Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 15, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | gahr3 | ||
Entity Registrant Name | Griffin-American Healthcare REIT III, Inc. | ||
Entity Central Index Key | 0001566912 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 199,067,475 | ||
Entity Public Float | $ 1,855,308 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Real estate investments, net | $ 2,222,681 | $ 2,163,258 | |
Real estate notes receivable and debt security investment, net | 98,655 | 97,988 | |
Cash and cash equivalents | 35,132 | 33,656 | |
Accounts and other receivables, net | 122,918 | 117,188 | |
Restricted cash | 37,573 | 30,487 | |
Real estate deposits | 3,077 | 3,261 | |
Identified intangible assets, net | 179,521 | 180,308 | |
Goodwill | 75,309 | 75,309 | |
Other assets, net | 114,226 | 99,020 | |
Total assets | 2,889,092 | 2,800,475 | |
Liabilities: | |||
Mortgage loans payable, net | [1] | 688,262 | 613,558 |
Lines of credit and term loans | [1] | 738,048 | 624,125 |
Accounts payable and accrued liabilities | [1] | 139,383 | 124,503 |
Accounts payable due to affiliates | [1] | 2,103 | 2,057 |
Identified intangible liabilities, net | 1,051 | 1,568 | |
Financing and capital lease obligations | [1] | 25,947 | 16,193 |
Security deposits, prepaid rent and other liabilities | [1] | 37,418 | 39,461 |
Total liabilities | 1,632,212 | 1,421,465 | |
Commitments and contingencies (Note 11) | |||
Redeemable noncontrolling interests (Note 12) | 38,245 | 32,435 | |
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; 197,557,377 and 199,343,234 shares issued and outstanding as of December 31, 2018 and 2017, respectively | 1,975 | 1,993 | |
Additional paid-in capital | 1,765,840 | 1,785,872 | |
Accumulated deficit | (704,748) | (598,044) | |
Accumulated other comprehensive loss | (2,560) | (1,971) | |
Total stockholders’ equity | 1,060,507 | 1,187,850 | |
Noncontrolling interests (Note 13) | 158,128 | 158,725 | |
Total equity | 1,218,635 | 1,346,575 | |
Total liabilities, redeemable noncontrolling interests and equity | $ 2,889,092 | $ 2,800,475 | |
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2018 and 2017 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT III Holdings, LP is a variable interest entity and a consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries 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 $548,500,000 and $444,000,000 as of December 31, 2018 and 2017, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Lines of credit and term loans | [1] | $ 738,048 | $ 624,125 |
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 | 197,557,377 | 199,343,234 | |
Common stock, shares outstanding | 197,557,377 | 199,343,234 | |
Two Thousand Sixteen Corporate Line Of Credit [Member] | Line of Credit [Member] | |||
Lines of credit and term loans | $ 548,500 | $ 444,000 | |
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2018 and 2017 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT III Holdings, LP is a variable interest entity and a consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries 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 $548,500,000 and $444,000,000 as of December 31, 2018 and 2017, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues [Abstract] | |||
Resident fees and services | $ 1,005,691,000 | $ 927,221,000 | $ 872,405,000 |
Real estate revenue | 129,569,000 | 127,071,000 | 117,166,000 |
Total revenues | 1,135,260,000 | 1,054,292,000 | 989,571,000 |
Expenses: | |||
Property operating expenses | 889,071,000 | 806,439,000 | 765,139,000 |
Rental expenses | 34,823,000 | 33,075,000 | 29,394,000 |
General and administrative | 28,770,000 | 32,587,000 | 28,951,000 |
Acquisition related expenses | (2,913,000) | (3,833,000) | 28,589,000 |
Depreciation and amortization | 95,678,000 | 113,226,000 | 271,307,000 |
Total expenses | 1,045,429,000 | 981,494,000 | 1,123,380,000 |
Other income (expense): | |||
Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishment) | (66,281,000) | (60,872,000) | (45,665,000) |
(Loss) gain in fair value of derivative financial instruments | (1,949,000) | 383,000 | 1,968,000 |
Gain on dispositions of real estate investments | 0 | 3,370,000 | 0 |
Impairment of real estate investments | (2,542,000) | (14,070,000) | 0 |
Loss from unconsolidated entities | (3,877,000) | (5,048,000) | (18,377,000) |
Foreign currency (loss) gain | (2,690,000) | 4,045,000 | (8,755,000) |
Other income | 1,248,000 | 1,517,000 | 1,085,000 |
Income (loss) before income taxes | 13,740,000 | 2,123,000 | (203,553,000) |
Income tax benefit (expense) | 797,000 | 3,227,000 | (343,000) |
Net income (loss) | 14,537,000 | 5,350,000 | (203,896,000) |
Less: net (income) loss attributable to noncontrolling interests | (1,240,000) | 5,872,000 | 57,862,000 |
Net income (loss) attributable to controlling interest | $ 13,297,000 | $ 11,222,000 | $ (146,034,000) |
Net income (loss) per common share attributable to controlling interest — basic and diluted (in USD per share) | $ 0.07 | $ 0.06 | $ (0.75) |
Weighted average number of common shares outstanding — basic and diluted | 199,953,936 | 198,234,677 | 194,199,931 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | $ (589,000) | $ 1,058,000 | $ (2,523,000) |
Total other comprehensive (loss) income | (589,000) | 1,058,000 | (2,523,000) |
Comprehensive income (loss) | 13,948,000 | 6,408,000 | (206,419,000) |
Less: comprehensive (income) loss attributable to noncontrolling interests | (1,240,000) | 5,872,000 | 57,862,000 |
Comprehensive income (loss) attributable to controlling interest | $ 12,708,000 | $ 12,280,000 | $ (148,557,000) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests | |
Beginning balance (shares) at Dec. 31, 2015 | 191,135,158 | |||||||
Beginning balance at Dec. 31, 2015 | $ 1,683,258 | $ 1,492,113 | $ 1,911 | $ 1,718,423 | $ (227,715) | $ (506) | $ 191,145 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Offering costs — common stock | (11) | (11) | (11) | |||||
Issuance of common stock under the DRIP (shares) | 6,861,647 | |||||||
Issuance of common stock under the DRIP | 64,604 | 64,604 | $ 69 | 64,535 | ||||
Issuance of vested and nonvested restricted common stock (shares) | 30,000 | |||||||
Issuance of vested and nonvested restricted common stock | 60 | 60 | 60 | |||||
Amortization of nonvested common stock compensation | 136 | 136 | 136 | |||||
Stock based compensation | 1,329 | 1,329 | ||||||
Repurchase of common stock (shares) | (2,246,766) | |||||||
Repurchase of common stock | (20,941) | (20,941) | $ (23) | (20,918) | ||||
Contributions from noncontrolling interests | 19,753 | 19,753 | ||||||
Distributions to noncontrolling interests | (244) | (244) | ||||||
Reclassification of noncontrolling interests to mezzanine equity | (845) | (845) | ||||||
Fair value adjustment to redeemable noncontrolling interests | (11,521) | (8,065) | (8,065) | (3,456) | ||||
Distributions declared ($0.60 per share) | (116,549) | (116,549) | (116,549) | |||||
Net income (loss) | (197,953) | (146,034) | (146,034) | (51,919) | [1] | |||
Other comprehensive income (loss) | (2,523) | (2,523) | (2,523) | |||||
Ending balance (shares) at Dec. 31, 2016 | 195,780,039 | |||||||
Ending balance at Dec. 31, 2016 | 1,418,553 | 1,262,790 | $ 1,957 | 1,754,160 | (490,298) | (3,029) | 155,763 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Offering costs — common stock | (12) | (12) | (12) | |||||
Issuance of common stock under the DRIP (shares) | 6,960,664 | |||||||
Issuance of common stock under the DRIP | 63,008 | 63,008 | $ 70 | 62,938 | ||||
Issuance of vested and nonvested restricted common stock (shares) | 22,500 | |||||||
Issuance of vested and nonvested restricted common stock | 40 | 40 | 40 | |||||
Amortization of nonvested common stock compensation | 176 | 176 | 176 | |||||
Stock based compensation | 936 | 936 | ||||||
Repurchase of common stock (shares) | (3,419,969) | |||||||
Repurchase of common stock | (30,656) | (30,656) | $ (34) | (30,622) | ||||
Contributions from noncontrolling interests | 11,754 | 11,754 | ||||||
Distributions to noncontrolling interests | (3,466) | (3,466) | ||||||
Reclassification of noncontrolling interests to mezzanine equity | (635) | (635) | ||||||
Fair value adjustment to redeemable noncontrolling interests | (1,155) | (808) | (808) | (347) | ||||
Distributions declared ($0.60 per share) | (118,968) | (118,968) | (118,968) | |||||
Net income (loss) | 5,942 | 11,222 | 11,222 | (5,280) | [1] | |||
Other comprehensive income (loss) | 1,058 | 1,058 | 1,058 | |||||
Ending balance (shares) at Dec. 31, 2017 | 199,343,234 | |||||||
Ending balance at Dec. 31, 2017 | 1,346,575 | 1,187,850 | $ 1,993 | 1,785,872 | (598,044) | (1,971) | 158,725 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Offering costs — common stock | (7) | (7) | (7) | |||||
Issuance of common stock under the DRIP (shares) | 6,464,432 | |||||||
Issuance of common stock under the DRIP | 60,030 | 60,030 | $ 65 | 59,965 | ||||
Issuance of vested and nonvested restricted common stock (shares) | 22,500 | |||||||
Issuance of vested and nonvested restricted common stock | 41 | 41 | 41 | |||||
Amortization of nonvested common stock compensation | 174 | 174 | 174 | |||||
Stock based compensation | 2,898 | 2,898 | ||||||
Repurchase of common stock (shares) | (8,272,789) | |||||||
Repurchase of common stock | (76,577) | (76,577) | $ (83) | (76,494) | ||||
Contributions from noncontrolling interests | 4,470 | 4,470 | ||||||
Distributions to noncontrolling interests | (6,701) | (6,701) | ||||||
Reclassification of noncontrolling interests to mezzanine equity | (780) | (780) | ||||||
Fair value adjustment to redeemable noncontrolling interests | (5,301) | (3,711) | (3,711) | (1,590) | ||||
Distributions declared ($0.60 per share) | (120,001) | (120,001) | (120,001) | |||||
Net income (loss) | 14,403 | 13,297 | 13,297 | 1,106 | [1] | |||
Other comprehensive income (loss) | (589) | (589) | (589) | |||||
Ending balance (shares) at Dec. 31, 2018 | 197,557,377 | |||||||
Ending balance at Dec. 31, 2018 | $ 1,218,635 | $ 1,060,507 | $ 1,975 | $ 1,765,840 | $ (704,748) | $ (2,560) | $ 158,128 | |
[1] | For the years ended December 31, 2018, 2017 and 2016, amounts exclude $134,000, $(592,000) and $(5,943,000), respectively, of net income (loss) attributable to redeemable noncontrolling interests. See Note 12, Redeemable Noncontrolling Interests, for a further discussion. |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Net income (loss) attributable to redeemable noncontrolling interests | $ 134 | $ (592) | $ (5,943) |
Distributions declared (in usd per share) | $ 0.60 | $ 0.60 | $ 0.60 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ 14,537,000 | $ 5,350,000 | $ (203,896,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 95,678,000 | 113,226,000 | 271,307,000 |
Other amortization (deferred financing costs, debt discount/premium, above/below-market leases, leasehold interests and real estate-related investment costs and accretion) | 4,918,000 | 5,737,000 | 4,598,000 |
Deferred rent | (4,841,000) | (5,289,000) | (10,733,000) |
Stock based compensation | 3,026,000 | 986,000 | 1,620,000 |
Stock based compensation — nonvested restricted common stock | 215,000 | 216,000 | 196,000 |
Loss from unconsolidated entities | 3,877,000 | 5,048,000 | 18,377,000 |
Bad debt expense, net | 490,000 | 6,674,000 | 4,105,000 |
Gain on real estate dispositions | 0 | (3,370,000) | 0 |
Foreign currency loss (gain) | 2,658,000 | (4,009,000) | 8,452,000 |
Loss on extinguishment of mortgage loan payable | 0 | 1,432,000 | 0 |
Contingent consideration related to acquisition of real estate | (93,000) | 0 | (9,405,000) |
Change in fair value of contingent consideration | (2,843,000) | (3,885,000) | 13,430,000 |
Change in fair value of derivative financial instruments | 1,949,000 | (383,000) | (1,968,000) |
Impairment of real estate investments | 2,542,000 | 14,070,000 | 0 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables | (7,221,000) | (17,132,000) | (2,244,000) |
Other assets | (17,897,000) | (5,145,000) | (22,918,000) |
Accounts payable and accrued liabilities | 8,188,000 | 18,790,000 | 34,551,000 |
Accounts payable due to affiliates | (26,000) | (151,000) | 813,000 |
Security deposits, prepaid rent and other liabilities | 1,657,000 | (4,062,000) | 8,072,000 |
Net cash provided by operating activities | 106,814,000 | 128,103,000 | 114,357,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisitions of real estate investments | (67,285,000) | (123,088,000) | (299,448,000) |
Proceeds from real estate dispositions | 1,000,000 | 15,993,000 | 0 |
Advances on real estate notes receivable | 0 | 0 | (1,942,000) |
Principal repayments on real estate notes receivable | 1,799,000 | 29,478,000 | 0 |
Loan costs on real estate notes receivable | 0 | 0 | (39,000) |
Lease inducement | 0 | 0 | (5,000,000) |
Investments in unconsolidated entities | (2,050,000) | (2,250,000) | (3,304,000) |
Capital expenditures | (66,907,000) | (43,553,000) | (45,985,000) |
Real estate and other deposits | (2,329,000) | (1,218,000) | 2,968,000 |
Proceeds from insurance settlements | 0 | 87,000 | 63,000 |
Net cash used in investing activities | (135,772,000) | (124,551,000) | (352,687,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Borrowings under mortgage loans payable | 181,594,000 | 230,611,000 | 3,563,000 |
Payments on mortgage loans payable | (10,444,000) | (8,524,000) | (5,769,000) |
Pay-off of mortgage loans payable | (94,449,000) | (100,775,000) | 0 |
Borrowings under the lines of credit and term loans | 273,639,000 | 318,474,000 | 558,769,000 |
Payments on the lines of credit and term loans | (159,716,000) | (343,666,000) | (259,452,000) |
Purchases of derivative financial instruments | (153,000) | 0 | (15,000) |
Deferred financing costs | (4,177,000) | (5,847,000) | (10,979,000) |
Mortgage loan payable extinguishment costs | 0 | (493,000) | 0 |
Contingent consideration related to acquisition of real estate | (1,490,000) | 0 | (945,000) |
Repurchase of common stock | (76,577,000) | (30,656,000) | (20,941,000) |
Repurchase of stock warrants and redeemable noncontrolling interests | (306,000) | (206,000) | 0 |
Payments under financing, capital lease and other obligations | (8,055,000) | (6,631,000) | (7,600,000) |
Contributions from noncontrolling interests | 4,470,000 | 8,304,000 | 19,753,000 |
Distributions to noncontrolling interests | (6,701,000) | (16,000) | (244,000) |
Contributions from redeemable noncontrolling interests | 535,000 | 975,000 | 2,295,000 |
Distributions to redeemable noncontrolling interests | (711,000) | (1,184,000) | (198,000) |
Security deposits and other | 112,000 | 176,000 | 100,000 |
Distributions paid | (59,974,000) | (55,777,000) | (51,681,000) |
Net cash provided by financing activities | 37,597,000 | 4,765,000 | 226,656,000 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 8,639,000 | 8,317,000 | (11,674,000) |
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (77,000) | 149,000 | (140,000) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | 64,143,000 | 55,677,000 | 67,491,000 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | 72,705,000 | 64,143,000 | 55,677,000 |
Cash and cash equivalents at beginning of period | 33,656,000 | 29,123,000 | 48,953,000 |
Restricted cash at beginning of period | 30,487,000 | 26,554,000 | 18,538,000 |
Cash and cash equivalents at end of period | 35,132,000 | 33,656,000 | 29,123,000 |
Restricted cash at end of period | 37,573,000 | 30,487,000 | 26,554,000 |
Cash paid for: | |||
Interest (including interest on capital leases) | 59,365,000 | 52,340,000 | 46,839,000 |
Income taxes | 1,647,000 | 621,000 | 409,000 |
Investing Activities: | |||
Accrued capital expenditures | 12,616,000 | 6,106,000 | 5,104,000 |
Capital expenditures from financing and capital lease obligations | 16,809,000 | 5,009,000 | 0 |
Real estate deposit | 0 | 0 | 2,809,000 |
Settlement of receivable for investment in unconsolidated entities | 0 | 0 | 12,573,000 |
Tenant improvement overage | 1,373,000 | 325,000 | 1,260,000 |
Disposition of real estate investment | 0 | 2,400,000 | 0 |
Principal repayments of real estate notes receivable | 0 | 0 | 24,110,000 |
Properties received in settlement of real estate notes receivable | 0 | 0 | 23,531,000 |
Exercise purchase options — attributable to intangible asset | 0 | 12,290,000 | 56,792,000 |
Reduction of financing and capital lease obligations, net | 0 | 27,483,000 | 0 |
The following represents the increase (decrease) in certain assets and liabilities in connection with our acquisitions and dispositions of real estate investments: | |||
Other receivables | 0 | 3,155,000 | 0 |
Other assets, net | (1,587,000) | 2,450,000 | 345,000 |
Mortgage loans payable, net | 0 | 0 | 205,386,000 |
Accounts payable and accrued liabilities | 58,000 | 2,062,000 | 309,000 |
Security deposits, prepaid rent and other liabilities | 223,000 | 2,323,000 | 9,774,000 |
Financing Activities: | |||
Issuance of common stock under the DRIP | 60,030,000 | 63,008,000 | 64,604,000 |
Equipment acquired through capital lease obligations | 0 | 0 | 5,598,000 |
Distributions declared but not paid | 10,189,000 | 10,192,000 | 10,009,000 |
Reclassification of noncontrolling interests to mezzanine equity | 780,000 | 635,000 | 845,000 |
Accrued deferred financing costs | 96,000 | 2,000 | 0 |
Settlement of mortgage loan payable | 0 | 2,040,000 | 0 |
Contribution from noncontrolling interest | 0 | 3,450,000 | 0 |
Distribution to noncontrolling interest | $ 0 | $ 3,450,000 | $ 0 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
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 may also originate and acquire other 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 offered to the public up to $1,900,000,000 in shares of our common stock. As of April 22, 2015, the deregistration date of our initial offering, 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 our initial distribution reinvestment plan, or the Initial 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 Initial DRIP. 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 to be issued pursuant to the Initial DRIP, or the 2015 DRIP Offering. We commenced offering shares pursuant to the 2015 DRIP Offering following the deregistration of our initial offering. See Note 13, Equity , for a further discussion. We collectively refer to the Initial DRIP portion of our initial offering and the 2015 DRIP Offering as our DRIP Offerings. As of December 31, 2018 , a total of $231,200,000 in distributions were reinvested and 24,871,447 shares of our common stock were issued pursuant to the 2015 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 13, 2019 and expires on February 26, 2020. 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, or collectively, our co-sponsors. American Healthcare Investors is 47.1% owned by AHI Group Holdings, LLC, or AHI Group Holdings, 45.1% indirectly owned by Colony Capital, Inc. (NYSE: CLNY), or Colony Capital, and 7.8% owned by James F. Flaherty III, a former partner of Colony Capital. We are not affiliated with Griffin Capital, Griffin Capital Securities, LLC, the dealer manager for our initial offering, or our dealer manager, Colony Capital 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, 2018 , we owned and/or operated 97 properties, comprising 101 buildings, and 112 integrated senior health campuses including completed development projects, or approximately 13,251,000 square feet of gross leasable area, or GLA, for an aggregate contract purchase price of $2,940,990,000 . In addition, as of December 31, 2018 , we had invested $89,079,000 in real estate-related investments, net of principal repayments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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, 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 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, 2018 and 2017 , we owned greater than a 99.99% general partnership interest therein. As of December 31, 2018 and 2017 , 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, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. Restricted cash primarily comprises lender required accounts for property taxes, tenant improvements, capital improvements and insurance, which are restricted as to use or withdrawal. Revenue Recognition Prior to January 1, 2018, we recognized 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. On January 1, 2018, we adopted ASC Topic 606, Revenue from Contracts with Customers, or ASC Topic 606, applying the modified retrospective method. Results for reporting periods beginning after January 1, 2018 are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The adoption of ASC Topic 606 did not have a material impact on the measurement nor on the recognition of revenue as of January 1, 2018; therefore, no cumulative adjustment has been made to the opening balance of retained earnings at the beginning of 2018. Real estate revenue 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, was recognized as revenue in the period in which the related expenses were incurred. Tenant reimbursements were recognized and presented in accordance with ASC Subtopic 606-10-55-36, Revenue Recognition — Principal Versus Agent Consideration, or ASC Subtopic 606. ASC Subtopic 606 requires that these reimbursements be recorded on a gross basis as we are generally primarily responsible to fulfill the promise to provide specified goods and services. We recognized lease termination fees at such time when there was a signed termination letter agreement, all of the conditions of such agreement have been met and the tenant is no longer occupying the property. On January 1, 2019, we adopted Accounting Standards Update, or ASU, 2016-02, Leases, or ASU 2016-02, and its amendments. For a further discussion of ASU 2016-02 and its amendments, see “Recently Issued or Adopted Accounting Pronouncements” below. Resident fees and services revenue A significant portion of resident fees and services revenue represents healthcare service revenue that is reported at the amount that we expect to be entitled to in exchange for providing patient care. These amounts are due from patients, third-party payors (including health insurers and government programs), other healthcare facilities, and others and includes variable consideration for retroactive revenue adjustments due to settlement of audits, reviews, and investigations. Generally, we bill the patients, third-party payors and other healthcare facilities several days after the services are performed. Revenue is recognized as performance obligations are satisfied. Performance obligations are determined based on the nature of the services provided by us. Revenue for performance obligations satisfied over time is recognized based on actual charges incurred in relation to total expected (or actual) charges. This method provides a depiction of the transfer of services over the term of the performance obligation based on the inputs needed to satisfy the obligation. Generally, performance obligations satisfied over time relate to patients receiving long-term healthcare services, including rehabilitation services. We measure the performance obligation from admission into the facility to the point when we are no longer required to provide services to that patient. Revenue for performance obligations satisfied at a point in time is recognized when goods or services are provided and we do not believe we are required to provide additional goods or services to the patient. Generally, performance obligations satisfied at a point in time relate to sales of our pharmaceuticals business or to sales of ancillary supplies. Because all of its performance obligations relate to contracts with a duration of less than one year, we have elected to apply the optional exemption provided in FASB ASC 606-10-50-14(a) and, therefore, are not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The performance obligations for these contracts are generally completed within months of the end of the reporting period. We determine the transaction price based on standard charges for goods and services provided, reduced, where applicable, by contractual adjustments provided to third-party payors, implicit price concessions provided to uninsured patients, and estimates of goods to be returned. We also determine the estimates of contractual adjustments based on Medicare and Medicaid pricing tables and historical experience. We determine the estimate of implicit price concessions based on the historical collection experience with each class of payor. Agreements with third-party payors typically provide for payments at amounts less than established charges. A summary of the payment arrangements with major third-party payors follows: • Medicare: Certain healthcare services are paid at prospectively determined rates based on cost-reimbursement methodologies subject to certain limits. • Medicaid: Reimbursements for Medicaid services are generally paid at prospectively determined rates. In the state of Indiana, we participate in an Upper Payment Limit program, or IGT, with various county hospital partners, which provides supplemental Medicaid payments to skilled nursing facilities that are licensed to non-state, government-owned entities such as county hospital districts. We have operational responsibility through management agreements for facilities retained by the county hospital districts including this IGT. • Other: Payment agreements with certain commercial insurance carriers, health maintenance organizations and preferred provider organizations provide for payment using prospectively determined rates per discharge, discounts from established charges and prospectively determined periodic rates. Laws and regulations concerning government programs, including Medicare and Medicaid, are complex and subject to varying interpretation. As a result of investigations by governmental agencies, various healthcare organizations have received requests for information and notices regarding alleged noncompliance with those laws and regulations, which, in some instances, have resulted in organizations entering into significant settlement agreements. Compliance with such laws and regulations may also be subject to future government review and interpretation as well as significant regulatory action, including fines, penalties and potential exclusion from the related programs. There can be no assurance that regulatory authorities will not challenge our compliance with these laws and regulations, and it is not possible to determine the impact (if any) such claims or penalties would have upon us. Settlements with third-party payors for retroactive adjustments due to audits, reviews or investigations are considered variable consideration and are included in the determination of the estimated transaction price for providing patient care. These settlements are estimated based on the terms of the payment agreement with the payor, correspondence from the payor and our historical settlement activity, including an assessment to ensure that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the retroactive adjustment is subsequently resolved. Estimated settlements are adjusted in future periods as adjustments become known (that is, new information becomes available), or as years are settled or are no longer subject to such audits, reviews and investigations. Adjustments arising from a change in the transaction price were not significant for the year ended December 31, 2018 . In accordance with the disclosure requirements of the new revenue standard, the impact of the adoption of ASC Topic 606 on our consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2018 was as follows: Year Ended December 31, 2018 As Reported Balances Without Adoption of ASC Topic 606 Effect of Change Lower Resident fees and services $ 1,005,691,000 $ 1,011,300,000 $ (5,609,000 ) Property operating expenses $ 889,071,000 $ 889,135,000 $ (64,000 ) General and administrative $ 28,770,000 $ 34,273,000 $ (5,503,000 ) Net income $ 14,537,000 $ 14,579,000 $ (42,000 ) In accordance with the disclosure requirements of the new revenue standard, the impact of the adoption of ASC Topic 606 on our consolidated balance sheet as of December 31, 2018 was as follows: As Reported Balances Without Adoption of ASC Topic 606 Effect of Change Higher/(Lower) Assets Other assets, net $ 114,226,000 $ 114,162,000 $ 64,000 Liabilities Accounts payable and accrued liabilities $ 139,383,000 $ 139,277,000 $ 106,000 Equity Accumulated deficit $ (704,748,000 ) $ (704,706,000 ) $ (42,000 ) The change in reported balances is primarily based on the fact that substantially all of the amounts recorded to bad debt expense pursuant to our previous accounting policy in accordance with ASC Topic 605 are now recorded as direct reductions of resident fees and services revenue as contractual adjustments provided to third-party payors or implicit price concessions pursuant to the new revenue standard, ASC Topic 606. Disaggregation of Resident Fees and Services Revenue We disaggregate revenue from contracts with customers according to lines of business and payor classes. The transfer of goods and services may occur at a point in time or over time; in other words, revenue may be recognized over the course of the underlying contract, or may occur at a single point in time based upon a single transfer of control. This distinction is discussed in further detail below. We determine that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The following table disaggregates our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time: Year Ended December 31, 2018 Point in Time Over Time Total Integrated senior health campuses $ 185,273,000 $ 755,343,000 $ 940,616,000 Senior housing — RIDEA(1) 3,079,000 61,996,000 65,075,000 Total resident fees and services $ 188,352,000 $ 817,339,000 $ 1,005,691,000 The following table disaggregates our resident fees and services revenue by payor class: Year Ended December 31, 2018 Integrated Senior Health Campuses Senior Housing — RIDEA(1) Total Medicare $ 310,971,000 $ — $ 310,971,000 Medicaid 170,664,000 43,000 170,707,000 Private and other payors 458,981,000 65,032,000 524,013,000 Total resident fees and services $ 940,616,000 $ 65,075,000 $ 1,005,691,000 ___________ (1) This includes fees for basic housing and assisted living care. We record revenue when services are rendered on the date services are provided at amounts billable to individual residents. Residency agreements are generally for a term of 30 days, with resident fees billed monthly in advance. For patients under reimbursement arrangements with Medicaid, revenue is recorded based on contractually agreed-upon amounts or rates on a per resident, daily basis or as services are rendered. Accounts Receivable, Net — Resident Fees and Services The beginning and ending balances of accounts receivable, net — resident fees and services are as follows: Medicare Medicaid Private and Other Payors Total Beginning balance — January 1, 2018 $ 29,979,000 $ 15,640,000 $ 35,706,000 $ 81,325,000 Ending balance — December 31, 2018 29,160,000 18,676,000 39,112,000 86,948,000 (Decrease)/increase $ (819,000 ) $ 3,036,000 $ 3,406,000 $ 5,623,000 Deferred Revenue — Resident Fees and Services The beginning and ending balances of deferred revenue — resident fees and services, all of which relates to private and other payors, are as follows: Total Beginning balance — January 1, 2018 $ 9,801,000 Ending balance — December 31, 2018 12,569,000 Increase $ 2,768,000 All amounts included in the beginning balance of deferred revenue — resident fees and services at January 1, 2018 were recognized as revenue during the year ended December 31, 2018 . Financing Component We have elected the practical expedient allowed under FASB ASC 606-10-32-18 and, therefore, we do not adjust the promised amount of consideration from patients and third-party payors for the effects of a significant financing component due to our expectation that the period between the time the service is provided to a patient and the time that the patient or a third-party payor pays for that service will be one year or less. Contract Costs We have applied the practical expedient provided by FASB ASC 340-40-25-4 and, therefore, all incremental customer contract acquisition costs are expensed as they are incurred since the amortization period of the asset that we otherwise would have recognized is one year or less in duration. Tenant and Resident Receivables and Allowance for Uncollectible Accounts 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, residents and payors to meet the contractual obligations under their lease or service 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. Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s or residents’ financial condition, security deposits, letters of credit, lease guarantees, cash collection patterns by payor and by state, current economic conditions and other relevant factors. As of December 31, 2018 and 2017 , we had $11,216,000 and $10,597,000 , respectively, in allowance for uncollectible accounts, which was determined necessary to reduce receivables to our estimate of the amount recoverable and includes price concessions. For the years ended December 31, 2018 , 2017 and 2016 , $1,052,000 , $54,000 and $0 , respectively, of our receivables were directly written off to bad debt expense or as direct adjustments to revenue. For the years ended December 31, 2018 , 2017 and 2016 , $6,405,000 , $6,074,000 and $5,609,000 , respectively, of our receivables were written off against the allowance for uncollectible accounts. As of December 31, 2018 and 2017 , we did not have any allowance for uncollectible accounts for deferred rent receivables. For the year ended December 31, 2018 , 2017 and 2016 , $59,000 , $170,000 and $81,000 , respectively, of our deferred rent receivables were directly written off to bad debt expense. Property Acquisitions In accordance with ASC Topic 805, Business Combinations , or ASC Topic 805, and ASU 2017-01, Clarifying the Definition of a Business , or ASU 2017-01, we determine whether a transaction is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired and liabilities assumed are not a business, we account for the transaction as an asset acquisition. Under both methods, we recognize the identifiable assets acquired and liabilities assumed; however, for a transaction accounted for as an asset acquisition, we allocate the purchase price to the identifiable assets acquired and liabilities assumed based on their relative fair values. We immediately expense acquisition related expenses associated with a business combination and capitalize acquisition related expenses directly associated with an asset acquisition. As a result of our early adoption of ASU 2017-01 on January 1, 2017, we accounted for the property acquisitions we completed for the years ended December 31, 2018 and 2017 as asset acquisitions rather than business combinations. See Note 3, Real Estate Investments, Net , for a further discussion. For the year ended December 31, 2016 , we completed 12 property acquisitions, which we accounted for as business combinations. See Note 18, Business Combinations , for a further discussion. We, with assistance from independent valuation specialists, measure the fair value of tangible and identified intangible assets and liabilities, as applicable, based on their respective fair values for acquired properties. Our method for allocating the purchase price to acquired investments in real estate requires us to make subjective assessments for determining fair value of the assets acquired and liabilities assumed. This includes determining the value of the buildings, land, leasehold interests, furniture, fixtures and equipment, above- or below-market rent, in-place leases, master leases, 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 income (loss). The determination of the fair value of land is based upon comparable sales data. In cases where a leasehold interest in the land is acquired, only the above/below market consideration is necessary where the value of the leasehold interest is determined by discounting the difference between the contract ground lease payments and a market ground lease payment back to a present value as of the acquisition date. The fair value of buildings is based upon our determination of the value under two methods: one, as if it were to be replaced and vacant using cost data and, two, also using a residual technique based on discounted cash flow models, as vacant. Factors considered by us include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. We also recognize the fair value of furniture, fixtures and equipment on the premises, as well as the above- or below-market rent, the value of in-place leases, master leases, above- or below-market debt and derivative financial instruments assumed. The value of the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between: (i) the level payment equivalent of the contract rent paid pursuant to the lease; and (ii) our estimate of market rent payments taking into account 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 against 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 a similar property, terms and conditions for marketing and executing new leases, and implied in the difference between the value of the whole property “as is” and “as vacant.” The net amounts related to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized 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 are included in identified intangible assets, net in our accompanying consolidated balance sheets and are 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, if any, in which a previous owner or a tenant is relieved of specific rental obligations as additional space is leased, is determined by discounting the expected real estate revenue associated with the master lease space over the assumed lease-up period. The value of above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The net value of above- or below-market debt is included in mortgage loans payable, net in our accompanying consolidated balance sheets and is amortized to interest expense over the remaining term of the assumed mortgage. The value of derivative financial instruments, if any, is determined in accordance with ASC Topic 820, Fair Value Measurements and Disclosures , or ASC Topic 820, and is included in other assets or other liabilities 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. Real Estate Investments, Net We carry our operating properties at our historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements, including those related to financing and capital lease obligations. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 50 years , and the cost for tenant improvements is depreciated over the shorter of the lease term or useful life, up to 34 years . The cost of furniture, fixtures and equipment, is depreciated over the estimated useful life, up to 27 years . When depreciable property is retired, replaced or disposed of, the related cost and accumulated depreciation is removed from the accounts and any gain or loss is reflected in earnings. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered to be a lease inducement and is included in other assets, net in our accompanying consolidated balance sheets. Lease inducement is 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, Goodwill and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate that we carry at our historical cost less accumulated depreciation, for impairment when events or changes in circumstances indicate that its carrying value may not be recoverable. Indicators we consider important and that we believe could trigger an impairment review include, among others, the following: • significant negative industry or economic trends; • a significant underperformance relative to historical or projected future operating results; and • a significant change in the extent or manner in which the asset is used or significant physical change in the asset. If indicators of impairment of our long-lived assets are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of 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. Until December 31, 2016 , if we determined it was more likely than not that the fair value of a reporting unit was less than its carrying amount, we proceeded with the two-step approach to evaluating impairment. First, we estimated the fair value of the reporting unit and compared it to the reporting unit’s carrying value. If the carrying value exceeded the fair value, we proceeded with the second step, which required 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 was the implied value of goodwill and was used to determine the amount of impairment. We recognize an impairment loss to the extent the carrying value of goodwill exceeded the implied value in the current period. On January 1, 2017, we early adopted 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. If impairment indicators arise with respect to intangible assets with finite us |
Real Estate Investments, Net
Real Estate Investments, Net | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : December 31, 2018 2017 Building, improvements and construction in process $ 2,160,944,000 $ 2,058,312,000 Land and improvements 189,446,000 177,999,000 Furniture, fixtures and equipment 126,985,000 99,897,000 2,477,375,000 2,336,208,000 Less: accumulated depreciation (254,694,000 ) (172,950,000 ) $ 2,222,681,000 $ 2,163,258,000 Depreciation expense for the years ended December 31, 2018 , 2017 and 2016 was $83,309,000 , $81,743,000 and $68,708,000 , respectively. For the year ended December 31, 2018 , we determined that one of our medical office buildings was impaired and recognized an impairment charge of $2,542,000 , which reduced the total carrying value of such investment to $7,387,000 . The fair value of such medical office building was based upon discounted cash flow analyses where the most significant inputs were considered Level 3 measurements within the fair value hierarchy. See Note 15, Fair Value Measurements — Assets and Liabilities Reported at Fair Value — Real Estate Investment, for a further discussion. For the year ended December 31, 2017 , we determined that four integrated senior health campuses and one medical office building were impaired and recognized an aggregate impairment charge of $14,070,000 , which reduced the total aggregate carrying value of such investments to $14,653,000 . In July 2017, we disposed of one of those impaired integrated senior health campuses. The aggregate fair value of our remaining impaired integrated senior health campuses was based on their projected sales prices, which we considered as Level 2 measurements within the fair value hierarchy. The fair value of the impaired medical office building was based upon discounted cash flow analyses where the most significant inputs were considered Level 3 measurements within the fair value hierarchy. See Note 15, Fair Value Measurements — Assets and Liabilities Reported at Fair Value — Real Estate Investment, for a further discussion. No impairment charges were recognized for the year ended December 31, 2016 . In addition to the acquisitions and completed developments and/or expansions discussed below, for the years ended December 31, 2018 , 2017 and 2016 , we incurred capital expenditures of $76,330,000 , $33,766,000 and $44,907,000 , respectively, on our integrated senior health campuses, $8,426,000 , $11,117,000 and $8,236,000 , respectively, on our medical office buildings, $1,711,000 , $855,000 and $904,000 , respectively, on our senior housing — RIDEA facilities, $463,000 , $569,000 and $0 , respectively, on our skilled nursing facilities and $131,000 , $92,000 and $21,000 , respectively, on our hospitals. We did no t incur any capital expenditures on our senior housing facilities for the years ended December 31, 2018 , 2017 and 2016 . Acquisitions of Real Estate Investments 2018 Acquisitions of Real Estate Investments For the year ended December 31, 2018 , using cash on hand and debt financing, we completed the acquisition of one building from an unaffiliated third party, which was added to our existing North Carolina ALF Portfolio. The other five buildings in North Carolina ALF Portfolio were acquired in January 2015, June 2015 and January 2017. The following is a summary of our property acquisition for the year ended December 31, 2018 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Lines of Credit and Term Loans(2) Acquisition Fee(3) North Carolina ALF Portfolio Matthews, NC Senior Housing 08/30/18 $ 15,000,000 $ 13,500,000 $ 338,000 ___________ (1) We own 100% of our property acquired in 2018 . (2) Represents a borrowing under the 2016 Corporate Line of Credit, as defined in Note 8, Lines of Credit and Term Loans , at the time of acquisition. (3) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our property, an acquisition fee of 2.25% of the contract purchase price of such property. In addition to the property acquisition discussed above, on April 17, 2018, we purchased land as part of our existing Southern Illinois MOB Portfolio for a contract purchase price of $300,000 , plus closing costs and paid a 2.25% acquisition fee to our advisor of approximately $7,000 . On October 23, 2018 and November 26, 2018, we, through a majority-owned subsidiary of Trilogy Investors, LLC, or Trilogy, of which we own 67.7% , acquired land in Ohio and Michigan for an aggregate contract purchase price of $3,146,000 , plus closing costs and paid aggregate acquisition fees of 2.25% of the portion of the contract purchase price of the land attributed to our ownership interest to our advisor of approximately $47,000 . 2018 Acquisition of Previously Leased Real Estate Investments For the year ended December 31, 2018 , we, through a majority-owned subsidiary of Trilogy, acquired a portfolio of four previously leased real estate investments located in Kentucky, Michigan and Ohio. The following is a summary of such acquisition for the year ended December 31, 2018 , which is included in our integrated senior health campuses segment: Locations Date Acquired Contract Purchase Price Mortgage Loan Payable(1) Acquisition Fee(2) Lexington, KY; Novi and Romeo, MI; and Fremont, OH 07/20/18 $ 47,455,000 $ 47,500,000 $ 723,000 ___________ (1) Represents the principal balance of the mortgage loan payable placed on the properties at the time of acquisition. (2) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest of approximately 67.7% in the Trilogy subsidiary that acquired the properties. For the year ended December 31, 2018 , we accounted for our property acquisitions, including our acquisition of previously leased real estate investments, as asset acquisitions. We incurred closing costs and direct acquisition related expenses of $3,044,000 for such property acquisitions, which were capitalized in accordance with ASU 2017-01. The following table summarizes the purchase price of the assets acquired and liabilities assumed at the time of acquisition from our property acquisitions in 2018 based on their relative fair values: 2018 Property Acquisitions Building and improvements $ 49,757,000 Land 10,980,000 In-place leases 6,894,000 Certificates of need 1,313,000 Total assets acquired $ 68,944,000 2017 Acquisitions of Real Estate Investments For the year ended December 31, 2017 , using cash on hand and debt financing, we completed the acquisition of three buildings from unaffiliated third parties. The following is a summary of our property acquisitions for the year ended December 31, 2017 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Lines of Credit and Term Loans(2) Acquisition Fee(3) North Carolina ALF Portfolio(4) Huntersville, NC Senior Housing 01/18/17 $ 15,000,000 $ 14,000,000 $ 338,000 New London CT MOB New London, CT Medical Office 05/03/17 4,850,000 4,000,000 109,000 Middletown OH MOB II Middletown, OH Medical Office 12/20/17 4,600,000 5,000,000 104,000 Total $ 24,450,000 $ 23,000,000 $ 551,000 ___________ (1) We own 100% of our properties acquired in 2017 . (2) Represents borrowings under the 2016 Corporate Line of Credit, as defined in Note 8, Lines of Credit and Term Loans , at the time of acquisition. (3) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price of each property. (4) On January 18, 2017, we added one building to our existing North Carolina ALF Portfolio. The other four buildings in North Carolina ALF Portfolio were acquired in January 2015 and June 2015. In addition to the property acquisitions in 2017 discussed above, on December 19, 2017, we purchased vacant land as part of Southern Illinois MOB Portfolio for a total price of $140,000 , plus closing costs and paid a 2.25% acquisition fee to our advisor of $3,000 . Also, in December 2015, we, through a majority-owned subsidiary of Trilogy, of which we own 67.7% , acquired six land parcels for an aggregate contract purchase price of $3,461,000 , plus closing costs and paid aggregate acquisition fees of 2.25% of the portion of the contract purchase price of the land attributed to our ownership interest to our advisor of approximately $53,000 . 2017 Acquisitions of Previously Leased Real Estate Investments For the year ended December 31, 2017 , we, through a majority-owned subsidiary of Trilogy, acquired eight previously leased real estate investments located in Indiana, Kentucky and Ohio. The following is a summary of such acquisitions for the year ended December 31, 2017 , which are included in our integrated senior health campuses segment: Location Date Acquired Contract Purchase Price Lines of Credit and Term Loans(1) Acquisition Fee(2) Boonville, Columbus and Hanover, IN; Lexington, KY; and Maumee and Willard, OH 02/01/17 $ 72,200,000 $ 53,700,000 $ 1,099,000 Greenfield, IN 05/16/17 3,500,000 — 53,000 Ottawa, OH 12/15/17 9,833,000 10,000,000 150,000 Total $ 85,533,000 $ 63,700,000 $ 1,302,000 ___________ (1) Represents borrowings under the Trilogy PropCo Line of Credit, as defined in Note 8, Lines of Credit and Term Loans , at the time of acquisition. (2) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest of approximately 67.7% in the subsidiary of Trilogy that acquired the properties. For the year ended December 31, 2017 , we accounted for our property acquisitions, including our acquisitions of previously leased real estate investments, as asset acquisitions. We incurred closing costs and direct acquisition related expenses of $3,050,000 , which were capitalized in accordance with ASU 2017-01. The following table summarizes the purchase price of the assets acquired and liabilities assumed at the time of acquisition from our property acquisitions in 2017 based on their relative fair values: 2017 Property Acquisitions Building and improvements $ 70,607,000 Land 11,463,000 In-place leases 13,167,000 Certificates of need 5,608,000 Above-market leases 187,000 Total assets acquired 101,032,000 Below-market leases (11,000 ) Total liabilities assumed (11,000 ) Net assets acquired $ 101,021,000 2016 Acquisitions of Real Estate Investments For the year ended December 31, 2016 , we completed 12 property acquisitions comprising 23 buildings from unaffiliated parties. 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) Lines of Credit and Term Loans(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 Loans , at the time of acquisition. (4) Unless otherwise noted, our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the 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 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 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 19, Segment Reporting , 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, we, through a majority-owned subsidiary of Trilogy, 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, acquired the real estate underlying 17 previously leased integrated senior health campuses located in Indiana, Kentucky, Michigan and Ohio. 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) Lines of Credit and Term Loans(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 Loans , at the time of acquisition. (3) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest of approximately 67.7% in the subsidiary of Trilogy that acquired the property. Completed Developments and/or Expansions For the year ended December 31, 2018 , we incurred $8,309,000 to expand our existing integrated senior health campuses. For the years ended December 31, 2017 and 2016 , we completed integrated senior health campus developments for a total cost of approximately $6,834,000 and $25,381,000 , respectively. Completed development and/or expansions are included in real estate investments, net, in our accompanying consolidated balance sheets. Dispositions of Real Estate Investments For the years ended December 31, 2018 and 2016 , we did not dispose of any real estate investments. For the year ended December 31, 2017 , we disposed of one land parcel in Kentucky, one integrated senior health campus in Indiana and one integrated senior health campus in Ohio. We recognized a total net gain on such dispositions of $3,370,000 . Our advisor agreed to waive the disposition fees and expense reimbursements related to such dispositions that may otherwise have been due to our advisor pursuant to the Advisory Agreement. 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 disposition fees and expense reimbursements. The following is a summary of our dispositions for the year ended December 31, 2017 , which were included in our integrated senior health campuses segment: Location Date Disposed Contract Sales Price Harrodsburg, KY 01/13/17 $ 2,400,000 Merrillville, IN 05/01/17 17,000,000 Fremont, OH 07/20/17 400,000 Total $ 19,800,000 |
Real Estate Notes Receivable an
Real Estate Notes Receivable and Debt Security Investment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Real Estate Notes Receivable and Debt Security Investment, Net | 4. Real Estate Notes Receivable and Debt Security Investment, 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, 2018 and 2017 : December 31, Origination Date Maturity Date Contractual Interest Rate(1) Maximum Advances Available 2018 2017 Acquisition Fee(2) Mezzanine Fixed Rate Notes(3) 02/04/15 12/09/19 6.75% $ 28,650,000 $ 28,650,000 $ 28,650,000 $ 573,000 Mezzanine Floating Rate Notes(3) 02/04/15 12/09/18 N/A $ 31,567,000 — 1,799,000 631,000 Debt security investment(4) 10/15/15 08/25/25 4.24% N/A 68,355,000 65,638,000 1,209,000 97,005,000 96,087,000 $ 2,413,000 Unamortized loan and closing costs, net 1,650,000 1,901,000 $ 98,655,000 $ 97,988,000 ___________ (1) Represents the per annum interest rate in effect as of December 31, 2018 . (2) Our advisor was paid, 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, 2018 . (3) On February 4, 2015, we acquired eight promissory notes at par value 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 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 Colony Capital. In November 2018, the borrower repaid the Mezzanine Floating Rate Notes in full. Balance represents the original principal balance, decreased by subsequent principal paydowns. The Mezzanine Notes only require monthly interest payments and are subject to certain prepayment restrictions if repaid before the respective maturity dates. (4) 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 bears an interest rate on the stated principal amount thereof equal to 4.24% per annum, the terms of which security provide for monthly interest-only payments. The debt security matures on August 25, 2025 at a stated amount of $93,433,000 , resulting in an anticipated yield-to-maturity of 10.0% per annum. The debt security was issued by an unaffiliated mortgage trust and represents a 10.0% beneficial ownership interest in such mortgage trust. The debt security is subordinate to all other interests in the mortgage trust and is not guaranteed by a government-sponsored entity. As of December 31, 2018 and 2017 , the net carrying amount with accretion was $69,873,000 and $67,275,000 , 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. The following table reflects the changes in the carrying amount of real estate notes receivable and debt security investment, net for the years ended December 31, 2018 and 2017 : Amount Real estate notes receivable and debt security investment, net — December 31, 2016 $ 101,117,000 Additions: Accretion on debt security investment 2,462,000 Deductions: Principal repayments on real estate notes receivable (5,368,000 ) Amortization of loan and closing costs (223,000 ) Real estate notes receivable and debt security investment, net — December 31, 2017 $ 97,988,000 Additions: Accretion on debt security investment $ 2,717,000 Deductions: Principal repayments on real estate notes receivable (1,799,000 ) Amortization of loan and closing costs (251,000 ) Real estate notes receivable and debt security investment, net — December 31, 2018 $ 98,655,000 For the years ended December 31, 2018 , 2017 and 2016 , 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, 2018 , 2017 and 2016 , was recorded against real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). |
Identified Intangible Assets, N
Identified Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : December 31, 2018 2017 Amortized intangible assets: In-place leases, net of accumulated amortization of $23,497,000 and $25,967,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 9.8 years and 10.2 years as of December 31, 2018 and 2017, respectively) $ 45,815,000 $ 50,520,000 Leasehold interests, net of accumulated amortization of $548,000 and $407,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 53.6 years and 54.6 years as of December 31, 2018 and 2017, respectively) 7,346,000 7,487,000 Customer relationships, net of accumulated amortization of $187,000 and $37,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 18.8 years and 19.8 years as of December 31, 2018 and 2017, respectively) 2,653,000 2,803,000 Above-market leases, net of accumulated amortization of $2,851,000 and $3,335,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 5.2 years as of both December 31, 2018 and 2017) 2,059,000 3,026,000 Internally developed technology and software, net of accumulated amortization of $117,000 and $23,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 3.8 years and 4.8 years as of December 31, 2018 and 2017, respectively) 353,000 447,000 Unamortized intangible assets: Certificates of need 88,590,000 83,320,000 Trade names 30,787,000 30,787,000 Purchase option assets(1) 1,918,000 1,918,000 $ 179,521,000 $ 180,308,000 ___________ (1) Under one of our integrated senior health campus leases, in which we are the lessee, we have the right to acquire the property at a date in the future and at our option. We estimated the fair value of this purchase option asset by discounting the difference between the 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. Amortization expense for the years ended December 31, 2018 , 2017 and 2016 was $12,736,000 , $32,541,000 and $203,147,000 , respectively, which included $967,000 , $1,368,000 and $1,580,000 , respectively, of amortization recorded against real estate revenue for above-market leases and $141,000 , $140,000 and $140,000 , respectively, of amortization recorded to rental expenses for leasehold interests, in our accompanying consolidated statements of operations and comprehensive income (loss). The aggregate weighted average remaining life of the identified intangible assets was 15.5 years as of both December 31, 2018 and 2017 . As of December 31, 2018 , 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 2019 $ 10,204,000 2020 6,134,000 2021 5,561,000 2022 4,841,000 2023 4,038,000 Thereafter 27,448,000 $ 58,226,000 |
Other Assets, Net
Other Assets, Net | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets [Abstract] | |
Other Assets, Net | 6. Other Assets, Net Other assets, net consisted of the following as of December 31, 2018 and 2017 : December 31, 2018 2017 Prepaid expenses, deposits and other assets $ 29,803,000 $ 21,796,000 Investments in unconsolidated entities 15,432,000 17,259,000 Inventory 21,151,000 19,311,000 Deferred rent receivables 23,334,000 17,458,000 Deferred tax assets, net(1) 9,461,000 6,882,000 Deferred financing costs, net of accumulated amortization of $12,487,000 and $7,850,000 as of December 31, 2018 and 2017, respectively(2) 2,311,000 6,327,000 Lease commissions, net of accumulated amortization of $1,274,000 and $606,000 as of December 31, 2018 and 2017, respectively 8,523,000 5,426,000 Lease inducement, net of accumulated amortization of $789,000 and $439,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 12.0 years and 13.0 years as of December 31, 2018 and 2017, respectively) 4,211,000 4,561,000 $ 114,226,000 $ 99,020,000 ___________ (1) See Note 16, Income Taxes and Distributions , for a further discussion. (2) In accordance with ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs and ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , deferred financing costs, net only include costs related to our lines of credit and term loans. Amortization expense on lease commissions for the years ended December 31, 2018 , 2017 and 2016 was $741,000 , $450,000 and $162,000 , respectively. Amortization expense on deferred financing costs of our lines of credit and term loans for the years ended December 31, 2018 , 2017 and 2016 was $4,637,000 , $4,331,000 and $3,456,000 , respectively, which is recorded to interest expense in our accompanying consolidated statements of operations and comprehensive income (loss). Amortization expense on lease inducement for the years ended December 31, 2018 , 2017 and 2016 was $350,000 , $351,000 and $88,000 , respectively, which is recorded against real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). Investments in unconsolidated entities primarily represents our investment in RHS Partners, LLC, or RHS, a privately-held company that operates 16 integrated senior health campuses. Our effective ownership of RHS is 33.8% as of both December 31, 2018 and 2017 . As of December 31, 2018 and 2017 , we had a receivable of $2,507,000 and $1,351,000 , respectively, due from RHS, which is included in accounts and other receivables, net, in our accompanying consolidated balance sheets. The following is summarized financial information of our investments in unconsolidated entities: December 31, 2018 2017 RHS Other Total RHS Other Total Balance Sheet Data: Total assets $ 48,291,000 $ 100,000 $ 48,391,000 $ 48,176,000 $ — $ 48,176,000 Total liabilities $ 25,263,000 $ — $ 25,263,000 $ 21,395,000 $ — $ 21,395,000 Years Ended December 31, 2018 2017 2016 RHS Other Total RHS Other Total RHS Other Total Statement of Operations Data: Revenues $ 130,543,000 $ — $ 130,543,000 $ 128,038,000 $ — $ 128,038,000 $ 119,122,000 $ — $ 119,122,000 Expenses 138,296,000 — 138,296,000 138,134,000 — 138,134,000 137,686,000 — 137,686,000 Net loss $ (7,753,000 ) $ — $ (7,753,000 ) $ (10,096,000 ) $ — $ (10,096,000 ) $ (18,564,000 ) $ — $ (18,564,000 ) |
Mortgage Loans Payable, Net
Mortgage Loans Payable, Net | 12 Months Ended |
Dec. 31, 2018 | |
Mortgage Loans Payable, Net [Abstract] | |
Mortgage Loans Payable, Net | 7. Mortgage Loans Payable, Net As of December 31, 2018 and 2017 , mortgage loans payable were $713,030,000 ( $688,262,000 , including discount/premium and deferred financing costs, net) and $636,329,000 ( $613,558,000 , including discount/premium and deferred financing costs, net), respectively. As of December 31, 2018 , we had 57 fixed-rate and six variable-rate mortgage loans payable with effective interest rates ranging from 2.45% to 8.46% per annum based on interest rates in effect as of December 31, 2018 and a weighted average effective interest rate of 3.98% . As of December 31, 2017 , we had 47 fixed-rate mortgage loans payable and four variable-rate mortgage loans payable with effective interest rates ranging from 2.45% to 7.57% per annum based on interest rates in effect as of December 31, 2017 and a weighted average effective interest rate of 4.02% . 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. On May 12, 2017, we paid off a mortgage loan payable for the principal amount of $93,150,000 that was due to mature in June 2018. We incurred a total loss on such debt extinguishment of $1,432,000 , primarily related to the write-off of unamortized deferred financing costs and prepayment penalties, which is recorded to interest expense in our accompanying consolidated statements of operations and comprehensive income (loss). The sources of funds for the pay-off and transaction costs were primarily from: (i) new U.S. Department of Housing and Urban Development loans of approximately $72,019,000 ; and (ii) $21,600,000 in additional borrowings under the Trilogy PropCo Line of Credit, as defined in Note 8, Lines of Credit and Term Loans . Mortgage loans payable, net consisted of the following as of December 31, 2018 and 2017 : December 31, 2018 2017 Total fixed-rate debt $ 624,616,000 $ 526,503,000 Total variable-rate debt 88,414,000 109,826,000 Total fixed and variable-rate debt 713,030,000 636,329,000 Less: deferred financing costs, net (8,824,000 ) (6,290,000 ) Add: premium 663,000 1,176,000 Less: discount (16,607,000 ) (17,657,000 ) Mortgage loans payable, net $ 688,262,000 $ 613,558,000 The following table reflects the changes in the carrying amount of mortgage loans payable, net for the years ended December 31, 2018 and 2017 : Amount Mortgage loans payable, net — December 31, 2016 $ 495,717,000 Additions: Borrowings on mortgage loans payable 230,611,000 Amortization of deferred financing costs 2,387,000 Amortization of discount/premium on mortgage loans payable 998,000 Deductions: Scheduled principal payments on mortgage loans payable (8,524,000 ) Pay-off of mortgage loan payable (102,815,000 ) Deferred financing costs (4,816,000 ) Mortgage loans payable, net — December 31, 2017 $ 613,558,000 Additions: Borrowings on mortgage loans payable $ 181,594,000 Amortization of deferred financing costs 1,269,000 Amortization of discount/premium on mortgage loans payable 537,000 Deductions: Scheduled principal payments on mortgage loans payable (10,444,000 ) Pay-off of mortgage loans payable (94,449,000 ) Deferred financing costs (3,803,000 ) Mortgage loans payable, net — December 31, 2018 $ 688,262,000 As of December 31, 2018 , 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 2019 $ 17,402,000 2020 82,811,000 2021 34,645,000 2022 61,083,000 2023 28,101,000 Thereafter 488,988,000 $ 713,030,000 |
Lines of Credit and Term Loans
Lines of Credit and Term Loans | 12 Months Ended |
Dec. 31, 2018 | |
Line of Credit Facility [Abstract] | |
Lines Of Credit and Term Loans | 8. Lines of Credit and Term Loans 2016 Corporate Line of Credit On February 3, 2016, we, through certain of our subsidiaries, or the subsidiary guarantors, entered into a credit agreement, or the 2016 Corporate Credit Agreement, with Bank of America, N.A., or Bank of America, as administrative agent, a swing line lender and a letter of credit issuer; KeyBank, National Association, or 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 could have borrowed 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 would have matured on February 3, 2019 and may have been extended beyond the maturity date 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. 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. The maximum principal amount of the 2016 Corporate Line of Credit could have been 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 August 3, 2017, we entered into a First Amendment, Waiver and Commitment Increase Agreement, or the Amendment, with Bank of America, KeyBank, and the lenders named therein, to amend the 2016 Corporate Credit Agreement. The material terms of the Amendment provided for: (i) an increase in the 2016 Corporate Term Loan Facility in an amount equal to $50,000,000 ; (ii) the establishment of an additional capitalization rate of 8.75% for any Real Property Asset (as defined in the 2016 Corporate Credit Agreement) with mixed uses consisting of both assisted living and independent living properties and skilled nursing facilities, but specifically excluding medical office buildings and life science buildings; (iii) a revision to the definition of Term Loan Commitment (as defined in the 2016 Corporate Credit Agreement) to reflect the increase in the 2016 Corporate Term Loan Facility and specify that the aggregate principal amount of the Term Loan Commitments of all of the Term Loan Lenders (as defined in the 2016 Corporate Credit Agreement) as in effect on the effective date of the Amendment is $250,000,000 ; (iv) an agreement by each Term Loan Lender severally, but not jointly, to fund its pro rata share of the Initial Term Loan, as defined in the Amendment, and Incremental Term Loan (as defined in the Amendment) subject to the terms and conditions set forth in the Amendment; (v) the obligation of the Credit Parties, as defined in the 2016 Corporate Credit Agreement, to cause the Consolidated Secured Leverage Ratio (as defined in the 2016 Corporate Credit Agreement) as of the end of any fiscal quarter, to be equal to or less than 40.0% ; (vi) the Lenders’ waiver of the notice requirement regarding the change in name and form of organization of certain subsidiary guarantors (as set forth in the Amendment); and (vii) the addition of Bank of the West, or New Lender, as a party to the 2016 Corporate Credit Agreement and a Term Loan Lender and Lender (as defined in the 2016 Corporate Credit Agreement) and New Lender’s agreement to be bound by all terms, provisions and conditions applicable to Lenders contained in the 2016 Corporate Credit Agreement. As a result of the Amendment, our aggregate borrowing capacity under the 2016 Corporate Line of Credit was increased to $550,000,000 . On December 20, 2018, we entered into a Commitment Increase Agreement with Bank of America. The material terms of the Commitment Increase Agreement provided for an increase in the 2016 Corporate Revolving Credit Facility by an aggregate amount equal to $25,000,000 . On December 20, 2018, we also entered into an Amended and Restated Revolving Note with Bank of America, whereby we promised to pay the principal amount and accrued interest of each loan to the respective lender or its registered assigns, in accordance with the terms and conditions of the 2016 Corporate Credit Agreement, as amended. As a result of the Commitment Increase Agreement our aggregate borrowing capacity under the 2016 Corporate Line Credit was increased to $575,000,000 . At our option, the 2016 Corporate Line of Credit would bear interest at per annum rates equal to: (i)(a) the Eurodollar Rate (as defined in the 2016 Corporate Credit Agreement, as amended) plus (b) a margin ranging from 1.50% to 2.20% 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 2016 Corporate Credit Agreement, as amended) plus 0.50% per annum, (3) the one-month Eurodollar Rate (as defined in the 2016 Corporate Credit Agreement, as amended) plus 1.00% per annum and (4) 0.00% , plus (b) a margin ranging from 0.50% to 1.20% per annum based on our consolidated leverage ratio. We were 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 was payable quarterly in arrears. We were 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, as amended, during the period for which payment is made. The unused fee on the 2016 Corporate Term Loan Facility was payable quarterly in arrears. The 2016 Corporate Credit Agreement, as amended, contained various affirmative and negative covenants that were 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, 2018 and 2017 , our aggregate borrowing capacity under the 2016 Corporate Line of Credit was $575,000,000 and $550,000,000 , respectively. As of December 31, 2018 and 2017 , borrowings outstanding under the 2016 Corporate Line of Credit totaled $548,500,000 and $444,000,000 , respectively, and the weighted average interest rate on such borrowings outstanding was 4.60% and 3.23% per annum, respectively. On January 25, 2019, we terminated the 2016 Corporate Credit Agreement, as amended, and the 2016 Corporate Revolving Notes and entered into a new credit agreement. See Note 23, Subsequent Events — 2019 Corporate Line of Credit, for a further discussion. Trilogy PropCo Line of Credit On December 1, 2015, in connection with the acquisition of Trilogy, our majority-owned subsidiary, we, through Trilogy PropCo Finance, LLC, a Delaware limited liability company and an indirect subsidiary of Trilogy, or Trilogy PropCo Parent, and certain of its subsidiaries, or the Trilogy PropCo Co-Borrowers, and, together with Trilogy PropCo Parent, 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 a 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. 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. 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 had 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 . On October 27, 2017, we entered into an amendment to the Trilogy PropCo Credit Agreement, or the Trilogy PropCo Amendment, with KeyBank, as administrative agent, and a syndicate of other banks, as lenders, to amend the terms of the Trilogy PropCo Credit Agreement. The material terms of the Trilogy PropCo Amendment provide for: (i) a reduction of the total commitment under the Trilogy PropCo Line of Credit from $300,000,000 to $250,000,000 ; (ii) a revision to the definition of applicable margin, pursuant to which the Trilogy PropCo Line of Credit bears interest at a floating rate based on an adjusted London Interbank Offered Rate, or LIBOR, plus an applicable margin of 4.00% per annum or an alternate base rate plus an applicable margin of 3.00% per annum, at the Trilogy PropCo Borrowers’ option; and (iii) the Trilogy PropCo Borrowers’ obligation to pay to KeyBank the unused fee that has accrued with respect to the portion of the total commitment being reduced. Our aggregate borrowing capacity under the Trilogy PropCo Line of Credit was $250,000,000 as of December 31, 2018 and 2017 . As of December 31, 2018 and 2017 , borrowings outstanding under the Trilogy PropCo Line of Credit totaled $170,518,000 and $179,376,000 , respectively, and the weighted average interest rate on such borrowings outstanding as of December 31, 2018 and 2017 was 6.45% and 5.39% per annum, respectively. 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, or Wells Fargo, N.A., 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 Credit Agreement provided for a one -time increase during the term of the agreement by up to $18,000,000 , for a maximum principal amount of $60,000,000 , subject to certain conditions. On April 1, 2016, we entered into an amendment to the Trilogy OpCo Credit Agreement to increase the aggregate maximum principal amount of the Trilogy OpCo Line of Credit to $60,000,000 . In April 2018, we further amended the Trilogy OpCo Credit Agreement, or the Trilogy OpCo Amendment. The material terms of the Trilogy OpCo Amendment provide for: (i) a reduction in the aggregate maximum principal amount from $60,000,000 to $25,000,000 ; (ii) a reduced floating interest rate based on LIBOR, plus an applicable margin of 2.75% per annum, for LIBOR Rate Loans, as defined in the agreement, or an alternate base rate plus an applicable margin of 1.75% per annum, for Base Rate Loans, as defined in the agreement, at the Trilogy OpCo Borrowers’ option; (iii) a reduced letter of credit fee of 2.75% per annum times the undrawn amount of outstanding letters of credit; and (iv) an updated maturity date of April 27, 2021 . 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. As of December 31, 2018 and 2017 , our aggregate borrowing capacity under the Trilogy OpCo Line of Credit was $25,000,000 and $60,000,000 , respectively, subject to certain terms and conditions. As of December 31, 2018 and 2017 , borrowings outstanding under the Trilogy OpCo Line of Credit totaled $19,030,000 and $749,000 , respectively, and the weighted average interest rate on such borrowings outstanding as of December 31, 2018 and 2017 was 5.17% and 5.84% per annum, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 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). The following table lists the derivative financial instruments held by us as of December 31, 2018 and 2017 : Fair Value December 31, Instrument Notional Amount Index Interest Rate Maturity Date 2018 2017 Swap 140,000,000 one month LIBOR 0.82% 02/03/19 $ 221,000 $ 1,486,000 Swap 60,000,000 one month LIBOR 0.78% 02/03/19 97,000 661,000 Swap 50,000,000 one month LIBOR 1.39% 02/03/19 51,000 219,000 Cap 20,000,000 one month LIBOR 3.00% 09/23/21 48,000 — $ 270,000,000 $ 417,000 $ 2,366,000 As of December 31, 2018 and 2017 , none of our derivative financial instruments were designated as hedges. Derivative financial instruments not designated as hedges are not speculative and are used to manage our exposure to interest rate movements, but do not meet the strict hedge accounting requirements of ASC Topic 815. Changes in the fair value of derivative financial instruments are recorded as a component of interest expense in gain or (loss) in fair value of derivative financial instruments in our accompanying consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2018 , 2017 and 2016 we recorded $(1,949,000) , $383,000 and $1,968,000 , respectively, as an (increase) decrease to interest expense in our accompanying consolidated statements of operations and comprehensive income (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, 2018 | |
Identified Intangible Liabilities [Abstract] | |
Identified Intangible Liabilities, Net | 10. Identified Intangible Liabilities, Net As of December 31, 2018 and 2017 , identified intangible liabilities consisted of below-market leases of $1,051,000 and $1,568,000 , respectively, net of accumulated amortization of $1,229,000 and $1,135,000 , respectively. Amortization expense on below-market leases for the years ended December 31, 2018 , 2017 and 2016 was $517,000 , $658,000 and $651,000 , respectively. Amortization expense on below-market leases is recorded to real estate revenue in our accompanying condensed consolidated statements of operations and comprehensive income (loss). The weighted average remaining life of below-market leases was 4.3 years and 4.8 years as of December 31, 2018 and 2017 , respectively. As of December 31, 2018 , estimated amortization expense on below-market leases for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2019 $ 388,000 2020 260,000 2021 143,000 2022 93,000 2023 78,000 Thereafter 89,000 $ 1,051,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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 Interests | 12 Months Ended |
Dec. 31, 2018 | |
Temporary Equity [Abstract] | |
Redeemable Noncontrolling Interest | 12. Redeemable Noncontrolling Interests 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 of December 31, 2018 and 2017 , 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 a redeemable noncontrolling interest and is presented outside of permanent equity in our accompanying consolidated balance sheets. 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, LLC, or Trilogy REIT Holdings, in which we indirectly hold a 70.0% ownership interest, pursuant to an equity purchase agreement with Trilogy and other seller parties 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 interests in our accompanying consolidated balance sheets. As of both December 31, 2018 and 2017 , 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, 2018 and 2017 : December 31, 2018 2017 Beginning balance $ 32,435,000 $ 31,507,000 Additions 535,000 975,000 Reclassification from equity 780,000 635,000 Repurchase of redeemable noncontrolling interests (229,000 ) (61,000 ) Distributions (711,000 ) (1,184,000 ) Fair value adjustment to redemption value 5,301,000 1,155,000 Net income (loss) attributable to redeemable noncontrolling interests 134,000 (592,000 ) Ending balance $ 38,245,000 $ 32,435,000 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 , 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 public offering. We continued to offer shares of our common stock in our initial offering pursuant to the Initial 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 2015 DRIP Offering. We commenced offering shares pursuant to the 2015 DRIP Offering following the deregistration of our initial offering on April 22, 2015. We intend to continue to offer shares of our common stock pursuant to the 2015 DRIP Offering until the termination of such offering. See Note 23, Subsequent Events — 2019 DRIP Offering, for a discussion of the 2019 DRIP Offering, which will commence immediately following the termination of the 2015 DRIP Offering. Through December 31, 2018 , we had issued 184,930,598 shares of our common stock in connection with the primary portion of our initial public offering and 26,820,010 shares of our common stock pursuant to the Initial DRIP and the 2015 DRIP Offering. We also repurchased 14,320,453 shares of our common stock under our share repurchase plan and granted an aggregate of 105,000 shares of our restricted common stock to our independent directors through December 31, 2018 . As of December 31, 2018 and 2017 , we had 197,557,377 and 199,343,234 shares of our common stock issued and outstanding, respectively. 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, 2018 and 2017 : December 31, 2018 2017 Beginning balance — foreign currency translation adjustments $ (1,971,000 ) $ (3,029,000 ) Net change in current period (589,000 ) 1,058,000 Ending balance — foreign currency translation adjustments $ (2,560,000 ) $ (1,971,000 ) Noncontrolling Interests As of December 31, 2018 and 2017 , Trilogy REIT Holdings owned approximately 96.7% of Trilogy. We are the indirect owner of a 70.0% interest in Trilogy REIT Holdings pursuant to a joint venture agreement, or the Trilogy JV Agreement, with an indirect, wholly-owned subsidiary of NorthStar Healthcare Income, Inc., or NHI. We serve as the sole manager of Trilogy REIT Holdings. Prior to October 1, 2018, NHI was the indirect owner of the remaining 30.0% interest in Trilogy REIT Holdings. On October 1, 2018, we entered into the Amended Trilogy JV Agreement as a result of the purchase by an indirect, wholly-owned subsidiary of the operating partnership of Griffin-American Healthcare REIT IV, Inc., or GAHR IV JV Member, of 6.0% of the total membership interests in Trilogy REIT Holdings from a wholly-owned subsidiary of NHI. Both Griffin-American Healthcare REIT IV, Inc. and us are sponsored by American Healthcare Investors. Effective October 1, 2018, NHI and GAHR IV JV Member indirectly own a 24.0% and 6.0% membership interest, respectively, in Trilogy REIT Holdings. As of December 31, 2018 and 2017 , 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 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 income (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 are 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 income (loss). For the years ended December 31, 2018 , 2017 and 2016 , we recognized stock compensation expense related to the Profit Interests of $2,898,000 , $936,000 and $1,329,000 , respectively. There were no canceled, expired or exercised Profit Interests during the years ended December 31, 2018 , 2017 and 2016 . The nonvested awards are presented as noncontrolling interests and are 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. 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 income (loss). In addition, as of December 31, 2018 and 2017 , we owned an 86.0% interest in a consolidated limited liability company that owns Lakeview IN Medical Plaza, which we acquired on January 21, 2016. As such, 14.0% of the net earnings of Lakeview IN Medical Plaza were allocated to noncontrolling interests for the years ended December 31, 2018 , 2017 and 2016 . Distribution Reinvestment Plan We adopted the Initial 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 Initial 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 2015 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 2015 DRIP Offering until April 22, 2015, following the deregistration of our initial offering. Effective October 5, 2016, we amended and restated the Initial DRIP, or the Amended and Restated DRIP, to amend the price at which shares of our common stock are issued pursuant to the 2015 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. In all other material respects, the terms of the 2015 DRIP Offering remain unchanged by the Amended and Restated DRIP. Since October 5, 2016, our board has approved and established an estimated per share net asset value, or NAV, on at least an annual basis. Commencing with the distribution payment to stockholders paid in the month following such board approval, shares of our common stock issued pursuant to the Amended and Restated DRIP were or will be issued at the current estimated per share NAV until such time as our board determines an updated estimated per share NAV. The following is a summary of our historical and current estimated per share NAV: Approval Date by our Board Estimated Per Share NAV 10/05/16 $ 9.01 10/04/17 $ 9.27 10/03/18 $ 9.37 For the years ended December 31, 2018 , 2017 and 2016 , $60,030,000 , $63,008,000 and $64,604,000 , respectively, in distributions were reinvested and 6,464,432 , 6,960,664 and 6,861,647 shares of our common stock, respectively, were issued pursuant to the 2015 DRIP Offering. As of December 31, 2018 and 2017 , a total of $249,711,000 and $189,681,000 , respectively, in distributions were reinvested that resulted in 26,820,010 and 20,355,578 shares of our common stock, respectively, being issued pursuant to our DRIP Offerings. See Note 23, Subsequent Events — 2019 DRIP Offering, for a further discussion. 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 generally 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. 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 our DRIP Offerings. Additionally, effective with respect to share repurchase requests submitted for repurchase during the second quarter 2019, the number of shares that we will repurchase during any fiscal quarter will be limited to an amount equal to the net proceeds that we received from the sale of shares issued pursuant to the DRIP Offerings during the immediately preceding completed fiscal quarter; provided however, that shares subject to a repurchase requested upon the death or qualifying disability of a stockholder will not be subject to this quarterly cap or to our existing cap on repurchases to 5.0% of the weighted average number of shares outstanding during the calendar year prior to the repurchase date. 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, as to repurchases that would result in a stockholder owning less than $2,500 of shares, which may be redeemed in full; and, next, 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, is equal to the lesser of (i) the amount per share that a stockholder paid for their shares of our common stock, or (ii) the most recent estimated value of one share of our common stock, as determined by our board. Accordingly, commencing with the share repurchase requests submitted during 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). Since October 5, 2016, our board has approved and established an estimated per share NAV on at least an annual basis. See the summary of our historical and current estimated per share NAV in the “Distribution Reinvestment Plan” section above. Accordingly, commencing with share repurchase requests submitted during the quarter that our board has approved and established an estimated per share NAV, such NAV per share served or will serve as the Repurchase Amount for stockholders who purchased their shares at a price equal to or greater than such NAV per share in our initial offering, until such time as our board determines an updated estimated per share NAV. For the years ended December 31, 2018 , 2017 and 2016 , we received share repurchase requests and repurchased 8,272,789 , 3,419,969 and 2,246,766 shares of our common stock, respectively, for an aggregate of $76,577,000 , $30,656,000 and $20,941,000 , respectively, at an average repurchase price of $9.26 , $8.96 and $9.32 per share, respectively. As of December 31, 2018 and 2017 , we received cumulative share repurchase requests and repurchased 14,320,453 and 6,047,664 shares of our common stock, respectively, for an aggregate of $131,935,000 and $55,358,000 , respectively, at an average repurchase price of $9.21 and $9.15 per share, respectively. All shares were repurchased using proceeds we received from the sale of shares of our common stock pursuant to our DRIP Offerings. 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 our 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. For the years ended December 31, 2018 , 2017 and 2016 , we granted 22,500 , 22,500 and 30,000 shares of our restricted common stock, respectively, at a weighted average grant date fair value of $9.27 , $9.01 and $ 10.00 per share, respectively, to our independent directors in connection with their election or re-election to our board, or in consideration for their past services rendered. Such shares vest as to 20.0% of the shares on the date of grant and on each of the first four anniversaries of the grant date. For the years ended December 31, 2018 , 2017 and 2016 , we recognized stock compensation expense of $215,000 , $216,000 and $196,000 , respectively, which is included in general and administrative in our accompanying consolidated statements of operations and comprehensive income (loss). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
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, our dealer manager, Colony Capital 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. Our board, including a majority of our independent directors, has reviewed the material transactions between our affiliates and us during the year ended December 31, 2018 . Set forth below is a description of the transactions with affiliates. We believe that we have executed all of the transactions set forth below on terms that are fair and reasonable to us and on terms no less favorable to us than those available from unaffiliated third parties. In the aggregate, for the years ended December 31, 2018 , 2017 and 2016 , we incurred $24,266,000 , $23,698,000 and $29,494,000 , respectively, in fees and expenses to our affiliates as detailed below. 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. Since January 31, 2015, acquisition fees are and have been paid in cash. 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. For the years ended December 31, 2018 , 2017 and 2016 , we incurred $1,194,000 , $1,922,000 and $9,591,000 , respectively, in acquisition fees to our advisor. Acquisition fees in connection with the acquisition of properties accounted for as business combinations in accordance with ASC Topic 805 are expensed as incurred and included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive income (loss). Acquisition fees in connection with the acquisition of properties accounted for as asset acquisitions in accordance with ASU 2017-01 or the acquisition of real estate-related investments are capitalized as part of the associated investments in our accompanying consolidated balance sheets. 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 years ended December 31, 2018 , 2017 and 2016 , we incurred $137,000 , $104,000 and $182,000 , respectively, in development fees to our advisor or its affiliates. Until December 31, 2017 , development fees were expensed and included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive income (loss). Since January 1, 2017, as a result of our adoption of ASU 2017-01, development fees are capitalized as part of the associated asset and included in real estate investments, net in our accompanying consolidated balance sheets. 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, total development costs, real estate commissions or other fees paid to unaffiliated third parties will not exceed, in the aggregate, 6.0% of the contract purchase price or real estate-related investments, 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, 2018 , 2017 and 2016 , such fees and expenses noted above did not exceed 6.0% of the contract purchase price of our property acquisitions or real estate-related investments, 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 in connection with the acquisition of Crown Senior Care Portfolio in excess of 6.0% limit and determined that such fees and expenses were commercially fair and reasonable to us. For the years ended December 31, 2018 and 2017 , we did not incur any acquisition expenses to our advisor or its affiliates. For the year ended December 31, 2016 , we incurred $1,000 in acquisition expenses to our advisor or its affiliates. Reimbursements of acquisition expenses in connection with the acquisition of properties accounted for as business combinations are expensed as incurred and included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive income (loss). Reimbursements of acquisition expenses in connection with the acquisition of properties accounted for as asset acquisitions or the acquisition of real estate-related investments are capitalized as part of the associated investments in our accompanying consolidated balance sheets. 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 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, 2018 , 2017 and 2016 , we incurred $19,373,000 , $18,793,000 and $16,949,000 , respectively, in asset management fees to our advisor or its affiliates. Asset management fees are included in general and administrative in our accompanying consolidated statements of operations and comprehensive income (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 property management oversight fee of 1.0% of the gross monthly cash receipts of any stand-alone, single-tenant, net leased property; (ii) a property management oversight fee of 1.5% of the gross monthly cash receipts of any property that is not a stand-alone, single-tenant, net leased property and for which our advisor or its affiliates 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, 2018 , 2017 and 2016 , we incurred $2,428,000 , $2,358,000 and $2,313,000 , 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 income (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, 2018 , 2017 and 2016 , we incurred $843,000 , $267,000 and $213,000 , 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, 2018 , 2017 and 2016 , we incurred $91,000 , $46,000 and $80,000 , 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 are expensed and included in our accompanying consolidated statements of operations and comprehensive income (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. For the 12 months ended December 31, 2018 , 2017 and 2016 , our operating expenses did not exceed the aforementioned limitations. The following table reflects our operating expenses as a percentage of average invested assets and as a percentage of net income for the 12 month periods then ended: 12 months ended December 31, 2018 2017 2016 Operating expenses as a percentage of average invested assets 0.9 % 0.9 % 1.0 % Operating expenses as a percentage of net income 19.1 % 16.6 % 14.5 % For the years ended December 31, 2018 , 2017 and 2016 , our advisor or its affiliates incurred operating expenses on our behalf of $200,000 , $208,000 and $165,000 , respectively. Operating expenses are generally included in general and administrative in our accompanying consolidated statements of operations and comprehensive income (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 third parties for similar services. For the years ended December 31, 2018 , 2017 and 2016 , 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 of 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 third 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, 2018 and 2016, we did not incur any disposition fees to our advisor or its affiliates. For the year ended December 31, 2017 , our advisor agreed to waive the disposition fees that may otherwise have been due to our advisor pursuant to the Advisory Agreement. See Note 3, Real Estate Investments, Net — Dispositions of Real Estate Investments, for a further discussion. 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, 2018 , 2017 and 2016 , we did not pay 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, 2018 , 2017 and 2016 , we did not pay 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, 2018 and 2017 , we did not have any liability related to the subordinated distribution upon termination. Accounts Payable Due to Affiliates The following amounts were outstanding to our affiliates as of December 31, 2018 and 2017 : December 31, Fee 2018 2017 Asset and property management fees $ 1,856,000 $ 1,783,000 Lease commissions 94,000 31,000 Development fees 68,000 104,000 Construction management fees 58,000 14,000 Acquisition fees 15,000 115,000 Operating expenses 12,000 10,000 $ 2,103,000 $ 2,057,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 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 instruments $ — $ 417,000 $ — $ 417,000 Total assets at fair value $ — $ 417,000 $ — $ 417,000 Liabilities: Contingent consideration obligations $ — $ — $ 681,000 $ 681,000 Warrants — — 1,207,000 1,207,000 Total liabilities at fair value $ — $ — $ 1,888,000 $ 1,888,000 The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 , 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 instruments $ — $ 2,366,000 $ — $ 2,366,000 Total assets at fair value $ — $ 2,366,000 $ — $ 2,366,000 Liabilities: Contingent consideration obligations $ — $ — $ 5,107,000 $ 5,107,000 Warrants — — 1,155,000 1,155,000 Total liabilities at fair value $ — $ — $ 6,262,000 $ 6,262,000 There were no transfers into and out of fair value measurement levels during the years ended December 31, 2018 and 2017 . Derivative Financial Instruments We use interest rate swaps and interest rate caps to manage interest rate risk associated with variable-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, 2018 , 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 Liabilities As of December 31, 2018 and 2017 , we have accrued $681,000 and $5,107,000 , respectively, of contingent consideration obligations in connection with our acquisitions of senior housing facilities within North Carolina ALF Portfolio. Such obligations are included in security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheets and were to be paid upon various conditions being met, including our tenants achieving certain operating performance metrics. In particular, the amounts were to 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 was no minimum required payment but the total maximum was capped at $20,318,000 and also limited by the tenant’s ability to increase its EBITDAR. Any payment made results 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 November 2018, we paid $1,583,000 towards this obligation related to the Moorseville facility in December 2018. The contingent consideration obligation related to the Clemmons facility continues to be revised to its estimated fair value each reporting period, and as such, as of December 31, 2018 , we estimate that we will pay the contingent consideration of $681,000 for this facility within North Carolina ALF Portfolio. Accordingly, for the years ended December 31, 2018 and 2017 , we realized a net gain to earnings of $(2,843,000) and $(3,835,000) , respectively, for these adjustments to contingent consideration obligations related to North Carolina ALF Portfolio. Effective January 2018, the lease agreement was amended to extend the contingent consideration payout period to four years from the original three years for the Clemmons facility with other terms of the amendment remaining consistent with the original lease agreement, as discussed above, with a remaining total maximum payment for the Clemmons facility capped at $11,000,000. 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 subsequent to their acquisition date valuations are charged to earnings. Gains and losses recognized on contingent consideration assets and liabilities are included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2018 , the unobservable inputs used for the contingent consideration valuations related to the Clemmons facility within North Carolina ALF Portfolio included the tenant’s annualized EBITDAR of $1,412,000 and a discount rate per annum of 1.25% . As of December 31, 2017 , the unobservable inputs used for the contingent consideration valuations related to the Mooresville facility and Clemmons facility within North Carolina ALF Portfolio included the tenant’s annualized EBITDAR of $1,634,000 and $1,416,000 , respectively, and a discount rate per annum of 1.25% . As of December 31, 2016 , the unobservable inputs used for the contingent consideration valuations related to the Mooresville facility and Clemmons facility within North Carolina ALF Portfolio included the tenant’s annualized EBITDAR of $1,599,000 and $1,753,000 , respectively, and a discount rate per annum of 1.20% . As of December 31, 2018 and 2017 , we also used as inputs for such valuations an Applicable Rate of 7.2% , as defined in the respective lease agreements, and assumed the tenants of the two facilities would request for 100% of the eligible payments in January 2019 and June 2019, respectively. 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 obligations as of December 31, 2018 and 2017 . The following is a reconciliation of the beginning and ending balances of our contingent consideration obligations for the years ended December 31, 2018 , 2017 and 2016 : Years Ended December 31, 2018 2017 2016 Contingent Consideration Obligations: Beginning balance $ 5,107,000 $ 8,992,000 $ 5,912,000 Realized/unrealized (gains) losses recognized in earnings (2,843,000 ) (3,885,000 ) 13,430,000 Settlements of obligations (1,583,000 ) — (10,350,000 ) Ending balance $ 681,000 $ 5,107,000 $ 8,992,000 Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to obligations still held $ (2,843,000 ) $ (3,885,000 ) $ 13,430,000 Warrants As of December 31, 2018 and 2017 , we have recorded $1,207,000 and $1,155,000 , 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, 2018 and 2017 , the carrying value is a reasonable estimate of fair value. Real Estate Investment For the years ended December 31, 2018 and 2017 , we determined that one of our medical office buildings was impaired based upon discounted cash flow analyses where the most significant inputs were market rent, capitalization rate and discount rate. We considered these inputs as Level 3 measurements within the fair value hierarchy. The following table is a summary of the quantitative information related to the non-recurring fair value measurement for the impairment of our real estate investment as of December 31, 2018 and 2017 : Range of Inputs or Inputs December 31, 2018 2017 Unobservable Inputs Market rent per square foot $13.75 to $25.00 $19.00 to $25.53 Capitalization rate 7.50 % 7.25 % Discount rate 8.00 % 8.00 % Investments in Unconsolidated Entities As of December 31, 2016 , 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 as of December 31, 2016 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. 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 loans. 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 values of the other financial instruments are 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 our mortgage loans payable and our lines of credit and term loans 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 loans are classified in Level 2 within the fair value hierarchy. The carrying amounts and estimated fair values of such financial instruments as of December 31, 2018 and 2017 were as follows: December 31, 2018 2017 Carrying Fair Carrying Fair Financial Assets: Real estate notes receivable $ 28,782,000 $ 28,782,000 $ 30,713,000 $ 31,414,000 Debt security investment $ 69,873,000 $ 94,116,000 $ 67,275,000 $ 94,202,000 Financial Liabilities: Mortgage loans payable $ 688,262,000 $ 618,886,000 $ 613,558,000 $ 570,918,000 Lines of credit and term loans $ 735,737,000 $ 737,982,000 $ 617,798,000 $ 624,102,000 |
Income Taxes and Distributions
Income Taxes and Distributions | 12 Months Ended |
Dec. 31, 2018 | |
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. On December 22, 2017, the U.S. government enacted comprehensive tax legislation pursuant to the Tax Act. The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, reducing the U.S. federal corporate tax rate from 35.0% to 21.0%, eliminating the corporate alternative minimum tax and changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017 . As a result, income tax expense reported for the year ended December 31, 2017 was adjusted to reflect the effects of the Tax Act, which resulted in an income tax benefit of $2,997,000 and is primarily due to the application of the newly enacted rates to the existing deferred tax assets/liabilities of our TRSs. We adopted ASU 2018-05 which allows us to record provisional amounts during the period of enactment. Any change to the provisional amounts would have been recorded as an adjustment to the provision for income taxes in the period the amounts are determined. The measurement period ends when we have obtained, prepared and analyzed the information necessary to finalize the provision, but cannot extend beyond one year of the enactment date. As of December 31, 2018 , the measurement period has closed, and there were no material changes to the provision for income taxes. The Tax Act is still unclear in some respects and could be subject to potential amendments and technical corrections. The federal income tax rules dealing with U.S. federal income taxation and REITs are constantly under review by persons involved in the legislative process, the IRS and the U.S. Treasury Department, which results in statutory changes as well as frequent revisions to regulations and interpretations. As a result, the long-term impact of the Tax Act on the overall economy, government revenues, our tenants, us, and the real estate industry cannot be reliably predicted at this time. We continue to work with our tax advisors to determine the full impact that the recent tax legislation as a whole will have on us. The components of income (loss) before income taxes for the years ended December 31, 2018 , 2017 and 2016 , were as follows: December 31, 2018 2017 2016 Domestic $ 14,202,000 $ 2,931,000 $ (202,886,000 ) Foreign (462,000 ) (808,000 ) (667,000 ) Income (loss) before income taxes $ 13,740,000 $ 2,123,000 $ (203,553,000 ) The components of income tax (benefit) expense for the years ended December 31, 2018 , 2017 and 2016 were as follows: December 31, 2018 2017 2016 Federal deferred $ (4,647,000 ) $ (3,382,000 ) $ (6,656,000 ) State deferred (922,000 ) (755,000 ) (1,502,000 ) Foreign deferred — — — Federal current — — (3,000 ) Foreign current 988,000 543,000 160,000 Valuation allowances 3,784,000 367,000 8,344,000 Total income tax (benefit) expense $ (797,000 ) $ (3,227,000 ) $ 343,000 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, 2018 and 2017 , we did not have any tax benefits or liabilities for uncertain tax positions that we believe should be recognized in our accompanying consolidated financial statements. We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A valuation allowance is established if we believe it is more likely than not that all or a portion of the deferred tax assets are not realizable. As of December 31, 2018 and 2017 , our valuation allowance substantially reserves the net deferred tax assets 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 benefit (expense) in our accompanying consolidated statements of operations and comprehensive income (loss). The components of deferred tax assets and liabilities as of December 31, 2018 and 2017 were as follows: December 31, 2018 2017 Deferred income tax assets: Fixed assets & intangibles $ 7,292,000 $ 8,189,000 Expense accruals & other 10,686,000 6,956,000 Net operating loss 8,980,000 6,338,000 Reserves and accruals 4,095,000 2,466,000 Allowances for accounts receivable 581,000 1,766,000 Investment in joint ventures 1,909,000 1,465,000 Valuation allowances (24,082,000 ) (20,298,000 ) Total deferred income tax assets $ 9,461,000 $ 6,882,000 Deferred income tax liabilities: Fixed assets and intangibles $ (8,924,000 ) $ (8,413,000 ) Other — temporary differences (2,903,000 ) (2,689,000 ) Total deferred income tax liabilities $ (11,827,000 ) $ (11,102,000 ) At December 31, 2018 , we had a net operating loss, or NOL, carryforward of $34,656,000 related to the TRSs. These amounts can be used to offset future taxable income, if any. The NOL carryforwards that were incurred before January 1, 2018 begin to expire in 2035 with respect to the TRSs. The NOL carryforwards incurred after December 31, 2017 will be carried forward indefinitely. 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, 2018 , 2017 and 2016 was as follows: Years Ended December 31, 2018 2017 2016 Ordinary income $ 33,141,000 27.6 % $ 40,475,000 34.1 % $ 28,135,000 24.2 % Capital gain — — — — — — Return of capital 86,833,000 72.4 78,285,000 65.9 88,140,000 75.8 $ 119,974,000 100 % $ 118,760,000 100 % $ 116,275,000 100 % 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, 2018 | |
Leases [Abstract] | |
Future Minimum Rent | 17. Future Minimum Rent Rental Income We have operating leases with tenants that expire at various dates through 2059 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, 2018 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2019 $ 92,888,000 2020 88,536,000 2021 86,362,000 2022 80,233,000 2023 72,535,000 Thereafter 559,649,000 $ 980,203,000 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, 2018 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2019 $ 22,194,000 2020 22,564,000 2021 23,166,000 2022 23,702,000 2023 23,154,000 Thereafter 177,927,000 $ 292,707,000 We evaluate our leases for operating versus capital lease treatment in accordance with ASC Topic 840 . 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% 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% of the fair value of the leased asset. Future minimum lease payments under financing, capital lease and other obligations as of December 31, 2018 for each of the next five years ending December 31 was as follows: Year Capital Leases Financing Obligations Other Obligations Amount(1) 2019 $ 3,307,000 $ 4,272,000 $ 1,049,000 $ 8,628,000 2020 1,266,000 10,906,000 — 12,172,000 2021 130,000 5,586,000 — 5,716,000 2022 — 1,545,000 — 1,545,000 2023 — 462,000 — 462,000 $ 4,703,000 $ 22,771,000 $ 1,049,000 $ 28,523,000 ___________ (1) Amounts above represent principal of $26,947,000 and interest obligations of $1,576,000 under financing, capital lease and other arrangements. As of December 31, 2018 and 2017 , we have not recorded any purchase option liabilities. When such liabilities are recorded, amounts are included in financing and capital lease obligations in our accompanying consolidated balance sheets and 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, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | 18. Business Combinations 2018 Business Combination For the year ended December 31, 2018 , none of our property acquisitions were accounted for as business combinations. See Note 3, Real Estate Investments, Net , for a discussion of our 2018 property acquisitions accounted for as asset acquisitions. 2017 Business Combination For the year ended December 31, 2017 , none of our property acquisitions were accounted for as business combinations. See Note 3, Real Estate Investments, Net , for a discussion of our 2017 property acquisitions accounted for as asset acquisitions. On September 26, 2017, we, through a majority-owned subsidiary of Trilogy, acquired a pharmaceutical business in Nashville, Tennessee from an unaffiliated third party for a contract purchase price of $7,500,000 , plus closing costs and an acquisition fee paid to our advisor, which are included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive income (loss). The acquisition of such pharmaceutical business is included in our integrated senior health campuses segment and was accounted for as a business combination. Based on quantitative and qualitative considerations, such business combination we completed during 2017 was not material. 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 $14,559,000 , which are included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive income (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 for the year ended December 31, 2016 are reflected in our accompanying consolidated statements of operations and comprehensive income (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 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 initial 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. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | 19. Segment Reporting As of December 31, 2018 , 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 our debt security investment and Crown Senior Care Facility, a facility agreement we entered into with Caring Homes (TFP) Group Limited, or the CHG Borrower, an unaffiliated third party, on September 16, 2015, which was collateralized by three senior housing facilities in the UK and the income from the CHG Borrower’s operations and which was settled in full on November 15, 2016. 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 that are owned and operated utilizing a RIDEA structure. 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, gain (loss) on disposition of real estate investments, impairment of real estate investments, foreign currency gain (loss), other income (expense), 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, 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, 2018 , 2017 and 2016 was as follows: Integrated Senior Health Campuses Senior Housing — RIDEA Medical Office Buildings Senior Housing Skilled Nursing Facilities Hospitals Year Ended December 31, 2018 Revenues: Resident fees and services $ 940,616,000 $ 65,075,000 $ — $ — $ — $ — $ 1,005,691,000 Real estate revenue — — 80,078,000 21,913,000 14,887,000 12,691,000 129,569,000 Total revenues 940,616,000 65,075,000 80,078,000 21,913,000 14,887,000 12,691,000 1,135,260,000 Expenses: Property operating expenses 844,279,000 44,792,000 — — — — 889,071,000 Rental expenses — — 30,514,000 837,000 1,816,000 1,656,000 34,823,000 Segment net operating income $ 96,337,000 $ 20,283,000 $ 49,564,000 $ 21,076,000 $ 13,071,000 $ 11,035,000 $ 211,366,000 Expenses: General and administrative $ 28,770,000 Acquisition related expenses (2,913,000 ) Depreciation and amortization 95,678,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (66,281,000 ) Loss in fair value of derivative financial instruments (1,949,000 ) Impairment of real estate investments (2,542,000 ) Loss from unconsolidated entities (3,877,000 ) Foreign currency loss (2,690,000 ) Other income 1,248,000 Income before income taxes 13,740,000 Income tax benefit 797,000 Net income $ 14,537,000 Integrated Senior Health Campuses Senior Housing — RIDEA Medical Office Buildings Senior Housing Skilled Nursing Facilities Hospitals Year Ended December 31, 2017 Revenues: Resident fees and services $ 863,029,000 $ 64,192,000 $ — $ — $ — $ — $ 927,221,000 Real estate revenue — — 78,584,000 20,898,000 14,884,000 12,705,000 127,071,000 Total revenues 863,029,000 64,192,000 78,584,000 20,898,000 14,884,000 12,705,000 1,054,292,000 Expenses: Property operating expenses 763,306,000 43,133,000 — — — — 806,439,000 Rental expenses — — 29,344,000 670,000 1,608,000 1,453,000 33,075,000 Segment net operating income $ 99,723,000 $ 21,059,000 $ 49,240,000 $ 20,228,000 $ 13,276,000 $ 11,252,000 $ 214,778,000 Expenses: General and administrative $ 32,587,000 Acquisition related expenses (3,833,000 ) Depreciation and amortization 113,226,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishment) (60,872,000 ) Gain in fair value of derivative financial instruments 383,000 Gain on dispositions of real estate investments 3,370,000 Impairment of real estate investments (14,070,000 ) Loss from unconsolidated entities (5,048,000 ) Foreign currency gain 4,045,000 Other income 1,517,000 Income before income taxes 2,123,000 Income tax benefit 3,227,000 Net income $ 5,350,000 Integrated Senior Health Campuses Senior Housing — RIDEA Medical Senior Skilled Nursing Facilities Hospitals Year Ended December 31, 2016 Revenues: Resident fees and services $ 810,034,000 $ 62,371,000 $ — $ — $ — $ — $ 872,405,000 Real estate revenue — — 73,252,000 18,517,000 8,686,000 16,711,000 117,166,000 Total revenues 810,034,000 62,371,000 73,252,000 18,517,000 8,686,000 16,711,000 989,571,000 Expenses: Property operating expenses 722,793,000 42,346,000 — — — — 765,139,000 Rental expenses — — 26,863,000 538,000 758,000 1,235,000 29,394,000 Segment net operating income $ 87,241,000 $ 20,025,000 $ 46,389,000 $ 17,979,000 $ 7,928,000 $ 15,476,000 $ 195,038,000 Expenses: General and administrative $ 28,951,000 Acquisition related expenses 28,589,000 Depreciation and amortization 271,307,000 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 Loss from unconsolidated entities (18,377,000 ) Foreign currency loss (8,755,000 ) Other income 1,085,000 Loss before income taxes (203,553,000 ) Income tax expense (343,000 ) Net loss $ (203,896,000 ) Assets by reportable segment as of December 31, 2018 and 2017 were as follows: December 31, 2018 2017 Integrated senior health campuses $ 1,478,147,000 $ 1,366,245,000 Medical office buildings 646,784,000 662,959,000 Senior housing — RIDEA 271,381,000 279,388,000 Senior housing 242,686,000 231,559,000 Skilled nursing facilities 127,809,000 129,359,000 Hospitals 118,685,000 123,431,000 Other 3,600,000 7,534,000 Total assets $ 2,889,092,000 $ 2,800,475,000 As of both December 31, 2018 and 2017 , goodwill of $75,309,000 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, 2018 2017 2016 Revenues: United States $ 1,130,350,000 $ 1,049,586,000 $ 985,069,000 International 4,910,000 4,706,000 4,502,000 $ 1,135,260,000 $ 1,054,292,000 $ 989,571,000 The following is a summary of real estate investments, net by geographic regions as of December 31, 2018 and 2017 : December 31, 2018 2017 Real estate investments, net: United States $ 2,173,395,000 $ 2,110,280,000 International 49,286,000 52,978,000 $ 2,222,681,000 $ 2,163,258,000 |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 , 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, 2018 , properties in one state in the United States accounted for 10.0% or more of our total property portfolio’s annualized base rent or annualized net operating income. Properties located in Indiana accounted for 34.5% of our total property portfolio’s annualized base rent or annualized net operating income. 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, 2018 , our six reportable business segments, integrated senior health campuses, medical office buildings, senior housing — RIDEA, senior housing, skilled nursing facilities and hospitals accounted for 47.1% , 27.6% , 9.4% , 6.5% , 5.6% and 3.8% , respectively, of our total property portfolio’s annualized base rent or annualized net operating income. As of December 31, 2018 , none of our tenants at our properties accounted for 10.0% or more of our total property portfolio’s 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, 2018 . |
Per Share Data
Per Share Data | 12 Months Ended |
Dec. 31, 2018 | |
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 $28,000 , $26,000 and $18,000 , respectively, for the years ended December 31, 2018 , 2017 and 2016 . 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, 2018 and 2017 , there were 46,500 and 45,000 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, 2018 and 2017 , 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, 2018 | |
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, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Revenues $ 292,926,000 $ 284,179,000 $ 280,263,000 $ 277,892,000 Expenses (271,427,000 ) (261,856,000 ) (256,536,000 ) (255,610,000 ) Other expense (19,749,000 ) (18,543,000 ) (23,571,000 ) (14,228,000 ) Income tax (expense) benefit (144,000 ) 44,000 526,000 371,000 Net income 1,606,000 3,824,000 682,000 8,425,000 Less: net income attributable to noncontrolling interests (16,000 ) (212,000 ) (740,000 ) (272,000 ) Net income (loss) attributable to controlling interest $ 1,590,000 $ 3,612,000 $ (58,000 ) $ 8,153,000 Net income per common share attributable to controlling interest — basic and diluted $ 0.01 $ 0.02 $ — $ 0.04 Weighted average number of common shares outstanding — basic and diluted 199,459,268 199,818,444 200,202,193 200,347,084 Quarters Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Revenues $ 276,570,000 $ 262,748,000 $ 258,573,000 $ 256,401,000 Expenses (246,854,000 ) (244,266,000 ) (244,877,000 ) (245,497,000 ) Other expense (24,552,000 ) (14,741,000 ) (12,738,000 ) (18,644,000 ) Income tax benefit 1,729,000 720,000 565,000 213,000 Net income (loss) 6,893,000 4,461,000 1,523,000 (7,527,000 ) Less: net (income) loss attributable to noncontrolling interests (179,000 ) 176,000 1,867,000 4,008,000 Net income (loss) attributable to controlling interest $ 6,714,000 $ 4,637,000 $ 3,390,000 $ (3,519,000 ) Net income (loss) per common share attributable to controlling interest — basic and diluted $ 0.03 $ 0.02 $ 0.02 $ (0.02 ) Weighted average number of common shares outstanding — basic and diluted 199,428,746 198,733,528 197,845,193 196,897,807 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. Subsequent Events 2019 Corporate Line of Credit On January 25, 2019, we terminated the 2016 Corporate Credit Agreement, as amended, and the 2016 Corporate Revolving Notes, with each of Bank of America, KeyBank and a syndicate of other banks, as lenders, and we entered into a credit agreement, or the 2019 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; Citizens Bank, National Association, as a syndication agent, a swing line lender, a letter of credit issuer, a joint lead arranger and joint bookrunner; and a syndicate of other banks, as lenders, to obtain a credit facility with an aggregate maximum principal amount of $630,000,000 , or the 2019 Corporate Line of Credit. The 2019 Corporate Line of Credit consists of a senior unsecured revolving credit facility in the initial aggregate amount of $150,000,000 and a senior unsecured term loan facility in the initial aggregate amount of $480,000,000 . We may obtain 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 2019 Credit Facility matures on January 25, 2022, and may be extended for one 12-month period during the term of the 2019 Credit Agreement subject to satisfaction of certain conditions, including payment of an extension fee. The maximum principal amount of the 2019 Corporate Line of Credit may be increased by up to $370,000,000 , for a total principal amount of $1,000,000,000 , subject to: (i) the terms of the 2019 Corporate Credit Agreement; and (ii) at least five business days’ prior written notice to Bank of America. At our option, the 2019 Corporate Line of Credit bears interest at per annum rates equal to (a) (i) the Eurodollar Rate, (as defined in the 2019 Corporate Credit Agreement) plus (ii) a margin ranging from 1.50% to 2.20% based on our Consolidated Leverage Ratio (as defined in the 2019 Corporate Credit Agreement), or (b) (i) the greater of: (1) the prime rate publicly announced by Bank of America, (2) the Federal Funds Rate (as defined in the 2019 Corporate Credit Agreement) plus 0.50% , (3) the one-month Eurodollar Rate plus 1.00% , and (4) 0.00% , plus (ii) a margin ranging from 0.50% to 1.20% based on our Consolidated Leverage Ratio. Accrued interest on the 2019 Corporate Line of Credit is payable monthly. The loans may be repaid in whole or in part without prepayment premium or penalty, subject to certain conditions. We are required to pay a fee on the unused portion of the lenders’ commitments under the 2019 Corporate Credit Agreement at a per annum rate equal to 0.20% if the average daily used amount is greater than 50% of the commitments and 0.25% if the average daily used amount is less than or equal to 50% of the commitments, which fee shall be measured and payable on a quarterly basis. The 2019 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. 2019 DRIP Offering On January 30, 2019, we filed a Registration Statement on Form S-3 under the Securities Act to register a maximum of $200,000,000 of additional shares of our common stock to be issued pursuant to the Amended and Restated DRIP, or the 2019 DRIP Offering. The Registration Statement on Form S-3 was automatically effective with the SEC upon its filing; however, we will not commence offering shares pursuant to the 2019 DRIP Offering until the termination of the 2015 DRIP Offering. |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(e) Accumulated Depreciation (g)(h) Date of Construction Date Acquired DeKalb Professional Center (Medical Office) Lithonia, GA $ — $ 479,000 $ 2,871,000 $ 82,000 $ 479,000 $ 2,953,000 $ 3,432,000 $ (617,000 ) 2008 06/06/14 Country Club MOB (Medical Office) Stockbridge, GA — 240,000 2,306,000 24,000 240,000 2,330,000 2,570,000 (388,000 ) 2002 06/26/14 Acworth Medical Complex (Medical Office) Acworth, GA — 216,000 3,135,000 63,000 216,000 3,198,000 3,414,000 (489,000 ) 1976/2009 07/02/14 Acworth, GA — 250,000 2,214,000 7,000 250,000 2,221,000 2,471,000 (392,000 ) 1976/2009 07/02/14 Acworth, GA — 104,000 774,000 3,000 104,000 777,000 881,000 (142,000 ) 1976/2009 07/02/14 Wichita KS MOB (Medical Office) Wichita, KS — 943,000 6,288,000 296,000 943,000 6,584,000 7,527,000 (1,140,000 ) 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 (751,000 ) 1999/2005 09/11/14 Cleveland, MS — 348,000 6,369,000 — 348,000 6,369,000 6,717,000 (1,023,000 ) 2004 09/11/14 Springdale, AR — 891,000 6,538,000 — 891,000 6,538,000 7,429,000 (1,062,000 ) 1998/2005 01/08/15 Lee’s Summit MO MOB (Medical Office) Lee’s Summit, MO — 1,045,000 5,068,000 398,000 1,045,000 5,466,000 6,511,000 (1,325,000 ) 2006 09/18/14 Carolina Commons MOB (Medical Office) Indian Land, SC 7,155,000 1,028,000 9,430,000 270,000 1,028,000 9,700,000 10,728,000 (1,713,000 ) 2009 10/15/14 Mount Olympia MOB Portfolio (Medical Office) Olympia Fields, IL — 298,000 2,726,000 21,000 298,000 2,747,000 3,045,000 (401,000 ) 2005 12/04/14 Columbus, OH — 225,000 5,649,000 158,000 225,000 5,807,000 6,032,000 (783,000 ) 2005 12/04/14 Mount Dora, FL — 393,000 5,633,000 — 393,000 5,633,000 6,026,000 (709,000 ) 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 (11,877,000 ) 2013 12/04/14 East Texas MOB Portfolio (Medical Office) Longview, TX — — 19,942,000 57,000 — 19,999,000 19,999,000 (2,705,000 ) 2008 12/12/14 Longview, TX — 228,000 965,000 — 228,000 965,000 1,193,000 (236,000 ) 1979/1997 12/12/14 Longview, TX — 759,000 1,696,000 — 759,000 1,696,000 2,455,000 (407,000 ) 1998 12/12/14 Longview, TX — — 8,027,000 — — 8,027,000 8,027,000 (1,119,000 ) 2004 12/12/14 Marshall, TX — 368,000 1,711,000 — 368,000 1,711,000 2,079,000 (475,000 ) 1970 12/12/14 Longview, TX — — 696,000 29,000 — 725,000 725,000 (161,000 ) 1956 12/12/14 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(e) Accumulated Depreciation (g)(h) Date of Construction Date Acquired Longview, TX $ — $ — $ 27,601,000 $ 1,565,000 $ — $ 29,166,000 $ 29,166,000 $ (4,298,000 ) 1985/1993/ 2004 12/12/14 Premier MOB (Medical Office) Novi, MI — 644,000 10,420,000 770,000 644,000 11,190,000 11,834,000 (1,495,000 ) 2006 12/19/14 Independence MOB Portfolio (Medical Office) Southgate, KY — 411,000 11,005,000 1,179,000 411,000 12,184,000 12,595,000 (1,490,000 ) 1988 01/13/15 Somerville, MA — 1,509,000 46,775,000 1,662,000 1,509,000 48,437,000 49,946,000 (5,216,000 ) 1990 01/13/15 Morristown, NJ — 3,763,000 26,957,000 2,223,000 3,764,000 29,179,000 32,943,000 (4,454,000 ) 1980 01/13/15 Verona, NJ — 1,683,000 9,405,000 402,000 1,683,000 9,807,000 11,490,000 (1,415,000 ) 1970 01/13/15 Bronx, NY — — 19,593,000 1,651,000 — 21,244,000 21,244,000 (2,527,000 ) 1987/1988 01/26/15 King of Prussia PA MOB (Medical Office) King of Prussia, PA 9,225,000 3,427,000 13,849,000 2,460,000 3,427,000 16,309,000 19,736,000 (2,366,000 ) 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 (1,514,000 ) 2014 06/29/15 Mooresville, NC — 835,000 15,894,000 — 835,000 15,894,000 16,729,000 (1,912,000 ) 2012 01/28/15 Raleigh, NC — 1,069,000 21,235,000 — 1,069,000 21,235,000 22,304,000 (2,390,000 ) 2013 01/28/15 Wake Forest, NC — 772,000 13,596,000 — 772,000 13,596,000 14,368,000 (1,480,000 ) 2014 06/29/15 Huntersville, NC — 2,033,000 11,494,000 — 2,033,000 11,494,000 13,527,000 (724,000 ) 2015 01/18/17 Matthews, NC — 949,000 12,537,000 — 949,000 12,537,000 13,486,000 (143,000 ) 2017 08/30/18 Orange Star Medical Portfolio (Medical Office and Hospital) Keller, TX — 1,604,000 7,912,000 28,000 1,604,000 7,940,000 9,544,000 (1,041,000 ) 2011 02/26/15 Wharton, TX — 259,000 10,590,000 216,000 259,000 10,806,000 11,065,000 (1,284,000 ) 1987 02/26/15 Friendswood, TX — 500,000 7,664,000 218,000 500,000 7,882,000 8,382,000 (951,000 ) 2008 02/26/15 Durango, CO — 623,000 14,166,000 228,000 623,000 14,394,000 15,017,000 (1,560,000 ) 2004 02/26/15 Durango, CO — 788,000 10,467,000 458,000 788,000 10,925,000 11,713,000 (1,328,000 ) 2004 02/26/15 Kingwood MOB Portfolio (Medical Office) Kingwood, TX — 820,000 8,589,000 89,000 820,000 8,678,000 9,498,000 (1,094,000 ) 2005 03/11/15 Kingwood, TX — 781,000 3,943,000 — 781,000 3,943,000 4,724,000 (531,000 ) 2008 03/11/15 Mt Juliet TN MOB (Medical Office) Mount Juliet, TN — 1,188,000 10,720,000 (39,000 ) 1,188,000 10,681,000 11,869,000 (1,282,000 ) 2012 03/17/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(e) Accumulated Depreciation (g)(h) Date of Construction Date Acquired Homewood AL MOB (Medical Office) Homewood, AL $ — $ 405,000 $ 6,590,000 $ (295,000 ) $ 405,000 $ 6,295,000 $ 6,700,000 $ (731,000 ) 2010 03/27/15 Paoli PA Medical Plaza (Medical Office) Paoli, PA 13,014,000 2,313,000 12,447,000 1,591,000 2,313,000 14,038,000 16,351,000 (1,774,000 ) 1951 04/10/15 Paoli, PA — 1,668,000 7,357,000 1,257,000 1,668,000 8,614,000 10,282,000 (1,200,000 ) 1975 04/10/15 Glen Burnie MD MOB (Medical Office) Glen Burnie, MD — 2,692,000 14,095,000 1,711,000 2,692,000 15,806,000 18,498,000 (2,092,000 ) 1981 05/06/15 Marietta GA MOB (Medical Office) Marietta, GA — 1,347,000 10,947,000 34,000 1,347,000 10,981,000 12,328,000 (1,252,000 ) 2002 05/07/15 Mountain Crest Senior Housing Portfolio (Senior Housing — RIDEA) Elkhart, IN — 793,000 6,009,000 106,000 793,000 6,115,000 6,908,000 (966,000 ) 1997 05/14/15 Elkhart, IN — 782,000 6,760,000 403,000 782,000 7,163,000 7,945,000 (1,177,000 ) 2000 05/14/15 Hobart, IN — 604,000 11,529,000 (156,000 ) 604,000 11,373,000 11,977,000 (1,376,000 ) 2008 05/14/15 LaPorte, IN — 392,000 14,894,000 254,000 392,000 15,148,000 15,540,000 (1,828,000 ) 2008 05/14/15 Mishawaka, IN 9,597,000 3,670,000 14,416,000 291,000 3,670,000 14,707,000 18,377,000 (1,792,000 ) 1978 07/14/15 Niles, MI — 404,000 5,050,000 146,000 404,000 5,196,000 5,600,000 (796,000 ) 2000 06/11/15 and 11/20/15 Mount Dora Medical Center (Medical Office) Mount Dora, FL — 736,000 14,616,000 (6,996,000 ) 736,000 7,620,000 8,356,000 (1,184,000 ) 2008 05/15/15 Nebraska Senior Housing Portfolio (Senior Housing — RIDEA) Bennington, NE — 981,000 20,427,000 195,000 981,000 20,622,000 21,603,000 (2,303,000 ) 2009 05/29/15 Omaha, NE — 1,274,000 38,619,000 283,000 1,274,000 38,902,000 40,176,000 (3,934,000 ) 2000 05/29/15 Pennsylvania Senior Housing Portfolio (Senior Housing — RIDEA) Bethlehem, PA 11,325,000 1,542,000 22,249,000 304,000 1,542,000 22,553,000 24,095,000 (2,666,000 ) 2005 06/30/15 Boyertown, PA — 480,000 25,544,000 266,000 480,000 25,810,000 26,290,000 (2,632,000 ) 2000 06/30/15 York, PA — 972,000 29,860,000 24,000 972,000 29,884,000 30,856,000 (3,046,000 ) 1986 06/30/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(e) Accumulated Depreciation (g)(h) Date of Construction Date Acquired Southern Illinois MOB Portfolio (Medical Office) Waterloo, IL $ — $ 94,000 $ 1,977,000 $ — $ 94,000 $ 1,977,000 $ 2,071,000 $ (243,000 ) 2015 07/01/15 Waterloo, IL — 736,000 6,332,000 348,000 736,000 6,680,000 7,416,000 (877,000 ) 1995 07/01/15, 12/19/17 and 04/17/18 Waterloo, IL — 200,000 2,648,000 62,000 200,000 2,710,000 2,910,000 (354,000 ) 2011 07/01/15 Napa Medical Center (Medical Office) Napa, CA — 1,176,000 13,328,000 1,366,000 1,176,000 14,694,000 15,870,000 (1,936,000 ) 1980 07/02/15 Chesterfield Corporate Plaza (Medical Office) Chesterfield, MO — 8,030,000 24,533,000 2,249,000 8,030,000 26,782,000 34,812,000 (3,718,000 ) 1989 08/14/15 Richmond VA ALF(Senior Housing — RIDEA) North Chesterfield, VA 35,129,000 2,146,000 56,671,000 245,000 2,146,000 56,916,000 59,062,000 (5,051,000 ) 2009 09/11/15 Crown Senior Care Portfolio (Senior Housing) Peel, Isle of Man — 1,165,000 6,954,000 — 1,165,000 6,954,000 8,119,000 (693,000 ) 2015 09/15/15 St. Albans, UK — 1,175,000 12,348,000 449,000 1,175,000 12,797,000 13,972,000 (1,160,000 ) 2015 10/08/15 Salisbury, UK — 1,248,000 11,990,000 4,000 1,248,000 11,994,000 13,242,000 (1,124,000 ) 2015 12/08/15 Aberdeen, UK — 2,026,000 6,039,000 — 2,026,000 6,039,000 8,065,000 (375,000 ) 1986 11/15/16 Felixstowe, UK — 704,000 5,803,000 97,000 704,000 5,900,000 6,604,000 (338,000 ) 2010/2011 11/15/16 Felixstowe, UK — 531,000 2,543,000 66,000 531,000 2,609,000 3,140,000 (165,000 ) 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 (3,802,000 ) 1983 10/29/15 Stockbridge GA MOB II (Medical Office) Stockbridge, GA — 499,000 8,353,000 211,000 499,000 8,564,000 9,063,000 (983,000 ) 2006 12/03/15 Marietta GA MOB II (Medical Office) Marietta, GA — 661,000 4,783,000 131,000 661,000 4,914,000 5,575,000 (536,000 ) 2007 12/09/15 Naperville MOB (Medical Office) Naperville, IL — 392,000 3,765,000 30,000 392,000 3,795,000 4,187,000 (513,000 ) 1999 01/12/16 Naperville, IL — 548,000 11,815,000 40,000 548,000 11,855,000 12,403,000 (1,254,000 ) 1989 01/12/16 Lakeview IN Medical Plaza (Medical Office) Indianapolis, IN 20,000,000 2,375,000 15,911,000 3,554,000 2,375,000 19,465,000 21,840,000 (2,742,000 ) 1987 01/21/16 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(e) Accumulated Depreciation (g)(h) Date of Construction Date Acquired Pennsylvania Senior Housing Portfolio II (Senior Housing — RIDEA) Palmyra, PA $ — $ 835,000 $ 24,424,000 $ 97,000 $ 835,000 $ 24,521,000 $ 25,356,000 $ (2,842,000 ) 2007 02/01/16 Snellville GA MOB (Medical Office) Snellville, GA — 332,000 7,781,000 816,000 332,000 8,597,000 8,929,000 (919,000 ) 2005 02/05/16 Lakebrook Medical Center (Medical Office) Westbrook, CT — 653,000 4,855,000 155,000 653,000 5,010,000 5,663,000 (561,000 ) 2007 02/19/16 Stockbridge GA MOB III (Medical Office) Stockbridge, GA — 606,000 7,924,000 72,000 606,000 7,996,000 8,602,000 (858,000 ) 2007 03/29/16 Joplin MO MOB (Medical Office) Joplin, MO — 1,245,000 9,860,000 (41,000 ) 1,245,000 9,819,000 11,064,000 (1,320,000 ) 2000 05/10/16 Austell GA MOB (Medical Office) Austell, GA — 663,000 10,547,000 (8,000 ) 663,000 10,539,000 11,202,000 (817,000 ) 2008 05/25/16 Middletown OH MOB (Medical Office) Middletown, OH — — 17,389,000 153,000 — 17,542,000 17,542,000 (1,396,000 ) 2007 06/16/16 Fox Grape SNF Portfolio (Skilled Nursing) Braintree, MA — 1,875,000 10,847,000 1,000 1,845,000 10,878,000 12,723,000 (776,000 ) 2015 07/01/16 Brighton, MA — 758,000 2,661,000 355,000 779,000 2,995,000 3,774,000 (227,000 ) 1982 07/01/16 Duxbury, MA — 2,823,000 11,244,000 104,000 2,922,000 11,249,000 14,171,000 (874,000 ) 1983 07/01/16 Hingham, MA — 2,150,000 17,390,000 — 2,316,000 17,224,000 19,540,000 (1,223,000 ) 1990 07/01/16 Weymouth, MA — 1,818,000 5,286,000 418,000 1,857,000 5,665,000 7,522,000 (448,000 ) 1963 07/01/16 Quincy, MA 15,319,000 3,537,000 13,697,000 156,000 3,537,000 13,853,000 17,390,000 (864,000 ) 1995 11/01/16 Voorhees NJ MOB (Medical Office) Voorhees, NJ — 1,727,000 8,451,000 368,000 1,727,000 8,819,000 10,546,000 (855,000 ) 2008 07/08/16 Norwich CT MOB Portfolio (Medical Office) Norwich, CT — 403,000 1,601,000 10,000 403,000 1,611,000 2,014,000 (146,000 ) 2014 12/16/16 Norwich, CT — 804,000 12,094,000 108,000 804,000 12,202,000 13,006,000 (820,000 ) 1999 12/16/16 New London CT MOB (Medical Office) New London, CT — 669,000 3,479,000 242,000 669,000 3,721,000 4,390,000 (281,000 ) 1987 05/03/17 Middletown OH MOB II (Medical Office) Middletown, OH — — 3,949,000 22,000 — 3,971,000 3,971,000 (138,000 ) 2007 12/20/17 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(e) Accumulated Depreciation (g)(h) Date of Construction Date Acquired Owen Valley Health Campus Spencer, IN $ 9,278,000 $ 307,000 $ 9,111,000 $ 161,000 $ 307,000 $ 9,272,000 $ 9,579,000 $ (756,000 ) 1999 12/01/15 Homewood Health Campus Lebanon, IN 9,309,000 973,000 9,702,000 423,000 1,040,000 10,058,000 11,098,000 (820,000 ) 2000 12/01/15 Ashford Place Health Campus Shelbyville, IN 6,483,000 664,000 12,662,000 605,000 682,000 13,249,000 13,931,000 (1,055,000 ) 2004 12/01/15 Mill Pond Health Campus Greencastle, IN 7,671,000 1,576,000 8,124,000 308,000 1,576,000 8,432,000 10,008,000 (666,000 ) 2005 12/01/15 St. Andrews Health Campus Batesville, IN 4,840,000 552,000 8,213,000 243,000 619,000 8,389,000 9,008,000 (675,000 ) 2005 12/01/15 Hampton Oaks Health Campus Scottsburg, IN 6,814,000 720,000 8,145,000 246,000 777,000 8,334,000 9,111,000 (703,000 ) 2006 12/01/15 Forest Park Health Campus Richmond, IN 7,441,000 535,000 9,399,000 284,000 535,000 9,683,000 10,218,000 (817,000 ) 2007 12/01/15 The Maples at Waterford Crossing Goshen, IN 6,165,000 344,000 8,027,000 51,000 347,000 8,075,000 8,422,000 (658,000 ) 2006 12/01/15 Morrison Woods Health Campus Muncie, IN 6,400,000 1,526,000 10,144,000 11,414,000 1,526,000 21,558,000 23,084,000 (856,000 ) 2008 12/01/15 and 09/14/16 Woodbridge Health Campus Logansport, IN 8,818,000 228,000 11,812,000 307,000 233,000 12,114,000 12,347,000 (979,000 ) 2003 12/01/15 Bridgepointe Health Campus Vincennes, IN 7,545,000 572,000 7,469,000 304,000 572,000 7,773,000 8,345,000 (611,000 ) 2002 12/01/15 Greenleaf Living Center Elkhart, IN 12,061,000 492,000 12,157,000 172,000 502,000 12,319,000 12,821,000 (1,003,000 ) 2000 12/01/15 Scenic Hills Care Center Ferdinand, IN 7,854,000 212,000 5,702,000 (4,046,000 ) 212,000 1,656,000 1,868,000 (43,000 ) 1985 12/01/15 Forest Glen Health Campus Springfield, OH 10,790,000 846,000 12,754,000 195,000 875,000 12,920,000 13,795,000 (1,087,000 ) 2007 12/01/15 The Meadows of Kalida Health Campus Kalida, OH 8,344,000 298,000 7,628,000 95,000 303,000 7,718,000 8,021,000 (628,000 ) 2007 12/01/15 The Heritage Findlay, OH 13,999,000 1,312,000 13,475,000 316,000 1,369,000 13,734,000 15,103,000 (1,131,000 ) 1975 12/01/15 Genoa Retirement Village Genoa, OH 8,757,000 881,000 8,113,000 286,000 909,000 8,371,000 9,280,000 (695,000 ) 1985 12/01/15 The Residence of Waterford Crossing Goshen, IN 8,869,000 344,000 4,381,000 763,000 349,000 5,139,000 5,488,000 (437,000 ) 2004 12/01/15 St. Elizabeth Healthcare Delphi, IN 8,715,000 522,000 5,463,000 5,361,000 613,000 10,733,000 11,346,000 (531,000 ) 1986 12/01/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(e) Accumulated Depreciation (g)(h) Date of Construction Date Acquired Cumberland Pointe West Lafayette, IN $ 10,221,000 $ 1,645,000 $ 13,696,000 $ 462,000 $ 1,901,000 $ 13,902,000 $ 15,803,000 $ (1,204,000 ) 1980 12/01/15 Franciscan Healthcare Center Louisville, KY 11,463,000 808,000 8,439,000 691,000 812,000 9,126,000 9,938,000 (797,000 ) 1975 12/01/15 Blair Ridge Health Campus Peru, IN 8,140,000 734,000 11,648,000 422,000 760,000 12,044,000 12,804,000 (1,115,000 ) 2001 12/01/15 Glen Oaks Health Campus New Castle, IN 5,557,000 384,000 8,189,000 48,000 384,000 8,237,000 8,621,000 (650,000 ) 2011 12/01/15 Covered Bridge Health Campus Seymour, IN (c) 386,000 9,699,000 217,000 472,000 9,830,000 10,302,000 (812,000 ) 2002 12/01/15 Stonebridge Health Campus Bedford, IN 10,316,000 1,087,000 7,965,000 518,000 1,134,000 8,436,000 9,570,000 (683,000 ) 2004 12/01/15 RiverOaks Health Campus Princeton, IN 15,403,000 440,000 8,953,000 405,000 466,000 9,332,000 9,798,000 (752,000 ) 2004 12/01/15 Park Terrace Health Campus Louisville, KY (c) 2,177,000 7,626,000 989,000 2,177,000 8,615,000 10,792,000 (731,000 ) 1977 12/01/15 Cobblestone Crossing Terre Haute, IN (c) 1,462,000 13,860,000 5,614,000 1,469,000 19,467,000 20,936,000 (1,483,000 ) 2008 12/01/15 Creasy Springs Health Campus Lafayette, IN 17,040,000 2,111,000 14,337,000 5,814,000 2,365,000 19,897,000 22,262,000 (1,528,000 ) 2010 12/01/15 Avalon Springs Health Campus Valparaiso, IN 18,523,000 1,542,000 14,107,000 100,000 1,560,000 14,189,000 15,749,000 (1,159,000 ) 2012 12/01/15 Prairie Lakes Health Campus Noblesville, IN 9,372,000 2,204,000 13,227,000 144,000 2,210,000 13,365,000 15,575,000 (1,095,000 ) 2010 12/01/15 RidgeWood Health Campus Lawrenceburg, IN 14,528,000 1,240,000 16,118,000 51,000 1,261,000 16,148,000 17,409,000 (1,299,000 ) 2009 12/01/15 Westport Place Health Campus Louisville, KY (c) 1,245,000 9,946,000 53,000 1,262,000 9,982,000 11,244,000 (794,000 ) 2011 12/01/15 Lakeland Rehab & Health Center Milford, IN — 306,000 2,727,000 (1,251,000 ) 306,000 1,476,000 1,782,000 (38,000 ) 1973 12/01/15 Amber Manor Care Center Petersburg, IN 5,919,000 446,000 6,063,000 215,000 483,000 6,241,000 6,724,000 (536,000 ) 1990 12/01/15 The Meadows of Leipsic Health Campus Leipsic, OH (c) 1,242,000 6,988,000 384,000 1,242,000 7,372,000 8,614,000 (626,000 ) 1986 12/01/15 Springview Manor Lima, OH (c) 260,000 3,968,000 87,000 260,000 4,055,000 4,315,000 (341,000 ) 1978 12/01/15 Willows at Bellevue Bellevue, OH 17,350,000 587,000 15,575,000 216,000 613,000 15,765,000 16,378,000 (1,270,000 ) 2008 12/01/15 Briar Hill Health Campus North Baltimore, OH (c) 673,000 2,688,000 363,000 696,000 3,028,000 3,724,000 (259,000 ) 1977 12/01/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(e) Accumulated Depreciation (g)(h) Date of Construction Date Acquired Cypress Pointe Health Campus Englewood, OH (c) $ 921,000 $ 10,291,000 $ 833,000 $ 1,416,000 $ 10,629,000 $ 12,045,000 $ (845,000 ) 2010 12/01/15 The Oaks at NorthPointe Woods Battle Creek, MI (c) 567,000 12,716,000 62,000 567,000 12,778,000 13,345,000 (1,028,000 ) 2008 12/01/15 RidgeCrest Health Campus Jackson, MI (c) 642,000 6,194,000 237,000 797,000 6,276,000 7,073,000 (518,000 ) 2010 12/01/15 Westlake Health Campus Commerce, MI $ 15,143,000 815,000 13,502,000 27,000 815,000 13,529,000 14,344,000 (1,096,000 ) 2011 12/01/15 Springhurst Health Campus Greenfield, IN 21,044,000 931,000 14,114,000 1,267,000 1,814,000 14,498,000 16,312,000 (1,277,000 ) 2007 12/01/15 and 05/16/17 Glen Ridge Health Campus Louisville, KY (c) 1,208,000 9,771,000 1,545,000 1,306,000 11,218,000 12,524,000 (832,000 ) 2006 12/01/15 St. Mary Healthcare Lafayette, IN 5,560,000 348,000 2,710,000 46,000 348,000 2,756,000 3,104,000 (233,000 ) 1969 12/01/15 The Oaks at Woodfield Grand Blanc, MI (c) 897,000 12,270,000 19,000 897,000 12,289,000 13,186,000 (1,009,000 ) 2012 12/01/15 Stonegate Health Campus Lapeer, MI (c) 538,000 13,159,000 50,000 567,000 13,180,000 13,747,000 (1,091,000 ) 2012 12/01/15 Glen Oaks Senior Living at Forest Ridge New Castle, IN (c) 204,000 5,470,000 51,000 204,000 5,521,000 5,725,000 (454,000 ) 2005 12/01/15 Highland Oaks Health Center McConnelsville, OH — 880,000 1,803,000 302,000 880,000 2,105,000 2,985,000 (178,000 ) 1978 12/01/15 Richland Manor Bluffton, OH — 224,000 2,200,000 (2,057,000 ) — 367,000 367,000 (366,000 ) 1940 12/01/15 River Terrace Health Campus Madison, IN 12,367,000 — 13,378,000 2,101,000 — 15,479,000 15,479,000 (1,180,000 ) 2016 03/28/16 St. Charles Health Campus Jasper, IN 12,126,000 467,000 14,532,000 737,000 472,000 15,264,000 15,736,000 (1,150,000 ) 2000 06/24/16 and 06/30/16 Bethany Pointe Health Campus Anderson, IN 20,799,000 2,337,000 26,524,000 1,377,000 2,445,000 27,793,000 30,238,000 (2,031,000 ) 1999 06/30/16 River Pointe Health Campus Evansville, IN 14,937,000 1,118,000 14,736,000 1,096,000 1,122,000 15,828,000 16,950,000 (1,238,000 ) 1999 06/30/16 Waterford Place Health Campus Kokomo, IN 15,802,000 1,219,000 18,557,000 1,144,000 1,301,000 19,619,000 20,920,000 (1,469,000 ) 2000 06/30/16 Autumn Woods Health Campus New Albany, IN (c) 1,016,000 13,414,000 1,359,000 1,025,000 14,764,000 15,789,000 (1,226,000 ) 2000 06/30/16 Oakwood Health Campus Tell City, IN 9,701,000 783,000 11,880,000 948,000 791,000 12,820,000 13,611,000 (1,036,000 ) 2000 06/30/16 Cedar Ridge Health Campus Cynthiana, KY (c) 102,000 8,435,000 3,418,000 139,000 11,816,000 11,955,000 (828,000 ) 2005 06/30/16 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(e) Accumulated Depreciation (g)(h) Date of Construction Date Acquired Aspen Place Health Campus Greensburg, IN $ 9,968,000 $ 980,000 $ 10,970,000 $ 666,000 $ 1,014,000 $ 11,602,000 $ 12,616,000 $ (811,000 ) 2012 08/16/16 The Willows at Citation Lexington, KY (c) 826,000 10,017,000 583,000 844,000 10,582,000 11,426,000 (751,000 ) 2014 08/16/16 The Willows at East Lansing East Lansing, MI 17,225,000 1,449,000 15,161,000 1,235,000 1,508,000 16,337,000 17,845,000 (1,283,000 ) 2014 08/16/16 The Willows at Howell Howell, MI (c) 1,051,000 12,099,000 1,295,000 1,079,000 13,366,000 14,445,000 (987,000 ) 2015 08/16/16 The Willows at Okemos Okemos, MI 7,895,000 1,171,000 12,326,000 788,000 1,210,000 13,075,000 14,285,000 (1,109,000 ) 2014 08/16/16 Shelby Crossing Health Campus Shelby Township, MI 18,102,000 2,533,000 18,440,000 1,936,000 2,588,000 20,321,000 22,909,000 (1,632,000 ) 2013 08/16/16 Village Green Healthcare Center Greenville, OH 7,337,000 355,000 9,696,000 375,000 373,000 10,053,000 10,426,000 (708,000 ) 2014 08/16/16 The Oaks at Northpointe Zanesville, OH (c) 624,000 11,665,000 940,000 650,000 12,579,000 13,229,000 (957,000 ) 2013 08/16/16 The Oaks at Berthesda Zanesville, OH 4,790,000 714,000 10,791,000 633,000 743,000 11,395,000 12,138,000 (833,000 ) 2013 08/16/16 White Oak Health Campus Monticello, IN 2,687,000 — 3,559,000 463,000 225,000 3,797,000 4,022,000 (357,000 ) 2010 09/23/16 Woodmont Health Campus Boonville, IN 8,223,000 790,000 9,633,000 757,000 809,000 10,371,000 11,180,000 (879,000 ) 2000 02/01/17 Silver Oaks Health Campus Columbus, IN (c) 1,776,000 21,420,000 873,000 1,854,000 22,215,000 24,069,000 (1,917,000 ) 2001 02/01/17 Thornton Terrace Health Campus Hanover, IN 5,828,000 764,000 9,209,000 471,000 817,000 9,627,000 10,444,000 (810,000 ) 2003 02/01/17 The Willows at Hamburg Lexington, KY 12,135,000 1,740,000 13,422,000 460,000 1,775,000 13,847,000 15,622,000 (787,000 ) 2012 02/01/17 The Lakes at Monclova Maumee, OH 13,252,000 1,880,000 12,855,000 1,283,000 1,917,000 14,101,000 16,018,000 (926,000 ) 2013 02/01/17 The Willows at Willard Willard, OH (c) 610,000 12,256,000 2,498,000 622,000 14,742,000 15,364,000 (1,018,000 ) 2012 02/01/17 Trilogy Real Estate Lowell, LLC Lowell, IN — 304,000 — — 304,000 — 304,000 — — 06/07/17 Trilogy Healthcare of Pickerington, LLC Pickerington, OH — 756,000 — 5,551,000 771,000 5,536,000 6,307,000 — — 11/03/17 Trilogy Healthcare of Milford, LLC Milford, IN 4,962,000 488,000 — 10,792,000 488,000 10,792,000 11,280,000 — — 11/14/17 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land Buildings and Improvements Total(e) Accumulated Depreciation (g)(h) Date of Construction Date Acquired Westlake Health Campus — Commerce Villa Commerce, MI (c) $ 261,000 $ 6,610,000 $ 928,000 $ 268,000 $ 7,531,000 $ 7,799,000 $ (234,000 ) 2017 11/17/17 Orchard Grove Health Campus Romeo, MI $ — — — 1,219,000 1,219,000 — 1,219,000 — — 11/30/17 The Meadows of Ottawa Ottawa, OH (c) 616,000 7,752,000 320,000 629,000 8,059,000 8,688,000 (314,000 ) 2014 12/15/17 Valley View Healthcare Center Fremont, OH 10,266,000 930,000 7,635,000 1,471,000 1,089,000 8,947,000 10,036,000 (105,000 ) 2017 07/20/18 Novi Lakes Health Campus Novi, MI 10,327,000 1,654,000 7,494,000 2,511,000 1,661,000 9,998,000 11,659,000 (492,000 ) 2016 07/20/18 Orchard Grove Health Campus Romeo, MI 15,132,000 2,065,000 11,510,000 2,538,000 2,065,000 14,048,000 16,113,000 (500,000 ) 2016 07/20/18 The Willows at Fritz Farm Lexington, KY 11,775,000 1,538,000 8,637,000 335,000 1,546,000 8,964,000 10,510,000 (103,000 ) 2017 07/20/18 Trilogy Real Estate Gahanna, LLC Gahanna, Ohio — 1,146,000 — 963,000 1,201,000 908,000 2,109,000 — — 10/23/18 Trilogy Real Estate of Kent, LLC Byron Township, MI — 2,000,000 — 663,000 2,007,000 656,000 2,663,000 — — 11/26/18 $ 712,132,000 $ 182,463,000 $ 2,035,301,000 $ 115,954,000 $ 187,999,000 $ 2,145,719,000 $ 2,333,718,000 $ (208,309,000 ) Leased properties(d) $ — $ — $ 71,365,000 $ 62,750,000 $ 1,150,000 $ 132,965,000 $ 134,115,000 $ (46,315,000 ) Construction in progress 898,000 — — 9,542,000 297,000 9,245,000 9,542,000 (70,000 ) $ 713,030,000 $ 182,463,000 $ 2,106,666,000 $ 188,246,000 $ 189,446,000 $ 2,287,929,000 $ 2,477,375,000 $ (254,694,000 ) ________________ (a) We own 100% of our properties as of December 31, 2018 , with the exception of Trilogy and Lakeview IN Medical Plaza. (b) The cost capitalized subsequent to acquisition is shown inclusive of dispositions and impairments. (c) These properties are used as collateral for the Trilogy PropCo Line of Credit entered into on December 1, 2015. As of December 31, 2018 , the outstanding balance was $170,518,000 . (d) Represents furniture, fixtures, equipment and improvements associated with properties under operating leases. (e) The changes in total real estate for the years ended December 31, 2018 , 2017 and 2016 are as follows: Amount 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 Acquisitions $ 83,309,000 Additions 35,243,000 Dispositions and impairments (20,864,000 ) Foreign currency translation adjustment 4,764,000 Balance — December 31, 2017 $ 2,336,208,000 Acquisitions $ 60,751,000 Additions 87,061,000 Dispositions and impairments (4,142,000 ) Foreign currency translation adjustment (2,503,000 ) Balance — December 31, 2018 $ 2,477,375,000 (f) As of December 31, 2018 , the aggregate cost of our properties was $2,372,354,000 for federal income tax purposes. (g) The changes in accumulated depreciation for the years ended December 31, 2018 , 2017 and 2016 are as follows: Amount 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 Additions $ 81,743,000 Dispositions (3,574,000 ) Foreign currency translation adjustment 6,000 Balance — December 31, 2017 $ 172,950,000 Additions $ 83,309,000 Dispositions (1,603,000 ) Foreign currency translation adjustment 38,000 Balance — December 31, 2018 $ 254,694,000 (h) 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 50 years , and the cost of tenant improvements is depreciated over the shorter of the lease term or useful life, up to 34 years . The cost of furniture, fixtures and equipment is depreciated over the estimated useful life, up to 27 years . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our accompanying consolidated financial statements include our accounts and those of our operating partnership, the wholly owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries in which we have control, as well as any 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 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. 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 | 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, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. Restricted cash primarily comprises lender required accounts for property taxes, tenant improvements, capital improvements and insurance, which are restricted as to use or withdrawal. |
Revenue Recognition | Revenue Recognition Prior to January 1, 2018, we recognized 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. On January 1, 2018, we adopted ASC Topic 606, Revenue from Contracts with Customers, or ASC Topic 606, applying the modified retrospective method. Results for reporting periods beginning after January 1, 2018 are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The adoption of ASC Topic 606 did not have a material impact on the measurement nor on the recognition of revenue as of January 1, 2018; therefore, no cumulative adjustment has been made to the opening balance of retained earnings at the beginning of 2018. Real estate revenue 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, was recognized as revenue in the period in which the related expenses were incurred. Tenant reimbursements were recognized and presented in accordance with ASC Subtopic 606-10-55-36, Revenue Recognition — Principal Versus Agent Consideration, or ASC Subtopic 606. ASC Subtopic 606 requires that these reimbursements be recorded on a gross basis as we are generally primarily responsible to fulfill the promise to provide specified goods and services. We recognized lease termination fees at such time when there was a signed termination letter agreement, all of the conditions of such agreement have been met and the tenant is no longer occupying the property. On January 1, 2019, we adopted Accounting Standards Update, or ASU, 2016-02, Leases, or ASU 2016-02, and its amendments. For a further discussion of ASU 2016-02 and its amendments, see “Recently Issued or Adopted Accounting Pronouncements” below. Resident fees and services revenue A significant portion of resident fees and services revenue represents healthcare service revenue that is reported at the amount that we expect to be entitled to in exchange for providing patient care. These amounts are due from patients, third-party payors (including health insurers and government programs), other healthcare facilities, and others and includes variable consideration for retroactive revenue adjustments due to settlement of audits, reviews, and investigations. Generally, we bill the patients, third-party payors and other healthcare facilities several days after the services are performed. Revenue is recognized as performance obligations are satisfied. Performance obligations are determined based on the nature of the services provided by us. Revenue for performance obligations satisfied over time is recognized based on actual charges incurred in relation to total expected (or actual) charges. This method provides a depiction of the transfer of services over the term of the performance obligation based on the inputs needed to satisfy the obligation. Generally, performance obligations satisfied over time relate to patients receiving long-term healthcare services, including rehabilitation services. We measure the performance obligation from admission into the facility to the point when we are no longer required to provide services to that patient. Revenue for performance obligations satisfied at a point in time is recognized when goods or services are provided and we do not believe we are required to provide additional goods or services to the patient. Generally, performance obligations satisfied at a point in time relate to sales of our pharmaceuticals business or to sales of ancillary supplies. Because all of its performance obligations relate to contracts with a duration of less than one year, we have elected to apply the optional exemption provided in FASB ASC 606-10-50-14(a) and, therefore, are not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The performance obligations for these contracts are generally completed within months of the end of the reporting period. We determine the transaction price based on standard charges for goods and services provided, reduced, where applicable, by contractual adjustments provided to third-party payors, implicit price concessions provided to uninsured patients, and estimates of goods to be returned. We also determine the estimates of contractual adjustments based on Medicare and Medicaid pricing tables and historical experience. We determine the estimate of implicit price concessions based on the historical collection experience with each class of payor. Agreements with third-party payors typically provide for payments at amounts less than established charges. A summary of the payment arrangements with major third-party payors follows: • Medicare: Certain healthcare services are paid at prospectively determined rates based on cost-reimbursement methodologies subject to certain limits. • Medicaid: Reimbursements for Medicaid services are generally paid at prospectively determined rates. In the state of Indiana, we participate in an Upper Payment Limit program, or IGT, with various county hospital partners, which provides supplemental Medicaid payments to skilled nursing facilities that are licensed to non-state, government-owned entities such as county hospital districts. We have operational responsibility through management agreements for facilities retained by the county hospital districts including this IGT. • Other: Payment agreements with certain commercial insurance carriers, health maintenance organizations and preferred provider organizations provide for payment using prospectively determined rates per discharge, discounts from established charges and prospectively determined periodic rates. Laws and regulations concerning government programs, including Medicare and Medicaid, are complex and subject to varying interpretation. As a result of investigations by governmental agencies, various healthcare organizations have received requests for information and notices regarding alleged noncompliance with those laws and regulations, which, in some instances, have resulted in organizations entering into significant settlement agreements. Compliance with such laws and regulations may also be subject to future government review and interpretation as well as significant regulatory action, including fines, penalties and potential exclusion from the related programs. There can be no assurance that regulatory authorities will not challenge our compliance with these laws and regulations, and it is not possible to determine the impact (if any) such claims or penalties would have upon us. Settlements with third-party payors for retroactive adjustments due to audits, reviews or investigations are considered variable consideration and are included in the determination of the estimated transaction price for providing patient care. These settlements are estimated based on the terms of the payment agreement with the payor, correspondence from the payor and our historical settlement activity, including an assessment to ensure that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the retroactive adjustment is subsequently resolved. Estimated settlements are adjusted in future periods as adjustments become known (that is, new information becomes available), or as years are settled or are no longer subject to such audits, reviews and investigations. Adjustments arising from a change in the transaction price were not significant for the year ended December 31, 2018 . Disaggregation of Resident Fees and Services Revenue We disaggregate revenue from contracts with customers according to lines of business and payor classes. The transfer of goods and services may occur at a point in time or over time; in other words, revenue may be recognized over the course of the underlying contract, or may occur at a single point in time based upon a single transfer of control. This distinction is discussed in further detail below. We determine that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Financing Component We have elected the practical expedient allowed under FASB ASC 606-10-32-18 and, therefore, we do not adjust the promised amount of consideration from patients and third-party payors for the effects of a significant financing component due to our expectation that the period between the time the service is provided to a patient and the time that the patient or a third-party payor pays for that service will be one year or less. Contract Costs We have applied the practical expedient provided by FASB ASC 340-40-25-4 and, therefore, all incremental customer contract acquisition costs are expensed as they are incurred since the amortization period of the asset that we otherwise would have recognized is one year or less in duration. |
Tenant Receivables and Allowance for Uncollectible Accounts | Tenant and Resident Receivables and Allowance for Uncollectible Accounts 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, residents and payors to meet the contractual obligations under their lease or service 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. Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s or residents’ financial condition, security deposits, letters of credit, lease guarantees, cash collection patterns by payor and by state, current economic conditions and other relevant factors. As of December 31, 2018 and 2017 , we had $11,216,000 and $10,597,000 , respectively, in allowance for uncollectible accounts, which was determined necessary to reduce receivables to our estimate of the amount recoverable and includes price concessions. For the years ended December 31, 2018 , 2017 and 2016 , $1,052,000 , $54,000 and $0 , respectively, of our receivables were directly written off to bad debt expense or as direct adjustments to revenue. For the years ended December 31, 2018 , 2017 and 2016 , $6,405,000 , $6,074,000 and $5,609,000 , respectively, of our receivables were written off against the allowance for uncollectible accounts. As of December 31, 2018 and 2017 , we did not have any allowance for uncollectible accounts for deferred rent receivables. For the year ended December 31, 2018 , 2017 and 2016 , $59,000 , $170,000 and $81,000 , respectively, of our deferred rent receivables were directly written off to bad debt expense. |
Property Acquisitions | Property Acquisitions In accordance with ASC Topic 805, Business Combinations , or ASC Topic 805, and ASU 2017-01, Clarifying the Definition of a Business , or ASU 2017-01, we determine whether a transaction is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired and liabilities assumed are not a business, we account for the transaction as an asset acquisition. Under both methods, we recognize the identifiable assets acquired and liabilities assumed; however, for a transaction accounted for as an asset acquisition, we allocate the purchase price to the identifiable assets acquired and liabilities assumed based on their relative fair values. We immediately expense acquisition related expenses associated with a business combination and capitalize acquisition related expenses directly associated with an asset acquisition. As a result of our early adoption of ASU 2017-01 on January 1, 2017, we accounted for the property acquisitions we completed for the years ended December 31, 2018 and 2017 as asset acquisitions rather than business combinations. See Note 3, Real Estate Investments, Net , for a further discussion. For the year ended December 31, 2016 , we completed 12 property acquisitions, which we accounted for as business combinations. See Note 18, Business Combinations , for a further discussion. We, with assistance from independent valuation specialists, measure the fair value of tangible and identified intangible assets and liabilities, as applicable, based on their respective fair values for acquired properties. Our method for allocating the purchase price to acquired investments in real estate requires us to make subjective assessments for determining fair value of the assets acquired and liabilities assumed. This includes determining the value of the buildings, land, leasehold interests, furniture, fixtures and equipment, above- or below-market rent, in-place leases, master leases, 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 income (loss). The determination of the fair value of land is based upon comparable sales data. In cases where a leasehold interest in the land is acquired, only the above/below market consideration is necessary where the value of the leasehold interest is determined by discounting the difference between the contract ground lease payments and a market ground lease payment back to a present value as of the acquisition date. The fair value of buildings is based upon our determination of the value under two methods: one, as if it were to be replaced and vacant using cost data and, two, also using a residual technique based on discounted cash flow models, as vacant. Factors considered by us include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. We also recognize the fair value of furniture, fixtures and equipment on the premises, as well as the above- or below-market rent, the value of in-place leases, master leases, above- or below-market debt and derivative financial instruments assumed. The value of the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between: (i) the level payment equivalent of the contract rent paid pursuant to the lease; and (ii) our estimate of market rent payments taking into account 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 against 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 a similar property, terms and conditions for marketing and executing new leases, and implied in the difference between the value of the whole property “as is” and “as vacant.” The net amounts related to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized 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 are included in identified intangible assets, net in our accompanying consolidated balance sheets and are 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, if any, in which a previous owner or a tenant is relieved of specific rental obligations as additional space is leased, is determined by discounting the expected real estate revenue associated with the master lease space over the assumed lease-up period. The value of above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The net value of above- or below-market debt is included in mortgage loans payable, net in our accompanying consolidated balance sheets and is amortized to interest expense over the remaining term of the assumed mortgage. The value of derivative financial instruments, if any, is determined in accordance with ASC Topic 820, Fair Value Measurements and Disclosures , or ASC Topic 820, and is included in other assets or other liabilities 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. |
Real Estate Investments, Net | Real Estate Investments, Net We carry our operating properties at our historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements, including those related to financing and capital lease obligations. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 50 years , and the cost for tenant improvements is depreciated over the shorter of the lease term or useful life, up to 34 years . The cost of furniture, fixtures and equipment, is depreciated over the estimated useful life, up to 27 years . When depreciable property is retired, replaced or disposed of, the related cost and accumulated depreciation is removed from the accounts and any gain or loss is reflected in earnings. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered to be a lease inducement and is included in other assets, net in our accompanying consolidated balance sheets. Lease inducement is 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, Goodwill and Intangible Assets | Impairment of Long-Lived Assets, Goodwill and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate that we carry at our historical cost less accumulated depreciation, for impairment when events or changes in circumstances indicate that its carrying value may not be recoverable. Indicators we consider important and that we believe could trigger an impairment review include, among others, the following: • significant negative industry or economic trends; • a significant underperformance relative to historical or projected future operating results; and • a significant change in the extent or manner in which the asset is used or significant physical change in the asset. If indicators of impairment of our long-lived assets are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of 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. Until December 31, 2016 , if we determined it was more likely than not that the fair value of a reporting unit was less than its carrying amount, we proceeded with the two-step approach to evaluating impairment. First, we estimated the fair value of the reporting unit and compared it to the reporting unit’s carrying value. If the carrying value exceeded the fair value, we proceeded with the second step, which required 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 was the implied value of goodwill and was used to determine the amount of impairment. We recognize an impairment loss to the extent the carrying value of goodwill exceeded the implied value in the current period. On January 1, 2017, we early adopted 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. 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. Similar to goodwill, we first assess qualitative factors to determine the likelihood that the fair value of the reporting group is less than its carrying value. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized. Fair values of other indefinite-lived intangible assets are determined based on discounted cash flows or appraised values, as appropriate. |
Properties Held for Sale | Properties Held for Sale We account for our properties held for sale in accordance with ASC Topic 360, Property, Plant, and Equipment , or ASC Topic 360, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC Topic 360 requires that a property or a group of properties is required to be reported in discontinued operations in the statements of operations and comprehensive loss for current and prior periods if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when either (i) the component has been disposed of or (ii) is classified as held for sale. In accordance with ASC Topic 360, at such time as a property is held for sale, such property is carried at the lower of (i) its carrying amount or (ii) fair value less costs to sell. In addition, a property being held for sale ceases to be depreciated. We will classify operating properties as property held for sale in the period in which all of the following criteria are met: • management, having the authority to approve the action, commits to a plan to sell the asset; • the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; • an active program to locate a buyer or buyers and other actions required to complete the plan to sell the asset has been initiated; • the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year; • the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and • given the actions required to complete the plan to sell the asset, it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn. |
Real Estate Notes Receivable and Debt Security Investment, Net | Real Estate Notes Receivable and Debt Security Investment, Net Real estate notes receivable consists of mortgage loans collateralized by interests in real property. We record such mortgage 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 income (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 investment 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 or loss in fair value of derivative financial instruments in our accompanying consolidated statements of operations and comprehensive income (loss). |
Fair Value Measurements | Fair Value Measurements 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 may include refundable and non-refundable funds held by escrow agents and others to be applied towards the acquisition of real estate investments, and such future investments are subject to substantial conditions to closing. |
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 loans, deferred rent receivables, deferred tax asset, derivative financial instruments, lease inducement and lease commissions. |
Other Assets, Net | We report investments in unconsolidated entities using the equity method of accounting when we have the ability to exercise significant influence over the operating and financial policies. Under the equity method, our share of the investee’s earnings or losses is included in our accompanying consolidated statements of operations and comprehensive income (loss). To the extent that our cost basis is different from the basis reflected at the entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the entity. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest or the estimated fair value of the assets prior to the sale of interests in the entity. We have elected to follow the cumulative earnings approach when classifying distributions received from equity method investments in our consolidated statements of cash flows, whereby any distributions received up to the amount of cumulative equity earnings will be considered a return on investment and classified in operating activities and any excess distributions would be considered a return of investment and classified in investing activities. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded. |
Other Assets, Net | Inventory consists primarily of pharmaceutical and medical supplies and is stated at the lower of cost (first-in, first-out) or market. |
Other Assets, Net | Deferred financing costs related to our lines of credit and term loans include amounts paid to lenders and others to obtain such financing. Such costs are amortized using the straight-line method over the term of the related loan, which approximates the effective interest rate method. Amortization of deferred financing costs related to our lines of credit and term loans is included in interest expense in our accompanying consolidated statements of operations and comprehensive income (loss). Lease commissions are amortized using the straight-line method over the term of the related lease. Amortization of lease commissions is included in depreciation and amortization in our accompanying consolidated statements of operations and comprehensive income (loss). |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities As of December 31, 2018 and 2017 , accounts payable and accrued liabilities primarily includes insurance payable of $32,123,000 and $27,208,000 , respectively, reimbursement of payroll related costs to the managers of our senior housing — RIDEA facilities and integrated senior health campuses of $26,428,000 and $23,737,000 , respectively, accrued property taxes of $15,121,000 and $13,406,000 , respectively, accrued distributions of $10,189,000 and $10,192,000 , respectively, and accrued capital expenditures to unaffiliated third parties of $12,490,000 and $5,988,000 , respectively. |
Security Deposits, Prepaid Rent and Other Liabilities | Security Deposits, Prepaid Rent and Other Liabilities As of December 31, 2018 and 2017 , security deposits, prepaid rent and other liabilities of $37,418,000 and $39,461,000 , respectively, primarily consisted of deferred revenue, deferred tax liabilities and contingent consideration obligations in connection with our property acquisitions. |
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: (i) the goods or services received; or (ii) 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 had 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 income (loss). When such intercompany notes and payables are deemed to be of a long-term investment nature, they will be reflected in accumulated other comprehensive loss in our accompanying consolidated balance sheets. 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 income (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, and we intend to continue to qualify to be taxed as a REIT. To maintain our qualification as a REIT, we must meet certain organizational and operational requirements, including a requirement to 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 effect on our net income and net cash available for distribution to our stockholders. We may be subject to certain state and local income taxes on our income, property or net worth in some jurisdictions, and in certain circumstances we may also be subject to federal excise taxes on undistributed income. In addition, certain activities that we undertake are conducted by subsidiaries, which we elected to be treated as taxable REIT subsidiaries, or 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 an 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 , or ASC Topic 740, 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, 2018 and 2017 , we did not have any tax benefits nor 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 benefit (expense) in our accompanying consolidated statements of operations and comprehensive income (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 benefit (expense) in our accompanying consolidated statements of operations and comprehensive income (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 | Segment Disclosure ASC Topic 280, Segment Reporting , 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. |
GLA and Other Measures | GLA and Other Measures GLA and other measures used to describe real estate investments included in our accompanying consolidated financial statements are presented on an unaudited basis. |
Recently Issued or Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, codified as ASC Topic 842 — Leases , or ASC Topic 842, which amends the guidance on accounting for leases, including extensive amendments to the disclosure requirements. ASU 2016-02 maintains a distinction between finance and operating leases, which is substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. Under ASU 2016-02, lessees are 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 from a lessor perspective, the guidance requires bifurcation of lease revenues into lease components and non-lease components and to separately recognize and disclose non-lease components that are executory in nature. Lease components continue to be recognized on a straight-line basis over the lease term and certain non-lease components may be accounted for under the new revenue recognition guidance in ASC Topic 606. In addition, ASU 2016-02 provides a practical expedient package that allows an entity to not reassess the following upon adoption (must be elected as a group): (i) whether an expired or existing contract contains a lease arrangement; (ii) the lease classification related to expired or existing lease arrangements; or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. We elected such practical expedient package upon our adoption of ASU 2016-02 on January 1, 2019. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases , or ASU 2018-10, and ASU 2018-11, Leases (Topic 842) Targeted Improvements , or ASU 2018-11, which update the guidance on accounting for leases under ASU 2016-02. ASU 2018-10 was issued to increase stockholders’ awareness of narrow aspects of the guidance issued in the amendments and to expedite the improvements under ASU 2016-02. ASU 2018-11 provides (i) an alternative transition method by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption; and (ii) a practical expedient that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. Such practical expedient is limited to circumstances in which: (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component; and (ii) the lease component, if accounted for separately, would be classified as an operating lease. In addition, such practical expedient causes an entity to assess whether a contract is predominately lease or service based, and recognize the entire contract under the relevant accounting guidance. We elected both the alternative transition method and lessor practical expedient as described in ASU 2018-10 and ASU 2018-11 upon our adoption of ASU 2016-02 on January 1, 2019. Lessee Impact: As a result of the adoption of ASU 2016-02 on January 1, 2019, we currently estimate the initial amount of the lease liability recorded on our consolidated balance sheet to be approximately $198,659,000 for all of our operating leases for which we are the lessee, including facilities leases and ground leases. In addition, we will record a corresponding right-of-use asset of $211,521,000 , which is the lease liability, net of the existing accrued straight-line rent liability balance and adjusted for unamortized above/below market ground lease intangibles. The accounting for our existing capital (finance) leases upon adoption remains substantially unchanged. Lessor Impact: We completed an assessment of predominance, and effective upon our adoption of ASU 2016-02, we recognize revenue for our medical office buildings, senior housing, skilled nursing facilities and hospitals segments under ASC Topic 842, and for our senior housing — RIDEA facilities and integrated senior health campuses, we recognize revenue under ASC Topic 606. In December 2018, the FASB issued ASU 2018-20, Narrow Scope Improvements for Lessors , or ASU 2018-20, which requires a lessor to: (i) exclude certain lessor costs (i.e., property taxes and insurance) paid directly by a lessee to third parties on behalf of the lessor from a lessor's measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs); and (ii) include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense (i.e., gross up revenue and expense for these costs). For the years ended December 31, 2018 , 2017 and 2016 , we recognized property taxes paid by the lessee in revenue of $2,183,000 , $2,137,000 and $1,675,000 , respectively, with a corresponding amount in expense. For the years ended December 31, 2018 , 2017 and 2016 , we did not recognize insurance paid by the lessee in revenue. Upon the adoption of ASC Topic 842, we will no longer record revenue or expense when the lessee pays the property taxes and insurance directly to a third party. 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. In addition, in November 2018, the FASB issued ASU 2018-19, which amended the scope of ASU 2016-13 to clarify that operating lease receivables should be accounted for under the new leasing standard ASC Topic 842. 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 are evaluating the impact of the adoption of ASU 2016-13 on January 1, 2020 to our consolidated financial position and results of operations. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income , or ASU 2018-02, which amends the reclassification requirements from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017, or the Tax Act. Under ASU 2018-02, an entity will be required to provide certain disclosures regarding stranded tax effects. ASU 2018-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. We adopted ASU 2018-02 on January 1, 2019, which did not have a material impact on our consolidated financial statements. In March 2018, the FASB issued ASU 2018-05, Amendments to the SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 , or ASU 2018-05, which updates the income tax accounting in GAAP to reflect the interpretive guidance of the United States Securities and Exchange Commission, or SEC, with regards to the Tax Act. We adopted ASU 2018-05 in March 2018, which did not have a material impact on our consolidated financial statements. See Note 16, Income Taxes and Distributions , for a further discussion. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13, which modifies the disclosure requirements in ASC Topic 820, Fair Value Measurement, by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. ASU 2018-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. We are evaluating the complete impact of the adoption of ASU 2018-13 on January 1, 2020 to our consolidated financial statements disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | In accordance with the disclosure requirements of the new revenue standard, the impact of the adoption of ASC Topic 606 on our consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2018 was as follows: Year Ended December 31, 2018 As Reported Balances Without Adoption of ASC Topic 606 Effect of Change Lower Resident fees and services $ 1,005,691,000 $ 1,011,300,000 $ (5,609,000 ) Property operating expenses $ 889,071,000 $ 889,135,000 $ (64,000 ) General and administrative $ 28,770,000 $ 34,273,000 $ (5,503,000 ) Net income $ 14,537,000 $ 14,579,000 $ (42,000 ) In accordance with the disclosure requirements of the new revenue standard, the impact of the adoption of ASC Topic 606 on our consolidated balance sheet as of December 31, 2018 was as follows: As Reported Balances Without Adoption of ASC Topic 606 Effect of Change Higher/(Lower) Assets Other assets, net $ 114,226,000 $ 114,162,000 $ 64,000 Liabilities Accounts payable and accrued liabilities $ 139,383,000 $ 139,277,000 $ 106,000 Equity Accumulated deficit $ (704,748,000 ) $ (704,706,000 ) $ (42,000 ) |
Disaggregation of Revenue [Table Text Block] | The following table disaggregates our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time: Year Ended December 31, 2018 Point in Time Over Time Total Integrated senior health campuses $ 185,273,000 $ 755,343,000 $ 940,616,000 Senior housing — RIDEA(1) 3,079,000 61,996,000 65,075,000 Total resident fees and services $ 188,352,000 $ 817,339,000 $ 1,005,691,000 The following table disaggregates our resident fees and services revenue by payor class: Year Ended December 31, 2018 Integrated Senior Health Campuses Senior Housing — RIDEA(1) Total Medicare $ 310,971,000 $ — $ 310,971,000 Medicaid 170,664,000 43,000 170,707,000 Private and other payors 458,981,000 65,032,000 524,013,000 Total resident fees and services $ 940,616,000 $ 65,075,000 $ 1,005,691,000 ___________ (1) This includes fees for basic housing and assisted living care. We record revenue when services are rendered on the date services are provided at amounts billable to individual residents. Residency agreements are generally for a term of 30 days, with resident fees billed monthly in advance. For patients under reimbursement arrangements with Medicaid, revenue is recorded based on contractually agreed-upon amounts or rates on a per resident, daily basis or as services are rendered. |
Contract with Customer, Asset and Liability [Table Text Block] | Accounts Receivable, Net — Resident Fees and Services The beginning and ending balances of accounts receivable, net — resident fees and services are as follows: Medicare Medicaid Private and Other Payors Total Beginning balance — January 1, 2018 $ 29,979,000 $ 15,640,000 $ 35,706,000 $ 81,325,000 Ending balance — December 31, 2018 29,160,000 18,676,000 39,112,000 86,948,000 (Decrease)/increase $ (819,000 ) $ 3,036,000 $ 3,406,000 $ 5,623,000 Deferred Revenue — Resident Fees and Services The beginning and ending balances of deferred revenue — resident fees and services, all of which relates to private and other payors, are as follows: Total Beginning balance — January 1, 2018 $ 9,801,000 Ending balance — December 31, 2018 12,569,000 Increase $ 2,768,000 |
Real Estate Investments, Net (T
Real Estate Investments, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | Our real estate investments, net consisted of the following as of December 31, 2018 and 2017 : December 31, 2018 2017 Building, improvements and construction in process $ 2,160,944,000 $ 2,058,312,000 Land and improvements 189,446,000 177,999,000 Furniture, fixtures and equipment 126,985,000 99,897,000 2,477,375,000 2,336,208,000 Less: accumulated depreciation (254,694,000 ) (172,950,000 ) $ 2,222,681,000 $ 2,163,258,000 |
Summary of Acquisitions | The following is a summary of our property acquisitions for the year ended December 31, 2017 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Lines of Credit and Term Loans(2) Acquisition Fee(3) North Carolina ALF Portfolio(4) Huntersville, NC Senior Housing 01/18/17 $ 15,000,000 $ 14,000,000 $ 338,000 New London CT MOB New London, CT Medical Office 05/03/17 4,850,000 4,000,000 109,000 Middletown OH MOB II Middletown, OH Medical Office 12/20/17 4,600,000 5,000,000 104,000 Total $ 24,450,000 $ 23,000,000 $ 551,000 ___________ (1) We own 100% of our properties acquired in 2017 . (2) Represents borrowings under the 2016 Corporate Line of Credit, as defined in Note 8, Lines of Credit and Term Loans , at the time of acquisition. (3) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the contract purchase price of each property. (4) On January 18, 2017, we added one building to our existing North Carolina ALF Portfolio. The other four buildings in North Carolina ALF Portfolio were acquired in January 2015 and June 2015. 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) Lines of Credit and Term Loans(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 Loans , at the time of acquisition. (4) Unless otherwise noted, our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the 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 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 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 19, Segment Reporting , 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 acquisition for the year ended December 31, 2018 : Acquisition(1) Location Type Date Acquired Contract Purchase Price Lines of Credit and Term Loans(2) Acquisition Fee(3) North Carolina ALF Portfolio Matthews, NC Senior Housing 08/30/18 $ 15,000,000 $ 13,500,000 $ 338,000 ___________ (1) We own 100% of our property acquired in 2018 . (2) Represents a borrowing under the 2016 Corporate Line of Credit, as defined in Note 8, Lines of Credit and Term Loans , at the time of acquisition. (3) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our property, an acquisition fee of 2.25% of the contract purchase price of such property. |
Summary of acquisitions of previously leased real estate investments | The following is a summary of such acquisitions for the year ended December 31, 2017 , which are included in our integrated senior health campuses segment: Location Date Acquired Contract Purchase Price Lines of Credit and Term Loans(1) Acquisition Fee(2) Boonville, Columbus and Hanover, IN; Lexington, KY; and Maumee and Willard, OH 02/01/17 $ 72,200,000 $ 53,700,000 $ 1,099,000 Greenfield, IN 05/16/17 3,500,000 — 53,000 Ottawa, OH 12/15/17 9,833,000 10,000,000 150,000 Total $ 85,533,000 $ 63,700,000 $ 1,302,000 ___________ (1) Represents borrowings under the Trilogy PropCo Line of Credit, as defined in Note 8, Lines of Credit and Term Loans , at the time of acquisition. (2) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest of approximately 67.7% in the subsidiary of Trilogy that acquired the properties. The following is a summary of such acquisition for the year ended December 31, 2018 , which is included in our integrated senior health campuses segment: Locations Date Acquired Contract Purchase Price Mortgage Loan Payable(1) Acquisition Fee(2) Lexington, KY; Novi and Romeo, MI; and Fremont, OH 07/20/18 $ 47,455,000 $ 47,500,000 $ 723,000 ___________ (1) Represents the principal balance of the mortgage loan payable placed on the properties at the time of acquisition. (2) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest of approximately 67.7% in the Trilogy subsidiary that acquired the properties. 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) Lines of Credit and Term Loans(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 Loans , at the time of acquisition. (3) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.25% of the portion of the contract purchase price of the properties attributed to our ownership interest of approximately 67.7% in the subsidiary of Trilogy that acquired the property. |
Summary of Assets Acquisitions | The following table summarizes the purchase price of the assets acquired and liabilities assumed at the time of acquisition from our property acquisitions in 2017 based on their relative fair values: 2017 Property Acquisitions Building and improvements $ 70,607,000 Land 11,463,000 In-place leases 13,167,000 Certificates of need 5,608,000 Above-market leases 187,000 Total assets acquired 101,032,000 Below-market leases (11,000 ) Total liabilities assumed (11,000 ) Net assets acquired $ 101,021,000 The following table summarizes the purchase price of the assets acquired and liabilities assumed at the time of acquisition from our property acquisitions in 2018 based on their relative fair values: 2018 Property Acquisitions Building and improvements $ 49,757,000 Land 10,980,000 In-place leases 6,894,000 Certificates of need 1,313,000 Total assets acquired $ 68,944,000 |
Summary of Dispositions | The following is a summary of our dispositions for the year ended December 31, 2017 , which were included in our integrated senior health campuses segment: Location Date Disposed Contract Sales Price Harrodsburg, KY 01/13/17 $ 2,400,000 Merrillville, IN 05/01/17 17,000,000 Fremont, OH 07/20/17 400,000 Total $ 19,800,000 |
Real Estate Notes Receivable _2
Real Estate Notes Receivable and Debt Security Investment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : December 31, Origination Date Maturity Date Contractual Interest Rate(1) Maximum Advances Available 2018 2017 Acquisition Fee(2) Mezzanine Fixed Rate Notes(3) 02/04/15 12/09/19 6.75% $ 28,650,000 $ 28,650,000 $ 28,650,000 $ 573,000 Mezzanine Floating Rate Notes(3) 02/04/15 12/09/18 N/A $ 31,567,000 — 1,799,000 631,000 Debt security investment(4) 10/15/15 08/25/25 4.24% N/A 68,355,000 65,638,000 1,209,000 97,005,000 96,087,000 $ 2,413,000 Unamortized loan and closing costs, net 1,650,000 1,901,000 $ 98,655,000 $ 97,988,000 ___________ (1) Represents the per annum interest rate in effect as of December 31, 2018 . (2) Our advisor was paid, 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, 2018 . (3) On February 4, 2015, we acquired eight promissory notes at par value 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 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 Colony Capital. In November 2018, the borrower repaid the Mezzanine Floating Rate Notes in full. Balance represents the original principal balance, decreased by subsequent principal paydowns. The Mezzanine Notes only require monthly interest payments and are subject to certain prepayment restrictions if repaid before the respective maturity dates. (4) 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 bears an interest rate on the stated principal amount thereof equal to 4.24% per annum, the terms of which security provide for monthly interest-only payments. The debt security matures on August 25, 2025 at a stated amount of $93,433,000 , resulting in an anticipated yield-to-maturity of 10.0% per annum. The debt security was issued by an unaffiliated mortgage trust and represents a 10.0% beneficial ownership interest in such mortgage trust. The debt security is subordinate to all other interests in the mortgage trust and is not guaranteed by a government-sponsored entity. As of December 31, 2018 and 2017 , the net carrying amount with accretion was $69,873,000 and $67,275,000 , 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 table reflects the changes in the carrying amount of real estate notes receivable and debt security investment, net for the years ended December 31, 2018 and 2017 : Amount Real estate notes receivable and debt security investment, net — December 31, 2016 $ 101,117,000 Additions: Accretion on debt security investment 2,462,000 Deductions: Principal repayments on real estate notes receivable (5,368,000 ) Amortization of loan and closing costs (223,000 ) Real estate notes receivable and debt security investment, net — December 31, 2017 $ 97,988,000 Additions: Accretion on debt security investment $ 2,717,000 Deductions: Principal repayments on real estate notes receivable (1,799,000 ) Amortization of loan and closing costs (251,000 ) Real estate notes receivable and debt security investment, net — December 31, 2018 $ 98,655,000 |
Identified Intangible Assets,_2
Identified Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Identified intangible assets, net | Identified intangible assets, net consisted of the following as of December 31, 2018 and 2017 : December 31, 2018 2017 Amortized intangible assets: In-place leases, net of accumulated amortization of $23,497,000 and $25,967,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 9.8 years and 10.2 years as of December 31, 2018 and 2017, respectively) $ 45,815,000 $ 50,520,000 Leasehold interests, net of accumulated amortization of $548,000 and $407,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 53.6 years and 54.6 years as of December 31, 2018 and 2017, respectively) 7,346,000 7,487,000 Customer relationships, net of accumulated amortization of $187,000 and $37,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 18.8 years and 19.8 years as of December 31, 2018 and 2017, respectively) 2,653,000 2,803,000 Above-market leases, net of accumulated amortization of $2,851,000 and $3,335,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 5.2 years as of both December 31, 2018 and 2017) 2,059,000 3,026,000 Internally developed technology and software, net of accumulated amortization of $117,000 and $23,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 3.8 years and 4.8 years as of December 31, 2018 and 2017, respectively) 353,000 447,000 Unamortized intangible assets: Certificates of need 88,590,000 83,320,000 Trade names 30,787,000 30,787,000 Purchase option assets(1) 1,918,000 1,918,000 $ 179,521,000 $ 180,308,000 ___________ (1) Under one of our integrated senior health campus leases, in which we are the lessee, we have the right to acquire the property at a date in the future and at our option. We estimated the fair value of this purchase option asset by discounting the difference between the 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. |
Amortization expense on identified intangible assets | As of December 31, 2018 , 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 2019 $ 10,204,000 2020 6,134,000 2021 5,561,000 2022 4,841,000 2023 4,038,000 Thereafter 27,448,000 $ 58,226,000 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets [Abstract] | |
Other Assets, Net | Other assets, net consisted of the following as of December 31, 2018 and 2017 : December 31, 2018 2017 Prepaid expenses, deposits and other assets $ 29,803,000 $ 21,796,000 Investments in unconsolidated entities 15,432,000 17,259,000 Inventory 21,151,000 19,311,000 Deferred rent receivables 23,334,000 17,458,000 Deferred tax assets, net(1) 9,461,000 6,882,000 Deferred financing costs, net of accumulated amortization of $12,487,000 and $7,850,000 as of December 31, 2018 and 2017, respectively(2) 2,311,000 6,327,000 Lease commissions, net of accumulated amortization of $1,274,000 and $606,000 as of December 31, 2018 and 2017, respectively 8,523,000 5,426,000 Lease inducement, net of accumulated amortization of $789,000 and $439,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 12.0 years and 13.0 years as of December 31, 2018 and 2017, respectively) 4,211,000 4,561,000 $ 114,226,000 $ 99,020,000 ___________ (1) See Note 16, Income Taxes and Distributions , for a further discussion. (2) In accordance with ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs and ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , deferred financing costs, net only include costs related to our lines of credit and term loans. |
Summarized Financial Information of Unconsolidated Entity | The following is summarized financial information of our investments in unconsolidated entities: December 31, 2018 2017 RHS Other Total RHS Other Total Balance Sheet Data: Total assets $ 48,291,000 $ 100,000 $ 48,391,000 $ 48,176,000 $ — $ 48,176,000 Total liabilities $ 25,263,000 $ — $ 25,263,000 $ 21,395,000 $ — $ 21,395,000 Years Ended December 31, 2018 2017 2016 RHS Other Total RHS Other Total RHS Other Total Statement of Operations Data: Revenues $ 130,543,000 $ — $ 130,543,000 $ 128,038,000 $ — $ 128,038,000 $ 119,122,000 $ — $ 119,122,000 Expenses 138,296,000 — 138,296,000 138,134,000 — 138,134,000 137,686,000 — 137,686,000 Net loss $ (7,753,000 ) $ — $ (7,753,000 ) $ (10,096,000 ) $ — $ (10,096,000 ) $ (18,564,000 ) $ — $ (18,564,000 ) |
Mortgage Loans Payable, Net (Ta
Mortgage Loans Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Mortgage Loans Payable, Net [Abstract] | |
Schedule of Mortgage Loans Payable, Net | Mortgage loans payable, net consisted of the following as of December 31, 2018 and 2017 : December 31, 2018 2017 Total fixed-rate debt $ 624,616,000 $ 526,503,000 Total variable-rate debt 88,414,000 109,826,000 Total fixed and variable-rate debt 713,030,000 636,329,000 Less: deferred financing costs, net (8,824,000 ) (6,290,000 ) Add: premium 663,000 1,176,000 Less: discount (16,607,000 ) (17,657,000 ) Mortgage loans payable, net $ 688,262,000 $ 613,558,000 |
Schedule of Activity Related to Notes Payable | The following table reflects the changes in the carrying amount of mortgage loans payable, net for the years ended December 31, 2018 and 2017 : Amount Mortgage loans payable, net — December 31, 2016 $ 495,717,000 Additions: Borrowings on mortgage loans payable 230,611,000 Amortization of deferred financing costs 2,387,000 Amortization of discount/premium on mortgage loans payable 998,000 Deductions: Scheduled principal payments on mortgage loans payable (8,524,000 ) Pay-off of mortgage loan payable (102,815,000 ) Deferred financing costs (4,816,000 ) Mortgage loans payable, net — December 31, 2017 $ 613,558,000 Additions: Borrowings on mortgage loans payable $ 181,594,000 Amortization of deferred financing costs 1,269,000 Amortization of discount/premium on mortgage loans payable 537,000 Deductions: Scheduled principal payments on mortgage loans payable (10,444,000 ) Pay-off of mortgage loans payable (94,449,000 ) Deferred financing costs (3,803,000 ) Mortgage loans payable, net — December 31, 2018 $ 688,262,000 |
Schedule of Principal Payments Due on Mortgage Loans Payable | As of December 31, 2018 , 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 2019 $ 17,402,000 2020 82,811,000 2021 34,645,000 2022 61,083,000 2023 28,101,000 Thereafter 488,988,000 $ 713,030,000 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Financial Instruments | The following table lists the derivative financial instruments held by us as of December 31, 2018 and 2017 : Fair Value December 31, Instrument Notional Amount Index Interest Rate Maturity Date 2018 2017 Swap 140,000,000 one month LIBOR 0.82% 02/03/19 $ 221,000 $ 1,486,000 Swap 60,000,000 one month LIBOR 0.78% 02/03/19 97,000 661,000 Swap 50,000,000 one month LIBOR 1.39% 02/03/19 51,000 219,000 Cap 20,000,000 one month LIBOR 3.00% 09/23/21 48,000 — $ 270,000,000 $ 417,000 $ 2,366,000 |
Identified Intangible Liabili_2
Identified Intangible Liabilities, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Identified Intangible Liabilities [Abstract] | |
Summary of Amortization Expense on Below Market Leases | As of December 31, 2018 , estimated amortization expense on below-market leases for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2019 $ 388,000 2020 260,000 2021 143,000 2022 93,000 2023 78,000 Thereafter 89,000 $ 1,051,000 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : December 31, 2018 2017 Beginning balance $ 32,435,000 $ 31,507,000 Additions 535,000 975,000 Reclassification from equity 780,000 635,000 Repurchase of redeemable noncontrolling interests (229,000 ) (61,000 ) Distributions (711,000 ) (1,184,000 ) Fair value adjustment to redemption value 5,301,000 1,155,000 Net income (loss) attributable to redeemable noncontrolling interests 134,000 (592,000 ) Ending balance $ 38,245,000 $ 32,435,000 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | The following is a summary of our historical and current estimated per share NAV: Approval Date by our Board Estimated Per Share NAV 10/05/16 $ 9.01 10/04/17 $ 9.27 10/03/18 $ 9.37 |
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, 2018 and 2017 : December 31, 2018 2017 Beginning balance — foreign currency translation adjustments $ (1,971,000 ) $ (3,029,000 ) Net change in current period (589,000 ) 1,058,000 Ending balance — foreign currency translation adjustments $ (2,560,000 ) $ (1,971,000 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule Of Amount Outstanding To Affiliates Table | The following amounts were outstanding to our affiliates as of December 31, 2018 and 2017 : December 31, Fee 2018 2017 Asset and property management fees $ 1,856,000 $ 1,783,000 Lease commissions 94,000 31,000 Development fees 68,000 104,000 Construction management fees 58,000 14,000 Acquisition fees 15,000 115,000 Operating expenses 12,000 10,000 $ 2,103,000 $ 2,057,000 |
Schedule of limitation on affiliate reimbursement | The following table reflects our operating expenses as a percentage of average invested assets and as a percentage of net income for the 12 month periods then ended: 12 months ended December 31, 2018 2017 2016 Operating expenses as a percentage of average invested assets 0.9 % 0.9 % 1.0 % Operating expenses as a percentage of net income 19.1 % 16.6 % 14.5 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 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 instruments $ — $ 417,000 $ — $ 417,000 Total assets at fair value $ — $ 417,000 $ — $ 417,000 Liabilities: Contingent consideration obligations $ — $ — $ 681,000 $ 681,000 Warrants — — 1,207,000 1,207,000 Total liabilities at fair value $ — $ — $ 1,888,000 $ 1,888,000 The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 , 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 instruments $ — $ 2,366,000 $ — $ 2,366,000 Total assets at fair value $ — $ 2,366,000 $ — $ 2,366,000 Liabilities: Contingent consideration obligations $ — $ — $ 5,107,000 $ 5,107,000 Warrants — — 1,155,000 1,155,000 Total liabilities at fair value $ — $ — $ 6,262,000 $ 6,262,000 |
Fair Value, Contingent Consideration Liability Measured on Recurring Basis, Unobservable Input Reconciliation | The following is a reconciliation of the beginning and ending balances of our contingent consideration obligations for the years ended December 31, 2018 , 2017 and 2016 : Years Ended December 31, 2018 2017 2016 Contingent Consideration Obligations: Beginning balance $ 5,107,000 $ 8,992,000 $ 5,912,000 Realized/unrealized (gains) losses recognized in earnings (2,843,000 ) (3,885,000 ) 13,430,000 Settlements of obligations (1,583,000 ) — (10,350,000 ) Ending balance $ 681,000 $ 5,107,000 $ 8,992,000 Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to obligations still held $ (2,843,000 ) $ (3,885,000 ) $ 13,430,000 |
Inputs Related to Non-recurring Fair Value Measurements | The following table is a summary of the quantitative information related to the non-recurring fair value measurement for the impairment of our real estate investment as of December 31, 2018 and 2017 : Range of Inputs or Inputs December 31, 2018 2017 Unobservable Inputs Market rent per square foot $13.75 to $25.00 $19.00 to $25.53 Capitalization rate 7.50 % 7.25 % Discount rate 8.00 % 8.00 % 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 as of December 31, 2016 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, by Balance Sheet Grouping | The carrying amounts and estimated fair values of such financial instruments as of December 31, 2018 and 2017 were as follows: December 31, 2018 2017 Carrying Fair Carrying Fair Financial Assets: Real estate notes receivable $ 28,782,000 $ 28,782,000 $ 30,713,000 $ 31,414,000 Debt security investment $ 69,873,000 $ 94,116,000 $ 67,275,000 $ 94,202,000 Financial Liabilities: Mortgage loans payable $ 688,262,000 $ 618,886,000 $ 613,558,000 $ 570,918,000 Lines of credit and term loans $ 735,737,000 $ 737,982,000 $ 617,798,000 $ 624,102,000 |
Income Taxes and Distributions
Income Taxes and Distributions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of loss before Income Tax, Domestic and Foreign | The components of income (loss) before income taxes for the years ended December 31, 2018 , 2017 and 2016 , were as follows: December 31, 2018 2017 2016 Domestic $ 14,202,000 $ 2,931,000 $ (202,886,000 ) Foreign (462,000 ) (808,000 ) (667,000 ) Income (loss) before income taxes $ 13,740,000 $ 2,123,000 $ (203,553,000 ) |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax (benefit) expense for the years ended December 31, 2018 , 2017 and 2016 were as follows: December 31, 2018 2017 2016 Federal deferred $ (4,647,000 ) $ (3,382,000 ) $ (6,656,000 ) State deferred (922,000 ) (755,000 ) (1,502,000 ) Foreign deferred — — — Federal current — — (3,000 ) Foreign current 988,000 543,000 160,000 Valuation allowances 3,784,000 367,000 8,344,000 Total income tax (benefit) expense $ (797,000 ) $ (3,227,000 ) $ 343,000 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities as of December 31, 2018 and 2017 were as follows: December 31, 2018 2017 Deferred income tax assets: Fixed assets & intangibles $ 7,292,000 $ 8,189,000 Expense accruals & other 10,686,000 6,956,000 Net operating loss 8,980,000 6,338,000 Reserves and accruals 4,095,000 2,466,000 Allowances for accounts receivable 581,000 1,766,000 Investment in joint ventures 1,909,000 1,465,000 Valuation allowances (24,082,000 ) (20,298,000 ) Total deferred income tax assets $ 9,461,000 $ 6,882,000 Deferred income tax liabilities: Fixed assets and intangibles $ (8,924,000 ) $ (8,413,000 ) Other — temporary differences (2,903,000 ) (2,689,000 ) Total deferred income tax liabilities $ (11,827,000 ) $ (11,102,000 ) |
Summary of Tax Treatment of Distributions | The income tax treatment for distributions reportable for the years ended December 31, 2018 , 2017 and 2016 was as follows: Years Ended December 31, 2018 2017 2016 Ordinary income $ 33,141,000 27.6 % $ 40,475,000 34.1 % $ 28,135,000 24.2 % Capital gain — — — — — — Return of capital 86,833,000 72.4 78,285,000 65.9 88,140,000 75.8 $ 119,974,000 100 % $ 118,760,000 100 % $ 116,275,000 100 % |
Future Minimum Rent (Tables)
Future Minimum Rent (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2019 $ 92,888,000 2020 88,536,000 2021 86,362,000 2022 80,233,000 2023 72,535,000 Thereafter 559,649,000 $ 980,203,000 |
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, 2018 for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2019 $ 22,194,000 2020 22,564,000 2021 23,166,000 2022 23,702,000 2023 23,154,000 Thereafter 177,927,000 $ 292,707,000 |
Schedule of Future Minimum Lease Payments for Financing, Capital Lease and Other Obligations | Future minimum lease payments under financing, capital lease and other obligations as of December 31, 2018 for each of the next five years ending December 31 was as follows: Year Capital Leases Financing Obligations Other Obligations Amount(1) 2019 $ 3,307,000 $ 4,272,000 $ 1,049,000 $ 8,628,000 2020 1,266,000 10,906,000 — 12,172,000 2021 130,000 5,586,000 — 5,716,000 2022 — 1,545,000 — 1,545,000 2023 — 462,000 — 462,000 $ 4,703,000 $ 22,771,000 $ 1,049,000 $ 28,523,000 ___________ (1) Amounts above represent principal of $26,947,000 and interest obligations of $1,576,000 under financing, capital lease and other arrangements. As of December 31, 2018 and 2017 , we have not recorded any purchase option liabilities. When such liabilities are recorded, amounts are included in financing and capital lease obligations in our accompanying consolidated balance sheets and 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, 2018 | |
Business Combinations [Abstract] | |
Schedule Of Revenues And Net Income (Loss) Of Properties Acquired | 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 |
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 ) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Summary Information by Reportable Segment | Summary information for the reportable segments during the years ended December 31, 2018 , 2017 and 2016 was as follows: Integrated Senior Health Campuses Senior Housing — RIDEA Medical Office Buildings Senior Housing Skilled Nursing Facilities Hospitals Year Ended December 31, 2018 Revenues: Resident fees and services $ 940,616,000 $ 65,075,000 $ — $ — $ — $ — $ 1,005,691,000 Real estate revenue — — 80,078,000 21,913,000 14,887,000 12,691,000 129,569,000 Total revenues 940,616,000 65,075,000 80,078,000 21,913,000 14,887,000 12,691,000 1,135,260,000 Expenses: Property operating expenses 844,279,000 44,792,000 — — — — 889,071,000 Rental expenses — — 30,514,000 837,000 1,816,000 1,656,000 34,823,000 Segment net operating income $ 96,337,000 $ 20,283,000 $ 49,564,000 $ 21,076,000 $ 13,071,000 $ 11,035,000 $ 211,366,000 Expenses: General and administrative $ 28,770,000 Acquisition related expenses (2,913,000 ) Depreciation and amortization 95,678,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (66,281,000 ) Loss in fair value of derivative financial instruments (1,949,000 ) Impairment of real estate investments (2,542,000 ) Loss from unconsolidated entities (3,877,000 ) Foreign currency loss (2,690,000 ) Other income 1,248,000 Income before income taxes 13,740,000 Income tax benefit 797,000 Net income $ 14,537,000 Integrated Senior Health Campuses Senior Housing — RIDEA Medical Office Buildings Senior Housing Skilled Nursing Facilities Hospitals Year Ended December 31, 2017 Revenues: Resident fees and services $ 863,029,000 $ 64,192,000 $ — $ — $ — $ — $ 927,221,000 Real estate revenue — — 78,584,000 20,898,000 14,884,000 12,705,000 127,071,000 Total revenues 863,029,000 64,192,000 78,584,000 20,898,000 14,884,000 12,705,000 1,054,292,000 Expenses: Property operating expenses 763,306,000 43,133,000 — — — — 806,439,000 Rental expenses — — 29,344,000 670,000 1,608,000 1,453,000 33,075,000 Segment net operating income $ 99,723,000 $ 21,059,000 $ 49,240,000 $ 20,228,000 $ 13,276,000 $ 11,252,000 $ 214,778,000 Expenses: General and administrative $ 32,587,000 Acquisition related expenses (3,833,000 ) Depreciation and amortization 113,226,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishment) (60,872,000 ) Gain in fair value of derivative financial instruments 383,000 Gain on dispositions of real estate investments 3,370,000 Impairment of real estate investments (14,070,000 ) Loss from unconsolidated entities (5,048,000 ) Foreign currency gain 4,045,000 Other income 1,517,000 Income before income taxes 2,123,000 Income tax benefit 3,227,000 Net income $ 5,350,000 Integrated Senior Health Campuses Senior Housing — RIDEA Medical Senior Skilled Nursing Facilities Hospitals Year Ended December 31, 2016 Revenues: Resident fees and services $ 810,034,000 $ 62,371,000 $ — $ — $ — $ — $ 872,405,000 Real estate revenue — — 73,252,000 18,517,000 8,686,000 16,711,000 117,166,000 Total revenues 810,034,000 62,371,000 73,252,000 18,517,000 8,686,000 16,711,000 989,571,000 Expenses: Property operating expenses 722,793,000 42,346,000 — — — — 765,139,000 Rental expenses — — 26,863,000 538,000 758,000 1,235,000 29,394,000 Segment net operating income $ 87,241,000 $ 20,025,000 $ 46,389,000 $ 17,979,000 $ 7,928,000 $ 15,476,000 $ 195,038,000 Expenses: General and administrative $ 28,951,000 Acquisition related expenses 28,589,000 Depreciation and amortization 271,307,000 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 Loss from unconsolidated entities (18,377,000 ) Foreign currency loss (8,755,000 ) Other income 1,085,000 Loss before income taxes (203,553,000 ) Income tax expense (343,000 ) Net loss $ (203,896,000 ) |
Assets by Reportable Segment | Assets by reportable segment as of December 31, 2018 and 2017 were as follows: December 31, 2018 2017 Integrated senior health campuses $ 1,478,147,000 $ 1,366,245,000 Medical office buildings 646,784,000 662,959,000 Senior housing — RIDEA 271,381,000 279,388,000 Senior housing 242,686,000 231,559,000 Skilled nursing facilities 127,809,000 129,359,000 Hospitals 118,685,000 123,431,000 Other 3,600,000 7,534,000 Total assets $ 2,889,092,000 $ 2,800,475,000 |
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, 2018 2017 2016 Revenues: United States $ 1,130,350,000 $ 1,049,586,000 $ 985,069,000 International 4,910,000 4,706,000 4,502,000 $ 1,135,260,000 $ 1,054,292,000 $ 989,571,000 The following is a summary of real estate investments, net by geographic regions as of December 31, 2018 and 2017 : December 31, 2018 2017 Real estate investments, net: United States $ 2,173,395,000 $ 2,110,280,000 International 49,286,000 52,978,000 $ 2,222,681,000 $ 2,163,258,000 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Revenues $ 292,926,000 $ 284,179,000 $ 280,263,000 $ 277,892,000 Expenses (271,427,000 ) (261,856,000 ) (256,536,000 ) (255,610,000 ) Other expense (19,749,000 ) (18,543,000 ) (23,571,000 ) (14,228,000 ) Income tax (expense) benefit (144,000 ) 44,000 526,000 371,000 Net income 1,606,000 3,824,000 682,000 8,425,000 Less: net income attributable to noncontrolling interests (16,000 ) (212,000 ) (740,000 ) (272,000 ) Net income (loss) attributable to controlling interest $ 1,590,000 $ 3,612,000 $ (58,000 ) $ 8,153,000 Net income per common share attributable to controlling interest — basic and diluted $ 0.01 $ 0.02 $ — $ 0.04 Weighted average number of common shares outstanding — basic and diluted 199,459,268 199,818,444 200,202,193 200,347,084 Quarters Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Revenues $ 276,570,000 $ 262,748,000 $ 258,573,000 $ 256,401,000 Expenses (246,854,000 ) (244,266,000 ) (244,877,000 ) (245,497,000 ) Other expense (24,552,000 ) (14,741,000 ) (12,738,000 ) (18,644,000 ) Income tax benefit 1,729,000 720,000 565,000 213,000 Net income (loss) 6,893,000 4,461,000 1,523,000 (7,527,000 ) Less: net (income) loss attributable to noncontrolling interests (179,000 ) 176,000 1,867,000 4,008,000 Net income (loss) attributable to controlling interest $ 6,714,000 $ 4,637,000 $ 3,390,000 $ (3,519,000 ) Net income (loss) per common share attributable to controlling interest — basic and diluted $ 0.03 $ 0.02 $ 0.02 $ (0.02 ) Weighted average number of common shares outstanding — basic and diluted 199,428,746 198,733,528 197,845,193 196,897,807 |
Organization and Description _2
Organization and Description of Business (Detail) ft² in Thousands | Dec. 31, 2018ft²segment | Feb. 26, 2014USD ($) | Dec. 31, 2018USD ($)ft²segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 21, 2015USD ($)shares | Dec. 31, 2018USD ($)ft²shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2018USD ($)ft²shares | Dec. 31, 2018ft² | Dec. 31, 2018USD ($)ft²BuildingPropertyCampus | Mar. 25, 2015USD ($) |
Schedule of Capitalization, Equity [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 | $ 60,030,000 | $ 63,008,000 | $ 64,604,000 | $ 189,681,000 | $ 249,711,000 | |||||||
Issuance of common stock under the DRIP (shares) | shares | 20,355,578 | 26,820,010 | ||||||||||
Advisory agreement term | 1 year | |||||||||||
Advisory agreement renewal term | 1 year | |||||||||||
Number of reportable segments | segment | 6 | 6 | ||||||||||
Number of properties acquired from unaffiliated parties | Property | 97 | |||||||||||
Number of buildings acquired from unaffiliated parties | Building | 101 | |||||||||||
Number of integrated senior health campuses acquired/operated from unaffiliated parties | Campus | 112 | |||||||||||
GLA (Sq Ft) | ft² | 13,251 | 13,251 | 13,251 | 13,251 | 13,251 | 13,251 | ||||||
Acquisition Aggregated Cost Of Acquired Properties Purchase Price Net of Disposals | $ 2,940,990,000 | |||||||||||
Acquisition aggregated cost of acquired real estate related investments purchase price, net of principal repayments | $ 89,079,000 | |||||||||||
AHI Group Holdings, LLC [Member] | ||||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||||
Ownership percentage in affiliate | 47.10% | 47.10% | 47.10% | 47.10% | 47.10% | 47.10% | ||||||
Colony Capital [Member] | ||||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||||
Ownership percentage in affiliate | 45.10% | 45.10% | 45.10% | 45.10% | 45.10% | 45.10% | ||||||
James F. Flaherty III [Member] | ||||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||||
Ownership percentage in affiliate | 7.80% | 7.80% | 7.80% | 7.80% | 7.80% | 7.80% | ||||||
Griffin Capital Corporation [Member] | ||||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||||
Ownership percentage in affiliate | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||||
American Healthcare Investors [Member] | ||||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||||
Ownership percentage in affiliate | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | ||||||
Common Stock | ||||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||||
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] | ||||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||||
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] | ||||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 250,000,000 | |||||||||||
Issuance of common stock under the DRIP | $ 231,200,000 | |||||||||||
Issuance of common stock under the DRIP (shares) | shares | 24,871,447 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Detail) | Dec. 31, 2018USD ($)segment | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)Acquisition | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | |
Other assets, net | $ 114,226,000 | $ 114,226,000 | $ 99,020,000 | $ 114,226,000 | $ 99,020,000 | $ 99,020,000 | $ 114,226,000 | ||||||||||
Accounts payable and accrued liabilities | [1] | 139,383,000 | 139,383,000 | 124,503,000 | 139,383,000 | 124,503,000 | $ 124,503,000 | $ 139,383,000 | |||||||||
Resident fees and services | 1,005,691,000 | 927,221,000 | $ 872,405,000 | ||||||||||||||
Property operating expenses | 889,071,000 | 806,439,000 | 765,139,000 | ||||||||||||||
Percentage of ownership in operating partnership | 99.99% | 99.99% | |||||||||||||||
Percentage of limited partnership interest | 0.01% | 0.01% | |||||||||||||||
Allowance for uncollectible receivables | 11,216,000 | 11,216,000 | 10,597,000 | 11,216,000 | 10,597,000 | $ 10,597,000 | $ 11,216,000 | ||||||||||
Accounts receivable written off to bad debt expense or adjustments to revenue | 1,052,000 | 54,000 | 0 | ||||||||||||||
Receivables written off against the allowance for uncollectible accounts | 6,405,000 | 6,074,000 | 5,609,000 | ||||||||||||||
Receivables written off to bad debt expense | 59,000 | 170,000 | 81,000 | ||||||||||||||
Other Asset Impairment Charges | 0 | 0 | 9,101,000 | ||||||||||||||
Impairment losses on long-lived, goodwill and intangible assets | 0 | 0 | 0 | ||||||||||||||
Impairment losses on real estate notes receivable and investments | 0 | 0 | 0 | ||||||||||||||
Insurance payable | 32,123,000 | 32,123,000 | 27,208,000 | 32,123,000 | 27,208,000 | 27,208,000 | 32,123,000 | ||||||||||
Payroll related costs | 26,428,000 | 26,428,000 | 23,737,000 | 26,428,000 | 23,737,000 | 23,737,000 | 26,428,000 | ||||||||||
Taxes payable | 15,121,000 | 15,121,000 | 13,406,000 | 15,121,000 | 13,406,000 | 13,406,000 | 15,121,000 | ||||||||||
Accrued distributions | 10,189,000 | 10,189,000 | 10,192,000 | 10,189,000 | 10,192,000 | 10,009,000 | 10,192,000 | 10,189,000 | |||||||||
Accrued capital expenditures | 12,490,000 | 12,490,000 | 5,988,000 | 12,490,000 | 5,988,000 | 5,988,000 | 12,490,000 | ||||||||||
Security deposits, prepaid rent and other liabilities | [1] | $ 37,418,000 | $ 37,418,000 | 39,461,000 | 37,418,000 | 39,461,000 | 39,461,000 | $ 37,418,000 | |||||||||
Gain (loss) from change in fair value of contingent consideration | $ 2,843,000 | 3,885,000 | (13,430,000) | ||||||||||||||
Percentage of income required to be distributed as dividends (at least) | 90.00% | 90.00% | 90.00% | 90.00% | |||||||||||||
Number of reportable segments | segment | 6 | 6 | |||||||||||||||
General and administrative | $ 28,770,000 | 32,587,000 | 28,951,000 | ||||||||||||||
Net income (loss) | $ 1,606,000 | $ 3,824,000 | $ 682,000 | $ 8,425,000 | 6,893,000 | $ 4,461,000 | $ 1,523,000 | $ (7,527,000) | 14,537,000 | 5,350,000 | (203,896,000) | ||||||
Accumulated deficit | $ (704,748,000) | (704,748,000) | (598,044,000) | (704,748,000) | (598,044,000) | (598,044,000) | $ (704,748,000) | ||||||||||
Real Estate Tax Expense | 2,183,000 | 2,137,000 | 1,675,000 | ||||||||||||||
Acquisition expenses [Member] | |||||||||||||||||
Gain (loss) from change in fair value of contingent consideration | $ 2,843,000 | 3,885,000 | (13,430,000) | ||||||||||||||
Building and Building Improvements [Member] | |||||||||||||||||
Estimated useful life | 50 years | ||||||||||||||||
Leasehold Improvements [Member] | Maximum [Member] | |||||||||||||||||
Estimated useful life | 34 years | ||||||||||||||||
Furniture, fixtures, and equipment [Member] | Maximum [Member] | |||||||||||||||||
Estimated useful life | 27 years | ||||||||||||||||
Deferred Rent Receivable [Member] | |||||||||||||||||
Allowance for uncollectible receivables | 0 | 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | |||||||||
Two Thousand Sixteen Acquisitions [Member] | |||||||||||||||||
Number of acquisition completed from unaffiliated parties | Acquisition | 12 | ||||||||||||||||
Scenario, Forecast [Member] | |||||||||||||||||
Operating Lease, Liability | $ 198,659,000 | ||||||||||||||||
Operating Lease, Right-of-Use Asset | $ 211,521,000 | ||||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||||||
Other assets, net | 114,162,000 | 114,162,000 | 114,162,000 | 114,162,000 | |||||||||||||
Accounts payable and accrued liabilities | 139,277,000 | 139,277,000 | 139,277,000 | 139,277,000 | |||||||||||||
Resident fees and services | 1,011,300,000 | ||||||||||||||||
Property operating expenses | 889,135,000 | ||||||||||||||||
General and administrative | 34,273,000 | ||||||||||||||||
Net income (loss) | 14,579,000 | ||||||||||||||||
Accumulated deficit | (704,706,000) | (704,706,000) | (704,706,000) | (704,706,000) | |||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||||||
Other assets, net | 64,000 | 64,000 | 64,000 | 64,000 | |||||||||||||
Accounts payable and accrued liabilities | 106,000 | 106,000 | 106,000 | 106,000 | |||||||||||||
Resident fees and services | (5,609,000) | ||||||||||||||||
Property operating expenses | (64,000) | ||||||||||||||||
General and administrative | (5,503,000) | ||||||||||||||||
Net income (loss) | (42,000) | ||||||||||||||||
Accumulated deficit | (42,000) | (42,000) | (42,000) | (42,000) | |||||||||||||
Integrated Senior Health Campuses [Member] | |||||||||||||||||
Resident fees and services | 940,616,000 | 863,029,000 | $ 810,034,000 | ||||||||||||||
Property operating expenses | 844,279,000 | 763,306,000 | 722,793,000 | ||||||||||||||
Senior Housing-RIDEA [Member] | |||||||||||||||||
Resident fees and services | 65,075,000 | 64,192,000 | 62,371,000 | ||||||||||||||
Property operating expenses | 44,792,000 | $ 43,133,000 | $ 42,346,000 | ||||||||||||||
Resident Fees and Services [Member] | |||||||||||||||||
Contract with Customer, Liability | 12,569,000 | 12,569,000 | 12,569,000 | 12,569,000 | $ 9,801,000 | ||||||||||||
Contract with Customer, Asset, Net | 86,948,000 | 86,948,000 | 86,948,000 | 86,948,000 | 81,325,000 | ||||||||||||
Resident fees and services | 1,005,691,000 | ||||||||||||||||
Contract with Customer, Asset, Increase (Decrease) | 5,623,000 | ||||||||||||||||
Contract with Customer, Liability, Increase (Decrease) | 2,768,000 | ||||||||||||||||
Resident Fees and Services [Member] | Integrated Senior Health Campuses [Member] | |||||||||||||||||
Resident fees and services | 940,616,000 | ||||||||||||||||
Resident Fees and Services [Member] | Senior Housing-RIDEA [Member] | |||||||||||||||||
Resident fees and services | 65,075,000 | ||||||||||||||||
Resident Fees and Services [Member] | Transferred at Point in Time [Member] | |||||||||||||||||
Resident fees and services | 188,352,000 | ||||||||||||||||
Resident Fees and Services [Member] | Transferred at Point in Time [Member] | Integrated Senior Health Campuses [Member] | |||||||||||||||||
Resident fees and services | 185,273,000 | ||||||||||||||||
Resident Fees and Services [Member] | Transferred at Point in Time [Member] | Senior Housing-RIDEA [Member] | |||||||||||||||||
Resident fees and services | 3,079,000 | ||||||||||||||||
Resident Fees and Services [Member] | Transferred over Time [Member] | |||||||||||||||||
Resident fees and services | 817,339,000 | ||||||||||||||||
Resident Fees and Services [Member] | Transferred over Time [Member] | Integrated Senior Health Campuses [Member] | |||||||||||||||||
Resident fees and services | 755,343,000 | ||||||||||||||||
Resident Fees and Services [Member] | Transferred over Time [Member] | Senior Housing-RIDEA [Member] | |||||||||||||||||
Resident fees and services | 61,996,000 | ||||||||||||||||
Medicare [Member] | Resident Fees and Services [Member] | |||||||||||||||||
Contract with Customer, Asset, Net | 29,160,000 | 29,160,000 | 29,160,000 | 29,160,000 | 29,979,000 | ||||||||||||
Resident fees and services | 310,971,000 | ||||||||||||||||
Contract with Customer, Asset, Increase (Decrease) | (819,000) | ||||||||||||||||
Medicare [Member] | Resident Fees and Services [Member] | Integrated Senior Health Campuses [Member] | |||||||||||||||||
Resident fees and services | 310,971,000 | ||||||||||||||||
Medicare [Member] | Resident Fees and Services [Member] | Senior Housing-RIDEA [Member] | |||||||||||||||||
Resident fees and services | 0 | ||||||||||||||||
Medicaid [Member] | Resident Fees and Services [Member] | |||||||||||||||||
Contract with Customer, Asset, Net | 18,676,000 | 18,676,000 | 18,676,000 | 18,676,000 | 15,640,000 | ||||||||||||
Resident fees and services | 170,707,000 | ||||||||||||||||
Contract with Customer, Asset, Increase (Decrease) | 3,036,000 | ||||||||||||||||
Medicaid [Member] | Resident Fees and Services [Member] | Integrated Senior Health Campuses [Member] | |||||||||||||||||
Resident fees and services | 170,664,000 | ||||||||||||||||
Medicaid [Member] | Resident Fees and Services [Member] | Senior Housing-RIDEA [Member] | |||||||||||||||||
Resident fees and services | 43,000 | ||||||||||||||||
Private and Other Payors [Member] | Resident Fees and Services [Member] | |||||||||||||||||
Contract with Customer, Asset, Net | $ 39,112,000 | $ 39,112,000 | 39,112,000 | $ 39,112,000 | $ 35,706,000 | ||||||||||||
Resident fees and services | 524,013,000 | ||||||||||||||||
Contract with Customer, Asset, Increase (Decrease) | 3,406,000 | ||||||||||||||||
Private and Other Payors [Member] | Resident Fees and Services [Member] | Integrated Senior Health Campuses [Member] | |||||||||||||||||
Resident fees and services | 458,981,000 | ||||||||||||||||
Private and Other Payors [Member] | Resident Fees and Services [Member] | Senior Housing-RIDEA [Member] | |||||||||||||||||
Resident fees and services | $ 65,032,000 | ||||||||||||||||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2018 and 2017 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT III Holdings, LP is a variable interest entity and a consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries 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 $548,500,000 and $444,000,000 as of December 31, 2018 and 2017, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Real Estate Investments, Net -
Real Estate Investments, Net - Investments in Consolidated Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | $ 2,477,375 | $ 2,336,208 |
Less: accumulated depreciation | (254,694) | (172,950) |
Real estate investments, net | 2,222,681 | 2,163,258 |
Building, improvements and construction in process [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | 2,160,944 | 2,058,312 |
Land and Land Improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | 189,446 | 177,999 |
Furniture, fixtures, and equipment [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | $ 126,985 | $ 99,897 |
Real Estate Investments, Net _2
Real Estate Investments, Net - Additional Information (Detail) £ in Thousands | Apr. 17, 2018USD ($) | Dec. 19, 2017USD ($) | Nov. 15, 2016GBP (£)Building | Sep. 14, 2016USD ($) | Jul. 15, 2016USD ($) | Nov. 26, 2018USD ($) | Jul. 31, 2017Campus | Dec. 31, 2015USD ($)land | Dec. 31, 2018USD ($)BuildingPropertyCampus | Dec. 31, 2017USD ($)BuildingCampus | Dec. 31, 2016USD ($)BuildingCampus | Dec. 31, 2015Building | Dec. 31, 2018USD ($)BuildingCampus |
Real Estate Properties [Line Items] | |||||||||||||
Contractual purchase price | $ 3,146,000 | ||||||||||||
Depreciation | $ 83,309,000 | $ 81,743,000 | $ 68,708,000 | ||||||||||
Number of Senior Integrated Health Campuses Impaired | Campus | 4 | ||||||||||||
Number of Medical Office Buildings Impaired | Building | 1 | ||||||||||||
Impairment of real estate investments | $ 2,542,000 | $ 14,070,000 | $ 0 | ||||||||||
Aggregate carrying value after impairment | $ 14,653,000 | ||||||||||||
Number of integrated senior health campuses disposed | Campus | 0 | 0 | |||||||||||
Contract purchase price | $ 498,656,000 | ||||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | 2.25% | 2.25% | ||||||||||
Number of buildings acquired from unaffiliated parties | Building | 101 | ||||||||||||
Number of integrated senior health campuses acquired/operated from unaffiliated parties | Campus | 112 | ||||||||||||
Gain on dispositions of real estate investments | $ 0 | $ 3,370,000 | $ 0 | ||||||||||
Harrodsburg, Kentucky Development Parcel [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Mortgage loans payable related to acquisition of properties | $ 2,040,000 | ||||||||||||
Contract purchase price | $ 2,400,000 | ||||||||||||
Muncie, Indiana Land [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Contract purchase price | $ 265,000 | ||||||||||||
Crown Senior Care Portfolio [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Contractual purchase price | £ | £ 15,276 | ||||||||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||||||||
Contract purchase price | 23,531,000 | ||||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | ||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 3 | 3 | |||||||||||
Skilled Nursing Facilities [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Capital expenditures incurred | 463,000 | 569,000 | 0 | ||||||||||
Medical Office Building [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Capital expenditures incurred | 8,426,000 | 11,117,000 | 8,236,000 | ||||||||||
Senior Housing-RIDEA [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Capital expenditures incurred | 1,711,000 | 855,000 | 904,000 | ||||||||||
Hospitals [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Capital expenditures incurred | 131,000 | 92,000 | 21,000 | ||||||||||
Integrated Senior Health Campuses [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Capital expenditures incurred | 76,330,000 | 33,766,000 | 44,907,000 | ||||||||||
Total completed development cost | 8,309,000 | 6,834,000 | 25,381,000 | ||||||||||
Senior Housing [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Capital expenditures incurred | $ 0 | 0 | $ 0 | ||||||||||
Two Thousand Eighteen Acquisitions [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 1 | ||||||||||||
Two Thousand Eighteen Acquisitions [Member] | Land [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Acquisition Fees Paid | $ 7,000 | $ 47,000 | |||||||||||
Contract purchase price | $ 300,000 | ||||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | 2.25% | |||||||||||
Two Thousand Eighteen Acquisitions, Previously Leased [Member] | Lexington, KY; Novi and Romeo, MI; Fremont, OH [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Ownership percentage, properties | 67.70% | ||||||||||||
Mortgage loans payable related to acquisition of properties | $ 47,500,000 | ||||||||||||
Contract purchase price | $ 47,455,000 | ||||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | ||||||||||||
Two Thousand Eighteen Acquisitions, Previously Leased [Member] | Trilogy [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of integrated senior health campuses acquired/operated from unaffiliated parties | Campus | 4 | ||||||||||||
Two Thousand Seventeen Acquisitions [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Contract purchase price | $ 24,450,000 | ||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 3 | ||||||||||||
2017 Acquisitions, Previously Leased [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Contract purchase price | $ 85,533,000 | ||||||||||||
2017 Acquisitions, Previously Leased [Member] | Trilogy [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Ownership percentage, properties | 67.70% | ||||||||||||
Number of integrated senior health campuses acquired/operated from unaffiliated parties | Campus | 8 | ||||||||||||
Two Thousand Sixteen Acquisitions [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 23 | ||||||||||||
Medical Office Building [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of Real Estate Properties Impaired | Property | 1 | ||||||||||||
Impairment of real estate investments | $ 2,542,000 | ||||||||||||
Aggregate carrying value after impairment | $ 7,387,000 | $ 7,387,000 | |||||||||||
Integrated Senior Health Campus [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of integrated senior health campuses disposed due to impairment | Campus | 1 | ||||||||||||
Trilogy [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Ownership percentage, properties | 67.70% | ||||||||||||
Southern Illinois MOB Portfolio [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Acquisition Fees Paid | $ 3,000 | ||||||||||||
Payments to Acquire Land | $ 140,000 | ||||||||||||
Trilogy [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Acquisition Fees Paid | $ 53,000 | ||||||||||||
Payments to Acquire Land | $ 3,461,000 | ||||||||||||
Number of Land Parcels Acquired | land | 6 |
Real Estate Investments, Net _3
Real Estate Investments, Net - Summary of Acquisitions (Detail) £ in Thousands, $ in Thousands | Jan. 18, 2017Building | Nov. 15, 2016USD ($)Building | Nov. 15, 2016GBP (£)Building | Dec. 31, 2015 | Dec. 31, 2018USD ($)Building | Dec. 31, 2017USD ($)Building | Dec. 31, 2016USD ($)BuildingAcquisition | Dec. 31, 2015Building | Dec. 31, 2018Building |
Real Estate Properties [Line Items] | |||||||||
Number of buildings acquired from unaffiliated parties | Building | 101 | ||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | 2.25% | 2.25% | ||||||
Contract purchase price | $ 498,656 | ||||||||
North Carolina ALF Portfolio - Huntersville [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of buildings acquired from unaffiliated parties | Building | 1 | ||||||||
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 | ||||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||||
Lines of credit | 18,000 | ||||||||
Acquisition fees | $ 391 | ||||||||
Lakeview IN Medical Plaza [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | ||||||||
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 | ||||||||
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 | ||||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||||
Lines of credit | 27,200 | ||||||||
Acquisition fees | $ 619 | ||||||||
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 | ||||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||||
Lines of credit | 8,300 | ||||||||
Acquisition fees | $ 187 | ||||||||
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 | ||||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||||
Lines of credit | 0 | ||||||||
Acquisition fees | $ 138 | ||||||||
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 | ||||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||||
Lines of credit | 9,750 | ||||||||
Acquisition fees | $ 232 | ||||||||
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 | ||||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||||
Lines of credit | 12,000 | ||||||||
Acquisition fees | $ 261 | ||||||||
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 | ||||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||||
Lines of credit | 12,000 | ||||||||
Acquisition fees | $ 284 | ||||||||
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 | ||||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||||
Lines of credit | 17,000 | ||||||||
Acquisition fees | $ 434 | ||||||||
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 | ||||||||
Mortgage loans payable related to acquisition of properties | 16,133 | ||||||||
Lines of credit | 71,000 | ||||||||
Acquisition fees | $ 1,980 | ||||||||
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 | ||||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||||
Lines of credit | 11,000 | ||||||||
Acquisition fees | $ 254 | ||||||||
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% | |||||||
Type of property acquired | Senior Housing | ||||||||
Date of acquisition of property | Nov. 15, 2016 | ||||||||
Contract purchase price | $ 23,531 | ||||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||||
Lines of credit | 0 | ||||||||
Acquisition fees | $ 471 | £ 306 | $ 46 | ||||||
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 | ||||||||
Mortgage loans payable related to acquisition of properties | 0 | ||||||||
Lines of credit | 14,000 | ||||||||
Acquisition fees | 351 | ||||||||
North Carolina ALF Portfolio [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of buildings acquired from unaffiliated parties | Building | 5 | 4 | |||||||
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 [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of buildings acquired from unaffiliated parties | Acquisition | 23 | ||||||||
Contract purchase price | $ 271,566 | ||||||||
Mortgage loans payable related to acquisition of properties | 31,133 | ||||||||
Lines of credit | 203,750 | ||||||||
Acquisition fees | $ 5,564 | ||||||||
Two Thousand Eighteen Acquisitions [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of buildings acquired from unaffiliated parties | Building | 1 | ||||||||
Two Thousand Eighteen Acquisitions [Member] | North Carolina ALF Portfolio - Matthews [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | ||||||||
Type of property acquired | Senior Housing | ||||||||
Date of acquisition of property | Aug. 30, 2018 | ||||||||
Contract purchase price | $ 15,000 | ||||||||
Lines of credit | 13,500 | ||||||||
Acquisition fees | $ 338 | ||||||||
Two Thousand Seventeen Acquisitions [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of buildings acquired from unaffiliated parties | Building | 3 | ||||||||
Contract purchase price | $ 24,450 | ||||||||
Lines of credit | 23,000 | ||||||||
Acquisition fees | $ 551 | ||||||||
Two Thousand Seventeen Acquisitions [Member] | North Carolina ALF Portfolio - Huntersville [Member] | |||||||||
Real Estate 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 | ||||||||
Two Thousand Seventeen Acquisitions [Member] | New London CT MOB [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Type of property acquired | Medical Office | ||||||||
Date of acquisition of property | May 3, 2017 | ||||||||
Contract purchase price | $ 4,850 | ||||||||
Lines of credit | 4,000 | ||||||||
Acquisition fees | $ 109 | ||||||||
Two Thousand Seventeen Acquisitions [Member] | Middletown OH MOB II [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Type of property acquired | Medical Office | ||||||||
Date of acquisition of property | Dec. 20, 2017 | ||||||||
Contract purchase price | $ 4,600 | ||||||||
Lines of credit | 5,000 | ||||||||
Acquisition fees | $ 104 | ||||||||
Two Thousand Sixteen Acquisitions [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of buildings acquired from unaffiliated parties | Building | 23 |
Real Estate Investments, Net _4
Real Estate Investments, Net - Summary of Acquisitions (Phantom) (Detail) £ in Thousands | Jan. 18, 2017Building | Nov. 15, 2016USD ($)Building | Nov. 15, 2016GBP (£)Building | Dec. 31, 2015 | Dec. 31, 2018USD ($)Building | Dec. 31, 2017Building | Dec. 31, 2016USD ($)Acquisition | Dec. 31, 2015Building | Dec. 31, 2018Building | Nov. 26, 2018USD ($) |
Real Estate Properties [Line Items] | ||||||||||
Ownership percentage, excluding joint venture, properties | 100.00% | 100.00% | 100.00% | |||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | 2.25% | 2.25% | |||||||
Number of buildings acquired from unaffiliated parties | Building | 101 | |||||||||
Contractual purchase price | $ 3,146,000 | |||||||||
Contract purchase price | $ 498,656,000 | |||||||||
North Carolina ALF Portfolio [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of buildings acquired from unaffiliated parties | Building | 5 | 4 | ||||||||
Crown Senior Care Portfolio [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | 2.25% | ||||||||
Number of buildings acquired from unaffiliated parties | Building | 3 | 3 | 3 | |||||||
Contractual purchase price | £ | £ 15,276 | |||||||||
Contract purchase price | 23,531,000 | |||||||||
Acquisition fees | $ 471,000 | £ 306 | $ 46,000 | |||||||
North Carolina ALF Portfolio - Huntersville [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of buildings acquired from unaffiliated parties | Building | 1 | |||||||||
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% | 86.00% | 86.00% | ||||||
Contract purchase price | $ 20,000,000 | |||||||||
Acquisition fees | $ 387,000 | |||||||||
Two Thousand Sixteen Acquisitions [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of buildings acquired from unaffiliated parties | Acquisition | 23 | |||||||||
Contract purchase price | $ 271,566,000 | |||||||||
Total liabilities assumed | 15,908,000 | |||||||||
Acquisition fees | 5,564,000 | |||||||||
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Contract purchase price | 227,090,000 | |||||||||
Acquisition fees | $ 3,459,000 | |||||||||
Two Thousand Eighteen Acquisitions [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of buildings acquired from unaffiliated parties | Building | 1 | |||||||||
Two Thousand Eighteen Acquisitions [Member] | North Carolina ALF Portfolio - Matthews [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||||||||
Ownership percentage, properties | 100.00% | |||||||||
Contract purchase price | $ 15,000,000 | |||||||||
Acquisition fees | $ 338,000 | |||||||||
Two Thousand Eighteen Acquisitions, Previously Leased [Member] | Lexington, KY; Novi and Romeo, MI; Fremont, OH [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||||||||
Ownership percentage, properties | 67.70% | |||||||||
Contract purchase price | $ 47,455,000 | |||||||||
Acquisition fees | $ 723,000 |
Real Estate Investments, Net Re
Real Estate Investments, Net Real Estate Investments, Net - Summary of Acquisitions of Previously Leased Real Estate Investments (Details) | 1 Months Ended | 12 Months Ended | 72 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2018USD ($)Campus | Dec. 31, 2017USD ($)Campus | Dec. 31, 2016USD ($)Campus | Dec. 31, 2018Campus | |
Real Estate Properties [Line Items] | |||||
Number of integrated senior health campuses acquired/operated from unaffiliated parties | Campus | 112 | ||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | 2.25% | 2.25% | ||
Contract purchase price | $ 498,656,000 | ||||
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of integrated senior health campuses acquired/operated from unaffiliated parties | Campus | 17 | ||||
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 Eighteen Acquisitions, Previously Leased [Member] | Lexington, KY; Novi and Romeo, MI; Fremont, OH [Member] | |||||
Real Estate Properties [Line Items] | |||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | ||||
Date of acquisition of property | Jul. 20, 2018 | ||||
Contract purchase price | $ 47,455,000 | ||||
Mortgage loans payable related to acquisition of properties | 47,500,000 | ||||
Acquisition fees | $ 723,000 | ||||
Ownership percentage, properties | 67.70% | ||||
Two Thousand Eighteen Acquisitions, Previously Leased [Member] | Trilogy [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of integrated senior health campuses acquired/operated from unaffiliated parties | Campus | 4 | ||||
2017 Acquisitions, Previously Leased [Member] | |||||
Real Estate Properties [Line Items] | |||||
Contract purchase price | $ 85,533,000 | ||||
Lines of credit | 63,700,000 | ||||
Acquisition fees | $ 1,302,000 | ||||
2017 Acquisitions, Previously Leased [Member] | Trilogy [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of integrated senior health campuses acquired/operated from unaffiliated parties | Campus | 8 | ||||
Ownership percentage, properties | 67.70% | ||||
2017 Acquisitions, Previously Leased [Member] | Boonville, Columbus and Hanover, IN; Lexington WH, KY; Monclova and Willard, OH [Member] | |||||
Real Estate Properties [Line Items] | |||||
Date of acquisition of property | Feb. 1, 2017 | ||||
Contract purchase price | $ 72,200,000 | ||||
Lines of credit | 53,700,000 | ||||
Acquisition fees | $ 1,099,000 | ||||
2017 Acquisitions, Previously Leased [Member] | Greenfield, IN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Date of acquisition of property | May 16, 2017 | ||||
Contract purchase price | $ 3,500,000 | ||||
Lines of credit | 0 | ||||
Acquisition fees | $ 53,000 | ||||
2017 Acquisitions, Previously Leased [Member] | Ottowa, OH [Member] | |||||
Real Estate Properties [Line Items] | |||||
Date of acquisition of property | Dec. 15, 2017 | ||||
Contract purchase price | $ 9,833,000 | ||||
Lines of credit | 10,000,000 | ||||
Acquisition fees | $ 150,000 | ||||
Two Thousand Sixteen Acquisitions, Previously Leased [Member] | Trilogy [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of integrated senior health campuses acquired/operated from unaffiliated parties | Campus | 17 | ||||
Ownership percentage, properties | 67.70% |
Real Estate Investments, Net As
Real Estate Investments, Net Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Two Thousand Eighteen Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Asset acquisition, transaction costs | $ 3,044 | |
Building and improvements | 49,757 | |
Land | 10,980 | |
In-place leases | 6,894 | |
Certificates of need | 1,313 | |
Total assets acquired | $ 68,944 | |
Two Thousand Seventeen Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Asset acquisition, transaction costs | $ 3,050 | |
Building and improvements | 70,607 | |
Land | 11,463 | |
In-place leases | 13,167 | |
Certificates of need | 5,608 | |
Above-market leases | 187 | |
Total assets acquired | 101,032 | |
Below-market leases | (11) | |
Total liabilities assumed | 11 | |
Net assets acquired | $ 101,021 |
Real Estate Investments, Net _5
Real Estate Investments, Net Real Estate Investments, Net - Dispositions (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Campusland | Dec. 31, 2017USD ($)Campusland | Dec. 31, 2016USD ($)Campusland | |
Real Estate Properties [Line Items] | |||
Number of Land Parcels Disposed Of | land | 0 | 0 | |
Number of integrated senior health campuses disposed | Campus | 0 | 0 | |
Net gain on dispositions | $ 0 | $ 3,370,000 | $ 0 |
Contract sales price of disposition | $ 19,800,000 | ||
KENTUCKY | |||
Real Estate Properties [Line Items] | |||
Disposal Date | Jan. 13, 2017 | ||
Number of Land Parcels Disposed Of | land | 1 | ||
Contract sales price of disposition | $ 2,400,000 | ||
Indiana [Member] | |||
Real Estate Properties [Line Items] | |||
Disposal Date | May 1, 2017 | ||
Number of integrated senior health campuses disposed | Campus | 1 | ||
Contract sales price of disposition | $ 17,000,000 | ||
OHIO | |||
Real Estate Properties [Line Items] | |||
Disposal Date | Jul. 20, 2017 | ||
Number of integrated senior health campuses disposed | Campus | 1 | ||
Contract sales price of disposition | $ 400,000 |
Real Estate Notes Receivable _3
Real Estate Notes Receivable and Debt Security Investment, Net - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 15, 2015USD ($) | Feb. 04, 2015USD ($) | |
Real Estate Notes Receivable and Debt Security Investment, Net | |||||
Real estate notes receivable and investment, net | $ 98,655,000 | $ 97,988,000 | $ 101,117,000 | ||
Percentage of acquisition fee of contract purchase price for real estate investments acquired paid in cash | 2.00% | ||||
Debt security Investment | $ 69,873,000 | $ 67,275,000 | |||
Mezzanine Notes [Member] | |||||
Real Estate Notes Receivable and Debt Security Investment, Net | |||||
Number of promissory notes acquired | 8 | ||||
Real estate notes receivable acquired | $ 60,217,000 | ||||
Mezzanine Fixed Rate Notes [Member] | |||||
Real Estate Notes Receivable and Debt Security Investment, Net | |||||
Real estate notes receivable acquired | $ 28,650,000 | ||||
Number of fixed rate notes | 4 | ||||
Mortgage loans on real estate, commercial and consumer, maximum borrowing amount | $ 28,650,000 | ||||
Mezzanine Floating Rate Notes [Member] | |||||
Real Estate Notes Receivable and Debt Security Investment, Net | |||||
Real estate notes receivable acquired | $ 31,567,000 | ||||
Number of floating rate notes | 4 | ||||
Mortgage loans on real estate, commercial and consumer, maximum borrowing amount | $ 31,567,000 | ||||
Debt security investment [Member] | |||||
Real Estate Notes Receivable and Debt Security Investment, Net | |||||
Debt Securities, Held-to-maturity | $ 60,429,000 | ||||
Stated interest rate | 4.24% | ||||
Stated amount after maturity | $ 93,433,000 | ||||
Anticipated yield-to-maturity | 10.00% | ||||
Beneficial ownership interest in Mortgage Trust | 10.00% |
Real Estate Notes Receivable _4
Real Estate Notes Receivable and Debt Security Investment, Net (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Feb. 04, 2015 | |
Real Estate Notes Receivable and Debt Security Investment, Net | |||
Real estate notes receivable and investment | $ 97,005,000 | $ 96,087,000 | |
Acquisition Fee | 2,413,000 | ||
Unamortized loan and closing costs, net | 1,650,000 | 1,901,000 | |
Real Estate Loans Receivable and Debt Security Investment, Net [Roll Forward] | |||
Real estate notes receivable and investment, net - Beginning Balance | 97,988,000 | 101,117,000 | |
Accretion on debt security investment | 2,717,000 | 2,462,000 | |
Principal repayments on real estate notes receivable | (1,799,000) | (5,368,000) | |
Amortization of loan and closing costs | (251,000) | (223,000) | |
Real estate notes receivable and investment, net - Ending Balance | $ 98,655,000 | 97,988,000 | |
Mezzanine Fixed Rate Notes [Member] | |||
Real Estate Notes Receivable and Debt Security 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 | ||
Mezzanine Floating Rate Notes [Member] | |||
Real Estate Notes Receivable and Debt Security Investment, Net | |||
Origination Date | Feb. 4, 2015 | ||
Maturity Date | Dec. 9, 2018 | ||
Maximum Advances Available | $ 31,567,000 | ||
Real estate notes receivable and investment | $ 0 | 1,799,000 | |
Acquisition Fee | $ 631,000 | ||
Debt security investment [Member] | |||
Real Estate Notes Receivable and Debt Security Investment, Net | |||
Origination Date | Oct. 15, 2015 | ||
Maturity Date | Aug. 25, 2025 | ||
Contractual Interest Rate | 4.24% | ||
Real estate notes receivable and investment | $ 68,355,000 | $ 65,638,000 | |
Acquisition Fee | $ 1,209,000 |
Identified Intangible Assets,_3
Identified Intangible Assets, Net - Summary of Identified Intangibles, Net (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life | 15 years 6 months 18 days | 15 years 6 months 18 days | |
Amortized intangible assets | $ 58,226,000 | ||
Identified intangible assets, net | 179,521,000 | $ 180,308,000 | |
Amortization of Intangible Assets | 12,736,000 | 32,541,000 | $ 203,147,000 |
Certificate Of Need [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Unamortized intangible assets | 88,590,000 | 83,320,000 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Unamortized intangible assets | 30,787,000 | 30,787,000 | |
Purchase Option Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Unamortized intangible assets | $ 1,918,000 | $ 1,918,000 | |
In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life | 9 years 9 months 18 days | 10 years 2 months 12 days | |
Amortized intangible assets | $ 45,815,000 | $ 50,520,000 | |
Leasehold Interests [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life | 53 years 7 months 6 days | 54 years 7 months 6 days | |
Amortized intangible assets | $ 7,346,000 | $ 7,487,000 | |
Above Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life | 5 years 2 months 6 days | 5 years 2 months 6 days | |
Amortized intangible assets | $ 2,059,000 | $ 3,026,000 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life | 18 years 9 months 18 days | 19 years 9 months 18 days | |
Amortized intangible assets | $ 2,653,000 | $ 2,803,000 | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life | 3 years 9 months 18 days | 4 years 9 months 18 days | |
Amortized intangible assets | $ 353,000 | $ 447,000 |
Identified Intangible Assets,_4
Identified Intangible Assets, Net - Summary of Identified Intangibles, Net (Phantom) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 12,736,000 | $ 32,541,000 | $ 203,147,000 |
Weighted average remaining life | 15 years 6 months 18 days | 15 years 6 months 18 days | |
In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | $ 23,497,000 | $ 25,967,000 | |
Weighted average remaining life | 9 years 9 months 18 days | 10 years 2 months 12 days | |
Above Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | $ 2,851,000 | $ 3,335,000 | |
Weighted average remaining life | 5 years 2 months 6 days | 5 years 2 months 6 days | |
Leasehold Interests [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | $ 548,000 | $ 407,000 | |
Weighted average remaining life | 53 years 7 months 6 days | 54 years 7 months 6 days | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | $ 187,000 | $ 37,000 | |
Weighted average remaining life | 18 years 9 months 18 days | 19 years 9 months 18 days | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | $ 117,000 | $ 23,000 | |
Weighted average remaining life | 3 years 9 months 18 days | 4 years 9 months 18 days | |
Above Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 967,000 | $ 1,368,000 | 1,580,000 |
Leasehold Interests [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 141,000 | $ 140,000 | $ 140,000 |
Identified Intangible Assets,_5
Identified Intangible Assets, Net - Summary of Amortization Expense on Identified Intangible Assets, Net (Detail) | Dec. 31, 2018USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
2019 | $ 10,204,000 |
2020 | 6,134,000 |
2021 | 5,561,000 |
2022 | 4,841,000 |
2023 | 4,038,000 |
Thereafter | 27,448,000 |
Amortized intangible assets | $ 58,226,000 |
Other Assets, Net - Schedule of
Other Assets, Net - Schedule of Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets [Abstract] | ||
Prepaid expenses, deposits and other assets | $ 29,803 | $ 21,796 |
Investments in unconsolidated entities | 15,432 | 17,259 |
Inventory | 21,151 | 19,311 |
Deferred rent receivables | 23,334 | 17,458 |
Deferred tax assets, net(1) | 9,461 | 6,882 |
Deferred financing costs, net of accumulated amortization of $12,487,000 and $7,850,000 as of December 31, 2018 and 2017, respectively(2) | 2,311 | 6,327 |
Lease commissions, net of accumulated amortization of $1,274,000 and $606,000 as of December 31, 2018 and 2017, respectively | 8,523 | 5,426 |
Lease inducement, net of accumulated amortization of $789,000 and $439,000 as of December 31, 2018 and 2017, respectively (with a weighted average remaining life of 12.0 years and 13.0 years as of December 31, 2018 and 2017, respectively) | 4,211 | 4,561 |
Other Assets | $ 114,226 | $ 99,020 |
Other Assets, Net - Schedule _2
Other Assets, Net - Schedule of Other Assets, Net (Phantom) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Assets [Abstract] | |||
Accumulated amortization, deferred financing costs | $ 12,487,000 | $ 7,850,000 | |
Accumulated amortization, lease commissions | 1,274,000 | 606,000 | |
Accumulated Amortization, lease Inducements | $ 789,000 | $ 439,000 | |
Lease Inducements, Weighted Average Remaining Life | 12 years | 13 years | |
Amortization expense on lease commissions | $ 741,000 | $ 450,000 | $ 162,000 |
Amortization expense on deferred financing costs | 4,637,000 | 4,331,000 | 3,456,000 |
Amortization of lease incentives | $ 350,000 | $ 351,000 | $ 88,000 |
Other Assets, Net - Narrative (
Other Assets, Net - Narrative (Details) $ in Thousands | Dec. 31, 2018USD ($)Campus | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Number of Senior Health Campuses | Campus | 16 | |
RHS | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage in affiliate | 33.80% | 33.80% |
Due from Related Parties | $ | $ 2,507 | $ 1,351 |
- Unconsolidated Entity Financi
- Unconsolidated Entity Financial Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Financial Position [Abstract] | |||
Total assets | $ 48,391,000 | $ 48,176,000 | |
Total liabilities | 25,263,000 | 21,395,000 | |
Income Statement [Abstract] | |||
Revenues | 130,543,000 | 128,038,000 | $ 119,122,000 |
Expenses | 138,296,000 | 138,134,000 | 137,686,000 |
Net loss | (7,753,000) | (10,096,000) | (18,564,000) |
RHS | |||
Statement of Financial Position [Abstract] | |||
Total assets | 48,291,000 | 48,176,000 | |
Total liabilities | 25,263,000 | 21,395,000 | |
Income Statement [Abstract] | |||
Revenues | 130,543,000 | 128,038,000 | 119,122,000 |
Expenses | 138,296,000 | 138,134,000 | 137,686,000 |
Net loss | (7,753,000) | (10,096,000) | (18,564,000) |
Other | |||
Statement of Financial Position [Abstract] | |||
Total assets | 100,000 | 0 | |
Total liabilities | 0 | 0 | |
Income Statement [Abstract] | |||
Revenues | 0 | 0 | 0 |
Expenses | 0 | 0 | 0 |
Net loss | $ 0 | $ 0 | $ 0 |
Mortgage Loans Payable, Net - S
Mortgage Loans Payable, Net - Schedule of Mortgage Loans Payable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | May 12, 2017 | Dec. 31, 2016 | ||
Debt Instrument [Line Items] | ||||||
Mortgage loans payable, gross | $ 713,030 | $ 636,329 | $ 72,019 | |||
Less: deferred financing costs, net | (2,311) | (6,327) | ||||
Add: premium | 663 | 1,176 | ||||
Less: discount | (16,607) | (17,657) | ||||
Mortgage loans payable, net | 688,262 | [1] | 613,558 | [1] | $ 495,717 | |
Mortgage Loans Payable, Net [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Less: deferred financing costs, net | (8,824) | (6,290) | ||||
Fixed Rate Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage loans payable, gross | 624,616 | 526,503 | ||||
Variable Rate Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage loans payable, gross | $ 88,414 | $ 109,826 | ||||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2018 and 2017 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT III Holdings, LP is a variable interest entity and a consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries 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 $548,500,000 and $444,000,000 as of December 31, 2018 and 2017, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Mortgage Loans Payable, Net -_2
Mortgage Loans Payable, Net - Schedule of Mortgage Loans Payable, Net (Details) | May 12, 2017USD ($) | Dec. 31, 2018USD ($)MortgageLoan | Dec. 31, 2017USD ($)MortgageLoan | Dec. 31, 2016USD ($) | ||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 72,019,000 | $ 713,030,000 | $ 636,329,000 | |||
Mortgage loans payable, net | $ 688,262,000 | [1] | $ 613,558,000 | [1] | $ 495,717,000 | |
Number of variable rate mortgage loans payable | MortgageLoan | 6 | 4 | ||||
Number of fixed rate mortgage loans payable | MortgageLoan | 57 | 47 | ||||
Extinguishment of debt | 93,150,000 | |||||
Loss on extinguishment of mortgage loan payable | 1,432,000 | $ 0 | $ 1,432,000 | 0 | ||
Borrowings under the lines of credit and term loans | $ 273,639,000 | $ 318,474,000 | $ 558,769,000 | |||
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 | 8.46% | 7.57% | ||||
Mortgage Loans Payable, Net [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average effective interest rate | 3.98% | 4.02% | ||||
Revolving Credit Facility [Member] | Trilogy Propco Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average effective interest rate | 6.45% | 5.39% | ||||
Borrowings under the lines of credit and term loans | $ 21,600,000 | |||||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2018 and 2017 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT III Holdings, LP is a variable interest entity and a consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries 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 $548,500,000 and $444,000,000 as of December 31, 2018 and 2017, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Mortgage Loans Payable, Net -_3
Mortgage Loans Payable, Net - Schedule of Activity Related to Notes Payable (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Mortgage Loans Payable, Net [Abstract] | |||||
Borrowings under mortgage loans payable | $ 181,594,000 | $ 230,611,000 | $ 3,563,000 | ||
Change in Carrying Amount of Mortgage Loans Payable, Net [Roll Forward] | |||||
Mortgage loans payable, net — beginning balance | 613,558,000 | [1] | 495,717,000 | ||
Amortization of deferred financing costs related to mortgage | 1,269,000 | 2,387,000 | |||
Scheduled principal payments on mortgage loans payable | (10,444,000) | (8,524,000) | |||
Proceeds from (Repayments of) First Mortgage Bond | (94,449,000) | (102,815,000) | |||
Amortization of discount/premium on mortgage loans payable | 537,000 | 998,000 | |||
Deferred financing costs | (3,803,000) | (4,816,000) | |||
Mortgage loans payable, net — ending balance | $ 688,262,000 | [1] | $ 613,558,000 | [1] | $ 495,717,000 |
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2018 and 2017 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT III Holdings, LP is a variable interest entity and a consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries 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 $548,500,000 and $444,000,000 as of December 31, 2018 and 2017, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Mortgage Loans Payable, Net -_4
Mortgage Loans Payable, Net - Schedule of Principal Payments Due on Mortgage Loans Payable (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | May 12, 2017 |
Mortgage Loans Payable, Net [Abstract] | |||
2019 | $ 17,402,000 | ||
2020 | 82,811,000 | ||
2021 | 34,645,000 | ||
2022 | 61,083,000 | ||
2023 | 28,101,000 | ||
Thereafter | 488,988,000 | ||
Total | $ 713,030,000 | $ 636,329,000 | $ 72,019,000 |
Lines of Credit and Term Loans
Lines of Credit and Term Loans Lines of Credit and Term Loans (Details) | Dec. 20, 2018USD ($) | Apr. 27, 2018USD ($) | Oct. 27, 2017USD ($) | Aug. 03, 2017USD ($) | Mar. 21, 2016USD ($)Extension | Feb. 03, 2016USD ($)Extension | Feb. 02, 2016 | Dec. 01, 2015USD ($) | Dec. 31, 2018USD ($) | Apr. 26, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 26, 2017USD ($) | Apr. 01, 2016USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||||||
Borrowing outstanding | [1] | $ 738,048,000 | $ 624,125,000 | |||||||||||
Two Thousand Sixteen Corporate Line Of Credit [Member] | Line of Credit [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Aggregate borrowing capacity | $ 250,000,000 | 575,000,000 | 550,000,000 | |||||||||||
Borrowing outstanding | $ 548,500,000 | $ 444,000,000 | ||||||||||||
Weighted average interest rate on borrowings outstanding | 4.60% | 3.23% | ||||||||||||
Trilogy Propco Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 250,000,000 | $ 300,000,000 | $ 250,000,000 | $ 300,000,000 | $ 300,000,000 | |||||||||
Line of credit extension term | 1 year | |||||||||||||
Borrowing outstanding | $ 170,518,000 | $ 179,376,000 | ||||||||||||
Weighted average interest rate on borrowings outstanding | 6.45% | 5.39% | ||||||||||||
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 | 4.00% | |||||||||||||
Trilogy Propco Line of Credit [Member] | Revolving Credit Facility [Member] | Alternate Base Rate [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Variable interest rate | 3.00% | |||||||||||||
Trilogy Propco Line of Credit [Member] | Revolving Credit Facility [Member] | Trilogy Borrowers [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
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 | $ 25,000,000 | $ 25,000,000 | $ 60,000,000 | $ 60,000,000 | ||||||||||
Borrowing outstanding | $ 19,030,000 | $ 749,000 | ||||||||||||
Weighted average interest rate on borrowings outstanding | 5.17% | 5.84% | ||||||||||||
Commitment fee percentage | 2.75% | |||||||||||||
Debt Instrument, Maturity Date | Apr. 27, 2021 | |||||||||||||
Trilogy OpCo Line Of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Variable interest rate | 2.75% | |||||||||||||
Trilogy OpCo Line Of Credit [Member] | Revolving Credit Facility [Member] | Alternate Base Rate [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Variable interest rate | 1.75% | |||||||||||||
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 | $ 575,000,000 | $ 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] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 550,000,000 | $ 500,000,000 | ||||||||||||
Debt Instrument, Leverage Ratio | 40.00% | |||||||||||||
Potential maximum borrowing capacity | $ 1,000,000,000 | |||||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 25,000,000 | $ 50,000,000 | ||||||||||||
Debt Instrument, Capitalization Rate | 8.75% | |||||||||||||
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% | |||||||||||||
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% | |||||||||||||
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% | |||||||||||||
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] | Swing Line 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 | 1.50% | |||||||||||||
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 | 0.50% | |||||||||||||
Line of Credit [Member] | Two Thousand Sixteen Corporate Revolving Notes [Member] | Maximum [Member] | Eurodollar [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Variable interest rate | 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 | 1.20% | |||||||||||||
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 | |||||||||||||
Line Of Credit Facility, number of potential extensions | Extension | 1 | |||||||||||||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2018 and 2017 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT III Holdings, LP is a variable interest entity and a consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries 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 $548,500,000 and $444,000,000 as of December 31, 2018 and 2017, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
(Loss) gain in fair value of derivative financial instruments | $ (1,949,000) | $ 383,000 | $ 1,968,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Notional Amount | $ 270,000 | |
Fair Value | $ 417 | $ 2,366 |
Swap, .82% Interest Rate [Member] | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 140,000 | |
Index | one month LIBOR | |
Interest Rate | 0.82% | |
Maturity Date | Feb. 3, 2019 | |
Fair Value | $ 221 | 1,486 |
Swap, .78% Interest Rate [Member] | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 60,000 | |
Index | one month LIBOR | |
Interest Rate | 0.78% | |
Maturity Date | Feb. 3, 2019 | |
Fair Value | $ 97 | 661 |
Swap, 1.39% Interest Rate [Member] | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 50,000 | |
Index | one month LIBOR | |
Interest Rate | 1.39% | |
Maturity Date | Feb. 3, 2019 | |
Fair Value | $ 51 | 219 |
Cap [Member] | ||
Derivative [Line Items] | ||
Instrument | Cap | |
Notional Amount | $ 20,000 | |
Index | one month LIBOR | |
Interest Rate | 3.00% | |
Maturity Date | Sep. 23, 2021 | |
Fair Value | $ 48 | $ 0 |
Identified Intangible Liabili_3
Identified Intangible Liabilities, Net - Summary of Identified Intangible Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite Lived Intangible Liabilities [Line Items] | |||
Identified intangible liabilities, net | $ 1,051 | $ 1,568 | |
Below Market Lease [Member] | |||
Finite Lived Intangible Liabilities [Line Items] | |||
Identified intangible liabilities, net | 1,051 | 1,568 | |
Accumulated amortization | 1,229 | 1,135 | |
Amortization of above and below Market Leases | $ 517 | $ 658 | $ 651 |
Remaining Weighted Average Amortization Period in Years | 4 years 3 months 18 days | 4 years 9 months 6 days |
Identified Intangible Liabili_4
Identified Intangible Liabilities, Net - Summary of Amortization Expense on Below Market Leases (Details) | Dec. 31, 2018USD ($) |
Identified Intangible Liabilities [Abstract] | |
2019 | $ 388,000 |
2020 | 260,000 |
2021 | 143,000 |
2022 | 93,000 |
2023 | 78,000 |
Thereafter | 89,000 |
Total | $ 1,051,000 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Detail) - USD ($) | Jan. 15, 2013 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 01, 2015 |
Noncontrolling Interest [Line Items] | |||||||
Contributions from noncontrolling interests | $ 2,000 | $ 4,470,000 | $ 8,304,000 | $ 19,753,000 | |||
Number of limited partnership units issued to non controlling | 222 | ||||||
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% | 70.00% | ||||
Trilogy [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Ownership percentage equity interest | 96.70% | 96.70% | 96.70% | 96.70% | 96.70% | ||
Noncontrolling limited partnership interest in operating partnership (less than) | 3.30% | 3.30% | 3.30% | 3.30% | 3.30% |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests - Changes in Carrying Amount (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in carrying amount of redeemable noncontrolling interest [Roll Forward] | |||
Beginning balance | $ 32,435 | $ 31,507 | |
Addition | 535 | 975 | $ 2,295 |
Reclassification from equity | 780 | 635 | 845 |
Payments for Repurchase of Redeemable Noncontrolling Interest | (229) | (61) | |
Distributions | (711) | (1,184) | (198) |
Fair value adjustment to redemption value | 5,301 | 1,155 | 11,521 |
Net income (loss) attributable to redeemable noncontrolling interests | 134 | (592) | (5,943) |
Ending balance | $ 38,245 | $ 32,435 | $ 31,507 |
Equity (Detail)
Equity (Detail) | Oct. 01, 2018 | Dec. 01, 2015 | Feb. 26, 2014USD ($)$ / shares | Jan. 15, 2013USD ($)shares | Dec. 31, 2018USD ($)Anniversary$ / sharesRateshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Apr. 21, 2015shares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2018Anniversary$ / sharesshares | Dec. 31, 2018USD ($)Anniversary$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)Anniversary$ / sharesshares | Oct. 03, 2018$ / shares | Sep. 30, 2018 | Oct. 04, 2017$ / shares | Oct. 05, 2016$ / shares | 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) | 105,000 | ||||||||||||||||||
Issuance of common stock under the DRIP (shares) | 20,355,578 | 26,820,010 | |||||||||||||||||
Common stock repuchased during period under share repurchase plan shares | 8,272,789 | 3,419,969 | 2,246,766 | 6,047,664 | 14,320,453 | ||||||||||||||
Common stock, shares, outstanding | 197,557,377 | 199,343,234 | 199,343,234 | 197,557,377 | 197,557,377 | 199,343,234 | 197,557,377 | ||||||||||||
Contributions from noncontrolling interests | $ | $ 2,000 | $ 4,470,000 | $ 8,304,000 | $ 19,753,000 | |||||||||||||||
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 | $ | $ 215,000 | 216,000 | 196,000 | ||||||||||||||||
Preferred Stock, Value, Subscriptions | $ | $ 125,000 | ||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 12.50% | ||||||||||||||||||
Issuance of common stock under the DRIP | $ | $ 60,030,000 | 63,008,000 | 64,604,000 | $ 189,681,000 | $ 249,711,000 | ||||||||||||||
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 | 100.00% | 95.00% | 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 | $ | $ 76,577,000 | $ 30,656,000 | $ 20,941,000 | $ 55,358,000 | $ 131,935,000 | ||||||||||||||
Stock acquired average cost (usd per share) | $ / shares | $ 9.26 | $ 8.96 | $ 9.32 | $ 9.15 | $ 9.21 | ||||||||||||||
Common Stock | Two Thousand Thirteen Incentive 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 | |||||||||||||||
Total Stockholders' Equity | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Issuance of common stock under the DRIP | $ | $ 60,030,000 | $ 63,008,000 | $ 64,604,000 | ||||||||||||||||
Common Stock | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Issuance of common stock under the DRIP (shares) | 6,464,432 | 6,960,664 | 6,861,647 | ||||||||||||||||
Issuance of common stock under the DRIP | $ | $ 65,000 | $ 70,000 | $ 69,000 | ||||||||||||||||
Profits Interests [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Forfeited (shares) | 0 | 0 | |||||||||||||||||
Exercised (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 | $ | $ 2,898,000 | $ 936,000 | $ 1,329,000 | ||||||||||||||||
Restricted Stock [Member] | Two Thousand Thirteen Incentive Plan [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Granted (shares) | 22,500 | 22,500 | 30,000 | ||||||||||||||||
Granted (usd per share) | $ / shares | $ 9.27 | $ 9.01 | $ 10 | ||||||||||||||||
Stock based compensation — nonvested restricted common stock | $ | $ 215,000 | $ 216,000 | $ 196,000 | ||||||||||||||||
Restricted Stock [Member] | Two Thousand Thirteen Incentive Plan [Member] | Re-elected or Newly Elected Independent Directors [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share based compensation arrangement by share based payment award equity instruments other than options vesting percentage | 20.00% | 20.00% | 20.00% | 20.00% | |||||||||||||||
Restricted Stock [Member] | Two Thousand Thirteen Incentive Plan [Member] | Independent Directors [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share based compensation arrangement by share based payment award equity instruments other than options, number of vesting anniversaries | Anniversary | 4 | 4 | 4 | 4 | |||||||||||||||
Trilogy [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Ownership percentage equity interest | 96.70% | 96.70% | 96.70% | 96.70% | 96.70% | 96.70% | 96.70% | 96.70% | |||||||||||
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 [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
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 | $ 9.50 | $ 9.37 | $ 9.27 | $ 9.01 | |||||||||||||||
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) | 24,871,447 | ||||||||||||||||||
Issuance of common stock under the DRIP | $ | $ 231,200,000 | ||||||||||||||||||
Common Stock | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Subscriptions in offering of common stock received and accepted shares | 184,930,598 | ||||||||||||||||||
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% | 86.00% | 86.00% | 86.00% | 86.00% | |||||||||||
Joint venture earnings percentage allocation | 14.00% | 14.00% | 14.00% | 14.00% | 14.00% | 14.00% | 14.00% | 14.00% | |||||||||||
Griffin-American Healthcare REIT IV, Inc. [Member] | Trilogy REIT Holdings, LLC [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Ownership percentage equity interest | 6.00% | ||||||||||||||||||
Ownership Interest Acquired | 6.00% | ||||||||||||||||||
NorthStar Healthcare Income, Inc. [Member] | Trilogy REIT Holdings, LLC [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Ownership percentage equity interest | 24.00% | 30.00% |
Equity Accumulated Other Compre
Equity Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss | $ (2,560) | $ (1,971) | $ (3,029) |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net change in current period | (589) | 1,058 | (2,523) |
Ending balance | 1,218,635 | 1,346,575 | 1,418,553 |
Accumulated Other Comprehensive Loss | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net change in current period | (589) | 1,058 | (2,523) |
Ending balance | $ (2,560) | $ (1,971) | $ (3,029) |
Equity - Estimated Per Share NA
Equity - Estimated Per Share NAV (Details) - $ / shares | Oct. 03, 2018 | Oct. 04, 2017 | Oct. 05, 2016 | Feb. 26, 2014 |
DRIP [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Share price (usd per share) | $ 9.37 | $ 9.27 | $ 9.01 | $ 9.50 |
Equity - Share Repurchase Plan
Equity - Share Repurchase Plan (Details) - USD ($) | Feb. 26, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2018 |
Equity [Abstract] | ||||||
Maximum percentage of common stock repurchased during the period | 5.00% | |||||
Cap percentage on repurchases | 5.00% | |||||
Maximum number of repurchase shares owned | $ 2,500 | |||||
Common stock repuchased during period under share repurchase plan shares | 8,272,789 | 3,419,969 | 2,246,766 | 6,047,664 | 14,320,453 | |
Share repurchase plan holding period | 1 year | |||||
Share repurchase plan percentage of price per share condition one | 92.50% | 92.50% | 92.50% | |||
Share repurchase plan percentage of price per-share condition two | 100.00% | 95.00% | 95.00% | |||
Share repurchase plan percentage of price per-share condition three | 97.50% | 97.50% | ||||
Share repurchase plan percentage of price per-share condition four | 100.00% | 100.00% | ||||
Stock repuchased during period value under the share repurchase plan | $ 76,577,000 | $ 30,656,000 | $ 20,941,000 | $ 55,358,000 | $ 131,935,000 | |
Stock acquired average cost (usd per share) | $ 9.26 | $ 8.96 | $ 9.32 | $ 9.15 | $ 9.21 |
Equity - Status and Changes of
Equity - Status and Changes of Nonvested Shares of Restricted Common Stock (Detail) | 58 Months Ended |
Dec. 31, 2018shares | |
Number of Nonvested Shares of our Restricted Common Stock | |
Granted (shares) | 105,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 23 Months Ended | 47 Months Ended | 58 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2018USD ($)Quarter | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016 | Dec. 31, 2018Quarter | Dec. 31, 2018Quarter | |
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | $ 24,266,000 | $ 23,698,000 | $ 29,494,000 | ||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | 2.25% | 2.25% | ||||
Advisor [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Acquisition fee of contract purchase price | 2.25% | ||||||
Acquisition price for any real estate-related investment we originate or acquire | 2.00% | ||||||
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% | ||||||
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% | ||||
Asset Management [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | $ 19,373,000 | $ 18,793,000 | $ 16,949,000 | ||||
Acquistion Fees [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | 1,194,000 | 1,922,000 | 9,591,000 | ||||
Development Fees [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | 137,000 | 104,000 | 182,000 | ||||
Lease Commissions [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | 843,000 | 267,000 | 213,000 | ||||
Acquisition Expenses [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | 0 | 0 | 1,000 | ||||
Operating Expense [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | $ 200,000 | $ 208,000 | $ 165,000 | ||||
Percentage of operating expenses of average invested assets | 0.90% | 0.90% | 1.00% | ||||
Percentage of operating expenses of net income | 19.10% | 16.60% | 14.50% | ||||
Property Management Fee [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | $ 2,428,000 | $ 2,358,000 | $ 2,313,000 | ||||
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% | ||||
Construction Management Fee [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | $ 91,000 | $ 46,000 | $ 80,000 |
Related Party Transactions - Op
Related Party Transactions - Operating Expenses as Percentage (Details) - Operating Expense [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Percentage of operating expenses of average invested assets | 0.90% | 0.90% | 1.00% |
Percentage of operating expenses of net income | 19.10% | 16.60% | 14.50% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amounts Outstanding to Affiliates (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Due to affiliate | $ 2,103 | $ 2,057 |
Asset And Property Management Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 1,856 | 1,783 |
Acquistion Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 15 | 115 |
Lease Commissions [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 94 | 31 |
Development Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 68 | 104 |
Construction Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 58 | 14 |
Operating Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | $ 12 | $ 10 |
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, 2018 | Nov. 30, 2018 | Dec. 31, 2017 |
Liabilities: | |||
Contingent consideration obligations | $ 681 | $ 1,583 | $ 5,107 |
Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Derivative financial Instrument | 417 | 2,366 | |
Total assets at fair value | 417 | 2,366 | |
Liabilities: | |||
Contingent consideration obligations | 681 | 5,107 | |
Warrants | 1,207 | 1,155 | |
Total liabilities at fair value | 1,888 | 6,262 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | |||
Assets: | |||
Derivative financial Instrument | 0 | 0 | |
Total assets at fair value | 0 | 0 | |
Liabilities: | |||
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 | 417 | 2,366 | |
Total assets at fair value | 417 | 2,366 | |
Liabilities: | |||
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 | 0 | |
Total assets at fair value | 0 | 0 | |
Liabilities: | |||
Contingent consideration obligations | 681 | 5,107 | |
Warrants | 1,155 | ||
Total liabilities at fair value | $ 1,888 | $ 6,262 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 12 Months Ended | ||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 30, 2018USD ($) | Jan. 31, 2018USD ($) | |||
Business Acquisitions [Line Items] | |||||||
Contingent consideration obligations | $ 681,000 | $ 5,107,000 | $ 1,583,000 | ||||
Gain (Loss) on Change in Contingent Consideration, Liability | (2,843,000) | (3,835,000) | |||||
Debt security investment, fair value | 94,116,000 | 94,202,000 | |||||
Mortgage loans payable, net | 688,262,000 | [1] | 613,558,000 | [1] | $ 495,717,000 | ||
Mortgage loans payable, fair value | $ 618,886,000 | 570,918,000 | |||||
Number of investments in unconsolidated entities | 1 | ||||||
Trilogy [Member] | Security Deposits, Prepaid Rent and Other Liabilities [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Warrants | $ 1,207,000 | 1,155,000 | |||||
Contingent Consideration Obligations [Member] | North Carolina ALF Portfolio [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Contingent Consideration Obligation Payment Period | 3 years | ||||||
Income (Loss) Before Interest, Taxes, Depreciation, Amortization, and Rent | $ 1,599,000 | 1,753,000 | |||||
Contingent Consideration Obligations [Member] | North Carolina ALF Portfolio - Moorseville and Clemmons [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Contingent consideration arrangement, maximum | $ 20,318,000 | ||||||
Income (Loss) Before Interest, Taxes, Depreciation, Amortization, and Rent | $ 1,412,000 | $ 1,634,000 | $ 1,416,000 | ||||
Discount rate | |||||||
Business Acquisitions [Line Items] | |||||||
Measurement Input | 0.0800 | 0.0800 | |||||
Discount rate | Contingent Consideration Obligations [Member] | North Carolina ALF Portfolio - Moorseville and Clemmons [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Measurement Input | 0.0125 | 0.0125 | 0.0120 | ||||
Applicable Rate | Contingent Consideration Obligations [Member] | North Carolina ALF Portfolio - Moorseville and Clemmons [Member] | |||||||
Business Acquisitions [Line Items] | |||||||
Measurement Input | 0.0720 | 0.0720 | |||||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2018 and 2017 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT III Holdings, LP is a variable interest entity and a consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries 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 $548,500,000 and $444,000,000 as of December 31, 2018 and 2017, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Inputs (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value at year end | $ 681,000 | $ 5,107,000 | $ 8,992,000 | $ 5,912,000 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Contingent Consideration Assets and Obligations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Contingent Consideration Obligations: | |||
Beginning balance | $ 5,107,000 | $ 8,992,000 | $ 5,912,000 |
Realized/unrealized (gains) losses recognized in earnings | (2,843,000) | (3,885,000) | 13,430,000 |
Settlements of obligations | 1,583,000 | 0 | 10,350,000 |
Ending balance | 681,000 | 5,107,000 | 8,992,000 |
Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to obligations still held | $ (2,843,000) | $ (3,885,000) | $ 13,430,000 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value by Balance Sheet Grouping (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Real estate notes receivable, carrying amount | $ 28,782,000 | $ 30,713,000 | |||
Real estate notes receivable, fair value | 28,782,000 | 31,414,000 | |||
Debt security investment, carrying amount | 69,873,000 | 67,275,000 | |||
Debt security investment, fair value | 94,116,000 | 94,202,000 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Mortgage loans payable, carrying amount | 688,262,000 | [1] | 613,558,000 | [1] | $ 495,717,000 |
Mortgage loans payable, fair value | 618,886,000 | 570,918,000 | |||
Lines of credit and term loan, carrying amount | 735,737,000 | 617,798,000 | |||
Line of credit and term loan, fair value | $ 737,982,000 | $ 624,102,000 | |||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2018 and 2017 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT III Holdings, LP is a variable interest entity and a consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries 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 $548,500,000 and $444,000,000 as of December 31, 2018 and 2017, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Fair Value Measurements - Input
Fair Value Measurements - Inputs Related to Non-recurring Fair Value Measurements (Details) - Fair Value, Measurements, Nonrecurring [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation and Amortization | 8 |
Weighted average cost of capital | 7.75% |
Operating expenses as a percent of revenue | 74.00% |
Fair Value Inputs, Annual Revenue Growth | 2.75% |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation and Amortization | 9 |
Weighted average cost of capital | 9.75% |
Operating expenses as a percent of revenue | 84.00% |
Fair Value Inputs, Annual Revenue Growth | 3.65% |
Fair Value Measurements - Real
Fair Value Measurements - Real Estate (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Market rent per square foot | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 13.7500 | 19 |
Market rent per square foot | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 25 | 25.5300 |
Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 0.0750 | 0.0725 |
Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 0.0800 | 0.0800 |
Income Taxes and Distribution_2
Income Taxes and Distributions - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |
Income tax benefit due to change in tax rate effect on net deferred tax liabilities | $ 2,997,000 |
NOL carryforwards | $ 34,656,000 |
Income Taxes and Distribution_3
Income Taxes and Distributions - Income (Loss) Before Income Tax (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 14,202,000 | $ 2,931,000 | $ (202,886,000) |
Foreign | (462,000) | (808,000) | (667,000) |
Income (loss) before income taxes | $ 13,740,000 | $ 2,123,000 | $ (203,553,000) |
Income Taxes and Distribution_4
Income Taxes and Distributions - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal deferred | $ (4,647) | $ (3,382) | $ (6,656) | ||||||||
State deferred | (922) | (755) | (1,502) | ||||||||
Foreign deferred | 0 | 0 | 0 | ||||||||
Federal current | 0 | 0 | (3) | ||||||||
Foreign current | 988 | 543 | 160 | ||||||||
Valuation allowances | 3,784 | 367 | 8,344 | ||||||||
Total income tax (benefit) expense | $ 144 | $ (44) | $ (526) | $ (371) | $ (1,729) | $ (720) | $ (565) | $ (213) | $ (797) | $ (3,227) | $ 343 |
Income Taxes and Distributions
Income Taxes and Distributions - Deferred Taxes (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Fixed assets & intangibles | $ 7,292,000 | $ 8,189,000 |
Expense accruals & other | 10,686,000 | 6,956,000 |
Net operating loss | 8,980,000 | 6,338,000 |
Reserves and accruals | 4,095,000 | 2,466,000 |
Allowances for accounts receivable | 581,000 | 1,766,000 |
Investment in joint ventures | 1,909,000 | 1,465,000 |
Valuation allowances | (24,082,000) | (20,298,000) |
Total deferred income tax assets | 9,461,000 | 6,882,000 |
Fixed assets and intangibles | (8,924,000) | (8,413,000) |
Other — temporary differences | (2,903,000) | (2,689,000) |
Total deferred income tax liabilities | $ (11,827,000) | $ (11,102,000) |
Income Taxes and Distribution_5
Income Taxes and Distributions - Tax Treatment of Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | $ 33,141 | $ 40,475 | $ 28,135 |
Capital gain | 0 | 0 | 0 |
Return of capital | 86,833 | 78,285 | 88,140 |
Distributions reportable | $ 119,974 | $ 118,760 | $ 116,275 |
Ordinary income | 28.00% | 34.00% | 24.00% |
Capital gain | 0.00% | 0.00% | 0.00% |
Return of capital | 72.00% | 66.00% | 76.00% |
Percentage distribution reportable | 100.00% | 100.00% | 100.00% |
Future Minimum Rent - Schedule
Future Minimum Rent - Schedule of Future Minimum Rent (Details) | Dec. 31, 2018USD ($) |
Schedule of Future Minimum Base Rent Contractually Due under Operating Leases | |
2019 | $ 92,888,000 |
2020 | 88,536,000 |
2021 | 86,362,000 |
2022 | 80,233,000 |
2023 | 72,535,000 |
Thereafter | 559,649,000 |
Total | 980,203,000 |
Schedule of Future Minimum Lease Obligations under Non-cancelable Ground and Other Lease Obligations | |
2019 | 22,194,000 |
2020 | 22,564,000 |
2021 | 23,166,000 |
2022 | 23,702,000 |
2023 | 23,154,000 |
Thereafter | 177,927,000 |
Total | 292,707,000 |
Schedule of Future Minimum Lease Payments under Capital Leases | |
Capital leases, due 2019 | 3,307,000 |
Capital leases, due 2020 | 1,266,000 |
Capital leases, due 2021 | 130,000 |
Capital leases, due 2022 | 0 |
Capital leases, due 2023 | 0 |
Capital leases, amount due | 4,703,000 |
Financing obligations, due 2019 | 4,272,000 |
Financing obligations, due 2020 | 10,906,000 |
Financing obligations, due 2021 | 5,586,000 |
Financing obligations, due 2022 | 1,545,000 |
Financing obligations, due 2023 | 462,000 |
Financing obligation, amount due | 22,771,000 |
Other obligations, due 2019 | 1,049,000 |
Other obligations, due 2020 | 0 |
Other obligations, due 2021 | 0 |
Other obligations, due 2022 | 0 |
Other obligations, due 2023 | 0 |
Other obligations, amount due | 1,049,000 |
Amount, due 2019 | 8,628,000 |
Amount, due 2020 | 12,172,000 |
Amount, due 2021 | 5,716,000 |
Amount, due 2022 | 1,545,000 |
Amount, due 2023 | 462,000 |
Amount due | $ 28,523,000 |
Future Minimum Rent - Narrative
Future Minimum Rent - Narrative (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Capital lease, principal | $ 26,947 |
Capital leases, interest | $ 1,576 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Sep. 26, 2017USD ($) | Dec. 31, 2016USD ($)AcquisitionCampus | Dec. 31, 2018BuildingCampus | Jan. 01, 2015$ / shares |
Business Acquisitions [Line Items] | ||||
Number of buildings acquired from unaffiliated parties | Building | 101 | |||
Number of integrated senior health campuses acquired/operated from unaffiliated parties | Campus | 112 | |||
Contract purchase price | $ 498,656,000 | |||
Closing costs and acquisition fees | $ 14,559,000 | |||
Pharmaceutical Business [Member] | ||||
Business Acquisitions [Line Items] | ||||
Acquisition Aggregated Cost Of Acquired Real Estate Related Investment Purchase Price | $ 7,500,000 | |||
Two Thousand Sixteen Acquisitions [Member] | ||||
Business Acquisitions [Line Items] | ||||
Number of acquisition completed from unaffiliated parties | Acquisition | 12 | |||
Number of buildings acquired from unaffiliated parties | Acquisition | 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/operated from unaffiliated parties | Campus | 17 | |||
Contract purchase price | $ 227,090,000 |
Business Combinations - Schedul
Business Combinations - Schedule of Revenues and Net Income (Loss) of Properties Acquired (Detail) - Two Thousand Sixteen Acquisitions [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Business Acquisitions [Line Items] | |
Revenue | $ 20,228 |
Net income (Loss) | $ 1,021 |
Business Combinations - Fair Va
Business Combinations - Fair Value of Acquisitions (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Nov. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisitions [Line Items] | ||||
Goodwill | $ 75,309 | $ 75,309 | ||
Business combination, contingent consideration, liability | 681 | $ 1,583 | 5,107 | |
Purchase Option Assets [Member] | ||||
Business Acquisitions [Line Items] | ||||
Indefinite-lived intangible assets | $ (56,792) | |||
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] | Certificate Of Need [Member] | ||||
Business Acquisitions [Line Items] | ||||
Intangible assets, other than goodwill | 18,410 | |||
Two Thousand Sixteen Acquisitions [Member] | In-Place Leases [Member] | ||||
Business Acquisitions [Line Items] | ||||
Intangible assets, other than goodwill | 48,827 | |||
Two Thousand Sixteen Acquisitions [Member] | Above Market Leases [Member] | ||||
Business Acquisitions [Line Items] | ||||
Intangible assets, other than goodwill | $ 1,385 | |||
Other Liabilities [Member] | Trilogy [Member] | ||||
Business Acquisitions [Line Items] | ||||
Warrants | $ 1,207 | $ 1,155 |
Business Combinations - Busines
Business Combinations - Business Acquisition Pro Forma Information (Detail) - Two Thousand Sixteen Acquisitions [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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) |
Segment Reporting - Summary Inf
Segment Reporting - Summary Information for Reportable Segments (Details) | Dec. 31, 2018USD ($)segment | Sep. 16, 2015Property | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Segment Reporting Information [Line Items] | |||||||||||||
Goodwill | $ 75,309,000 | $ 75,309,000 | $ 75,309,000 | $ 75,309,000 | $ 75,309,000 | ||||||||
Number of reportable segments | segment | 6 | 6 | |||||||||||
Revenues [Abstract] | |||||||||||||
Resident fees and services | $ 1,005,691,000 | 927,221,000 | $ 872,405,000 | ||||||||||
Real estate revenue | 129,569,000 | 127,071,000 | 117,166,000 | ||||||||||
Total revenues | 292,926,000 | $ 284,179,000 | $ 280,263,000 | $ 277,892,000 | 276,570,000 | $ 262,748,000 | $ 258,573,000 | $ 256,401,000 | 1,135,260,000 | 1,054,292,000 | 989,571,000 | ||
Expenses: | |||||||||||||
Property operating expenses | 889,071,000 | 806,439,000 | 765,139,000 | ||||||||||
Rental expenses | 34,823,000 | 33,075,000 | 29,394,000 | ||||||||||
Operating Income (Loss) | 211,366,000 | 214,778,000 | 195,038,000 | ||||||||||
Expenses: | |||||||||||||
General and administrative | 28,770,000 | 32,587,000 | 28,951,000 | ||||||||||
Acquisition related expenses | 2,913,000 | 3,833,000 | (28,589,000) | ||||||||||
Depreciation and amortization | 95,678,000 | 113,226,000 | 271,307,000 | ||||||||||
Other income (expense): | |||||||||||||
Interest expense (including amortization of deferred financing costs and debt premium) | (66,281,000) | (60,872,000) | (45,665,000) | ||||||||||
(Loss) gain in fair value of derivative financial instruments | (1,949,000) | 383,000 | 1,968,000 | ||||||||||
Gain on dispositions of real estate investments | 0 | 3,370,000 | 0 | ||||||||||
Impairment of real estate investments | 2,542,000 | 14,070,000 | 0 | ||||||||||
Loss from unconsolidated entities | (3,877,000) | (5,048,000) | (18,377,000) | ||||||||||
Foreign currency (loss) gain | (2,690,000) | 4,045,000 | (8,755,000) | ||||||||||
Other income | 1,248,000 | 1,517,000 | 1,085,000 | ||||||||||
Income (loss) before income taxes | 13,740,000 | 2,123,000 | (203,553,000) | ||||||||||
Income tax benefit (expense) | (144,000) | 44,000 | 526,000 | 371,000 | 1,729,000 | 720,000 | 565,000 | 213,000 | 797,000 | 3,227,000 | (343,000) | ||
Net income (loss) | $ 1,606,000 | $ 3,824,000 | $ 682,000 | $ 8,425,000 | $ 6,893,000 | $ 4,461,000 | $ 1,523,000 | $ (7,527,000) | 14,537,000 | 5,350,000 | (203,896,000) | ||
Medical Office Building [Member] | |||||||||||||
Revenues [Abstract] | |||||||||||||
Resident fees and services | 0 | 0 | 0 | ||||||||||
Real estate revenue | 80,078,000 | 78,584,000 | 73,252,000 | ||||||||||
Total revenues | 80,078,000 | 78,584,000 | 73,252,000 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 0 | 0 | 0 | ||||||||||
Rental expenses | 30,514,000 | 29,344,000 | 26,863,000 | ||||||||||
Operating Income (Loss) | 49,564,000 | 49,240,000 | 46,389,000 | ||||||||||
Skilled Nursing Facilities [Member] | |||||||||||||
Revenues [Abstract] | |||||||||||||
Resident fees and services | 0 | 0 | 0 | ||||||||||
Real estate revenue | 14,887,000 | 14,884,000 | 8,686,000 | ||||||||||
Total revenues | 14,887,000 | 14,884,000 | 8,686,000 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 0 | 0 | 0 | ||||||||||
Rental expenses | 1,816,000 | 1,608,000 | 758,000 | ||||||||||
Operating Income (Loss) | 13,071,000 | 13,276,000 | 7,928,000 | ||||||||||
Hospitals [Member] | |||||||||||||
Revenues [Abstract] | |||||||||||||
Resident fees and services | 0 | 0 | 0 | ||||||||||
Real estate revenue | 12,691,000 | 12,705,000 | 16,711,000 | ||||||||||
Total revenues | 12,691,000 | 12,705,000 | 16,711,000 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 0 | 0 | 0 | ||||||||||
Rental expenses | 1,656,000 | 1,453,000 | 1,235,000 | ||||||||||
Operating Income (Loss) | 11,035,000 | 11,252,000 | 15,476,000 | ||||||||||
Senior Housing [Member] | |||||||||||||
Revenues [Abstract] | |||||||||||||
Resident fees and services | 0 | 0 | 0 | ||||||||||
Real estate revenue | 21,913,000 | 20,898,000 | 18,517,000 | ||||||||||
Total revenues | 21,913,000 | 20,898,000 | 18,517,000 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 0 | 0 | 0 | ||||||||||
Rental expenses | 837,000 | 670,000 | 538,000 | ||||||||||
Operating Income (Loss) | 21,076,000 | 20,228,000 | 17,979,000 | ||||||||||
Senior Housing-RIDEA [Member] | |||||||||||||
Revenues [Abstract] | |||||||||||||
Resident fees and services | 65,075,000 | 64,192,000 | 62,371,000 | ||||||||||
Real estate revenue | 0 | 0 | 0 | ||||||||||
Total revenues | 65,075,000 | 64,192,000 | 62,371,000 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 44,792,000 | 43,133,000 | 42,346,000 | ||||||||||
Rental expenses | 0 | 0 | 0 | ||||||||||
Operating Income (Loss) | 20,283,000 | 21,059,000 | 20,025,000 | ||||||||||
Integrated Senior Health Campuses [Member] | |||||||||||||
Revenues [Abstract] | |||||||||||||
Resident fees and services | 940,616,000 | 863,029,000 | 810,034,000 | ||||||||||
Real estate revenue | 0 | 0 | 0 | ||||||||||
Total revenues | 940,616,000 | 863,029,000 | 810,034,000 | ||||||||||
Expenses: | |||||||||||||
Property operating expenses | 844,279,000 | 763,306,000 | 722,793,000 | ||||||||||
Rental expenses | 0 | 0 | 0 | ||||||||||
Operating Income (Loss) | $ 96,337,000 | $ 99,723,000 | $ 87,241,000 | ||||||||||
Crown Senior Care Facility [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Properties used for collateral | Property | 3 |
Segment Reporting - Assets by R
Segment Reporting - Assets by Reportable Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Assets | $ 2,889,092 | $ 2,800,475 |
Goodwill | 75,309 | 75,309 |
Integrated Senior Health Campuses [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,478,147 | 1,366,245 |
Medical Office Building [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 646,784 | 662,959 |
Senior Housing-RIDEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 271,381 | 279,388 |
Senior Housing [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 242,686 | 231,559 |
Hospitals [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 118,685 | 123,431 |
Skilled Nursing Facilities [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 127,809 | 129,359 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 3,600 | $ 7,534 |
Segment Reporting - Segment In
Segment Reporting - Segment Information by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Real estate investments, net | $ 2,222,681 | $ 2,163,258 | $ 2,222,681 | $ 2,163,258 | |||||||
Revenues | 292,926 | $ 284,179 | $ 280,263 | $ 277,892 | 276,570 | $ 262,748 | $ 258,573 | $ 256,401 | 1,135,260 | 1,054,292 | $ 989,571 |
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Real estate investments, net | 2,173,395 | 2,110,280 | 2,173,395 | 2,110,280 | |||||||
Revenues | 1,130,350 | 1,049,586 | 985,069 | ||||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Real estate investments, net | $ 49,286 | $ 52,978 | 49,286 | 52,978 | |||||||
Revenues | $ 4,910 | $ 4,706 | $ 4,502 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) | Dec. 31, 2018segmentStatetenant | Dec. 31, 2018segmentStatetenant |
Segment Reporting Information [Line Items] | ||
Number of states that generated at least 10% of annualized base rent | State | 1 | 1 |
Minimum percent share of each state annualized base rent that company owned | 10.00% | 10.00% |
Number of reportable segments | segment | 6 | 6 |
Number of tenants with more than ten percent of annual base rent | tenant | 0 | 0 |
Minimum percent share of annualized base rent accounted by tenants | 10.00% | 10.00% |
Medical Office Building [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of annual base rent | 27.60% | 27.60% |
Senior Housing-RIDEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of annual base rent | 9.40% | 9.40% |
Hospitals [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of annual base rent | 3.80% | 3.80% |
Skilled Nursing Facilities [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of annual base rent | 5.60% | 5.60% |
Senior Housing [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of annual base rent | 6.50% | 6.50% |
Integrated Senior Health Campuses [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of annual base rent | 47.10% | 47.10% |
Indiana [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of annual base rent | 34.50% | 34.50% |
Per Share Data (Detail)
Per Share Data (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Participating securities, distributed and undistributed earnings (loss), basic | $ 28,000 | $ 26,000 | $ 18,000 |
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 | 46,500 | 45,000 | |
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 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 292,926 | $ 284,179 | $ 280,263 | $ 277,892 | $ 276,570 | $ 262,748 | $ 258,573 | $ 256,401 | $ 1,135,260 | $ 1,054,292 | $ 989,571 |
Expenses | (271,427) | (261,856) | (256,536) | (255,610) | (246,854) | (244,266) | (244,877) | (245,497) | (1,045,429) | (981,494) | (1,123,380) |
Other expense | (19,749) | (18,543) | (23,571) | (14,228) | (24,552) | (14,741) | (12,738) | (18,644) | |||
Income tax (expense) benefit | (144) | 44 | 526 | 371 | 1,729 | 720 | 565 | 213 | 797 | 3,227 | (343) |
Net income (loss) | 1,606 | 3,824 | 682 | 8,425 | 6,893 | 4,461 | 1,523 | (7,527) | 14,537 | 5,350 | (203,896) |
Less: net (income) loss attributable to noncontrolling interests | (16) | (212) | (740) | (272) | (179) | 176 | 1,867 | 4,008 | (1,240) | 5,872 | 57,862 |
Net income (loss) attributable to controlling interest | $ 1,590 | $ 3,612 | $ (58) | $ 8,153 | $ 6,714 | $ 4,637 | $ 3,390 | $ (3,519) | $ 13,297 | $ 11,222 | $ (146,034) |
Net loss per common share attributable to controlling interest — basic and diluted (in USD per share) | $ 0.01 | $ 0.02 | $ 0 | $ 0.04 | $ 0.03 | $ 0.02 | $ 0.02 | $ (0.02) | $ 0.07 | $ 0.06 | $ (0.75) |
Weighted average number of common shares outstanding — basic and diluted | 199,459,268 | 199,818,444 | 200,202,193 | 200,347,084 | 199,428,746 | 198,733,528 | 197,845,193 | 196,897,807 | 199,953,936 | 198,234,677 | 194,199,931 |
Subsequent Events (Detail)
Subsequent Events (Detail) - USD ($) | Jan. 25, 2019 | Jan. 30, 2019 | Mar. 25, 2015 | Feb. 26, 2014 |
Subsequent Events [Line Items] | ||||
Maximum dollar amount of common stock issuable under public offering | $ 1,900,000,000 | |||
2019 Corporate Line of Credit [Member] | Line of Credit [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 480,000,000 | |||
Line Of Credit Facility, Maximum Borrowing Capacity Increase | 370,000,000 | |||
Potential maximum borrowing capacity | $ 1,000,000,000 | |||
Federal Funds Rate [Member] | 2019 Corporate Line of Credit [Member] | Line of Credit [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Variable interest rate | 0.50% | |||
One-Month Eurodollar [Member] | 2019 Corporate Line of Credit [Member] | Line of Credit [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Variable interest rate | 1.00% | |||
Alternate Base Rate [Member] | 2019 Corporate Line of Credit [Member] | Line of Credit [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Debt Instrument, base rate, percent | 0.00% | |||
Minimum [Member] | Eurodollar [Member] | 2019 Corporate Line of Credit [Member] | Line of Credit [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Variable interest rate | 1.50% | |||
Minimum [Member] | Alternate Base Rate [Member] | 2019 Corporate Line of Credit [Member] | Line of Credit [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Variable interest rate | 0.50% | |||
Maximum [Member] | Eurodollar [Member] | 2019 Corporate Line of Credit [Member] | Line of Credit [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Variable interest rate | 2.20% | |||
Maximum [Member] | Alternate Base Rate [Member] | 2019 Corporate Line of Credit [Member] | Line of Credit [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Variable interest rate | 1.20% | |||
Revolving Credit Facility [Member] | 2019 Corporate Line of Credit [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | |||
Revolving Credit Facility [Member] | 2019 Corporate Line of Credit [Member] | Line of Credit [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 630,000,000 | |||
Commitment fee percentage when average daily used portion is greater than 50% | 0.20% | |||
Average daily used amount percentage (greater than) | 50.00% | |||
Commitment fee percentage when average daily used portion is less than 50% | 0.25% | |||
Average daily used amount percentage (less than) | 50.00% | |||
Standby Letters of Credit [Member] | 2019 Corporate Line of Credit [Member] | Line of Credit [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |||
Swing Line Loan [Member] | 2019 Corporate Line of Credit [Member] | Line of Credit [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |||
DRIP S-3 Public Offering [Member] | ||||
Subsequent Events [Line Items] | ||||
Maximum dollar amount of common stock issuable under public offering | $ 250,000,000 | |||
DRIP S-3 Public Offering [Member] | Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Maximum dollar amount of common stock issuable under public offering | $ 200,000,000 |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 713,030,000 | |||
Initial Cost to Company, Land | 182,463,000 | |||
Initial Cost to Company, Building and Improvments | 2,106,666,000 | |||
Cost Capitalized Subsequent to Acquisition | 188,246,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 189,446,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,287,929,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,477,375,000 | $ 2,336,208,000 | $ 2,233,756,000 | $ 1,704,998,000 |
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (254,694,000) | $ (172,950,000) | $ (94,775,000) | $ (26,600,000) |
Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 712,132,000 | |||
Initial Cost to Company, Land | 182,463,000 | |||
Initial Cost to Company, Building and Improvments | 2,035,301,000 | |||
Cost Capitalized Subsequent to Acquisition | 115,954,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 187,999,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,145,719,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,333,718,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (208,309,000) | |||
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 | 71,365,000 | |||
Cost Capitalized Subsequent to Acquisition | 62,750,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,150,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 132,965,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 134,115,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (46,315,000) | |||
Construction in Progress [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 898,000 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,542,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 297,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,245,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,542,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (70,000) | |||
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 | 82,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 479,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,953,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,432,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (617,000) | |||
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 | 24,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 240,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,330,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,570,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (388,000) | |||
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 | 63,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 216,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,198,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,414,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (489,000) | |||
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 | 7,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 250,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,221,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,471,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (392,000) | |||
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 | (142,000) | |||
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 | 296,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 943,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,584,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,527,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,140,000) | |||
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 | (751,000) | |||
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 | (1,023,000) | |||
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 | (1,062,000) | |||
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 | 398,000 | |||
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 | 5,466,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,511,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,325,000) | |||
Carolina Commons MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,155,000 | |||
Initial Cost to Company, Land | 1,028,000 | |||
Initial Cost to Company, Building and Improvments | 9,430,000 | |||
Cost Capitalized Subsequent to Acquisition | 270,000 | |||
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 | 9,700,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,728,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,713,000) | |||
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 | 21,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 298,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,747,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,045,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (401,000) | |||
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 | 158,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 225,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,807,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,032,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (783,000) | |||
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 | (709,000) | |||
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 | (11,877,000) | |||
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 | 57,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 19,999,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 19,999,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,705,000) | |||
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 | (236,000) | |||
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 | (407,000) | |||
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 | (1,119,000) | |||
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 | (475,000) | |||
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 | (161,000) | |||
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 | 1,565,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 29,166,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 29,166,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (4,298,000) | |||
Premier MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 644,000 | |||
Initial Cost to Company, Building and Improvments | 10,420,000 | |||
Cost Capitalized Subsequent to Acquisition | 770,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 644,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,190,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,834,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,495,000) | |||
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 | 1,179,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 411,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,184,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,595,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,490,000) | |||
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 | 1,662,000 | |||
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 | 48,437,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 49,946,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (5,216,000) | |||
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 | 2,223,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 3,764,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 29,179,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 32,943,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (4,454,000) | |||
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 | 402,000 | |||
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 | 9,807,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,490,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,415,000) | |||
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 | 1,651,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 21,244,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 21,244,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,527,000) | |||
King of Prussia PA MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,225,000 | |||
Initial Cost to Company, Land | 3,427,000 | |||
Initial Cost to Company, Building and Improvments | 13,849,000 | |||
Cost Capitalized Subsequent to Acquisition | 2,460,000 | |||
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 | 16,309,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 19,736,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,366,000) | |||
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 | (1,514,000) | |||
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 | (1,912,000) | |||
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 | (2,390,000) | |||
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 | (1,480,000) | |||
North Carolina ALF Portfolio [Member] | Huntersville, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,033,000 | |||
Initial Cost to Company, Building and Improvments | 11,494,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,033,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,494,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,527,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (724,000) | |||
North Carolina ALF Portfolio [Member] | Matthews, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 949,000 | |||
Initial Cost to Company, Building and Improvments | 12,537,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 949,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,537,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,486,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (143,000) | |||
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 | 28,000 | |||
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 | 7,940,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,544,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,041,000) | |||
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 | 216,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 259,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,806,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,065,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,284,000) | |||
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 | 218,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 500,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,882,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,382,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (951,000) | |||
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 | 228,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 623,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,394,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,017,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,560,000) | |||
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 | 458,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 788,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,925,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,713,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,328,000) | |||
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 | 89,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 820,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,678,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,498,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,094,000) | |||
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 | (531,000) | |||
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 | (39,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 1,188,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,681,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,869,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,282,000) | |||
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 | (295,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 405,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,295,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,700,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (731,000) | |||
Paoli PA Medical Plaza [Member] | Paoli, PA One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,014,000 | |||
Initial Cost to Company, Land | 2,313,000 | |||
Initial Cost to Company, Building and Improvments | 12,447,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,591,000 | |||
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 | 14,038,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 16,351,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,774,000) | |||
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 | 1,257,000 | |||
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 | 8,614,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,282,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,200,000) | |||
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 | 1,711,000 | |||
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 | 15,806,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 18,498,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,092,000) | |||
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 | 34,000 | |||
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 | 10,981,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,328,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,252,000) | |||
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 | 106,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 793,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,115,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,908,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (966,000) | |||
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 | 403,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 782,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,163,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,945,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,177,000) | |||
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 | (156,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 604,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,373,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,977,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,376,000) | |||
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 | 254,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 392,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,148,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,540,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,828,000) | |||
Mountain Crest Senior Housing Portfolio [Member] | Mishawaka, IN [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,597,000 | |||
Initial Cost to Company, Land | 3,670,000 | |||
Initial Cost to Company, Building and Improvments | 14,416,000 | |||
Cost Capitalized Subsequent to Acquisition | 291,000 | |||
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 | 14,707,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 18,377,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,792,000) | |||
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 | 146,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 404,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,196,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,600,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (796,000) | |||
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 | (6,996,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 736,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,620,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,356,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,184,000) | |||
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 | 195,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 981,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 20,622,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 21,603,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,303,000) | |||
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 | 283,000 | |||
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 | 38,902,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 40,176,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (3,934,000) | |||
Pennsylvania Senior Housing Portfolio [Member] | Bethlehem, PA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,325,000 | |||
Initial Cost to Company, Land | 1,542,000 | |||
Initial Cost to Company, Building and Improvments | 22,249,000 | |||
Cost Capitalized Subsequent to Acquisition | 304,000 | |||
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 | 22,553,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 24,095,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,666,000) | |||
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 | 266,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 480,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 25,810,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 26,290,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,632,000) | |||
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 | 24,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 972,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 29,884,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 30,856,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (3,046,000) | |||
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 | (243,000) | |||
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 | 736,000 | |||
Initial Cost to Company, Building and Improvments | 6,332,000 | |||
Cost Capitalized Subsequent to Acquisition | 348,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 736,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,680,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,416,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (877,000) | |||
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 | 62,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 200,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,710,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,910,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (354,000) | |||
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 | 1,366,000 | |||
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 | 14,694,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,870,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,936,000) | |||
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 | 2,249,000 | |||
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 | 26,782,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 34,812,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (3,718,000) | |||
Richmond VA ALF Senior Housing Portfolio [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 35,129,000 | |||
Initial Cost to Company, Land | 2,146,000 | |||
Initial Cost to Company, Building and Improvments | 56,671,000 | |||
Cost Capitalized Subsequent to Acquisition | 245,000 | |||
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 | 56,916,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 59,062,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (5,051,000) | |||
Crown Senior Care Portfolio - Peel, Isle of Man [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,165,000 | |||
Initial Cost to Company, Building and Improvments | 6,954,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,165,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,954,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,119,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (693,000) | |||
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 | 1,175,000 | |||
Initial Cost to Company, Building and Improvments | 12,348,000 | |||
Cost Capitalized Subsequent to Acquisition | 449,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,175,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,797,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,972,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,160,000) | |||
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 | 1,248,000 | |||
Initial Cost to Company, Building and Improvments | 11,990,000 | |||
Cost Capitalized Subsequent to Acquisition | 4,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,248,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,994,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,242,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,124,000) | |||
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 | 2,026,000 | |||
Initial Cost to Company, Building and Improvments | 6,039,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,026,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,039,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,065,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (375,000) | |||
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 | 704,000 | |||
Initial Cost to Company, Building and Improvments | 5,803,000 | |||
Cost Capitalized Subsequent to Acquisition | 97,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 704,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,900,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,604,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (338,000) | |||
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 | 531,000 | |||
Initial Cost to Company, Building and Improvments | 2,543,000 | |||
Cost Capitalized Subsequent to Acquisition | 66,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 531,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,609,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,140,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (165,000) | |||
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 | (3,802,000) | |||
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 | 211,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 499,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,564,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,063,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (983,000) | |||
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 | 131,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 661,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 4,914,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,575,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (536,000) | |||
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 | 30,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 392,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,795,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,187,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (513,000) | |||
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 | 40,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 548,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,855,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,403,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,254,000) | |||
Lakeview IN Medical Plaza [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,000,000 | |||
Initial Cost to Company, Land | 2,375,000 | |||
Initial Cost to Company, Building and Improvments | 15,911,000 | |||
Cost Capitalized Subsequent to Acquisition | 3,554,000 | |||
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 | 19,465,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 21,840,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,742,000) | |||
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 | 97,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 835,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 24,521,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 25,356,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,842,000) | |||
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 | 816,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 332,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,597,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,929,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (919,000) | |||
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 | 155,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 653,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,010,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,663,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (561,000) | |||
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 | 72,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 606,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,996,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,602,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (858,000) | |||
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 | (41,000) | |||
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 | 9,819,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,064,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,320,000) | |||
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 | (8,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 663,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,539,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,202,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (817,000) | |||
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 | 153,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 17,542,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 17,542,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,396,000) | |||
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 | 1,000 | |||
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 | 10,878,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,723,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (776,000) | |||
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 | 355,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 779,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,995,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,774,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (227,000) | |||
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 | 104,000 | |||
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 | 11,249,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,171,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (874,000) | |||
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 | (1,223,000) | |||
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 | 418,000 | |||
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 | 5,665,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,522,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (448,000) | |||
Fox Grape SNF Portfolio - Quincy, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,319,000 | |||
Initial Cost to Company, Land | 3,537,000 | |||
Initial Cost to Company, Building and Improvments | 13,697,000 | |||
Cost Capitalized Subsequent to Acquisition | 156,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 3,537,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,853,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 17,390,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (864,000) | |||
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 | 368,000 | |||
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 | 8,819,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,546,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (855,000) | |||
Norwich CT MOB Portfolio [Member] | Norwich, CT One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 403,000 | |||
Initial Cost to Company, Building and Improvments | 1,601,000 | |||
Cost Capitalized Subsequent to Acquisition | 10,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 403,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 1,611,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,014,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (146,000) | |||
Norwich CT MOB Portfolio [Member] | Norwich, CT Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 804,000 | |||
Initial Cost to Company, Building and Improvments | 12,094,000 | |||
Cost Capitalized Subsequent to Acquisition | 108,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 804,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,202,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,006,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (820,000) | |||
New London CT MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 669,000 | |||
Initial Cost to Company, Building and Improvments | 3,479,000 | |||
Cost Capitalized Subsequent to Acquisition | 242,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 669,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,721,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,390,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (281,000) | |||
Middletown OH MOB II [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 3,949,000 | |||
Cost Capitalized Subsequent to Acquisition | 22,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,971,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,971,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (138,000) | |||
Owen Valley Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,278,000 | |||
Initial Cost to Company, Land | 307,000 | |||
Initial Cost to Company, Building and Improvments | 9,111,000 | |||
Cost Capitalized Subsequent to Acquisition | 161,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 307,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,272,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,579,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (756,000) | |||
Homewood Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,309,000 | |||
Initial Cost to Company, Land | 973,000 | |||
Initial Cost to Company, Building and Improvments | 9,702,000 | |||
Cost Capitalized Subsequent to Acquisition | 423,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,040,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,058,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,098,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (820,000) | |||
Ashford Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,483,000 | |||
Initial Cost to Company, Land | 664,000 | |||
Initial Cost to Company, Building and Improvments | 12,662,000 | |||
Cost Capitalized Subsequent to Acquisition | 605,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 682,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,249,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,931,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,055,000) | |||
Mill Pond Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,671,000 | |||
Initial Cost to Company, Land | 1,576,000 | |||
Initial Cost to Company, Building and Improvments | 8,124,000 | |||
Cost Capitalized Subsequent to Acquisition | 308,000 | |||
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 | 8,432,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,008,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (666,000) | |||
St. Andrews Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,840,000 | |||
Initial Cost to Company, Land | 552,000 | |||
Initial Cost to Company, Building and Improvments | 8,213,000 | |||
Cost Capitalized Subsequent to Acquisition | 243,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 619,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,389,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,008,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (675,000) | |||
Hampton Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,814,000 | |||
Initial Cost to Company, Land | 720,000 | |||
Initial Cost to Company, Building and Improvments | 8,145,000 | |||
Cost Capitalized Subsequent to Acquisition | 246,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 777,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,334,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,111,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (703,000) | |||
Forest Park Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,441,000 | |||
Initial Cost to Company, Land | 535,000 | |||
Initial Cost to Company, Building and Improvments | 9,399,000 | |||
Cost Capitalized Subsequent to Acquisition | 284,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 535,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,683,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,218,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (817,000) | |||
The Maples at Waterford Crossing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,165,000 | |||
Initial Cost to Company, Land | 344,000 | |||
Initial Cost to Company, Building and Improvments | 8,027,000 | |||
Cost Capitalized Subsequent to Acquisition | 51,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 347,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,075,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,422,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (658,000) | |||
Morrison Woods Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,400,000 | |||
Initial Cost to Company, Land | 1,526,000 | |||
Initial Cost to Company, Building and Improvments | 10,144,000 | |||
Cost Capitalized Subsequent to Acquisition | 11,414,000 | |||
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 | 21,558,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 23,084,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (856,000) | |||
Woodbridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,818,000 | |||
Initial Cost to Company, Land | 228,000 | |||
Initial Cost to Company, Building and Improvments | 11,812,000 | |||
Cost Capitalized Subsequent to Acquisition | 307,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 233,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,114,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,347,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (979,000) | |||
Bridgepointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,545,000 | |||
Initial Cost to Company, Land | 572,000 | |||
Initial Cost to Company, Building and Improvments | 7,469,000 | |||
Cost Capitalized Subsequent to Acquisition | 304,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 572,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,773,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,345,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (611,000) | |||
Greenleaf Living Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,061,000 | |||
Initial Cost to Company, Land | 492,000 | |||
Initial Cost to Company, Building and Improvments | 12,157,000 | |||
Cost Capitalized Subsequent to Acquisition | 172,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 502,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,319,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,821,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,003,000) | |||
Scenic Hills Care Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,854,000 | |||
Initial Cost to Company, Land | 212,000 | |||
Initial Cost to Company, Building and Improvments | 5,702,000 | |||
Cost Capitalized Subsequent to Acquisition | (4,046,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 212,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 1,656,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 1,868,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (43,000) | |||
Forest Glen Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,790,000 | |||
Initial Cost to Company, Land | 846,000 | |||
Initial Cost to Company, Building and Improvments | 12,754,000 | |||
Cost Capitalized Subsequent to Acquisition | 195,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 875,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,920,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,795,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,087,000) | |||
The Meadows of Kalida [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,344,000 | |||
Initial Cost to Company, Land | 298,000 | |||
Initial Cost to Company, Building and Improvments | 7,628,000 | |||
Cost Capitalized Subsequent to Acquisition | 95,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 303,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,718,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,021,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (628,000) | |||
The Heritage [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,999,000 | |||
Initial Cost to Company, Land | 1,312,000 | |||
Initial Cost to Company, Building and Improvments | 13,475,000 | |||
Cost Capitalized Subsequent to Acquisition | 316,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,369,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,734,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,103,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,131,000) | |||
Genoa Retirement Village [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,757,000 | |||
Initial Cost to Company, Land | 881,000 | |||
Initial Cost to Company, Building and Improvments | 8,113,000 | |||
Cost Capitalized Subsequent to Acquisition | 286,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 909,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,371,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,280,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (695,000) | |||
Waterford Crossing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,869,000 | |||
Initial Cost to Company, Land | 344,000 | |||
Initial Cost to Company, Building and Improvments | 4,381,000 | |||
Cost Capitalized Subsequent to Acquisition | 763,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 349,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,139,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,488,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (437,000) | |||
St. Elizabeth Healthcare [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,715,000 | |||
Initial Cost to Company, Land | 522,000 | |||
Initial Cost to Company, Building and Improvments | 5,463,000 | |||
Cost Capitalized Subsequent to Acquisition | 5,361,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 613,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,733,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,346,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (531,000) | |||
Cumberland Pointe [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,221,000 | |||
Initial Cost to Company, Land | 1,645,000 | |||
Initial Cost to Company, Building and Improvments | 13,696,000 | |||
Cost Capitalized Subsequent to Acquisition | 462,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,901,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,902,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,803,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,204,000) | |||
Franciscan Healthcare Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,463,000 | |||
Initial Cost to Company, Land | 808,000 | |||
Initial Cost to Company, Building and Improvments | 8,439,000 | |||
Cost Capitalized Subsequent to Acquisition | 691,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 812,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,126,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,938,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (797,000) | |||
Blair Ridge [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,140,000 | |||
Initial Cost to Company, Land | 734,000 | |||
Initial Cost to Company, Building and Improvments | 11,648,000 | |||
Cost Capitalized Subsequent to Acquisition | 422,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 760,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,044,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,804,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,115,000) | |||
Glen Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,557,000 | |||
Initial Cost to Company, Land | 384,000 | |||
Initial Cost to Company, Building and Improvments | 8,189,000 | |||
Cost Capitalized Subsequent to Acquisition | 48,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 384,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,237,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,621,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (650,000) | |||
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 | 217,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 472,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,830,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,302,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (812,000) | |||
Stonebridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,316,000 | |||
Initial Cost to Company, Land | 1,087,000 | |||
Initial Cost to Company, Building and Improvments | 7,965,000 | |||
Cost Capitalized Subsequent to Acquisition | 518,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,134,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,436,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,570,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (683,000) | |||
River Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,403,000 | |||
Initial Cost to Company, Land | 440,000 | |||
Initial Cost to Company, Building and Improvments | 8,953,000 | |||
Cost Capitalized Subsequent to Acquisition | 405,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 466,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,332,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 9,798,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (752,000) | |||
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 | 989,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,177,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,615,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,792,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (731,000) | |||
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 | 5,614,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,469,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 19,467,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 20,936,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,483,000) | |||
Creasy Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,040,000 | |||
Initial Cost to Company, Land | 2,111,000 | |||
Initial Cost to Company, Building and Improvments | 14,337,000 | |||
Cost Capitalized Subsequent to Acquisition | 5,814,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,365,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 19,897,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 22,262,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,528,000) | |||
Avalon Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,523,000 | |||
Initial Cost to Company, Land | 1,542,000 | |||
Initial Cost to Company, Building and Improvments | 14,107,000 | |||
Cost Capitalized Subsequent to Acquisition | 100,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,560,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,189,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,749,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,159,000) | |||
Prairie Lakes [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,372,000 | |||
Initial Cost to Company, Land | 2,204,000 | |||
Initial Cost to Company, Building and Improvments | 13,227,000 | |||
Cost Capitalized Subsequent to Acquisition | 144,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,210,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,365,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,575,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,095,000) | |||
RidgeWood Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,528,000 | |||
Initial Cost to Company, Land | 1,240,000 | |||
Initial Cost to Company, Building and Improvments | 16,118,000 | |||
Cost Capitalized Subsequent to Acquisition | 51,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,261,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 16,148,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 17,409,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,299,000) | |||
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 | 53,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,262,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,982,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,244,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (794,000) | |||
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 | (1,251,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 306,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 1,476,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 1,782,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (38,000) | |||
Amber Manor Care Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,919,000 | |||
Initial Cost to Company, Land | 446,000 | |||
Initial Cost to Company, Building and Improvments | 6,063,000 | |||
Cost Capitalized Subsequent to Acquisition | 215,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 483,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,241,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,724,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (536,000) | |||
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 | 384,000 | |||
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 | 7,372,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,614,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (626,000) | |||
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 | 87,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 260,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 4,055,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,315,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (341,000) | |||
Willows at Bellevue [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,350,000 | |||
Initial Cost to Company, Land | 587,000 | |||
Initial Cost to Company, Building and Improvments | 15,575,000 | |||
Cost Capitalized Subsequent to Acquisition | 216,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 613,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,765,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 16,378,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,270,000) | |||
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 | 363,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 696,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,028,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,724,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (259,000) | |||
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 | 833,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,416,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,629,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,045,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (845,000) | |||
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 | 62,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 567,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,778,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,345,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,028,000) | |||
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 | 237,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 797,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 6,276,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,073,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (518,000) | |||
Westlake Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,143,000 | |||
Initial Cost to Company, Land | 815,000 | |||
Initial Cost to Company, Building and Improvments | 13,502,000 | |||
Cost Capitalized Subsequent to Acquisition | 27,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 815,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,529,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,344,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,096,000) | |||
Springhurst Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,044,000 | |||
Initial Cost to Company, Land | 931,000 | |||
Initial Cost to Company, Building and Improvments | 14,114,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,267,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,814,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,498,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 16,312,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,277,000) | |||
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 | 1,545,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,306,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,218,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,524,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (832,000) | |||
St. Mary Healthcare [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,560,000 | |||
Initial Cost to Company, Land | 348,000 | |||
Initial Cost to Company, Building and Improvments | 2,710,000 | |||
Cost Capitalized Subsequent to Acquisition | 46,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 348,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,756,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 3,104,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (233,000) | |||
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 | 19,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 897,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,289,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,186,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,009,000) | |||
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 | 50,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 567,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,180,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,747,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,091,000) | |||
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 | 51,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 204,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,521,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 5,725,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (454,000) | |||
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 | 302,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 880,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 2,105,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,985,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (178,000) | |||
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 | (2,057,000) | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 367,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 367,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (366,000) | |||
River Terrace Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,367,000 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 13,378,000 | |||
Cost Capitalized Subsequent to Acquisition | 2,101,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 0 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,479,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,479,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,180,000) | |||
St. Charles Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,126,000 | |||
Initial Cost to Company, Land | 467,000 | |||
Initial Cost to Company, Building and Improvments | 14,532,000 | |||
Cost Capitalized Subsequent to Acquisition | 737,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 472,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,264,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,736,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,150,000) | |||
Bethany Pointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,799,000 | |||
Initial Cost to Company, Land | 2,337,000 | |||
Initial Cost to Company, Building and Improvments | 26,524,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,377,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,445,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 27,793,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 30,238,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (2,031,000) | |||
River Pointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,937,000 | |||
Initial Cost to Company, Land | 1,118,000 | |||
Initial Cost to Company, Building and Improvments | 14,736,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,096,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,122,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 15,828,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 16,950,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,238,000) | |||
Waterford Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,802,000 | |||
Initial Cost to Company, Land | 1,219,000 | |||
Initial Cost to Company, Building and Improvments | 18,557,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,144,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,301,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 19,619,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 20,920,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,469,000) | |||
Autumn Woods Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,016,000 | |||
Initial Cost to Company, Building and Improvments | 13,414,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,359,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,025,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,764,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,789,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,226,000) | |||
Oakwood Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,701,000 | |||
Initial Cost to Company, Land | 783,000 | |||
Initial Cost to Company, Building and Improvments | 11,880,000 | |||
Cost Capitalized Subsequent to Acquisition | 948,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 791,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,820,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,611,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,036,000) | |||
Cedar Ridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 102,000 | |||
Initial Cost to Company, Building and Improvments | 8,435,000 | |||
Cost Capitalized Subsequent to Acquisition | 3,418,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 139,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,816,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,955,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (828,000) | |||
Aspen Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,968,000 | |||
Initial Cost to Company, Land | 980,000 | |||
Initial Cost to Company, Building and Improvments | 10,970,000 | |||
Cost Capitalized Subsequent to Acquisition | 666,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,014,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,602,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,616,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (811,000) | |||
The Willows at Citation [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 826,000 | |||
Initial Cost to Company, Building and Improvments | 10,017,000 | |||
Cost Capitalized Subsequent to Acquisition | 583,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 844,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,582,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,426,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (751,000) | |||
The WIllows at East Lansing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,225,000 | |||
Initial Cost to Company, Land | 1,449,000 | |||
Initial Cost to Company, Building and Improvments | 15,161,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,235,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,508,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 16,337,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 17,845,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,283,000) | |||
The Willows at Howell [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,051,000 | |||
Initial Cost to Company, Building and Improvments | 12,099,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,295,000 | |||
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 | 13,366,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,445,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (987,000) | |||
The Willows at Okemos [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,895,000 | |||
Initial Cost to Company, Land | 1,171,000 | |||
Initial Cost to Company, Building and Improvments | 12,326,000 | |||
Cost Capitalized Subsequent to Acquisition | 788,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,210,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,075,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 14,285,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,109,000) | |||
Shelby Crossing Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,102,000 | |||
Initial Cost to Company, Land | 2,533,000 | |||
Initial Cost to Company, Building and Improvments | 18,440,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,936,000 | |||
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 | 20,321,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 22,909,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,632,000) | |||
Village Green Healthcare Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,337,000 | |||
Initial Cost to Company, Land | 355,000 | |||
Initial Cost to Company, Building and Improvments | 9,696,000 | |||
Cost Capitalized Subsequent to Acquisition | 375,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 373,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,053,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,426,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (708,000) | |||
The Oaks at Northpointe [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 624,000 | |||
Initial Cost to Company, Building and Improvments | 11,665,000 | |||
Cost Capitalized Subsequent to Acquisition | 940,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 650,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 12,579,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 13,229,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (957,000) | |||
The Oaks at Berthesda [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,790,000 | |||
Initial Cost to Company, Land | 714,000 | |||
Initial Cost to Company, Building and Improvments | 10,791,000 | |||
Cost Capitalized Subsequent to Acquisition | 633,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 743,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 11,395,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 12,138,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (833,000) | |||
White Oak Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,687,000 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building and Improvments | 3,559,000 | |||
Cost Capitalized Subsequent to Acquisition | 463,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 225,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 3,797,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 4,022,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (357,000) | |||
Woodmont Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,223,000 | |||
Initial Cost to Company, Land | 790,000 | |||
Initial Cost to Company, Building and Improvments | 9,633,000 | |||
Cost Capitalized Subsequent to Acquisition | 757,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 809,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,371,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,180,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (879,000) | |||
Silver Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,776,000 | |||
Initial Cost to Company, Building and Improvments | 21,420,000 | |||
Cost Capitalized Subsequent to Acquisition | 873,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,854,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 22,215,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 24,069,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,917,000) | |||
Thornton Terrace Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,828,000 | |||
Initial Cost to Company, Land | 764,000 | |||
Initial Cost to Company, Building and Improvments | 9,209,000 | |||
Cost Capitalized Subsequent to Acquisition | 471,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 817,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,627,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,444,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (810,000) | |||
The Willows at Hamburg [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,135,000 | |||
Initial Cost to Company, Land | 1,740,000 | |||
Initial Cost to Company, Building and Improvments | 13,422,000 | |||
Cost Capitalized Subsequent to Acquisition | 460,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,775,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 13,847,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,622,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (787,000) | |||
The Lakes at Monclova [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,252,000 | |||
Initial Cost to Company, Land | 1,880,000 | |||
Initial Cost to Company, Building and Improvments | 12,855,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,283,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,917,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,101,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 16,018,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (926,000) | |||
The Willows at Willard [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 610,000 | |||
Initial Cost to Company, Building and Improvments | 12,256,000 | |||
Cost Capitalized Subsequent to Acquisition | 2,498,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 622,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,742,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 15,364,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (1,018,000) | |||
Trilogy Real Estate Lowell, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 304,000 | |||
Initial Cost to Company, Building and Improvments | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount of Which Carried at Close of Period, Land | 304,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amount of Which Carried at Close of Period, Total | 304,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | 0 | |||
Trilogy Healthcare of Pickerington, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 756,000 | |||
Initial Cost to Company, Building and Improvments | 0 | |||
Cost Capitalized Subsequent to Acquisition | 5,551,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 771,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 5,536,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 6,307,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | 0 | |||
Trilogy Healthcare of Milford, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,962,000 | |||
Initial Cost to Company, Land | 488,000 | |||
Initial Cost to Company, Building and Improvments | 0 | |||
Cost Capitalized Subsequent to Acquisition | 10,792,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 488,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 10,792,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,280,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | 0 | |||
Westlake Health Campus - Commerce Villa [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 261,000 | |||
Initial Cost to Company, Building and Improvments | 6,610,000 | |||
Cost Capitalized Subsequent to Acquisition | 928,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 268,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 7,531,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 7,799,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (234,000) | |||
Orchard Grove Health Campus [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 | 0 | |||
Cost Capitalized Subsequent to Acquisition | 1,219,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,219,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amount of Which Carried at Close of Period, Total | 1,219,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | 0 | |||
The Meadows of Ottawa [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 616,000 | |||
Initial Cost to Company, Building and Improvments | 7,752,000 | |||
Cost Capitalized Subsequent to Acquisition | 320,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 629,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,059,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 8,688,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (314,000) | |||
Valley View Healthcare Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,266,000 | |||
Initial Cost to Company, Land | 930,000 | |||
Initial Cost to Company, Building and Improvments | 7,635,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,471,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,089,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,947,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,036,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (105,000) | |||
Novi Lakes Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,327,000 | |||
Initial Cost to Company, Land | 1,654,000 | |||
Initial Cost to Company, Building and Improvments | 7,494,000 | |||
Cost Capitalized Subsequent to Acquisition | 2,511,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,661,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 9,998,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 11,659,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (492,000) | |||
Orchard Grove Health Campus Acquired Jul 20 2018 [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,132,000 | |||
Initial Cost to Company, Land | 2,065,000 | |||
Initial Cost to Company, Building and Improvments | 11,510,000 | |||
Cost Capitalized Subsequent to Acquisition | 2,538,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,065,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 14,048,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 16,113,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (500,000) | |||
The Willow at Fritz Farm [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,775,000 | |||
Initial Cost to Company, Land | 1,538,000 | |||
Initial Cost to Company, Building and Improvments | 8,637,000 | |||
Cost Capitalized Subsequent to Acquisition | 335,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,546,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 8,964,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 10,510,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | (103,000) | |||
Trilogy Real Estate Gahanna, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 1,146,000 | |||
Initial Cost to Company, Building and Improvments | 0 | |||
Cost Capitalized Subsequent to Acquisition | 963,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 1,201,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 908,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,109,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | 0 | |||
Trilogy Real Estate of Kent, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 2,000,000 | |||
Initial Cost to Company, Building and Improvments | 0 | |||
Cost Capitalized Subsequent to Acquisition | 663,000 | |||
Gross Amount of Which Carried at Close of Period, Land | 2,007,000 | |||
Gross Amount of Which Carried at Close of Period, Buildings and Improvements | 656,000 | |||
Gross Amount of Which Carried at Close of Period, Total | 2,663,000 | |||
Gross Amount of Which Carried at Close of Period, Accumulated Deprecation | $ 0 |
Schedule III Real Estate and _3
Schedule III Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage, excluding joint venture, properties | 100.00% | 100.00% | 100.00% | |
Borrowing outstanding | [1] | $ 738,048 | $ 624,125 | |
Aggregate cost of properties for federal income tax purposes | $ 2,372,354 | |||
Building and Building Improvements [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 50 years | |||
Leasehold Improvements [Member] | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 34 years | |||
Furniture, fixtures, and equipment [Member] | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 27 years | |||
Revolving Credit Facility [Member] | Trilogy Propco Line of Credit [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Borrowing outstanding | $ 170,518 | $ 179,376 | ||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2018 and 2017 represented liabilities of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT III Holdings, LP is a variable interest entity and a consolidated subsidiary of Griffin-American Healthcare REIT III, Inc. The creditors of Griffin-American Healthcare REIT III Holdings, LP or its consolidated subsidiaries 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 $548,500,000 and $444,000,000 as of December 31, 2018 and 2017, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Schedule III Real Estate and _4
Schedule III Real Estate and Accumulated Depreciation (Changes in Total Real Estate Assets) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | $ 2,336,208 | $ 2,233,756 | $ 1,704,998 |
Acquisitions | 60,751 | 83,309 | 487,114 |
Additions | 87,061 | 35,243 | 54,069 |
Dispositions and impairments | (4,142) | (20,864) | (1,420) |
Foreign currency translation adjustment | (2,503) | 4,764 | (11,005) |
Ending balance | $ 2,477,375 | $ 2,336,208 | $ 2,233,756 |
Schedule III Real Estate and _5
Schedule III Real Estate and Accumulated Depreciation (Changes in Accumulated Depreciation) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Beginning balance | $ 172,950 | $ 94,775 | $ 26,600 |
Additions | 83,309 | 81,743 | 68,708 |
Dispositions | (1,603) | (3,574) | (628) |
Foreign currency translation adjustment | 38 | 6 | 95 |
Ending balance | $ 254,694 | $ 172,950 | $ 94,775 |