percentage | 3.00% | |||||||||||||||
Dealer manager fees | $ | 27,789,000 | 27,308,000 | ||||||||||||||
Contributions from noncontrolling interests | $ | $ 2,000 | $ 19,753,000 | $ 0 | 0 | ||||||||||||
Number of limited partnership units issued to non controlling | 222 | |||||||||||||||
Net earning of joint venture allocated to noncontrolling interest | 30.00% | 30.00% | ||||||||||||||
Stock based compensation — nonvested restricted common stock | $ | $ 196,000 | $ 109,000 | 62,000 | |||||||||||||
Preferred Stock, Value, Subscriptions | $ | $ 125,000 | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 12.50% | |||||||||||||||
Issuance of common stock under the DRIP | $ | $ 64,604,000 | 59,335,000 | 2,734,000 | $ 62,069,000 | $ 126,673,000 | |||||||||||
Maximum percentage of common stock repurchased during the period | 5.00% | |||||||||||||||
Share repurchase plan holding period | 1 year | |||||||||||||||
Share repurchase plan percentage of price per share condition one | 92.50% | 92.50% | 92.50% | 92.50% | 92.50% | |||||||||||
Share repurchase plan percentage of price per-share condition two | 95.00% | 100.00% | 95.00% | 95.00% | 95.00% | |||||||||||
Share repurchase plan percentage of price per-share condition three | 97.50% | 97.50% | 97.50% | 97.50% | ||||||||||||
Share repurchase plan percentage of price per-share condition four | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||
Stock repuchased during period value under the share repurchase plan | $ | $ 20,941,000 | $ 3,761,000 | $ 0 | $ 3,761,000 | $ 24,702,000 | |||||||||||
Stock acquired average cost (usd per share) | $ / shares | $ 9.32 | $ 9.87 | $ 0 | $ 9.87 | $ 9.40 | |||||||||||
Common Stock [Member] | Stock Compensation Plan [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||||
Parent [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Issuance of common stock under the DRIP | $ | $ 64,604,000 | $ 59,335,000 | $ 2,734,000 | |||||||||||||
Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Issuance of common stock under the DRIP (shares) | 6,861,647 | 6,245,475 | 287,792 | |||||||||||||
Issuance of common stock under the DRIP | $ | $ 69,000 | $ 63,000 | $ 3,000 | |||||||||||||
Profits Interests [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Forfeited (shares) | 0 | |||||||||||||||
Expired (shares) | 0 | |||||||||||||||
Exercised (shares) | 0 | |||||||||||||||
Vested (shares) | 0 | 0 | ||||||||||||||
Profits Interests [Member] | Trilogy Joint Venture [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Vesting percentage | 20.00% | |||||||||||||||
Vesting period | 5 years | |||||||||||||||
Stock based compensation — nonvested restricted common stock | $ | $ 1,329,000 | |||||||||||||||
Restricted Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Granted (shares) | 30,000 | 15,000 | ||||||||||||||
Forfeited (shares) | 0 | 0 | ||||||||||||||
Vested (shares) | 12,000 | 6,000 | ||||||||||||||
Restricted Stock [Member] | Stock Compensation Plan [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock based compensation — nonvested restricted common stock | $ | $ 196,000 | $ 109,000 | $ 62,000 | |||||||||||||
Total unrecognized compensation expense | $ | $ 233,000 | $ 129,000 | $ 233,000 | 129,000 | $ 233,000 | $ 129,000 | $ 233,000 | |||||||||
Allocated share based unrecognized compensation expense net of estimated forfeitures weighted average remaining period | 1 year 8 months 23 days | |||||||||||||||
Restricted Stock [Member] | Stock Compensation Plan [Member] | Independent Directors [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Granted (shares) | 30,000 | 30,000 | ||||||||||||||
Share based compensation arrangement by share based payment award equity instruments other than options vesting percentage | 20.00% | 20.00% | 20.00% | 20.00% | ||||||||||||
Share based compensation arrangement by share based payment award equity instruments other than options vesting percentage on anniversary of grant date | 20.00% | 20.00% | 20.00% | 20.00% | ||||||||||||
Share based compensation arrangement by share based payment award equity instruments other than options, number of vesting anniversaries | Anniversary | 4 | 4 | 4 | 4 | ||||||||||||
Fair value of stocks at grant date (usd per share) | $ / shares | $ 10 | $ 10 | $ 10 | $ 10 | ||||||||||||
Restricted Stock [Member] | Two Thousand Nine Incentive Plan [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share based compensation arrangement by share based payment award equity instruments other than options nonvested fair value | $ | $ 390,000 | $ 210,000 | $ 390,000 | $ 210,000 | $ 390,000 | $ 210,000 | $ 390,000 | |||||||||
NorthStar Healthcare Income, Inc. [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Joint venture ownership interest | 30.00% | 30.00% | 30.00% | 30.00% | ||||||||||||
Trilogy [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Ownership percentage equity interest | 96.67% | 96.69% | 96.67% | 96.67% | 96.67% | |||||||||||
Trilogy REIT Holdings, LLC [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Joint venture ownership interest | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | |||||||||||
DRIP S-3 Public Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ | $ 250,000,000 | |||||||||||||||
Issuance of common stock under the DRIP (shares) | 11,446,351 | |||||||||||||||
Issuance of common stock under the DRIP | $ | $ 108,163,000 | |||||||||||||||
DRIP [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ | $ 150,000,000 | |||||||||||||||
Subscriptions in offering of common stock received and accepted shares | 1,948,563 | |||||||||||||||
Percentage of offering price | 95.00% | |||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ | $ 35,000,000 | |||||||||||||||
Share price (usd per share) | $ / shares | $ 9.01 | $ 9.50 | ||||||||||||||
Sale of Stock, Price Per Share, Percentage | 95.00% | |||||||||||||||
Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ | $ 1,750,000,000 | |||||||||||||||
Subscriptions in offering of common stock received and accepted shares | 184,930,598 | |||||||||||||||
Share price (usd per share) | $ / shares | $ 10 | |||||||||||||||
Griffin American Advisor [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock purchased (shares) | 22,222 | |||||||||||||||
Value of stock purchased | $ | $ 200,000 | |||||||||||||||
Lakeview IN Medical Plaza [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Joint venture ownership interest | 86.00% | 86.00% | 86.00% | 86.00% | ||||||||||||
Joint venture earnings percentage allocation | 14.00% | 14.00% | 14.00% | 14.00% |
Equity Accumulated Other Compre
Equity Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss | $ (3,029) | $ (506) | $ 0 |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net change in current period | (2,523) | (506) | 0 |
Ending balance, Stockholders' Equity | 1,418,553 | 1,683,258 | 805,534 |
Accumulated other comprehensive loss attributable to parent | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net change in current period | (2,523) | (506) | |
Ending balance, Stockholders' Equity | $ (3,029) | $ (506) | $ 0 |
Equity - Status and Changes of
Equity - Status and Changes of Nonvested Shares of Restricted Common Stock (Detail) - $ / shares | 12 Months Ended | 34 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | |
Number of Nonvested Shares of our Restricted Common Stock | |||
Granted (shares) | 60,000 | ||
Restricted Stock [Member] | |||
Number of Nonvested Shares of our Restricted Common Stock | |||
Beginning Balance (shares) | 21,000 | 12,000 | |
Granted (shares) | 30,000 | 15,000 | |
Vested (shares) | (12,000) | (6,000) | |
Forfeited (shares) | 0 | 0 | |
Ending Balance (shares) | 39,000 | 21,000 | 39,000 |
Expected to vest - end of period (shares) | 39,000 | 39,000 | |
Weighted Average Grant Date Fair Value | |||
Beginning Balance (usd per share) | $ 10 | $ 10 | |
Granted (usd per share) | 10 | 10 | |
Vested (usd per share) | 10 | 10 | |
Forfeited (usd per share) | 0 | 0 | |
Ending Balance (usd per share) | 10 | $ 10 | $ 10 |
Expected to vest - end of period (usd per share) | $ 10 | $ 10 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ / shares in Units, $ in Thousands | 10 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 34 Months Ended | ||||||
Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2015$ / shares | Jan. 30, 2015$ / shares | Dec. 31, 2016USD ($)Quartershares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2016Quarter | Dec. 31, 2016Quarter | Jan. 01, 2015$ / shares | May 20, 2014$ / shares | Mar. 05, 2014 | |
Related Party Transaction [Line Items] | |||||||||||
Related party transaction, expenses from transactions with related party | $ 29,494 | $ 47,376 | $ 9,641 | ||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | 2.25% | 2.00% | 2.00% | |||||||
Percentage of acquisition fee of contract purchase price for properties acquired paid in shares | 0.25% | 0.25% | |||||||||
Per share amount of shares of common stock in which payment was made | $ / shares | $ 9 | $ 9 | $ 9 | $ 9 | |||||||
Maximum percentage of fees and expenses associated with the acquisition | 6.00% | 6.00% | 6.00% | ||||||||
Asset management fees waived by advisor | $ 37 | ||||||||||
Asset management fees | $ 16,949 | $ 6,831 | $ 160 | ||||||||
Officer purchase share price | $ / shares | $ 9 | $ 9 | |||||||||
Advisor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Organizational and offering expense percentage | 2.00% | ||||||||||
Acquisition fee of contract purchase price | 2.30% | ||||||||||
Acquisition price for any real estate-related investment we originate or acquire | 2.00% | ||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.00% | 2.25% | |||||||||
Percentage of acquisition fee of contract purchase price for properties acquired paid in shares | 0.25% | ||||||||||
Per share amount of shares of common stock in which payment was made | $ / shares | $ 9 | ||||||||||
Maximum percentage of fees and expenses associated with the acquisition | 6.00% | 6.00% | 6.00% | 6.00% | |||||||
Asset Management Fee Percent | 0.75% | ||||||||||
Asset management fee percentage | 0.0625% | 0.0625% | 0.0625% | ||||||||
Subordinated asset management fee subject to stockholders receiving distributions, percentage | 5.00% | 5.00% | 5.00% | ||||||||
Percentage of monthly oversight fee | 1.00% | 1.00% | 1.00% | ||||||||
Percentage of property oversight fees - multiple tenants | 1.50% | 1.50% | 1.50% | ||||||||
Minimum percentage of lease fee | 3.00% | 3.00% | 3.00% | ||||||||
Maximum percentage of lease fee | 6.00% | 6.00% | 6.00% | ||||||||
Maximum percentage of construction management fee | 5.00% | 5.00% | 5.00% | ||||||||
Number of consecutive fiscal quarters for reimbursement measurement | Quarter | 4 | 4 | 4 | ||||||||
Percentage of operating expenses of average invested asset | 2.00% | 2.00% | 2.00% | ||||||||
Percentage of operating expense of net income | 25.00% | 25.00% | 25.00% | ||||||||
Disposition fees as percentage of contract sales price | 2.00% | 2.00% | 2.00% | ||||||||
Disposition fees as percentage of customary competitive real estate commission | 50.00% | 50.00% | 50.00% | ||||||||
Maximum percentage of disposition fee | 6.00% | 6.00% | 6.00% | ||||||||
Other organizational and offering expenses [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction, expenses from transactions with related party | $ 533 | $ 2,974 | |||||||||
Acquistion Fees [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction, expenses from transactions with related party | $ 9,591 | $ 39,204 | $ 6,279 | ||||||||
Related parties transactions acquisition fees, shares issued | shares | 0 | 55,684 | 77,139 | ||||||||
Development Fees [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction, expenses from transactions with related party | $ 182 | $ 0 | $ 0 | ||||||||
Lease Commissions [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction, expenses from transactions with related party | 213 | 23 | 0 | ||||||||
Acquisition Expenses [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction, expenses from transactions with related party | 1 | 3 | 4 | ||||||||
Operating Expense [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction, expenses from transactions with related party | $ 165 | $ 33 | 180 | ||||||||
Percentage of operating expenses of average invested assets | 2.50% | 1.00% | 1.10% | ||||||||
Percentage of operating expenses of net income | (13.90%) | 14.50% | (48.20%) | ||||||||
Operating expenses in excess of advisor reimbursement limitation | $ 199 | ||||||||||
Property Management Fee [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction, expenses from transactions with related party | $ 2,313 | $ 738 | 44 | ||||||||
Subordinated distribution of net sales proceeds [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of distribution of net proceeds from sales of properties | 15.00% | 15.00% | 15.00% | ||||||||
Annual cumulative non compounded return on gross proceeds from sale of shares | 7.00% | 7.00% | 7.00% | ||||||||
Subordinated Distribution Upon Listing [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of distribution of net proceeds from sales of properties | 15.00% | 15.00% | 15.00% | ||||||||
Annual cumulative non compounded return upon listing of shares | 7.00% | 7.00% | 7.00% | ||||||||
Subordinated Distribution Upon Termination [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Annual cumulative non compounded return on gross proceeds from sale of shares | 7.00% | 7.00% | 7.00% | ||||||||
Distribution rate of partnership amount to sub advisor | 15.00% | 15.00% | 15.00% | ||||||||
Jeffrey T. Hanson, Danny Prosky, and Mathieu B. Streiff [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Investment rate by officer | 100.00% | 100.00% | |||||||||
Former Chief Financial Officer [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Investment rate by officer | 15.00% | 15.00% | |||||||||
Construction Management Fee [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction, expenses from transactions with related party | $ 80 | $ 11 | $ 0 | ||||||||
Executive Vice President, - Acquisitions [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Investment rate by officer | 15.00% | 15.00% | |||||||||
Assistant General Counsel and Secretary [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Investment rate by officer | 10.00% | 10.00% | |||||||||
Former Vice President, Asset Management [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Investment rate by officer | 15.00% | 15.00% |
Related Party Transactions - Re
Related Party Transactions - Related Party Description (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 933,840 | $ 910,047 |
Board of Directors Chairman [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 17 | $ 59 |
Issuance of common stock (shares) | 1,902 | 6,574 |
President [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 20 | $ 81 |
Issuance of common stock (shares) | 2,246 | 9,053 |
Executive Vice President [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 19 | $ 74 |
Issuance of common stock (shares) | 2,062 | 8,188 |
Executive Vice President, - Acquisitions [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 2 | $ 14 |
Issuance of common stock (shares) | 168 | 1,556 |
Assistant General Counsel and Secretary [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 1 | $ 8 |
Issuance of common stock (shares) | 106 | 900 |
Former Vice President, Asset Management [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 1 | $ 12 |
Issuance of common stock (shares) | 135 | 1,366 |
Former Chief Financial Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 1 | $ 13 |
Issuance of common stock (shares) | 165 | 1,475 |
Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 61 | $ 261 |
Issuance of common stock (shares) | 6,784 | 29,112 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amounts Outstanding to Affiliates (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Due to affiliate | $ 2,186 | $ 1,257 |
Asset And Property Management Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 1,736 | 1,111 |
Acquistion Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 202 | 133 |
Lease Commissions [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 89 | 1 |
Development Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 105 | 0 |
Construction Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 38 | 9 |
Operating Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | $ 16 | $ 3 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities: | ||
Contingent consideration obligations | $ 8,992 | $ 5,912 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Derivative financial Instrument | 1,982 | |
Contingent consideration receivables | 0 | 0 |
Total assets at fair value | 1,982 | 0 |
Liabilities: | ||
Derivative financial Instrument | 0 | |
Contingent consideration obligations | 8,992 | 5,912 |
Warrants | 1,250 | 1,014 |
Total liabilities at fair value | 10,242 | 6,926 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ||
Assets: | ||
Derivative financial Instrument | 0 | |
Contingent consideration receivables | 0 | 0 |
Total assets at fair value | 0 | |
Liabilities: | ||
Derivative financial Instrument | 0 | |
Contingent consideration obligations | 0 | 0 |
Warrants | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Derivative financial Instrument | 1,982 | |
Contingent consideration receivables | 0 | 0 |
Total assets at fair value | 1,982 | 0 |
Liabilities: | ||
Derivative financial Instrument | 0 | |
Contingent consideration obligations | 0 | 0 |
Warrants | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Derivative financial Instrument | 0 | |
Contingent consideration receivables | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liabilities: | ||
Derivative financial Instrument | 0 | |
Contingent consideration obligations | 8,992 | 5,912 |
Warrants | 1,250 | 1,014 |
Total liabilities at fair value | $ 10,242 | $ 6,926 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 12 Months Ended | |||||||
Dec. 31, 2016USD ($)ft² | Oct. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 17, 2015USD ($) | Jan. 21, 2015USD ($) | Dec. 31, 2014USD ($) | |||
Business Acquisitions [Line Items] | ||||||||
Contingent consideration obligations | $ 8,992,000 | $ 5,912,000 | ||||||
Debt security investment, fair value | 94,320,000 | 94,393,000 | ||||||
Mortgage loans payable, net(1) | 495,717,000 | [1] | 295,270,000 | [1] | $ 16,742,000 | |||
Mortgage loans payable, fair value | $ 495,532,000 | 294,701,000 | ||||||
Number of investments in unconsolidated entities | 1 | |||||||
King of Prussia PA MOB [Member] | ||||||||
Business Acquisitions [Line Items] | ||||||||
Contingent consideration obligations | 400,000 | |||||||
North Carolina ALF Portfolio [Member] | ||||||||
Business Acquisitions [Line Items] | ||||||||
Contingent consideration obligations | 4,067,000 | |||||||
Stockbridge GA MOB II [Member] | ||||||||
Business Acquisitions [Line Items] | ||||||||
Contingent consideration obligations | 1,381,000 | |||||||
Trilogy [Member] | Security Deposits, Prepaid Rent and Other Liabilities [Member] | ||||||||
Business Acquisitions [Line Items] | ||||||||
Warrants | $ 1,250,000 | 1,014,000 | ||||||
Contingent Consideration Obligations [Member] | King of Prussia PA MOB [Member] | ||||||||
Business Acquisitions [Line Items] | ||||||||
Fair value of contingent consideration obligation | 50,000 | 400,000 | ||||||
Contingent Consideration Obligations [Member] | North Carolina ALF Portfolio [Member] | ||||||||
Business Acquisitions [Line Items] | ||||||||
Contingent consideration arrangement, minimum | 0 | |||||||
Contingent consideration arrangement, maximum | $ 35,144,000 | |||||||
Contingent Consideration Obligations Payment | $ 10,000,000 | |||||||
Number of facilities with remaining contingent consideration | 3 | |||||||
Fair value of contingent consideration obligation | $ 8,942,000 | 4,131,000 | ||||||
Earnout payment period | 3 months | |||||||
Contingent consideration, obligation notification period | 3 years | |||||||
Contingent consideration obligations payment period | 3 years | |||||||
Contingent Consideration Obligations [Member] | Stockbridge GA MOB II [Member] | ||||||||
Business Acquisitions [Line Items] | ||||||||
Fair value of contingent consideration obligation | $ 1,381,000 | |||||||
Contingent Consideration Assets [Member] | King of Prussia PA MOB [Member] | ||||||||
Business Acquisitions [Line Items] | ||||||||
Contingent consideration arrangement, minimum | $ 0 | |||||||
Contingent consideration arrangement, maximum | $ 1,100,000 | |||||||
Seller square feet lease criteria | ft² | 4,536 | |||||||
Contingent consideration, receivable period | 1 year | |||||||
Contingent Consideration Assets [Member] | Mt. Juliet TN MOB [Member] | ||||||||
Business Acquisitions [Line Items] | ||||||||
Contingent consideration arrangement, minimum | $ 0 | |||||||
Contingent consideration arrangement, maximum | $ 308,000 | |||||||
Seller square feet lease criteria | ft² | 6,611 | |||||||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2016 and 2015 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP, a variable interest entity and consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP do not have recourse against Griffin-American Healthcare REIT III, Inc., except for the 2016 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $391,000,000 as of December 31, 2016 and the 2014 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $77,000,000 as of December 31, 2015, which are both guaranteed by Griffin-American Healthcare REIT III, Inc. |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Inputs (Details) - Fair Value, Measurements, Nonrecurring [Member] - Significant Unobservable Inputs (Level 3) [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
North Carolina ALF Portfolio - North Raleigh and Mooresville [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tenant’s Annualized EBITDAR, as defined, for the Three Months Prior to Payment | $ 3,459,000 | $ 3,516,000 |
Timing of Payment | Jan. 27, 2018 | Jan. 27, 2018 |
Applicable Rate, as defined in the lease agreement | 7.20% | 7.20% |
Discount Rate per Annum | 1.20% | 1.06% |
Percentage of Eligible Payment Requested | 100.00% | 100.00% |
King of Prussia PA MOB [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of Allowance for Tenant Improvements and Leasing Commissions to be Paid | 100.00% | 100.00% |
North Carolina ALF Portfolio - Clemmons and Wake Forest [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tenant’s Annualized EBITDAR, as defined, for the Three Months Prior to Payment | $ 1,753,000 | $ 197,000 |
Timing of Payment | Jun. 28, 2018 | Jun. 28, 2018 |
Applicable Rate, as defined in the lease agreement | 7.20% | 7.20% |
Discount Rate per Annum | 1.20% | 1.06% |
Percentage of Eligible Payment Requested | 100.00% | 100.00% |
Stockbridge GA MOB II [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rental Rate per Square Foot | $ 17 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Contingent Consideration Assets and Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Contingent Consideration Obligations [Member] | |||
Contingent Consideration Obligations: | |||
Beginning balance | $ 5,912 | $ 1,393 | $ 0 |
Additions to contingent consideration obligations | 0 | 5,848 | 1,393 |
Realized/unrealized losses (gains) recognized in earnings | 13,430 | (1,329) | 0 |
Settlements of obligations | (10,350) | 0 | 0 |
Ending balance | 8,992 | 5,912 | 1,393 |
Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to obligations still held | 13,430 | (1,329) | 0 |
Contingent Consideration Assets [Member] | |||
Contingent Consideration Receivables: | |||
Beginning balance | 0 | 0 | 0 |
Additions to contingent consideration receivables | 0 | 0 | 0 |
Realized/unrealized (gains) losses recognized in earnings | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to assets still held | $ 0 | $ 0 | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Real estate notes receivable | $ 36,205 | $ 81,716 | |||
Real estate notes receivable, fair value | 37,231 | 80,845 | |||
Debt security investment | 64,912 | 62,761 | |||
Debt security investment, fair value | 94,320 | 94,393 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Mortgage loans payable | 495,717 | [1] | 295,270 | [1] | $ 16,742 |
Mortgage loans payable, fair value | 495,532 | 294,701 | |||
Lines of credit and term loan | 639,693 | 343,656 | |||
Federal deferred | 6,656 | 6,156 | |||
Line of credit and term loan, fair value | $ 647,336 | $ 350,000 | |||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2016 and 2015 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP, a variable interest entity and consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP do not have recourse against Griffin-American Healthcare REIT III, Inc., except for the 2016 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $391,000,000 as of December 31, 2016 and the 2014 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $77,000,000 as of December 31, 2015, which are both guaranteed by Griffin-American Healthcare REIT III, Inc. |
Fair Value Measurements - Input
Fair Value Measurements - Inputs Related to Non-recurring Fair Value Measurements (Details) - Fair Value, Measurements, Nonrecurring [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Terminal EBITDA(1) multiple | 8 |
Weighted average cost of capital | 7.75% |
Operating expenses as a percent of revenue | 74.00% |
Annual revenue growth | 2.75% |
Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Terminal EBITDA(1) multiple | 9 |
Weighted average cost of capital | 9.75% |
Operating expenses as a percent of revenue | 84.00% |
Annual revenue growth | 3.65% |
Income Taxes and Distribution87
Income Taxes and Distributions - Income (Loss) Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (202,886) | $ (109,748) | |
Foreign | (667) | (5,103) | |
Loss before income taxes | $ (203,553) | $ (114,851) | $ (8,598) |
Income Taxes and Distribution88
Income Taxes and Distributions - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal deferred | $ (6,656) | $ (6,156) | |||||||||
State deferred | (1,502) | (1,291) | |||||||||
Foreign deferred | 0 | 0 | |||||||||
Federal current | (3) | 147 | |||||||||
Foreign current | 160 | 43 | |||||||||
Valuation allowances | 8,344 | 7,447 | |||||||||
Total income tax expense | $ 170 | $ (2) | $ (884) | $ 1,059 | $ (140) | $ 330 | $ 0 | $ 0 | $ 343 | $ 190 | $ 0 |
Income Taxes and Distributions
Income Taxes and Distributions - Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Fixed assets & intangibles | $ 13,015 | $ 5,840 |
Expense accruals & other | 6,586 | 1,050 |
Net operating loss | 6,947 | 557 |
Allowances for accounts receivable | 2,891 | 0 |
Reserves and accruals | 2,361 | 0 |
Investment in joint ventures | 1,189 | 0 |
Valuation allowances | (24,695) | (7,447) |
Total deferred income tax assets | 8,294 | 0 |
Fixed assets and intangibles | (13,181) | 0 |
Other — temporary differences | (3,104) | 0 |
Total deferred income tax liabilities | $ (16,285) | $ 0 |
Income Taxes and Distribution90
Income Taxes and Distributions - Tax Treatment of Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | $ 28,135 | $ 17,271 | $ 649 |
Capital gain | 0 | 0 | 0 |
Return of capital | 88,140 | 85,923 | 4,183 |
Distributions reportable | $ 116,275 | $ 103,194 | $ 4,832 |
Ordinary income | 24.00% | 17.00% | 13.00% |
Capital gain | 0.00% | 0.00% | 0.00% |
Return of capital | 76.00% | 83.00% | 87.00% |
Percentage distribution reportable | 100.00% | 100.00% | 100.00% |
Future Minimum Rent - Schedule
Future Minimum Rent - Schedule of Future Minimum Rent (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Future Minimum Base Rent Contractually Due under Operating Leases | |
2,017 | $ 88,511 |
2,018 | 83,934 |
2,019 | 79,579 |
2,020 | 72,738 |
2,021 | 69,909 |
Thereafter | 580,014 |
Total | 974,685 |
Schedule of Future Minimum Lease Obligations under Non-cancelable Ground and Other Lease Obligations | |
2,017 | 17,946 |
2,018 | 22,288 |
2,019 | 22,943 |
2,020 | 23,617 |
2,021 | 24,310 |
Thereafter | 225,725 |
Total | 336,829 |
Schedule of Future Minimum Lease Payments under Capital Leases | |
2,017 | 9,796 |
2,018 | 6,834 |
2,019 | 3,987 |
2,020 | 2,002 |
2,021 | 661 |
Total | $ 23,280 |
Future Minimum Rent - Narrative
Future Minimum Rent - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | |
Leases [Abstract] | ||
Capital lease, principal | $ 20,796 | |
Capital leases, interest | $ 2,484 | |
Purchase option liabilities included in capital lease obligations | $ 24,500 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Dec. 01, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)BuildingAcquisitionCampus | Dec. 31, 2015USD ($)BuildingAcquisitionCampus | Dec. 31, 2016USD ($)BuildingAcquisitionCampus | Jan. 01, 2015$ / shares | Jan. 01, 2014$ / shares |
Business Acquisitions [Line Items] | |||||||
Number of properties subject to capital leases | 3 | ||||||
Number of acquisition completed from unaffiliated parties | Acquisition | 48 | ||||||
Number of buildings acquired from unaffiliated parties | Building | 97 | ||||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 104 | ||||||
Contract purchase price | $ 498,656,000 | $ 2,767,881,000 | |||||
Closing costs and acquisition fees | 14,111,000 | ||||||
Contingent consideration obligations | $ 5,912,000 | 8,992,000 | $ 5,912,000 | 8,992,000 | |||
Trilogy [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Consolidation percentage, assets and liabilities | 100.00% | ||||||
Total liabilities assumed | 526,213,000 | 526,213,000 | |||||
Increase to goodwill | 4,654,000 | ||||||
Decrease in allocation to land | 3,201,000 | ||||||
Revenue | 66,115,000 | ||||||
Net income (Loss) | (18,588,000) | ||||||
King of Prussia PA MOB [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Contingent consideration obligations | 400,000 | $ 400,000 | |||||
Two Thousand Sixteen Acquisitions [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Total liabilities assumed | $ 15,908,000 | 15,908,000 | |||||
Number of acquisition completed from unaffiliated parties | Acquisition | 12 | ||||||
Number of buildings acquired from unaffiliated parties | Building | 23 | ||||||
Contract purchase price | $ 271,566,000 | ||||||
Share price (usd per share) | $ / shares | $ 10 | ||||||
Revenue | 20,228,000 | ||||||
Net income (Loss) | $ 1,021,000 | ||||||
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 17 | ||||||
Contract purchase price | $ 227,090,000 | ||||||
2015 Acquisitions [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Number of acquisition completed from unaffiliated parties | Acquisition | 23 | ||||||
Number of buildings acquired from unaffiliated parties | Building | 50 | ||||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 97 | ||||||
Contract purchase price | $ 1,976,185,000 | ||||||
Closing costs and acquisition fees | 66,047,000 | ||||||
Share price (usd per share) | $ / shares | $ 10 | ||||||
North Carolina ALF Portfolio [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Contingent consideration obligations | 4,067,000 | 4,067,000 | |||||
Trilogy [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Ownership percentage, properties | 67.59% | 67.67% | |||||
Total liabilities assumed | $ 26,000,000 | ||||||
Contract purchase price | $ 1,125,000,000 | 1,125,000,000 | |||||
Deferred income tax liabilities [Member] | Trilogy [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Total liabilities assumed | $ 7,699,000 | $ 7,699,000 | $ 7,699,000 | $ 7,699,000 |
Business Combinations - Schedul
Business Combinations - Schedule of Revenues and Net Income (Loss) of Properties Acquired (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Two Thousand Sixteen Acquisitions [Member] | ||
Business Acquisitions [Line Items] | ||
Revenue | $ 20,228 | |
Net income (Loss) | $ 1,021 | |
Independence MOB Portfolio [Member] | ||
Business Acquisitions [Line Items] | ||
Revenue | $ 14,021 | |
Net income (Loss) | 2,171 | |
Pennsylvania Senior Housing Portfolio [Member] | ||
Business Acquisitions [Line Items] | ||
Revenue | 8,500 | |
Net income (Loss) | (2,743) | |
Other 2015 Acquisitions [Member] | ||
Business Acquisitions [Line Items] | ||
Revenue | 46,235 | |
Net income (Loss) | $ (1,344) |
Business Combinations - Fair Va
Business Combinations - Fair Value of Acquisitions (Detail) - USD ($) $ in Thousands | Dec. 01, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisitions [Line Items] | |||
Goodwill | $ 75,265 | $ 62,911 | |
Business combination, contingent consideration, liability | 8,992 | 5,912 | |
Two Thousand Sixteen Acquisitions [Member] | |||
Business Acquisitions [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 439,067 | ||
Land | 44,738 | ||
Furniture, fixtures and equipment | 644 | ||
Total assets acquired | 496,279 | ||
Total liabilities assumed | (15,908) | ||
Net assets acquired | 480,371 | ||
Two Thousand Sixteen Acquisitions [Member] | Mortgage Loans Payable, Net [Member] | |||
Business Acquisitions [Line Items] | |||
Debt payable | (14,066) | ||
Two Thousand Sixteen Acquisitions [Member] | Below Market Lease [Member] | |||
Business Acquisitions [Line Items] | |||
Total liabilities assumed | (1,842) | ||
Two Thousand Sixteen Acquisitions [Member] | Purchase Option Assets [Member] | |||
Business Acquisitions [Line Items] | |||
Indefinite-lived intangible assets | (56,792) | ||
Two Thousand Sixteen Acquisitions [Member] | Certificate Of Need [Member] | |||
Business Acquisitions [Line Items] | |||
Capital lease assets | 18,410 | ||
Two Thousand Sixteen Acquisitions [Member] | In-Place Leases [Member] | |||
Business Acquisitions [Line Items] | |||
Capital lease assets | 48,827 | ||
Two Thousand Sixteen Acquisitions [Member] | Above Market Leases [Member] | |||
Business Acquisitions [Line Items] | |||
Capital lease assets | 1,385 | ||
Trilogy [Member] | |||
Business Acquisitions [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 504,554 | ||
Land | 38,956 | ||
Furniture, fixtures and equipment | 59,192 | ||
Construction in progress | 17,132 | ||
Goodwill | 75,264 | ||
Total assets acquired | 1,112,604 | ||
Capital lease obligations | (47,660) | ||
Total liabilities assumed | (526,213) | ||
Net assets acquired | 586,391 | ||
Consolidation percentage, assets and liabilities | 100.00% | ||
Trilogy [Member] | Mortgage Loans Payable, Net [Member] | |||
Business Acquisitions [Line Items] | |||
Debt payable | (193,220) | ||
Trilogy [Member] | Deferred income tax liabilities [Member] | |||
Business Acquisitions [Line Items] | |||
Total liabilities assumed | (7,699) | (7,699) | |
Trilogy [Member] | Line of Credit [Member] | |||
Business Acquisitions [Line Items] | |||
Debt payable | (270,000) | ||
Trilogy [Member] | Other Liabilities [Member] | |||
Business Acquisitions [Line Items] | |||
Total liabilities assumed | (7,634) | ||
Trilogy [Member] | Purchase Option Assets [Member] | |||
Business Acquisitions [Line Items] | |||
Indefinite-lived intangible assets | 71,000 | ||
Trilogy [Member] | Trade Names [Member] | |||
Business Acquisitions [Line Items] | |||
Indefinite-lived intangible assets | 30,267 | ||
Trilogy [Member] | Certificate Of Need [Member] | |||
Business Acquisitions [Line Items] | |||
Indefinite-lived intangible assets | 51,295 | ||
Trilogy [Member] | Other Assets [Member] | |||
Business Acquisitions [Line Items] | |||
Indefinite-lived intangible assets | 37,639 | ||
Trilogy [Member] | In-Place Leases [Member] | |||
Business Acquisitions [Line Items] | |||
Capital lease assets | 183,704 | ||
Trilogy [Member] | Capital lease assets [Member] | |||
Business Acquisitions [Line Items] | |||
Capital lease assets | 43,601 | ||
Independence MOB Portfolio [Member] | |||
Business Acquisitions [Line Items] | |||
Building and improvements | 113,727 | ||
Land | 7,367 | ||
Furniture, fixtures and equipment | 0 | ||
Total assets acquired | 135,312 | ||
Total liabilities assumed | (350) | ||
Net assets acquired | 134,962 | ||
Independence MOB Portfolio [Member] | Mortgage Loans Payable, Net [Member] | |||
Business Acquisitions [Line Items] | |||
Debt payable | 0 | ||
Independence MOB Portfolio [Member] | Below Market Lease [Member] | |||
Business Acquisitions [Line Items] | |||
Business combination, recognized liabilities assumed | (350) | ||
Independence MOB Portfolio [Member] | Other Liabilities [Member] | |||
Business Acquisitions [Line Items] | |||
Business combination, recognized liabilities assumed | 0 | ||
Independence MOB Portfolio [Member] | In-Place Leases [Member] | |||
Business Acquisitions [Line Items] | |||
Leases | 7,182 | ||
Independence MOB Portfolio [Member] | Above Market Leases [Member] | |||
Business Acquisitions [Line Items] | |||
Leases | 1,321 | ||
Independence MOB Portfolio [Member] | Leasehold Interest [Member] | |||
Business Acquisitions [Line Items] | |||
Leases | 5,715 | ||
Pennsylvania Senior Housing Portfolio [Member] | |||
Business Acquisitions [Line Items] | |||
Building and improvements | 76,970 | ||
Land | 2,994 | ||
Furniture, fixtures and equipment | 635 | ||
Total assets acquired | 88,656 | ||
Total liabilities assumed | (13,271) | ||
Net assets acquired | 75,385 | ||
Pennsylvania Senior Housing Portfolio [Member] | Mortgage Loans Payable, Net [Member] | |||
Business Acquisitions [Line Items] | |||
Debt payable | (13,271) | ||
Pennsylvania Senior Housing Portfolio [Member] | Below Market Lease [Member] | |||
Business Acquisitions [Line Items] | |||
Business combination, recognized liabilities assumed | 0 | ||
Pennsylvania Senior Housing Portfolio [Member] | Other Liabilities [Member] | |||
Business Acquisitions [Line Items] | |||
Business combination, recognized liabilities assumed | 0 | ||
Pennsylvania Senior Housing Portfolio [Member] | In-Place Leases [Member] | |||
Business Acquisitions [Line Items] | |||
Leases | 8,057 | ||
Pennsylvania Senior Housing Portfolio [Member] | Above Market Leases [Member] | |||
Business Acquisitions [Line Items] | |||
Leases | 0 | ||
Pennsylvania Senior Housing Portfolio [Member] | Leasehold Interest [Member] | |||
Business Acquisitions [Line Items] | |||
Leases | 0 | ||
Other 2015 Acquisitions [Member] | |||
Business Acquisitions [Line Items] | |||
Building and improvements | 530,242 | ||
Land | 50,776 | ||
Furniture, fixtures and equipment | 1,966 | ||
Total assets acquired | 632,875 | ||
Total liabilities assumed | (78,010) | ||
Net assets acquired | 554,865 | ||
Other 2015 Acquisitions [Member] | Mortgage Loans Payable, Net [Member] | |||
Business Acquisitions [Line Items] | |||
Debt payable | (71,969) | ||
Other 2015 Acquisitions [Member] | Below Market Lease [Member] | |||
Business Acquisitions [Line Items] | |||
Business combination, recognized liabilities assumed | (193) | ||
Other 2015 Acquisitions [Member] | Other Liabilities [Member] | |||
Business Acquisitions [Line Items] | |||
Business combination, recognized liabilities assumed | (5,848) | ||
Other 2015 Acquisitions [Member] | In-Place Leases [Member] | |||
Business Acquisitions [Line Items] | |||
Leases | 48,041 | ||
Other 2015 Acquisitions [Member] | Above Market Leases [Member] | |||
Business Acquisitions [Line Items] | |||
Leases | 1,163 | ||
Other 2015 Acquisitions [Member] | Leasehold Interest [Member] | |||
Business Acquisitions [Line Items] | |||
Leases | 687 | ||
North Carolina ALF Portfolio [Member] | |||
Business Acquisitions [Line Items] | |||
Business combination, contingent consideration, liability | 4,067 | ||
Stockbridge GA MOB II [Member] | |||
Business Acquisitions [Line Items] | |||
Business combination, contingent consideration, liability | 1,381 | ||
King of Prussia PA MOB [Member] | |||
Business Acquisitions [Line Items] | |||
Business combination, contingent consideration, liability | 400 | ||
Other Liabilities [Member] | Trilogy [Member] | |||
Business Acquisitions [Line Items] | |||
Warrants | $ 1,250 | $ 1,014 |
Business Combinations - Busines
Business Combinations - Business Acquisition Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Two Thousand Sixteen Acquisitions [Member] | |||
Business Acquisitions [Line Items] | |||
Revenue | $ 1,001,599 | $ 193,796 | |
Net income | (170,845) | (154,270) | |
Net income attributable to controlling interest | $ (113,592) | $ (133,299) | |
Net income per common share attributable to controlling interest -basic and diluted (USD per share) | $ (0.58) | $ (0.73) | |
2015 Acquisitions [Member] | |||
Business Acquisitions [Line Items] | |||
Revenue | $ 918,450 | $ 888,332 | |
Net income | (41,824) | (227,678) | |
Net income attributable to controlling interest | $ (46,311) | $ (225,835) | |
Net income per common share attributable to controlling interest -basic and diluted (USD per share) | $ (0.15) | $ (1.73) |
Segment Reporting - Summary Inf
Segment Reporting - Summary Information for Reportable Segments (Details) $ in Thousands | Dec. 31, 2016segment | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Segment Reporting Information [Line Items] | |||||||||||||
Number of reportable segments | segment | 6 | ||||||||||||
Revenues: | |||||||||||||
Resident fees and services | $ 872,405 | $ 96,079 | $ 0 | ||||||||||
Real estate revenue | 117,166 | 64,397 | 3,481 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 765,139 | 81,455 | 0 | ||||||||||
Cost of Real Estate Revenue | 29,394 | 18,875 | 899 | ||||||||||
Segment net operating income | 195,038 | 60,146 | 2,582 | ||||||||||
Expenses: | |||||||||||||
General and administrative | 28,951 | 16,544 | 1,238 | ||||||||||
Acquisition related expenses | 28,589 | 74,170 | 8,199 | ||||||||||
Depreciation and amortization | 271,307 | 75,714 | 1,510 | ||||||||||
Loss from operations | $ (24,098) | $ (40,515) | $ (36,767) | $ (32,429) | $ (70,797) | $ (15,178) | $ (12,582) | $ (7,725) | (133,809) | (106,282) | (8,365) | ||
Other income (expense): | |||||||||||||
Interest expense (including amortization of deferred financing costs and debt premium) | (45,665) | (5,619) | (258) | ||||||||||
Gain in fair value of derivative financial instruments | 1,968 | 0 | 0 | ||||||||||
Foreign currency loss | (8,755) | (3,199) | 0 | ||||||||||
Interest and other income | 1,085 | 839 | 25 | ||||||||||
Loss from unconsolidated entities | (18,377) | (590) | 0 | ||||||||||
Loss before income taxes | (203,553) | (114,851) | (8,598) | ||||||||||
Income tax expense | (170) | 2 | 884 | (1,059) | 140 | (330) | 0 | 0 | (343) | (190) | 0 | ||
Net loss | $ (48,559) | $ (56,366) | $ (51,909) | $ (47,062) | $ (76,159) | $ (17,941) | $ (12,843) | $ (8,098) | (203,896) | (115,041) | (8,598) | ||
Revenue, Net | 989,571 | 160,476 | 3,481 | ||||||||||
Medical Office Building [Member] | |||||||||||||
Revenues: | |||||||||||||
Resident fees and services | 0 | 0 | |||||||||||
Real estate revenue | 73,252 | 49,804 | 2,117 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 0 | 0 | |||||||||||
Cost of Real Estate Revenue | 26,863 | 16,806 | 700 | ||||||||||
Segment net operating income | 46,389 | 32,998 | 1,417 | ||||||||||
Other income (expense): | |||||||||||||
Revenue, Net | 73,252 | 49,804 | |||||||||||
Skilled Nursing Facilities [Member] | |||||||||||||
Revenues: | |||||||||||||
Resident fees and services | 0 | 0 | |||||||||||
Real estate revenue | 8,686 | 808 | 0 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 0 | 0 | |||||||||||
Cost of Real Estate Revenue | 758 | 53 | 0 | ||||||||||
Segment net operating income | 7,928 | 755 | 0 | ||||||||||
Other income (expense): | |||||||||||||
Revenue, Net | 8,686 | 808 | |||||||||||
Hospitals [Member] | |||||||||||||
Revenues: | |||||||||||||
Resident fees and services | 0 | 0 | |||||||||||
Real estate revenue | 16,711 | 5,297 | 921 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 0 | 0 | |||||||||||
Cost of Real Estate Revenue | 1,235 | 1,625 | 120 | ||||||||||
Segment net operating income | 15,476 | 3,672 | 801 | ||||||||||
Other income (expense): | |||||||||||||
Revenue, Net | 16,711 | 5,297 | |||||||||||
Senior Housing [Member] | |||||||||||||
Revenues: | |||||||||||||
Resident fees and services | 0 | 0 | |||||||||||
Real estate revenue | 18,517 | 8,488 | 443 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 0 | 0 | |||||||||||
Cost of Real Estate Revenue | 538 | 391 | 79 | ||||||||||
Segment net operating income | 17,979 | 8,097 | 364 | ||||||||||
Other income (expense): | |||||||||||||
Revenue, Net | 18,517 | 8,488 | |||||||||||
Senior Housing-RIDEA [Member] | |||||||||||||
Revenues: | |||||||||||||
Resident fees and services | 62,371 | 29,964 | |||||||||||
Real estate revenue | 0 | 0 | 0 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 42,346 | 20,820 | |||||||||||
Cost of Real Estate Revenue | 0 | 0 | 0 | ||||||||||
Segment net operating income | 20,025 | 9,144 | 0 | ||||||||||
Other income (expense): | |||||||||||||
Revenue, Net | 62,371 | 29,964 | |||||||||||
Integrated Senior Health Campuses [Member] | |||||||||||||
Revenues: | |||||||||||||
Resident fees and services | 810,034 | 66,115 | |||||||||||
Real estate revenue | 0 | 0 | 0 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 722,793 | 60,635 | |||||||||||
Cost of Real Estate Revenue | 0 | 0 | $ 0 | ||||||||||
Segment net operating income | $ 0 | 87,241 | 5,480 | ||||||||||
Other income (expense): | |||||||||||||
Revenue, Net | $ 810,034 | $ 66,115 |
Segment Reporting - Assets by R
Segment Reporting - Assets by Reportable Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Assets | $ 2,794,518 | $ 2,525,019 |
Goodwill | 75,265 | 62,911 |
Integrated Senior Health Campuses [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,330,597 | 1,258,308 |
Medical Office Building [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 699,381 | 577,399 |
Senior Housing-RIDEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 286,058 | 290,184 |
Senior Housing [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 212,314 | 225,574 |
Hospitals [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 127,258 | 127,372 |
Skilled Nursing Facilities [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 129,984 | 39,945 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 8,926 | $ 6,237 |
Segment Reporting - Segment In
Segment Reporting - Segment Information by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue, Net | $ 989,571 | $ 160,476 | $ 3,481 | ||||||||
Real estate revenue | 117,166 | 64,397 | 3,481 | ||||||||
Revenues | $ 250,815 | $ 248,930 | $ 241,321 | $ 248,505 | $ 100,549 | $ 29,280 | $ 17,884 | $ 12,763 | |||
Real estate investments, net | 2,138,981 | 1,678,398 | 2,138,981 | 1,678,398 | |||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, Net | 985,069 | ||||||||||
Revenues | 159,673 | 3,481 | |||||||||
Real estate investments, net | 2,089,247 | 1,638,074 | 2,089,247 | 1,638,074 | |||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, Net | 4,502 | 803 | |||||||||
Revenues | $ 0 | ||||||||||
Real estate investments, net | $ 49,734 | $ 40,324 | $ 49,734 | $ 40,324 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) | Dec. 31, 2016segmentStatetenant |
Segment Reporting Information [Line Items] | |
Number of states that generated at least 10% of annualized base rent | State | 1 |
Minimum percent share of each state annualized base rent that company owned | 10.00% |
Number of reportable segments | segment | 6 |
Number of tenants with more than ten percent of annual base rent | tenant | 0 |
Minimum percent share of annualized base rent accounted by tenants | 10.00% |
Medical Office Building [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of annual base rent | 30.00% |
Senior Housing-RIDEA [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of annual base rent | 10.50% |
Hospitals [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of annual base rent | 4.10% |
Skilled Nursing Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of annual base rent | 5.80% |
Senior Housing [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of annual base rent | 5.80% |
Integrated Senior Health Campuses [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of annual base rent | 43.80% |
Indiana [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of annual base rent | 35.00% |
Per Share Data (Detail)
Per Share Data (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Participating securities, distributed and undistributed earnings (loss), basic | $ 18,000 | $ 10,000 | $ 2,000 |
Restricted Common Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 39,000 | 21,000 | |
Redeemable Limited Partnership Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 222 | 222 | 222 |
Selected Quarterly Financial102
Selected Quarterly Financial Data (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 250,815 | $ 248,930 | $ 241,321 | $ 248,505 | $ 100,549 | $ 29,280 | $ 17,884 | $ 12,763 | |||
Expenses | (274,913) | (289,445) | (278,088) | (280,934) | (171,346) | (44,458) | (30,466) | (20,488) | $ (1,123,380) | $ (266,758) | $ (11,846) |
Loss from operations | (24,098) | (40,515) | (36,767) | (32,429) | (70,797) | (15,178) | (12,582) | (7,725) | (133,809) | (106,282) | (8,365) |
Other expense | (24,291) | (15,853) | (16,026) | (13,574) | (5,502) | (2,433) | (261) | (373) | |||
Income tax (expense) benefit | (170) | 2 | 884 | (1,059) | 140 | (330) | 0 | 0 | (343) | (190) | 0 |
Net loss | (48,559) | (56,366) | (51,909) | (47,062) | (76,159) | (17,941) | (12,843) | (8,098) | (203,896) | (115,041) | (8,598) |
Less: net loss attributable to noncontrolling interests | 18,617 | 13,921 | 12,529 | 12,795 | 11,204 | 2,504 | 0 | 0 | 57,862 | 13,708 | 0 |
Net loss attributable to controlling interest | $ (29,942) | $ (42,445) | $ (39,380) | $ (34,267) | $ (64,955) | $ (15,437) | $ (12,843) | $ (8,098) | $ (146,034) | $ (101,333) | $ (8,598) |
Net loss per common share attributable to controlling interest — basic and diluted | $ (0.15) | $ (0.22) | $ (0.20) | $ (0.18) | $ (0.35) | $ (0.08) | $ (0.07) | $ (0.05) | $ (0.75) | $ (0.55) | $ (0.66) |
Weighted average number of common shares outstanding — basic and diluted | 195,806,001.43 | 195,027,512 | 193,698,615 | 192,240,851 | 190,629,929 | 189,099,028 | 187,460,097 | 165,407,740 | 194,199,931 | 183,234,601 | 13,052,785 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | Dec. 01, 2015USD ($) | Mar. 15, 2017USD ($)BuildingCampus | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)Building | Dec. 31, 2015USD ($) | Dec. 31, 2014 | Dec. 31, 2016USD ($)BuildingCampus | |
Subsequent Events [Line Items] | ||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | 2.25% | 2.00% | 2.00% | ||||
Borrowing outstanding | [1] | $ 350,000 | $ 649,317 | $ 350,000 | $ 649,317 | |||
Number of buildings acquired from unaffiliated parties | Building | 97 | |||||||
Contract purchase price | $ 498,656 | $ 2,767,881 | ||||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 104 | |||||||
North Carolina ALF Portfolio [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Number of buildings acquired from unaffiliated parties | Building | 4 | |||||||
Contract purchase price | 68,856 | |||||||
Acquisition fees | 1,549 | |||||||
Trilogy [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Contract purchase price | $ 1,125,000 | 1,125,000 | ||||||
Acquisition fees | $ 17,108 | |||||||
Ownership percentage, properties | 67.59% | 67.67% | ||||||
Subsequent Event [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||||||
Number of buildings acquired from unaffiliated parties | Building | 1 | |||||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 6 | |||||||
Subsequent Event [Member] | North Carolina ALF Portfolio - Huntersville [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Contract purchase price | $ 15,000 | |||||||
Acquisition fees | $ 338 | |||||||
Subsequent Event [Member] | Trilogy [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Ownership percentage, properties | 67.67% | |||||||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2016 and 2015 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP, a variable interest entity and consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP do not have recourse against Griffin-American Healthcare REIT III, Inc., except for the 2016 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $391,000,000 as of December 31, 2016 and the 2014 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $77,000,000 as of December 31, 2015, which are both guaranteed by Griffin-American Healthcare REIT III, Inc. |
Subsequent Events - Summary of
Subsequent Events - Summary of Acquisitions of Properties (Detail) - USD ($) $ in Thousands | 2 Months Ended | 11 Months Ended | 12 Months Ended | 48 Months Ended | ||
Mar. 15, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Schedule Of Summary Of Acquisitions Of Properties [Line Items] | ||||||
Ownership percentage, excluding joint venture, properties | 100.00% | 100.00% | 100.00% | |||
Contract purchase price | $ 498,656 | $ 2,767,881 | ||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | 2.25% | 2.00% | 2.00% | ||
Lakeview IN Medical Plaza [Member] | ||||||
Schedule Of Summary Of Acquisitions Of Properties [Line Items] | ||||||
Type of property acquired | Medical Office | |||||
Date of acquisition of property | Jan. 21, 2016 | |||||
Contract purchase price | $ 20,000 | |||||
Mortgage loans payable related to acquisition of properties | 15,000 | |||||
Lines of credit | 3,500 | |||||
Acquisition fees | $ 387 | |||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||||
Pennsylvania Senior Housing Portfolio [Member] | ||||||
Schedule Of Summary Of Acquisitions Of Properties [Line Items] | ||||||
Type of property acquired | Senior Housing — RIDEA | |||||
Date of acquisition of property | Jun. 30, 2015 | |||||
Contract purchase price | $ 87,500 | |||||
Mortgage loans payable related to acquisition of properties | 12,098 | |||||
Lines of credit | 0 | |||||
Acquisition fees | $ 1,969 | |||||
Snellville GA MOB [Member] | ||||||
Schedule Of Summary Of Acquisitions Of Properties [Line Items] | ||||||
Type of property acquired | Medical Office | |||||
Date of acquisition of property | Feb. 5, 2016 | |||||
Contract purchase price | $ 8,300 | |||||
Mortgage loans payable related to acquisition of properties | 0 | |||||
Lines of credit | 8,300 | |||||
Acquisition fees | $ 187 | |||||
Lakebrook Medical Center [Member] | ||||||
Schedule Of Summary Of Acquisitions Of Properties [Line Items] | ||||||
Type of property acquired | Medical Office | |||||
Date of acquisition of property | Feb. 19, 2016 | |||||
Contract purchase price | $ 6,150 | |||||
Mortgage loans payable related to acquisition of properties | 0 | |||||
Lines of credit | 0 | |||||
Acquisition fees | $ 138 | |||||
Stockbridge GA MOB III [Member] | ||||||
Schedule Of Summary Of Acquisitions Of Properties [Line Items] | ||||||
Type of property acquired | Medical Office | |||||
Date of acquisition of property | Mar. 29, 2016 | |||||
Contract purchase price | $ 10,300 | |||||
Mortgage loans payable related to acquisition of properties | 0 | |||||
Lines of credit | 9,750 | |||||
Acquisition fees | $ 232 | |||||
Subsequent Event [Member] | ||||||
Schedule Of Summary Of Acquisitions Of Properties [Line Items] | ||||||
Ownership percentage, excluding joint venture, properties | 100.00% | |||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||||
Subsequent Event [Member] | North Carolina ALF Portfolio - Huntersville [Member] | ||||||
Schedule Of Summary Of Acquisitions Of Properties [Line Items] | ||||||
Type of property acquired | Senior Housing | |||||
Date of acquisition of property | Jan. 18, 2017 | |||||
Contract purchase price | $ 15,000 | |||||
Lines of credit | 14,000 | |||||
Acquisition fees | $ 338 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events - Summary of Acquisitions of Previously Leased Real Estate Investments (Details) - USD ($) | 2 Months Ended | 12 Months Ended | 48 Months Ended |
Mar. 15, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | |
Subsequent Events [Line Items] | |||
Contract purchase price | $ 498,656,000 | $ 2,767,881,000 | |
Boonville, Columbus and Hanover, IN; Lexington WH, KY; Monclova and Willard, OH [Member] | Two Thousand Seventeen Acquisitions, Previously Leased [Member] [Member] | Subsequent Event [Member] | |||
Subsequent Events [Line Items] | |||
Date Of Acquisition Of Property | Feb. 1, 2017 | ||
Contract purchase price | $ 72,200,000 | ||
Lines of credit | 61,700,000 | ||
Acquisition fees | $ 1,099,000 |
Schedule III Real Estate and106
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 517,057,000 | |||
Initial Cost to Company, Land | 169,348,000 | |||
Initial Cost to Company, Building and Improvments | 1,993,528,000 | |||
Cost Capitalized Subsequent to Acquisition | 70,880,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 167,329,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,066,427,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,233,756,000 | $ 1,704,998,000 | $ 250,153,000 | $ 0 |
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (94,775,000) | $ (26,600,000) | $ (1,124,000) | $ 0 |
Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 517,057,000 | |||
Initial Cost to Company, Land | 169,348,000 | |||
Initial Cost to Company, Building and Improvments | 1,922,439,000 | |||
Cost Capitalized Subsequent to Acquisition | 42,913,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 167,034,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 1,967,666,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,134,700,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (79,769,000) | |||
Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 71,089,000 | |||
Cost Capitalized Subsequent to Acquisition | 27,967,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 295,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 98,761,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 99,056,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (15,006,000) | |||
DeKalb Professional Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 479,000 | |||
Initial Cost to Company, Building and Improvments | 2,871,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 479,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,871,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,350,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (348,000) | |||
Country Club MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 240,000 | |||
Initial Cost to Company, Building and Improvments | 2,306,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 240,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,307,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,547,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (230,000) | |||
Acworth Medical Complex [Member] | Acworth, GA One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 216,000 | |||
Initial Cost to Company, Building and Improvments | 3,135,000 | |||
Cost Capitalized Subsequent to Acquisition | 7,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 216,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,142,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,358,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (268,000) | |||
Acworth Medical Complex [Member] | Acworth, GA Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 250,000 | |||
Initial Cost to Company, Building and Improvments | 2,214,000 | |||
Cost Capitalized Subsequent to Acquisition | 6,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 250,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,220,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,470,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (218,000) | |||
Acworth Medical Complex [Member] | Acworth, GA Three [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 104,000 | |||
Initial Cost to Company, Building and Improvments | 774,000 | |||
Cost Capitalized Subsequent to Acquisition | 3,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 104,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 777,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 881,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (79,000) | |||
Wichita KS MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 943,000 | |||
Initial Cost to Company, Building and Improvments | 6,288,000 | |||
Cost Capitalized Subsequent to Acquisition | 116,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 943,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,404,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,347,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (598,000) | |||
Delta Valley ALF Portfolio [Member] | Batesville, MS [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 331,000 | |||
Initial Cost to Company, Building and Improvments | 5,103,000 | |||
Cost Capitalized Subsequent to Acquisition | (1,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 331,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,102,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,433,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (404,000) | |||
Delta Valley ALF Portfolio [Member] | Cleveland, MS [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 348,000 | |||
Initial Cost to Company, Building and Improvments | 6,369,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 348,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,369,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,717,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (551,000) | |||
Delta Valley ALF Portfolio [Member] | Springdale, AR [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 891,000 | |||
Initial Cost to Company, Building and Improvments | 6,538,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 891,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,538,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,429,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (530,000) | |||
Lee's Summit MO MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,045,000 | |||
Initial Cost to Company, Building and Improvments | 5,068,000 | |||
Cost Capitalized Subsequent to Acquisition | 75,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,045,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,143,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,188,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (691,000) | |||
Carolina Commons MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,822,000 | |||
Initial Cost to Company, Land | 1,028,000 | |||
Initial Cost to Company, Building and Improvments | 9,430,000 | |||
Cost Capitalized Subsequent to Acquisition | (32,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 1,028,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,398,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,426,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (916,000) | |||
Mount Olympia MOB Portflio [Member] | Olympia Fields, IL [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 298,000 | |||
Initial Cost to Company, Building and Improvments | 2,726,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 298,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,726,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,024,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (203,000) | |||
Mount Olympia MOB Portflio [Member] | Columbus, OH [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 225,000 | |||
Initial Cost to Company, Building and Improvments | 5,649,000 | |||
Cost Capitalized Subsequent to Acquisition | 41,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 225,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,690,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,915,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (408,000) | |||
Mount Olympia MOB Portflio [Member] | Mount Dora, FL [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 393,000 | |||
Initial Cost to Company, Building and Improvments | 5,633,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 393,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,633,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,026,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (362,000) | |||
Southlake TX Hospital [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 5,089,000 | |||
Initial Cost to Company, Building and Improvments | 108,517,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 5,089,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 108,517,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 113,606,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (6,057,000) | |||
East Texas MOB Portfolio [Member] | Longview, TX One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 19,942,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 19,942,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 19,942,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,378,000) | |||
East Texas MOB Portfolio [Member] | Longview, TX Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 228,000 | |||
Initial Cost to Company, Building and Improvments | 965,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 228,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 965,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 1,193,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (120,000) | |||
East Texas MOB Portfolio [Member] | Longview, TX Three [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 759,000 | |||
Initial Cost to Company, Building and Improvments | 1,696,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 759,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 1,696,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,455,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (208,000) | |||
East Texas MOB Portfolio [Member] | Longview, TX Four [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 8,027,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,027,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,027,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (571,000) | |||
East Texas MOB Portfolio [Member] | Marshall, TX [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 368,000 | |||
Initial Cost to Company, Building and Improvments | 1,711,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 368,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 1,711,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,079,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (243,000) | |||
East Texas MOB Portfolio [Member] | Longview, TX Five [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 696,000 | |||
Cost Capitalized Subsequent to Acquisition | 29,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 725,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 725,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (82,000) | |||
East Texas MOB Portfolio [Member] | Longview, TX Six [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 27,601,000 | |||
Cost Capitalized Subsequent to Acquisition | 385,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 27,986,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 27,986,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,148,000) | |||
Premier MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,625,000 | |||
Initial Cost to Company, Land | 644,000 | |||
Initial Cost to Company, Building and Improvments | 10,420,000 | |||
Cost Capitalized Subsequent to Acquisition | 240,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 644,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,660,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,304,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (689,000) | |||
Independence MOB Portfolio [Member] | Southgate, KY [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 411,000 | |||
Initial Cost to Company, Building and Improvments | 11,005,000 | |||
Cost Capitalized Subsequent to Acquisition | 103,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 411,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,108,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,519,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (711,000) | |||
Independence MOB Portfolio [Member] | Somerville, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,509,000 | |||
Initial Cost to Company, Building and Improvments | 46,775,000 | |||
Cost Capitalized Subsequent to Acquisition | 117,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,509,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 46,892,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 48,401,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,573,000) | |||
Independence MOB Portfolio [Member] | Morristown, NJ [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 3,763,000 | |||
Initial Cost to Company, Building and Improvments | 26,957,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,000,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 3,763,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 27,957,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 31,720,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,173,000) | |||
Independence MOB Portfolio [Member] | Verona, NJ [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,683,000 | |||
Initial Cost to Company, Building and Improvments | 9,405,000 | |||
Cost Capitalized Subsequent to Acquisition | 116,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,683,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,521,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,204,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (702,000) | |||
Independence MOB Portfolio [Member] | Bronx, NY [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 19,593,000 | |||
Cost Capitalized Subsequent to Acquisition | 79,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 19,672,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 19,672,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,229,000) | |||
King of Prussia PA MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,617,000 | |||
Initial Cost to Company, Land | 3,427,000 | |||
Initial Cost to Company, Building and Improvments | 13,849,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,496,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 3,427,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,345,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 18,772,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,117,000) | |||
North Carolina ALF Portfolio [Member] | Clemmons, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 596,000 | |||
Initial Cost to Company, Building and Improvments | 13,237,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 596,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,237,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,833,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (649,000) | |||
North Carolina ALF Portfolio [Member] | Mooresville, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 835,000 | |||
Initial Cost to Company, Building and Improvments | 15,894,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 835,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,894,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 16,729,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (936,000) | |||
North Carolina ALF Portfolio [Member] | Raleigh, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,069,000 | |||
Initial Cost to Company, Building and Improvments | 21,235,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,069,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 21,235,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 22,304,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,170,000) | |||
North Carolina ALF Portfolio [Member] | Wake Forest, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 772,000 | |||
Initial Cost to Company, Building and Improvments | 13,596,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 772,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,596,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,368,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (634,000) | |||
Orange Star Medical Portfolio [Member] | Keller, TX [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,604,000 | |||
Initial Cost to Company, Building and Improvments | 7,912,000 | |||
Cost Capitalized Subsequent to Acquisition | 6,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,604,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,918,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,522,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (497,000) | |||
Orange Star Medical Portfolio [Member] | Wharton, TX [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 259,000 | |||
Initial Cost to Company, Building and Improvments | 10,590,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 259,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,590,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,849,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (609,000) | |||
Orange Star Medical Portfolio [Member] | Friendswood, TX [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 500,000 | |||
Initial Cost to Company, Building and Improvments | 7,664,000 | |||
Cost Capitalized Subsequent to Acquisition | 16,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 500,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,680,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,180,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (452,000) | |||
Orange Star Medical Portfolio [Member] | Durango, CO One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 623,000 | |||
Initial Cost to Company, Building and Improvments | 14,166,000 | |||
Cost Capitalized Subsequent to Acquisition | 50,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 623,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,216,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,839,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (742,000) | |||
Orange Star Medical Portfolio [Member] | Durango, CO Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 788,000 | |||
Initial Cost to Company, Building and Improvments | 10,467,000 | |||
Cost Capitalized Subsequent to Acquisition | 125,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 788,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,592,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,380,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (631,000) | |||
Kingwood MOB Portfolio [Member] | Kingwood, TX One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 820,000 | |||
Initial Cost to Company, Building and Improvments | 8,589,000 | |||
Cost Capitalized Subsequent to Acquisition | 37,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 820,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,626,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,446,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (520,000) | |||
Kingwood MOB Portfolio [Member] | Kingwood, TX Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 781,000 | |||
Initial Cost to Company, Building and Improvments | 3,943,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 781,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,943,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,724,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (254,000) | |||
Mt. Juliet TN MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,188,000 | |||
Initial Cost to Company, Building and Improvments | 10,720,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,188,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,720,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,908,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (644,000) | |||
Homewood AL MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 405,000 | |||
Initial Cost to Company, Building and Improvments | 6,590,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 405,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,590,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,995,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (429,000) | |||
Paoli PA Medical Plaza [Member] | Paoli, PA One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,575,000 | |||
Initial Cost to Company, Land | 2,313,000 | |||
Initial Cost to Company, Building and Improvments | 12,447,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,136,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,313,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,583,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,896,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (799,000) | |||
Paoli PA Medical Plaza [Member] | Paoli, PA Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,668,000 | |||
Initial Cost to Company, Building and Improvments | 7,357,000 | |||
Cost Capitalized Subsequent to Acquisition | 209,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,668,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,566,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,234,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (496,000) | |||
Glen Burnie MD MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,692,000 | |||
Initial Cost to Company, Building and Improvments | 14,095,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,226,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,692,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,321,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 18,013,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (867,000) | |||
Marietta GA MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,347,000 | |||
Initial Cost to Company, Building and Improvments | 10,947,000 | |||
Cost Capitalized Subsequent to Acquisition | 21,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,347,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,968,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,315,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (568,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | Elkhart, IN One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 793,000 | |||
Initial Cost to Company, Building and Improvments | 6,009,000 | |||
Cost Capitalized Subsequent to Acquisition | 42,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 793,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,051,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,844,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (434,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | Elkhart, IN Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 782,000 | |||
Initial Cost to Company, Building and Improvments | 6,760,000 | |||
Cost Capitalized Subsequent to Acquisition | 74,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 782,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,834,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,616,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (548,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | Hobart, IN [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 604,000 | |||
Initial Cost to Company, Building and Improvments | 11,529,000 | |||
Cost Capitalized Subsequent to Acquisition | (295,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 604,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,234,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,838,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (608,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | LaPorte, IN [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 392,000 | |||
Initial Cost to Company, Building and Improvments | 14,894,000 | |||
Cost Capitalized Subsequent to Acquisition | (25,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 392,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,869,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,261,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (817,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | Mishawaka, IN [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,033,000 | |||
Initial Cost to Company, Land | 3,670,000 | |||
Initial Cost to Company, Building and Improvments | 14,416,000 | |||
Cost Capitalized Subsequent to Acquisition | 114,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 3,670,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,530,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 18,200,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (754,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | Niles, MI [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 404,000 | |||
Initial Cost to Company, Building and Improvments | 5,050,000 | |||
Cost Capitalized Subsequent to Acquisition | 72,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 404,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,122,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,526,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (441,000) | |||
Mount Dora FL MOB II [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 736,000 | |||
Initial Cost to Company, Building and Improvments | 14,616,000 | |||
Cost Capitalized Subsequent to Acquisition | (74,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 736,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,542,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,278,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (876,000) | |||
Nebraska Senior Housing Portfolio [Member] | Bennington, NE [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 981,000 | |||
Initial Cost to Company, Building and Improvments | 20,427,000 | |||
Cost Capitalized Subsequent to Acquisition | 59,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 981,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 20,486,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 21,467,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,033,000) | |||
Nebraska Senior Housing Portfolio [Member] | Omaha, NE [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,274,000 | |||
Initial Cost to Company, Building and Improvments | 38,619,000 | |||
Cost Capitalized Subsequent to Acquisition | 62,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,274,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 38,681,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 39,955,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,764,000) | |||
Pennsylvania Senior Housing Portfolio [Member] | Bethlehem, PA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,790,000 | |||
Initial Cost to Company, Land | 1,542,000 | |||
Initial Cost to Company, Building and Improvments | 22,249,000 | |||
Cost Capitalized Subsequent to Acquisition | 104,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,542,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 22,353,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 23,895,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,154,000) | |||
Pennsylvania Senior Housing Portfolio [Member] | Boyertown, PA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 480,000 | |||
Initial Cost to Company, Building and Improvments | 25,544,000 | |||
Cost Capitalized Subsequent to Acquisition | (71,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 480,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 25,473,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 25,953,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,097,000) | |||
Pennsylvania Senior Housing Portfolio [Member] | York, PA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 972,000 | |||
Initial Cost to Company, Building and Improvments | 29,860,000 | |||
Cost Capitalized Subsequent to Acquisition | (110,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 972,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 29,750,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 30,722,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,283,000) | |||
Southern Illinois MOB Portfolio [Member] | Waterloo, IL One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 94,000 | |||
Initial Cost to Company, Building and Improvments | 1,977,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 94,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 1,977,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,071,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (105,000) | |||
Southern Illinois MOB Portfolio [Member] | Waterloo, IL Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 266,000 | |||
Initial Cost to Company, Building and Improvments | 6,332,000 | |||
Cost Capitalized Subsequent to Acquisition | (34,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 266,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,298,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,564,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (366,000) | |||
Southern Illinois MOB Portfolio [Member] | Waterloo, IL Three [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 200,000 | |||
Initial Cost to Company, Building and Improvments | 2,648,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 200,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,648,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,848,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (148,000) | |||
Napa Medical Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,176,000 | |||
Initial Cost to Company, Building and Improvments | 13,328,000 | |||
Cost Capitalized Subsequent to Acquisition | 263,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,176,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,591,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,767,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (876,000) | |||
Chesterfield Corporate Plaza [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 8,030,000 | |||
Initial Cost to Company, Building and Improvments | 24,533,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,634,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 8,030,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 26,167,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 34,197,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,391,000) | |||
Chorus Senior Housing Portfolio [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,720,000 | |||
Initial Cost to Company, Land | 2,146,000 | |||
Initial Cost to Company, Building and Improvments | 56,671,000 | |||
Cost Capitalized Subsequent to Acquisition | (129,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 2,146,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 56,542,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 58,688,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,008,000) | |||
Stockbridge GA MOB II [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 499,000 | |||
Initial Cost to Company, Building and Improvments | 8,353,000 | |||
Cost Capitalized Subsequent to Acquisition | 43,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 499,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,396,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,895,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (357,000) | |||
Marietta GA MOB II [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 661,000 | |||
Initial Cost to Company, Building and Improvments | 4,783,000 | |||
Cost Capitalized Subsequent to Acquisition | 111,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 661,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 4,894,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,555,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (180,000) | |||
Naperville MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 392,000 | |||
Initial Cost to Company, Building and Improvments | 3,765,000 | |||
Cost Capitalized Subsequent to Acquisition | 7,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 392,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,772,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,164,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (204,000) | |||
Naperville MOB II [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 548,000 | |||
Initial Cost to Company, Building and Improvments | 11,815,000 | |||
Cost Capitalized Subsequent to Acquisition | (3,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 548,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,812,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,360,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (431,000) | |||
Lakeview IN Medical Plaza [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,000,000 | |||
Initial Cost to Company, Land | 2,375,000 | |||
Initial Cost to Company, Building and Improvments | 15,911,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,748,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,375,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 17,659,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 20,034,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (771,000) | |||
Pennsylvania Senior Housing Portfolio II [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 835,000 | |||
Initial Cost to Company, Building and Improvments | 24,424,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 835,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 24,424,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 25,259,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,003,000) | |||
Snellville GA MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 332,000 | |||
Initial Cost to Company, Building and Improvments | 7,781,000 | |||
Cost Capitalized Subsequent to Acquisition | 6,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 332,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,787,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,119,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (271,000) | |||
Lakebrook Medical Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 653,000 | |||
Initial Cost to Company, Building and Improvments | 4,855,000 | |||
Cost Capitalized Subsequent to Acquisition | 52,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 653,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 4,907,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,560,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (165,000) | |||
Stockbridge GA MOB III [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 606,000 | |||
Initial Cost to Company, Building and Improvments | 7,924,000 | |||
Cost Capitalized Subsequent to Acquisition | 8,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 606,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,932,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,538,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (233,000) | |||
Joplin MO MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,245,000 | |||
Initial Cost to Company, Building and Improvments | 9,860,000 | |||
Cost Capitalized Subsequent to Acquisition | 11,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,245,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,871,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,116,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (371,000) | |||
Austell GA MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 663,000 | |||
Initial Cost to Company, Building and Improvments | 10,547,000 | |||
Cost Capitalized Subsequent to Acquisition | 5,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 663,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,552,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,215,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (210,000) | |||
Middletown OH MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 17,389,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 17,389,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 17,389,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (279,000) | |||
Fox Grape SNF Portfolio - Braintree, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,875,000 | |||
Initial Cost to Company, Building and Improvments | 10,847,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,845,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,877,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,722,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (155,000) | |||
Fox Grape SNF Portfolio - Brighton, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 758,000 | |||
Initial Cost to Company, Building and Improvments | 2,661,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 779,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,640,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,419,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (42,000) | |||
Fox Grape SNF Portfolio - Duxbury, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,823,000 | |||
Initial Cost to Company, Building and Improvments | 11,244,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,922,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,145,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,067,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (174,000) | |||
Fox Grape SNF Portfolio - Hingham, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,150,000 | |||
Initial Cost to Company, Building and Improvments | 17,390,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,316,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 17,224,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 19,540,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (245,000) | |||
Fox Grape SNF Portfolio - Weymouth, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,818,000 | |||
Initial Cost to Company, Building and Improvments | 5,286,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,857,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,247,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,104,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (84,000) | |||
Fox Grape SNF Portfolio - Quincy, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,045,000 | |||
Initial Cost to Company, Land | 3,537,000 | |||
Initial Cost to Company, Building and Improvments | 13,697,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 3,537,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,697,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 17,234,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (65,000) | |||
Voorhees NJ MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,727,000 | |||
Initial Cost to Company, Building and Improvments | 8,451,000 | |||
Cost Capitalized Subsequent to Acquisition | 17,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,727,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,468,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,195,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (168,000) | |||
Norwich CT MOB Portfolio [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 403,000 | |||
Initial Cost to Company, Building and Improvments | 1,601,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 403,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 1,601,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,004,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | 0 | |||
Norwich CT MOB Portfolio - Norwich, CT [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 804,000 | |||
Initial Cost to Company, Building and Improvments | 12,094,000 | |||
Cost Capitalized Subsequent to Acquisition | 3,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 804,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,097,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,901,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | 0 | |||
Crown Senior Care Portfolio - Castle View [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,128,000 | |||
Initial Cost to Company, Building and Improvments | 6,736,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,128,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,736,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,864,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (269,000) | |||
Crown Senior Care Portfolio - St. Albans [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,138,000 | |||
Initial Cost to Company, Building and Improvments | 11,962,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,138,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,962,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,100,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (431,000) | |||
Crown Senior Care Portfolio - Salisbury [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,209,000 | |||
Initial Cost to Company, Building and Improvments | 11,615,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,209,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,615,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,824,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (382,000) | |||
Crown Senior Care Portfolio - Aberdeen [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,962,000 | |||
Initial Cost to Company, Building and Improvments | 5,850,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,962,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,850,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,812,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (28,000) | |||
Crown Senior Care Portfolio - Felixstowe [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 682,000 | |||
Initial Cost to Company, Building and Improvments | 5,620,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 682,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,621,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,303,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (25,000) | |||
Crown Senior Care Portfolio - Felixstowe 2 [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 515,000 | |||
Initial Cost to Company, Building and Improvments | 2,463,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 515,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,463,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,978,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (12,000) | |||
Washington DC SNF (Skilled Nursing) [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,194,000 | |||
Initial Cost to Company, Building and Improvments | 34,200,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,194,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 34,200,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 35,394,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,529,000) | |||
Owen Valley Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,591,000 | |||
Initial Cost to Company, Land | 307,000 | |||
Initial Cost to Company, Building and Improvments | 9,111,000 | |||
Cost Capitalized Subsequent to Acquisition | 195,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 307,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,306,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,613,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (261,000) | |||
Homewood Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,622,000 | |||
Initial Cost to Company, Land | 973,000 | |||
Initial Cost to Company, Building and Improvments | 9,702,000 | |||
Cost Capitalized Subsequent to Acquisition | 265,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 980,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,960,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,940,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (274,000) | |||
Ashford Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,784,000 | |||
Initial Cost to Company, Land | 664,000 | |||
Initial Cost to Company, Building and Improvments | 12,662,000 | |||
Cost Capitalized Subsequent to Acquisition | 25,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 664,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,687,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,351,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (358,000) | |||
Mill Pond Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,027,000 | |||
Initial Cost to Company, Land | 1,576,000 | |||
Initial Cost to Company, Building and Improvments | 8,124,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,576,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,125,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,701,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (232,000) | |||
St. Andrews Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,064,000 | |||
Initial Cost to Company, Land | 552,000 | |||
Initial Cost to Company, Building and Improvments | 8,213,000 | |||
Cost Capitalized Subsequent to Acquisition | 4,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 552,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,217,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,769,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (234,000) | |||
Hampton Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,130,000 | |||
Initial Cost to Company, Land | 720,000 | |||
Initial Cost to Company, Building and Improvments | 8,145,000 | |||
Cost Capitalized Subsequent to Acquisition | 159,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 777,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,247,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,024,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (240,000) | |||
Forest Park Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,786,000 | |||
Initial Cost to Company, Land | 535,000 | |||
Initial Cost to Company, Building and Improvments | 9,399,000 | |||
Cost Capitalized Subsequent to Acquisition | 259,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 535,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,658,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,193,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (277,000) | |||
The Maples at Waterford Crossing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,372,000 | |||
Initial Cost to Company, Land | 344,000 | |||
Initial Cost to Company, Building and Improvments | 8,027,000 | |||
Cost Capitalized Subsequent to Acquisition | 5,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 347,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,029,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,376,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (230,000) | |||
Morrison Woods Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,697,000 | |||
Initial Cost to Company, Land | 1,526,000 | |||
Initial Cost to Company, Building and Improvments | 10,144,000 | |||
Cost Capitalized Subsequent to Acquisition | 4,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,526,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,148,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,674,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (300,000) | |||
Woodbridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,117,000 | |||
Initial Cost to Company, Land | 228,000 | |||
Initial Cost to Company, Building and Improvments | 11,812,000 | |||
Cost Capitalized Subsequent to Acquisition | 11,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 228,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,823,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,051,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (343,000) | |||
Bridgepointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,798,000 | |||
Initial Cost to Company, Land | 572,000 | |||
Initial Cost to Company, Building and Improvments | 7,469,000 | |||
Cost Capitalized Subsequent to Acquisition | 22,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 572,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,491,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,063,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (214,000) | |||
Greenleaf Living Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,457,000 | |||
Initial Cost to Company, Land | 492,000 | |||
Initial Cost to Company, Building and Improvments | 12,157,000 | |||
Cost Capitalized Subsequent to Acquisition | 113,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 492,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,270,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,762,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (349,000) | |||
Scenic Hills Care Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,119,000 | |||
Initial Cost to Company, Land | 212,000 | |||
Initial Cost to Company, Building and Improvments | 5,702,000 | |||
Cost Capitalized Subsequent to Acquisition | 4,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 212,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,706,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,918,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (170,000) | |||
Forest Glen Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,291,000 | |||
Initial Cost to Company, Land | 846,000 | |||
Initial Cost to Company, Building and Improvments | 12,754,000 | |||
Cost Capitalized Subsequent to Acquisition | 144,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 860,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,884,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,744,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (375,000) | |||
The Meadows of Kalida [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,624,000 | |||
Initial Cost to Company, Land | 298,000 | |||
Initial Cost to Company, Building and Improvments | 7,628,000 | |||
Cost Capitalized Subsequent to Acquisition | 22,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 298,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,650,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,948,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (214,000) | |||
The Heritage [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,558,000 | |||
Initial Cost to Company, Land | 1,312,000 | |||
Initial Cost to Company, Building and Improvments | 13,475,000 | |||
Cost Capitalized Subsequent to Acquisition | 57,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,312,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,532,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,844,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (391,000) | |||
Genoa Retirement Village [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,054,000 | |||
Initial Cost to Company, Land | 881,000 | |||
Initial Cost to Company, Building and Improvments | 8,113,000 | |||
Cost Capitalized Subsequent to Acquisition | 46,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 881,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,159,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,040,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (236,000) | |||
Waterford Crossing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,341,000 | |||
Initial Cost to Company, Land | 344,000 | |||
Initial Cost to Company, Building and Improvments | 4,381,000 | |||
Cost Capitalized Subsequent to Acquisition | 757,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 349,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,133,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,482,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (153,000) | |||
St. Elizabeth Healthcare [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,721,000 | |||
Initial Cost to Company, Land | 522,000 | |||
Initial Cost to Company, Building and Improvments | 5,463,000 | |||
Cost Capitalized Subsequent to Acquisition | 173,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 554,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,604,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,158,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (172,000) | |||
Cumberland Pointe [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,679,000 | |||
Initial Cost to Company, Land | 1,645,000 | |||
Initial Cost to Company, Building and Improvments | 13,696,000 | |||
Cost Capitalized Subsequent to Acquisition | 31,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,645,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,727,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,372,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (413,000) | |||
Franciscan Healthcare Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,976,000 | |||
Initial Cost to Company, Land | 808,000 | |||
Initial Cost to Company, Building and Improvments | 8,439,000 | |||
Cost Capitalized Subsequent to Acquisition | 273,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 808,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,712,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,520,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (260,000) | |||
Blair Ridge [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,413,000 | |||
Initial Cost to Company, Land | 734,000 | |||
Initial Cost to Company, Building and Improvments | 11,648,000 | |||
Cost Capitalized Subsequent to Acquisition | 36,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 734,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,684,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,418,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (376,000) | |||
Glen Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,815,000 | |||
Initial Cost to Company, Land | 384,000 | |||
Initial Cost to Company, Building and Improvments | 8,189,000 | |||
Cost Capitalized Subsequent to Acquisition | 15,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 384,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,204,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,588,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (223,000) | |||
Covered Bridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 386,000 | |||
Initial Cost to Company, Building and Improvments | 9,699,000 | |||
Cost Capitalized Subsequent to Acquisition | 57,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 386,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,756,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,142,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (281,000) | |||
Stonebridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,087,000 | |||
Initial Cost to Company, Building and Improvments | 7,965,000 | |||
Cost Capitalized Subsequent to Acquisition | 25,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,087,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,990,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,077,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (234,000) | |||
River Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 440,000 | |||
Initial Cost to Company, Building and Improvments | 8,953,000 | |||
Cost Capitalized Subsequent to Acquisition | 59,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 440,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,012,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,452,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (256,000) | |||
Spring Mill Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 174,000 | |||
Initial Cost to Company, Building and Improvments | 10,780,000 | |||
Cost Capitalized Subsequent to Acquisition | 88,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 174,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,868,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,042,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (315,000) | |||
Park Terrace at Norton Southwest [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 2,177,000 | |||
Initial Cost to Company, Building and Improvments | 7,626,000 | |||
Cost Capitalized Subsequent to Acquisition | 345,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,177,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,971,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,148,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (233,000) | |||
Cobblestone Crossing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,462,000 | |||
Initial Cost to Company, Building and Improvments | 13,860,000 | |||
Cost Capitalized Subsequent to Acquisition | 5,306,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,462,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 19,166,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 20,628,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (435,000) | |||
Creasy Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 2,111,000 | |||
Initial Cost to Company, Building and Improvments | 14,337,000 | |||
Cost Capitalized Subsequent to Acquisition | 5,372,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,111,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 19,709,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 21,820,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (472,000) | |||
Avalon Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,542,000 | |||
Initial Cost to Company, Building and Improvments | 14,107,000 | |||
Cost Capitalized Subsequent to Acquisition | 51,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,542,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,158,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,700,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (404,000) | |||
Prairie Lakes [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 2,204,000 | |||
Initial Cost to Company, Building and Improvments | 13,227,000 | |||
Cost Capitalized Subsequent to Acquisition | 110,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,204,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,337,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,541,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (383,000) | |||
RidgeWood Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,240,000 | |||
Initial Cost to Company, Building and Improvments | 16,118,000 | |||
Cost Capitalized Subsequent to Acquisition | 7,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,240,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 16,125,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 17,365,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (455,000) | |||
Westport Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,245,000 | |||
Initial Cost to Company, Building and Improvments | 9,946,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,245,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,946,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,191,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (277,000) | |||
Lakeland Rehab & Health Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 306,000 | |||
Initial Cost to Company, Building and Improvments | 2,727,000 | |||
Cost Capitalized Subsequent to Acquisition | 16,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 306,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,743,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,049,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (81,000) | |||
Amber Manor Care Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 446,000 | |||
Initial Cost to Company, Building and Improvments | 6,063,000 | |||
Cost Capitalized Subsequent to Acquisition | 127,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 456,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,180,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,636,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (183,000) | |||
The Meadows of Leipsic [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,242,000 | |||
Initial Cost to Company, Building and Improvments | 6,988,000 | |||
Cost Capitalized Subsequent to Acquisition | 224,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,242,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,212,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,454,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (211,000) | |||
Springview Manor [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 260,000 | |||
Initial Cost to Company, Building and Improvments | 3,968,000 | |||
Cost Capitalized Subsequent to Acquisition | 18,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 260,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,986,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,246,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (117,000) | |||
Willows at Bellevue [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 587,000 | |||
Initial Cost to Company, Building and Improvments | 15,575,000 | |||
Cost Capitalized Subsequent to Acquisition | 13,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 587,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,588,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 16,175,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (436,000) | |||
Briar Hill Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 673,000 | |||
Initial Cost to Company, Building and Improvments | 2,688,000 | |||
Cost Capitalized Subsequent to Acquisition | 21,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 673,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,709,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,382,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (81,000) | |||
Cypress Pointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 921,000 | |||
Initial Cost to Company, Building and Improvments | 10,291,000 | |||
Cost Capitalized Subsequent to Acquisition | 120,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 921,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,411,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,332,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (290,000) | |||
The Oaks at NorthPointe Woods [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 567,000 | |||
Initial Cost to Company, Building and Improvments | 12,716,000 | |||
Cost Capitalized Subsequent to Acquisition | 3,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 567,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,719,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,286,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (360,000) | |||
RidgeCrest Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 642,000 | |||
Initial Cost to Company, Building and Improvments | 6,194,000 | |||
Cost Capitalized Subsequent to Acquisition | 38,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 656,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,218,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,874,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (174,000) | |||
Westlake Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 815,000 | |||
Initial Cost to Company, Building and Improvments | 13,502,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,194,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 815,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,696,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,511,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (384,000) | |||
Springhurst Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 931,000 | |||
Initial Cost to Company, Building and Improvments | 10,614,000 | |||
Cost Capitalized Subsequent to Acquisition | 613,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,043,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,115,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,158,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (329,000) | |||
Glen Ridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,208,000 | |||
Initial Cost to Company, Building and Improvments | 9,771,000 | |||
Cost Capitalized Subsequent to Acquisition | 65,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,257,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,787,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,044,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (265,000) | |||
St. Mary Healthcare [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 348,000 | |||
Initial Cost to Company, Building and Improvments | 2,710,000 | |||
Cost Capitalized Subsequent to Acquisition | 2,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 348,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,712,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,060,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (81,000) | |||
The Oaks at Woodfield [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 897,000 | |||
Initial Cost to Company, Building and Improvments | 12,270,000 | |||
Cost Capitalized Subsequent to Acquisition | 9,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 897,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,279,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,176,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (354,000) | |||
Stonegate Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 538,000 | |||
Initial Cost to Company, Building and Improvments | 13,159,000 | |||
Cost Capitalized Subsequent to Acquisition | 37,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 567,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,167,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,734,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (382,000) | |||
Glen Oaks Senior Living [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 204,000 | |||
Initial Cost to Company, Building and Improvments | 5,470,000 | |||
Cost Capitalized Subsequent to Acquisition | 19,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 204,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,489,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,693,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (159,000) | |||
Highland Oaks Health Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 880,000 | |||
Initial Cost to Company, Building and Improvments | 1,803,000 | |||
Cost Capitalized Subsequent to Acquisition | 7,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 880,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 1,810,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,690,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (57,000) | |||
Valley View Healthcare Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 190,000 | |||
Initial Cost to Company, Building and Improvments | 4,326,000 | |||
Cost Capitalized Subsequent to Acquisition | 177,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 190,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 4,503,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,693,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (128,000) | |||
Richland Manor [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 224,000 | |||
Initial Cost to Company, Building and Improvments | 2,200,000 | |||
Cost Capitalized Subsequent to Acquisition | 9,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 224,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,209,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,433,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (66,000) | |||
Silver Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 4,607,000 | |||
Initial Cost to Company, Building and Improvments | 19,717,000 | |||
Cost Capitalized Subsequent to Acquisition | 423,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,905,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 21,842,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 24,747,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (659,000) | |||
Woodmont Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,565,000 | |||
Initial Cost to Company, Building and Improvments | 8,979,000 | |||
Cost Capitalized Subsequent to Acquisition | 70,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 799,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,815,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,614,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (289,000) | |||
Thornton Terrace Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,496,000 | |||
Initial Cost to Company, Building and Improvments | 8,542,000 | |||
Cost Capitalized Subsequent to Acquisition | 52,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 764,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,326,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,090,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (271,000) | |||
River Terrace Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,912,000 | |||
Initial Cost to Company, Land | 107,000 | |||
Initial Cost to Company, Building and Improvments | 13,378,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,842,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 107,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,220,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,327,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (306,000) | |||
St. Charles Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,544,000 | |||
Initial Cost to Company, Land | 467,000 | |||
Initial Cost to Company, Building and Improvments | 14,532,000 | |||
Cost Capitalized Subsequent to Acquisition | 554,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 467,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,086,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,553,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (247,000) | |||
Bethany Pointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,392,000 | |||
Initial Cost to Company, Land | 2,337,000 | |||
Initial Cost to Company, Building and Improvments | 26,524,000 | |||
Cost Capitalized Subsequent to Acquisition | 479,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,338,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 27,002,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 29,340,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (417,000) | |||
River Pointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,206,000 | |||
Initial Cost to Company, Land | 1,118,000 | |||
Initial Cost to Company, Building and Improvments | 14,736,000 | |||
Cost Capitalized Subsequent to Acquisition | 784,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,118,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,520,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 16,638,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (276,000) | |||
Waterford Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,681,000 | |||
Initial Cost to Company, Land | 1,219,000 | |||
Initial Cost to Company, Building and Improvments | 18,557,000 | |||
Cost Capitalized Subsequent to Acquisition | 685,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,249,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 19,212,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 20,461,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (314,000) | |||
Autumn Woods Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,356,000 | |||
Initial Cost to Company, Land | 1,016,000 | |||
Initial Cost to Company, Building and Improvments | 13,414,000 | |||
Cost Capitalized Subsequent to Acquisition | 951,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,016,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,365,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,381,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (283,000) | |||
Oakwood Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,898,000 | |||
Initial Cost to Company, Land | 783,000 | |||
Initial Cost to Company, Building and Improvments | 11,880,000 | |||
Cost Capitalized Subsequent to Acquisition | 777,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 783,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,657,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,440,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (235,000) | |||
Cedar Ridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,072,000 | |||
Initial Cost to Company, Land | 102,000 | |||
Initial Cost to Company, Building and Improvments | 8,435,000 | |||
Cost Capitalized Subsequent to Acquisition | 550,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 102,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,985,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,087,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (167,000) | |||
The Willows at Harrodsburg [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,040,000 | |||
Initial Cost to Company, Land | 2,400,000 | |||
Initial Cost to Company, Building and Improvments | 0 | |||
Cost Capitalized Subsequent to Acquisition | 232,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,400,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 232,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,632,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,000) | |||
Aspen Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,940,000 | |||
Initial Cost to Company, Land | 980,000 | |||
Initial Cost to Company, Building and Improvments | 10,970,000 | |||
Cost Capitalized Subsequent to Acquisition | 630,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,001,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,579,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,580,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (138,000) | |||
The Willows at Citation [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,139,000 | |||
Initial Cost to Company, Land | 826,000 | |||
Initial Cost to Company, Building and Improvments | 10,017,000 | |||
Cost Capitalized Subsequent to Acquisition | 577,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 844,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,576,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,420,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (123,000) | |||
The WIllows at East Lansing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,795,000 | |||
Initial Cost to Company, Land | 1,449,000 | |||
Initial Cost to Company, Building and Improvments | 15,161,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,190,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,493,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 16,307,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 17,800,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (218,000) | |||
The Willows at Howell [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,450,000 | |||
Initial Cost to Company, Land | 1,051,000 | |||
Initial Cost to Company, Building and Improvments | 12,099,000 | |||
Cost Capitalized Subsequent to Acquisition | 767,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,079,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,838,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,917,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (174,000) | |||
The Willows at Okemos [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,979,000 | |||
Initial Cost to Company, Land | 1,171,000 | |||
Initial Cost to Company, Building and Improvments | 12,326,000 | |||
Cost Capitalized Subsequent to Acquisition | 745,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,196,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,046,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,242,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (201,000) | |||
Shelby Crossing Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,514,000 | |||
Initial Cost to Company, Land | 2,533,000 | |||
Initial Cost to Company, Building and Improvments | 18,440,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,887,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,588,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 20,272,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 22,860,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (312,000) | |||
Village Green Healthcare Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,227,000 | |||
Initial Cost to Company, Land | 355,000 | |||
Initial Cost to Company, Building and Improvments | 9,696,000 | |||
Cost Capitalized Subsequent to Acquisition | 352,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 363,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,040,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,403,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (107,000) | |||
The Oaks at Northpointe [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,322,000 | |||
Initial Cost to Company, Land | 624,000 | |||
Initial Cost to Company, Building and Improvments | 11,665,000 | |||
Cost Capitalized Subsequent to Acquisition | 927,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 638,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,578,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,216,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (169,000) | |||
The Oaks at Berthesda [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,535,000 | |||
Initial Cost to Company, Land | 714,000 | |||
Initial Cost to Company, Building and Improvments | 10,791,000 | |||
Cost Capitalized Subsequent to Acquisition | 604,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 729,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,380,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,109,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (136,000) | |||
White Oak Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,792,000 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 3,176,000 | |||
Cost Capitalized Subsequent to Acquisition | 780,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,956,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,956,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | $ (57,000) |
Schedule III Real Estate and107
Schedule III Real Estate and Accumulated Depreciation (Details 2) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($) | Dec. 31, 2014 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage, excluding joint venture, properties | 100.00% | 100.00% | 100.00% | |
Borrowing outstanding | [1] | $ 649,317 | $ 350,000 | |
Aggregate cost of properties for federal income tax purposes | $ 2,130,647 | |||
Building and Building Improvements [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 39 years | |||
Leasehold Improvements [Member] | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 20 years | |||
Furniture, Fixtures, and Equipment [Member] | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 15 years | |||
Trilogy Propco Line of Credit [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of properties securing line of credit | Property | 27 | |||
Revolving Credit Facility [Member] | Trilogy Propco Line of Credit [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Borrowing outstanding | $ 238,776 | $ 273,000 | ||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2016 and 2015 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP, a variable interest entity and consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP do not have recourse against Griffin-American Healthcare REIT III, Inc., except for the 2016 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $391,000,000 as of December 31, 2016 and the 2014 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $77,000,000 as of December 31, 2015, which are both guaranteed by Griffin-American Healthcare REIT III, Inc. |
Schedule III Real Estate and108
Schedule III Real Estate and Accumulated Depreciation (Changes in Total Real Estate Assets) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | $ 1,704,998 | $ 250,153 | $ 0 |
Acquisitions | 487,114 | 1,449,241 | 250,129 |
Additions | 54,069 | 6,951 | 24 |
Dispositions | (1,420) | (168) | 0 |
Foreign currency translation adjustment | (11,005) | (1,179) | 0 |
Ending balance | $ 2,233,756 | $ 1,704,998 | $ 250,153 |
Schedule III Real Estate and109
Schedule III Real Estate and Accumulated Depreciation (Changes in Accumulated Depreciation) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Beginning balance | $ 26,600 | $ 1,124 | $ 0 |
Additions | 68,708 | 25,650 | 1,124 |
Dispositions | (628) | (167) | 0 |
Foreign currency translation adjustment | (95) | (7) | 0 |
Ending balance | $ 94,775 | $ 26,600 | $ 1,124 |