Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 12, 2021 | Jun. 30, 2020 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-55434 | ||
Entity Registrant Name | GRIFFIN-AMERICAN HEALTHCARE REIT III, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 46-1749436 | ||
Entity Address, Address Line One | 18191 Von Karman Avenue | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | Irvine | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92612 | ||
City Area Code | 949 | ||
Local Phone Number | 270-9200 | ||
Title of 12(g) Security | Common Stock, $0.01 par value per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,818,857 | ||
Entity Common Stock, Shares Outstanding | 193,889,872 | ||
Documents Incorporated by Reference | None. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001566912 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Real estate investments, net | $ 2,330,000 | $ 2,270,421 | |
Debt security investment, net | 75,851 | 72,717 | |
Cash and cash equivalents | 113,212 | 53,149 | |
Accounts and other receivables, net | 124,556 | 144,130 | |
Restricted cash | 38,978 | 36,731 | |
Identified intangible assets, net | 154,687 | 160,247 | |
Goodwill | 75,309 | 75,309 | |
Operating lease right-of-use assets, net | 203,988 | 219,187 | |
Other assets, net | 118,356 | 140,398 | |
Total assets | 3,234,937 | 3,172,289 | |
Liabilities: | |||
Mortgage loans payable, net | [1] | 810,478 | 792,870 |
Lines of credit and term loans | [1] | 843,634 | 815,879 |
Accounts payable and accrued liabilities | [1] | 186,651 | 171,394 |
Accounts payable due to affiliates | [1] | 8,026 | 2,321 |
Identified intangible liabilities, net | 367 | 663 | |
Financing obligations | [1] | 28,425 | 30,918 |
Operating lease liabilities | [1] | 193,634 | 207,371 |
Security deposits, prepaid rent and other liabilities | [1] | 88,899 | 48,105 |
Total liabilities | 2,160,114 | 2,069,521 | |
Commitments and Contingencies | |||
Redeemable noncontrolling interests | 40,340 | 44,105 | |
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; 193,889,872 and 193,967,474 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 1,939 | 1,939 | |
Additional paid-in capital | 1,730,448 | 1,728,421 | |
Accumulated deficit | (864,271) | (827,550) | |
Accumulated other comprehensive loss | (2,008) | (2,255) | |
Total stockholders’ equity | 866,108 | 900,555 | |
Noncontrolling interests | 168,375 | 158,108 | |
Total equity | 1,034,483 | 1,058,663 | |
Total liabilities, redeemable noncontrolling interests and equity | $ 3,234,937 | $ 3,172,289 | |
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2020 and 2019 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, or VIE, 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 2019 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $556,500,000 and $557,000,000 as of December 31, 2020 and 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Par value of preferred stock, authorized to be issued | $ 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 | 193,889,872 | 193,967,474 | |
Common stock, shares outstanding | 193,889,872 | 193,967,474 | |
Lines of credit and term loans | [1] | $ 843,634 | $ 815,879 |
2019 Corporate Line of Credit [Member] | Line of Credit [Member] | |||
Lines of credit and term loans | $ 556,500 | $ 557,000 | |
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2020 and 2019 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, or VIE, 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 2019 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $556,500,000 and $557,000,000 as of December 31, 2020 and 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues [Abstract] | |||
Resident fees and services | $ 1,069,073 | $ 1,099,078 | $ 1,005,691 |
Real estate revenue | 120,047 | 124,038 | 129,569 |
Grant income | 55,181 | 0 | 0 |
Total revenues and grant income | 1,244,301 | 1,223,116 | 1,135,260 |
Expenses: | |||
Property operating expenses | 993,727 | 967,860 | 889,071 |
Rental expenses | 32,298 | 33,859 | 34,823 |
General and administrative | 27,007 | 29,749 | 28,770 |
Acquisition related expenses | 290 | (161) | (2,913) |
Depreciation and amortization | 98,858 | 111,412 | 95,678 |
Total expenses | 1,152,180 | 1,142,719 | 1,045,429 |
Other income (expense): | |||
Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishment) | (71,278) | (78,553) | (66,281) |
Loss in fair value of derivative financial instruments | (3,906) | (4,541) | (1,949) |
Gain on dispositions of real estate investments | 1,395 | 0 | 0 |
Impairment of real estate investments | (11,069) | 0 | (2,542) |
Loss from unconsolidated entities | (4,517) | (2,097) | (3,877) |
Foreign currency gain (loss) | 1,469 | 1,730 | (2,690) |
Other income | 1,570 | 3,736 | 1,248 |
Income before income taxes | 5,785 | 672 | 13,740 |
Income tax benefit (expense) | 3,078 | (1,524) | 797 |
Net income (loss) | 8,863 | (852) | 14,537 |
Less: net income attributable to noncontrolling interests | (6,700) | (4,113) | (1,240) |
Net income (loss) attributable to controlling interest | $ 2,163 | $ (4,965) | $ 13,297 |
Net income (loss) per common share attributable to controlling interest — basic and diluted | $ 0.01 | $ (0.03) | $ 0.07 |
Weighted average number of common shares outstanding — basic and diluted | 194,168,833 | 196,342,873 | 199,953,936 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | $ 247 | $ 305 | $ (589) |
Total other comprehensive income (loss) | 247 | 305 | (589) |
Comprehensive income (loss) | 9,110 | (547) | 13,948 |
Less: comprehensive income attributable to noncontrolling interests | (6,700) | (4,113) | (1,240) |
Comprehensive income (loss) attributable to controlling interest | $ 2,410 | $ (4,660) | $ 12,708 |
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, 2017 | 199,343,234 | |||||||
Beginning balance Stockholders' Equity 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) | (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) | ||||||
Adjustment to value of redeemable noncontrolling interests | (5,301) | (3,711) | (3,711) | (1,590) | ||||
Distributions declared | (120,001) | (120,001) | (120,001) | |||||
Net income (loss) | 14,403 | [1] | 13,297 | 13,297 | 1,106 | |||
Other comprehensive income (loss) | (589) | (589) | (589) | |||||
Ending balance, shares at Dec. 31, 2018 | 197,557,377 | |||||||
Ending balance Stockholders' Equity at Dec. 31, 2018 | 1,218,635 | 1,060,507 | $ 1,975 | 1,765,840 | (704,748) | (2,560) | 158,128 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Offering costs — common stock | (91) | (91) | (91) | |||||
Issuance of common stock under the DRIP, shares | 5,913,684 | |||||||
Issuance of common stock under the DRIP | 55,440 | 55,440 | $ 59 | 55,381 | ||||
Issuance of vested and nonvested restricted common stock, shares | 22,500 | |||||||
Issuance of vested and nonvested restricted common stock | 42 | 42 | 42 | |||||
Amortization of nonvested common stock compensation | 173 | 173 | 173 | |||||
Stock based compensation | $ 2,698 | 2,698 | ||||||
Repurchase of common stock, shares | (9,526,087) | (9,526,087) | ||||||
Repurchase of common stock | $ (89,888) | (89,888) | $ (95) | (89,793) | ||||
Contributions from noncontrolling interests | 3,000 | 3,000 | ||||||
Distributions to noncontrolling interests | (7,272) | (7,272) | ||||||
Reclassification of noncontrolling interests to mezzanine equity | (780) | (780) | ||||||
Adjustment to value of redeemable noncontrolling interests | (4,473) | (3,131) | (3,131) | (1,342) | ||||
Distributions declared | (117,837) | (117,837) | (117,837) | |||||
Net income (loss) | (1,289) | [1] | (4,965) | (4,965) | 3,676 | |||
Other comprehensive income (loss) | 305 | 305 | 305 | |||||
Ending balance, shares at Dec. 31, 2019 | 193,967,474 | |||||||
Ending balance Stockholders' Equity at Dec. 31, 2019 | 1,058,663 | 900,555 | $ 1,939 | 1,728,421 | (827,550) | (2,255) | 158,108 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Offering costs — common stock | (8) | (8) | (8) | |||||
Issuance of common stock under the DRIP, shares | 2,325,762 | |||||||
Issuance of common stock under the DRIP | 21,861 | 21,861 | $ 24 | 21,837 | ||||
Issuance of vested and nonvested restricted common stock, shares | 7,500 | |||||||
Issuance of vested and nonvested restricted common stock | 14 | 14 | 14 | |||||
Amortization of nonvested common stock compensation | 141 | 141 | 141 | |||||
Stock based compensation | $ (1,188) | (1,188) | ||||||
Repurchase of common stock, shares | (2,410,864) | (2,410,864) | ||||||
Repurchase of common stock | $ (23,107) | (23,107) | $ (24) | (23,083) | ||||
Issuance of noncontrolling interest | 11,000 | 515 | 515 | 10,485 | ||||
Distributions to noncontrolling interests | (5,463) | (5,463) | ||||||
Reclassification of noncontrolling interests to mezzanine equity | (715) | (715) | ||||||
Adjustment to value of redeemable noncontrolling interests | 3,714 | 2,611 | 2,611 | 1,103 | ||||
Distributions declared | (38,884) | (38,884) | (38,884) | |||||
Net income (loss) | 8,208 | [1] | 2,163 | 2,163 | 6,045 | |||
Other comprehensive income (loss) | 247 | 247 | 247 | |||||
Ending balance, shares at Dec. 31, 2020 | 193,889,872 | |||||||
Ending balance Stockholders' Equity at Dec. 31, 2020 | $ 1,034,483 | $ 866,108 | $ 1,939 | $ 1,730,448 | $ (864,271) | $ (2,008) | $ 168,375 | |
[1] | For the years ended December 31, 2020, 2019 and 2018, amounts exclude $655,000, $437,000 and $134,000, respectively, of net income attributable to redeemable noncontrolling interests. See Note 12, Redeemable Noncontrolling Interests, for a further discussion. |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Distributions declared (in usd per share) | $ 0.20 | $ 0.60 | $ 0.60 |
Net income attributable to redeemable noncontrolling interests | $ 655 | $ 437 | $ 134 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ 8,863 | $ (852) | $ 14,537 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 98,858 | 111,412 | 95,678 |
Other amortization | 30,789 | 29,740 | 4,918 |
Deferred rent | (5,606) | (3,264) | (4,841) |
Stock based compensation | (1,342) | 2,744 | 3,026 |
Stock based compensation — nonvested restricted common stock | 155 | 215 | 215 |
Loss from unconsolidated entities | 4,517 | 2,097 | 3,877 |
Gain on dispositions of real estate investments | (1,395) | 0 | 0 |
Foreign currency (gain) loss | (1,522) | (1,731) | 2,658 |
Loss on extinguishment of debt | 0 | 2,968 | 0 |
Deferred income taxes | (3,329) | 964 | (1,854) |
Contingent consideration related to acquisition of real estate | 0 | 0 | (93) |
Change in fair value of contingent consideration | 0 | (681) | (2,843) |
Change in fair value of derivative financial instruments | 3,906 | 4,541 | 1,949 |
Impairment of real estate investments | 11,069 | 0 | 2,542 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables | 20,318 | (22,435) | (6,731) |
Other assets | (7,357) | (6,537) | (15,317) |
Accounts payable and accrued liabilities | 30,290 | 18,103 | 8,187 |
Accounts payable due to affiliates | 5,162 | 121 | (26) |
Security deposits, prepaid rent, operating lease and other liabilities | 25,780 | (19,951) | 932 |
Net cash provided by operating activities | 219,156 | 117,454 | 106,814 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Developments and capital expenditures | (128,302) | (92,836) | (66,907) |
Acquisitions of real estate and other investments | (30,552) | (37,863) | (67,285) |
Proceeds from dispositions of real estate and other investments | 12,525 | 1,227 | 1,000 |
Investments in unconsolidated entities | (960) | (1,640) | (2,050) |
Real estate and other deposits | (656) | (650) | (2,329) |
Principal repayments on real estate notes receivable | 0 | 28,650 | 1,799 |
Net cash used in investing activities | (147,945) | (103,112) | (135,772) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Borrowings under mortgage loans payable | 92,399 | 191,246 | 181,594 |
Payments on mortgage loans payable | (71,990) | (74,037) | (10,444) |
Early payoff of mortgage loans payable | (2,601) | (14,022) | (94,449) |
Borrowings under the lines of credit and term loans | 121,755 | 1,030,653 | 273,639 |
Payments on the lines of credit and term loans | (94,000) | (952,822) | (159,716) |
Deferred financing costs | (4,890) | (12,945) | (4,177) |
Debt extinguishment costs | 0 | (870) | 0 |
Borrowing under financing obligation | 1,907 | 0 | 0 |
Payments on financing and other obligations | (5,453) | (7,850) | (8,055) |
Distributions paid | (26,997) | (62,612) | (59,974) |
Repurchase of common stock | (23,107) | (89,888) | (76,577) |
Issuance of noncontrolling interest | 11,000 | 0 | 0 |
Contributions from noncontrolling interests | 0 | 3,000 | 4,470 |
Distributions to noncontrolling interests | (5,463) | (7,272) | (6,701) |
Distributions to redeemable noncontrolling interests | (1,271) | (1,430) | (711) |
Repurchase of stock warrants and redeemable noncontrolling interests | (150) | (475) | (306) |
Purchase of derivative financial instruments | 0 | 0 | (153) |
Contingent consideration related to acquisition of real estate | 0 | 0 | (1,490) |
Contributions from redeemable noncontrolling interests | 0 | 2,000 | 535 |
Security deposits and other | 50 | 12 | 112 |
Net cash (used in) provided by financing activities | (8,811) | 2,688 | 37,597 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 62,400 | 17,030 | 8,639 |
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (90) | 145 | (77) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | 89,880 | 72,705 | 64,143 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | 152,190 | 89,880 | 72,705 |
Cash and cash equivalents at beginning of period | 53,149 | 35,132 | 33,656 |
Restricted cash at beginning of period | 36,731 | 37,573 | 30,487 |
Cash and cash equivalents at end of period | 113,212 | 53,149 | 35,132 |
Restricted cash at end of period | 38,978 | 36,731 | 37,573 |
Cash paid for: | |||
Interest | 65,771 | 68,654 | 59,365 |
Income taxes | 753 | 921 | 1,647 |
Investing Activities: | |||
Accrued developments and capital expenditures | 22,342 | 25,194 | 12,616 |
Capital expenditures from financing obligations | 1,053 | 11,821 | 16,809 |
Tenant improvement overage | 4,482 | 1,216 | 1,373 |
Investments in unconsolidated entity | 0 | 5,276 | 0 |
The following represents the (decrease) increase in certain assets and liabilities in connection with our acquisitions and dispositions of real estate investments: | |||
Accounts and other receivables | (11) | 0 | 0 |
Other assets, net | (253) | 0 | (1,587) |
Accounts payable and accrued liabilities | (110) | 46 | 58 |
Security deposits, prepaid rent and other liabilities | (459) | 105 | 223 |
Financing Activities: | |||
Issuance of common stock under the DRIP | 21,861 | 55,440 | 60,030 |
Distributions declared but not paid | 0 | 9,974 | 10,189 |
Reclassification of noncontrolling interests to mezzanine equity | $ 715 | $ 780 | $ 780 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
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, invests 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 have originated and acquired 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; however, we have selectively developed, and may continue to selectively develop, real estate properties. 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. We raised $1,842,618,000 through a best efforts initial public offering, or our initial offering, and issued 184,930,598 shares of our common stock. In additional, during our initial offering, we issued 1,948,563 shares of our common stock pursuant to our initial distribution reinvestment plan, or the Initial DRIP, for a total of $18,511,000 in distributions reinvested. Following the deregistration of our initial offering, we continued issuing shares of our common stock pursuant to the Initial DRIP through a subsequent offering, or the 2015 DRIP 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 were issued pursuant to the 2015 DRIP Offering. A total of $245,396,000 in distributions were reinvested that resulted in 26,386,545 shares of common stock being issued pursuant to the 2015 DRIP Offering. On January 30, 2019, 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 $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. We commenced offering shares pursuant to the 2019 DRIP Offering on April 1, 2019, following the deregistration of the 2015 DRIP Offering. On May 29, 2020, in consideration of the impact the coronavirus, or COVID-19, pandemic has had on the United States, globally and our business operations, our board of directors, or our board, authorized the suspension of the Amended and Restated DRIP until such time, if any, as our board determines to authorize new distributions and to reinstate such plan. Such suspension was effective upon the completion of all shares issued with respect to distributions payable to stockholders of record on or prior to the close of business on May 31, 2020. See Note 13, Equity, for a further discussion. As of December 31, 2020, a total of $63,105,000 in distributions were reinvested that resulted in 6,724,348 shares of common stock being issued pursuant to the 2019 DRIP Offering. We collectively refer to the Initial DRIP portion of our initial offering, the 2015 DRIP Offering and the 2019 DRIP Offering as our DRIP Offerings. 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 our advisor, pursuant to an advisory agreement between us and our advisor that was effective as of February 26, 2014 and had a one-year initial term, subject to successive one-year renewals upon the mutual consent of the parties. The advisory agreement, as amended to clarify certain indemnification provisions and last renewed on February 22, 2021, or the Advisory Agreement, expires on February 26, 2022. Our advisor uses its best efforts, subject to the oversight, review and approval of 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 wholly owned subsidiaries of 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 our advisor, American Healthcare Investors and AHI Group Holdings. In October 2020, our board established a special committee of our board, which consists of all of our independent directors, to investigate and analyze strategic alternatives, including but not limited to, the sale of our assets, a listing of our shares on a national securities exchange, or a merger with another entity, including a merger with another unlisted entity that we expect would enhance our value. 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, 2020, we owned and/or operated 97 properties, comprising 101 buildings, and 119 integrated senior health campuses including completed development projects, or approximately 14,110,000 square feet of gross leasable area, or GLA, for an aggregate contract purchase price of $3,076,041,000. In addition, as of December 31, 2020, we also owned a real estate-related investment purchased for $60,429,000. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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 accompanying consolidated financial statements. Such consolidated financial statements and the accompanying notes thereto are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing our accompanying consolidated financial statements. Basis of Presentation Our accompanying consolidated financial statements include our accounts and those of our operating partnership, the wholly owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries in which we have control, as well as any 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. 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 acquired on our behalf. We are the sole general partner of our operating partnership, and as of both December 31, 2020 and 2019, we owned greater than a 99.99% general partnership interest therein. Our advisor is a limited partner, and as of both December 31, 2020 and 2019, owned less than a 0.01% noncontrolling 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 accompanying 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. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions, revenues and grant income, allowance for credit losses, impairment of long-lived and intangible assets and contingencies. 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. Leases On January 1, 2019, we adopted Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 842, Leases , or ASC Topic 842. ASC Topic 842 supersedes ASC Topic 840, Leases , or ASC Topic 840. We adopted ASC Topic 842 using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption. Therefore, with respect to our leases as both lessees and lessors, information is presented under ASC Topic 842 for the years ended December 31, 2020 and 2019 and under ASC Topic 840 for the year ended December 31, 2018. We determine if a contract is a lease upon inception of the lease. We maintain 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. Lessee : Pursuant to ASC Topic 842, lessees are required to recognize the following for all leases with terms greater than 12 months 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. The lease liability is calculated by using either the implicit rate of the lease or the incremental borrowing rate. As a result of the adoption of ASC Topic 842 on January 1, 2019, we recognized an initial amount of operating lease liabilities of $198,453,000 in our consolidated balance sheet for all of our operating leases for which we are the lessee, including facilities leases and ground leases. In addition, we recorded corresponding right-of-use assets of $211,679,000, which represent the lease liabilities, net of the existing prepaid rent asset and accrued straight-line rent liabilities and adjusted for unamortized above/below market ground lease intangibles. The accretion of lease liabilities and amortization expense on right-of-use assets for our operating leases are included in rental expenses and property operating expenses in our accompanying consolidated statements of operations and comprehensive income (loss). Operating lease liabilities are calculated using our incremental borrowing rate based on the information available as of the lease commencement date. The accounting for our existing capital (finance) leases upon adoption of ASC Topic 842 remains substantially unchanged. For our finance leases, the accretion of lease liabilities are included in interest expense and the amortization expense on right-of-use assets are included in depreciation and amortization in our accompanying consolidated statements of operations and comprehensive income (loss). Further, finance lease assets are included within real estate investments, net and finance lease liabilities are included within financing obligations in our accompanying consolidated balance sheets. Lessor : Pursuant to ASC Topic 842, lessors bifurcate lease revenues into lease components and non-lease components and 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 revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers, or ASC Topic 606. See the “Revenue Recognition” section below. ASC Topic 842 also provides for a practical expedient package that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. In addition, such practical expedient causes an entity to assess whether a contract is predominately lease or service based, and recognize the revenue from the entire contract under the relevant accounting guidance. Effective upon our adoption of ASC Topic 842 on January 1, 2019, we continued to recognize revenue for our medical office buildings, senior housing, skilled nursing facilities and hospitals segments as real estate revenue. 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, which is included in other assets, net in our accompanying consolidated balance sheets. Tenant reimbursement revenue, which comprises additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are considered non-lease components and variable lease payments. We qualified for and elected the practical expedient as outlined above to combine the non-lease component with the lease component, which is the predominant component, and therefore the non-lease component is recognized as part of real estate revenue. In addition, as lessors, we exclude certain lessor costs (i.e., property taxes and insurance) paid directly by a lessee to third parties on our behalf from our measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs); and include lessor costs that we paid and are reimbursed by the lessee in our measurement of variable lease revenue and associated expense (i.e., gross up revenue and expense for these costs). Therefore, we no longer record revenue or expense when the lessee pays the property taxes and insurance directly to a third party. Our senior housing — RIDEA facilities offer residents room and board (lease component), standard meals and healthcare services (non-lease component) and certain ancillary services that are not contemplated in the lease with each resident (i.e., laundry, guest meals, etc.). For our senior housing — RIDEA facilities, we recognize revenue under ASC Topic 606 as resident fees and services, based on our predominance assessment from electing the practical expedient outlined above. See the “Revenue Recognition” section below. See Note 17, Leases, for a further discussion. Revenue Recognition Real Estate Revenue Prior to January 1, 2019, minimum annual rental revenue was recognized on a straight-line basis over the term of the related lease (including rent holidays) in accordance with ASC Topic 840. Differences between real estate revenue recognized and cash amounts contractually due from tenants under the lease agreements were recorded to deferred rent receivable. Tenant reimbursement revenue 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 had been met and the tenant was no longer occupying the property. Effective January 1, 2019, we recognize real estate revenue in accordance with ASC Topic 842. See the “Leases” section above. Resident Fees and Services Revenue We recognize resident fees and services revenue in accordance with ASC Topic 606. 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 ASC Topic 606 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 years ended December 31, 2020, 2019 and 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. 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, for the years then ended: Integrated Senior Total 2020: Point in time $ 196,053,000 $ 2,861,000 $ 198,914,000 Over time 787,116,000 83,043,000 870,159,000 Total resident fees and services $ 983,169,000 $ 85,904,000 $ 1,069,073,000 2019: Point in time $ 214,650,000 $ 2,944,000 $ 217,594,000 Over time 816,284,000 65,200,000 881,484,000 Total resident fees and services $ 1,030,934,000 $ 68,144,000 $ 1,099,078,000 2018: Point in time $ 185,273,000 $ 3,079,000 $ 188,352,000 Over time 755,343,000 61,996,000 817,339,000 Total resident fees and services $ 940,616,000 $ 65,075,000 $ 1,005,691,000 The following table disaggregates our resident fees and services revenue by payor class for the years then ended: Integrated Senior Total 2020: Private and other payors $ 437,133,000 $ 84,308,000 $ 521,441,000 Medicare 356,350,000 — 356,350,000 Medicaid 189,686,000 1,596,000 191,282,000 Total resident fees and services $ 983,169,000 $ 85,904,000 $ 1,069,073,000 2019: Private and other payors $ 499,693,000 $ 67,930,000 $ 567,623,000 Medicare 338,466,000 — 338,466,000 Medicaid 192,775,000 214,000 192,989,000 Total resident fees and services $ 1,030,934,000 $ 68,144,000 $ 1,099,078,000 2018: Private and other payors $ 437,100,000 $ 65,032,000 $ 502,132,000 Medicare 332,852,000 — 332,852,000 Medicaid 170,664,000 43,000 170,707,000 Total resident fees and services $ 940,616,000 $ 65,075,000 $ 1,005,691,000 ___________ (1) Includes fees for basic housing and assisted living care. We record revenue when services are rendered 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 Revenue The beginning and ending balances of accounts receivable, net — resident fees and services are as follows: Private Medicare Medicaid Total Beginning balance — January 1, 2020 $ 46,543,000 $ 32,127,000 $ 26,366,000 $ 105,036,000 Ending balance — December 31, 2020 36,125,000 36,479,000 14,473,000 87,077,000 (Decrease)/increase $ (10,418,000) $ 4,352,000 $ (11,893,000) $ (17,959,000) Deferred Revenue — Resident Fees and Services Revenue The beginning and ending balances of deferred revenue — resident fees and services, almost all of which relates to private and other payors, are as follows: Total Beginning balance — January 1, 2020 $ 13,518,000 Ending balance — December 31, 2020 10,597,000 Decrease $ (2,921,000) In addition to the deferred revenue above, we received approximately $52,322,000 of Medicare advance payments through an expanded program of the Centers for Medicare & Medicaid Services, or CMS. Such amounts will be recognized once our recoupment period commences in 2021. See Note 11, Commitments and Contingencies — Impact of the COVID-19 Pandemic, for a further discussion. Financing Component We have elected a practical expedient allowed under ASC Topic 606 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 Topic 340, Other Assets and Deferred Costs , 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. Government Grants We have been granted stimulus funds through various federal and state government programs, such as through the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, passed by the federal government on March 27, 2020, which were established for eligible healthcare providers to preserve liquidity in response to lost revenues and/or increased healthcare expenses (as such terms are defined in the applicable regulatory guidance) associated with the COVID-19 pandemic. Such grants are not loans and, as such, are not required to be repaid, subject to certain conditions. We recognize government grants as grant income or as a reduction of property operating expenses, as applicable, in our accompanying consolidated statements of operations and comprehensive income (loss) when there is reasonable assurance that the grants will be received and all conditions to retain the funds will be met. We adjust our estimates and assumptions based on the applicable guidance provided by the government and the best available information that we have. Any stimulus or other relief funds received that are not expected to be used in accordance with such terms and conditions will be returned to the government, and any related deferred income will not be recognized. For the year ended December 31, 2020, we recognized government grants of $55,181,000 as grant income and $519,000 as a reduction of property operating expenses. As of December 31, 2020, we deferred approximately $2,635,000 of grant income until such time as it is earned. Such deferred amounts are included in security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheet. As of and for the years ended December 31, 2019 and 2018, we did not recognize any government grants. Tenant and Resident Receivables and Allowances On January 1, 2020, we adopted ASC Topic 326, Financial Instruments Credit Losses , or ASC Topic 326. We adopted ASC Topic 326 using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2020. Resident receivables are carried net of an allowance for credit losses. An allowance is maintained for estimated losses resulting from the inability of residents and payors to meet the contractual obligations under their lease or service agreements. Substantially all of such allowances are recorded as direct reductions of resident fees and services revenue as contractual adjustments provided to third-party payors or implicit price concessions in our accompanying consolidated statements of operations and comprehensive income (loss). Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the residents’ financial condition, security deposits, cash collection patterns by payor and by state, current economic conditions, future expectations in estimating credit losses and other relevant factors. Prior to our adoption of ASC Topic 326 on January 1, 2020, resident receivables were carried net of an allowance for uncollectible amounts. Tenant receivables and unbilled deferred rent receivables are reduced for uncollectible amounts, which are recognized as direct reductions of real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). Prior to our adoption of ASC Topic 842 on January 1, 2019, tenant receivables and unbilled deferred rent receivables were reduced for uncollectible amounts. Such amounts were charged to bad debt expense, which was included in general and administrative in our accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2020 and 2019, we had $9,466,000 and $11,435,000, respectively, in allowances, which were determined necessary to reduce receivables by our expected future credit losses. For the years ended December 31, 2020, 2019 and 2018, we increased allowances by $12,494,000, $13,087,000 and $8,520,000, respectively, and reduced allowances for collections or adjustments by $7,697,000, $6,094,000 and $1,437,000, respectively. For the years ended December 31, 2020, 2019 and 2018, $6,766,000, $6,774,000 and $6,405,000, respectively, of our receivables were written off against the related allowances. Property Acquisitions 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. 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, if any, 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 |
Real Estate Investments, Net
Real Estate Investments, Net | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019: December 31, 2020 2019 Building, improvements and construction in process $ 2,379,337,000 $ 2,262,320,000 Land and improvements 200,319,000 195,491,000 Furniture, fixtures and equipment 174,994,000 150,508,000 2,754,650,000 2,608,319,000 Less: accumulated depreciation (424,650,000) (337,898,000) $ 2,330,000,000 $ 2,270,421,000 Depreciation expense for the years ended December 31, 2020, 2019 and 2018 was $90,997,000, $90,914,000 and $83,309,000, respectively. In addition to the acquisitions discussed below, for the years ended December 31, 2020, 2019 and 2018, we incurred capital expenditures of $111,286,000, $93,485,000 and $76,330,000, respectively, for our integrated senior health campuses, $17,854,000, $16,571,000 and $8,426,000, respectively, for our medical office buildings, $1,232,000, $2,015,000 and $1,711,000, respectively, for our senior housing — RIDEA facilities, $0, $1,954,000 and $463,000, respectively, for our skilled nursing facilities and $47,000, $53,000 and $131,000, respectively, for our hospitals. We did not incur any capital expenditures for our senior housing facilities for the years ended December 31, 2020, 2019 and 2018. Included in the capital expenditure amounts above are costs for the development and expansion of our integrated senior health campuses. For the year ended December 31, 2020, we completed the development of six integrated senior health campuses for $64,782,000 and incurred $2,573,000 to expand two of our existing integrated senior health campuses. For the year ended December 31, 2019, we completed the development of two integrated senior health campuses for $25,087,000. For the year ended December 31, 2018, we incurred $8,309,000 to expand three of our existing integrated senior health campuses. For the year ended December 31, 2020, we determined that one skilled nursing facility and one medical office building were impaired and recognized an aggregate impairment charge of $8,350,000, which reduced the total aggregate carrying value of such assets to $4,256,000. The fair values of such properties were determined by the sales price from executed purchase and sales agreements with third-party buyers, and adjusted for anticipated selling costs, which were considered Level 2 measurements within the fair value hierarchy. We disposed of such impaired medical office building in July 2020 for a contract sales price of $3,500,000 and recognized a net gain on sale of $15,000. As of December 31, 2020, the carrying value of such skilled nursing facility is classified in properties held for sale, which is included in other assets, net in our accompanying consolidated balance sheets. No impairment charges were recognized for the year ended December 31, 2019. 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 a discounted cash flow analysis 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 years ended December 31, 2019 and 2018, we did not dispose of any long-lived assets. Acquisitions of Real Estate Investments 2020 Acquisitions of Previously Leased Real Estate Investments For the year ended December 31, 2020, we, through a majority-owned subsidiary of Trilogy Investors, LLC, or Trilogy, of which we owned 67.6% at the time of property acquisition, acquired two previously leased real estate investments located in Indiana and Kentucky. The following is a summary of such property acquisitions, which are included in our integrated senior health campuses segment: Location Date Contract Line of Credit(1) Acquisition Monticello, IN 07/30/20 $ 10,600,000 $ 13,200,000 $ 161,000 Louisville, KY 07/30/20 16,719,000 15,055,000 254,000 Total $ 27,319,000 $ 28,255,000 $ 415,000 ___________ (1) Represents borrowings under the 2019 Trilogy Credit Facility, 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 in the Trilogy subsidiary that acquired the properties. In addition to the property acquisitions discussed above, for the year ended December 31, 2020, we, through a majority-owned subsidiary of Trilogy, acquired land in Ohio for an aggregate contract purchase price of $2,833,000 plus closing costs and paid to our advisor an acquisition fee of 2.25% of the portion of the contract purchase price of each land parcel attributed to our ownership interest. For the year ended December 31, 2020, we accounted for our property acquisitions as asset acquisitions. We incurred and capitalized closing costs and direct acquisition related expenses of $709,000 for such acquisitions. The following table summarizes the purchase price of the assets acquired at the time of acquisition, adjusted for $14,281,000 of operating lease right-of-use assets and $15,530,000 of operating lease liabilities, and based on their relative fair values: 2020 Building and improvements $ 26,311,000 Land 4,563,000 Total assets acquired $ 30,874,000 2019 Acquisitions of Real Estate Investments For the year ended December 31, 2019, using cash on hand and debt financing, we completed the acquisition of two buildings from unaffiliated third parties. The following is a summary of such property acquisitions: Acquisition Location Type Date Contract Line of Credit Acquisition North Carolina ALF Portfolio(1) Garner, NC Senior Housing 03/27/19 $ 15,000,000 $ 15,000,000 $ 338,000 The Cloister at Silvercrest(2) New Albany, IN Integrated Senior Health Campus 10/01/19 750,000 — 11,000 Total $ 15,750,000 $ 15,000,000 $ 349,000 ___________ (1) We own 100% of such property acquired, which we added to our existing North Carolina ALF Portfolio. The other six buildings in North Carolina ALF Portfolio were acquired between January 2015 and August 2018. We borrowed under the 2019 Corporate Line of Credit, as defined in Note 8, Lines of Credit and Term Loans, at the time of acquisition. 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. (2) We, through a majority-owned subsidiary of Trilogy, of which we owned 67.7% at the time of such property acquisition, acquired such property using cash on hand. 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 portion of the contract purchase price of the property attributed to our ownership interest in the Trilogy subsidiary that acquired the property. In addition to the property acquisitions discussed above, for the year ended December 31, 2019, we, through a majority-owned subsidiary of Trilogy, acquired land in Michigan and Ohio for an aggregate contract purchase price of $4,806,000 plus closing costs and paid to our advisor an acquisition fee of 2.25% of the portion of the contract purchase price of each land parcel attributed to our ownership interest at the time of acquisition. 2019 Acquisition of Previously Leased Real Estate Investment For the year ended December 31, 2019, we, through a majority-owned subsidiary of Trilogy, of which we owned 67.6% at the time of property acquisition, acquired one previously leased real estate investment located in Indiana. The following is a summary of such property acquisition, which is included in our integrated senior health campuses segment: Location Date Contract Line of Credit(1) Acquisition Corydon, IN 09/05/19 $ 14,082,000 $ 14,114,000 $ 215,000 ___________ (1) Represents a borrowing under the 2019 Trilogy Credit Facility, 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 property, an acquisition fee of 2.25% of the portion of the contract purchase price of the property attributed to our ownership interest at the time of acquisition in the Trilogy subsidiary that acquired the property. For the year ended December 31, 2019, we accounted for our property acquisitions, including our acquisition of previously leased real estate investments, as asset acquisitions. We incurred and capitalized closing costs and direct acquisition related expenses of $836,000 for such property acquisitions. The following table summarizes the purchase price of the assets acquired at the time of acquisition, adjusted for $13,052,000 of operating lease right-of-use assets and $12,599,000 of operating lease liabilities, based on their relative fair values: 2019 Building and improvements $ 23,834,000 Land 8,496,000 In-place leases 3,596,000 Total assets acquired $ 35,926,000 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. On December 1, 2019, we transitioned the operations of North Carolina ALF Portfolio to a RIDEA structure. The following is a summary of our property acquisition for the year ended December 31, 2018: Acquisition(1) Location Type Date Contract Line of Credit(2) Acquisition North Carolina ALF Portfolio Matthews, NC Senior Housing — RIDEA 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, for the year ended December 31, 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 to our advisor an acquisition fee of 2.25% of such contract purchase price. We, through a majority-owned subsidiary of Trilogy, also acquired land in Ohio and Michigan for an aggregate contract purchase price of $3,146,000 plus closing costs and paid to our advisor an acquisition fee of 2.25% of the portion of the contract purchase price of each land parcel attributed to our ownership interest at the time of acquisition. 2018 Acquisition of Previously Leased Real Estate Investments For the year ended December 31, 2018, we, through a majority-owned subsidiary of Trilogy, of which we owned 67.7% at the time of property acquisition, acquired a portfolio of four previously leased real estate investments located in Kentucky, Michigan and Ohio. The following is a summary of such acquisition, which is included in our integrated senior health campuses segment: Locations Date Contract Mortgage Loan Acquisition 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 at the time of acquisition 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 and capitalized closing costs and direct acquisition related expenses of $3,044,000 for such property acquisitions. The following table summarizes the purchase price of the assets acquired at the time of acquisition based on their relative fair values: 2018 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 |
Debt Security Investment, Net
Debt Security Investment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Debt Security Investment [Abstract] | |
Debt Security Investment, Net | 4. Debt Security Investment, Net On October 15, 2015, we acquired a commercial mortgage-backed debt security, or debt security, 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, 2020 and 2019, the carrying amount of the debt security investment was $75,851,000 and $72,717,000, respectively, net of unamortized closing costs of $1,205,000 and $1,375,000, respectively. Accretion on the debt security for the years ended December 31, 2020, 2019 and 2018 was $3,304,000, $2,987,000 and $2,717,000, respectively, which is recorded to real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). Amortization expense of closing costs for the years ended December 31, 2020, 2019 and 2018 was $170,000, $143,000 and $119,000, respectively, which is recorded against real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). In accordance with ASC Topic 326, we evaluated credit quality indicators such as |
Identified Intangible Assets, N
Identified Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Identified Intangible Assets, Net | 5. Identified Intangible Assets, Net Identified intangible assets, net consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 Amortized intangible assets: In-place leases, net of accumulated amortization of $22,019,000 and $21,029,000 as of December 31, 2020 and 2019, respectively (with a weighted average remaining life of 9.4 years as of both December 31, 2020 and 2019) $ 23,760,000 $ 30,407,000 Customer relationships, net of accumulated amortization of $486,000 and $336,000 as of December 31, 2020 and 2019, respectively (with a weighted average remaining life of 15.7 years and 16.8 years as of December 31, 2020 and 2019, respectively) 2,354,000 2,504,000 Above-market leases, net of accumulated amortization of $1,975,000 and $2,057,000 as of December 31, 2020 and 2019, respectively (with a weighted average remaining life of 4.6 years and 5.0 years as of December 31, 2020 and 2019, respectively) 1,032,000 1,452,000 Internally developed technology and software, net of accumulated amortization of $305,000 and $211,000 as of December 31, 2020 and 2019, respectively (with a weighted average remaining life of 1.7 years and 2.8 years as of December 31, 2020 and 2019, respectively) 165,000 259,000 Unamortized intangible assets: Certificates of need 96,589,000 94,838,000 Trade names 30,787,000 30,787,000 $ 154,687,000 $ 160,247,000 Amortization expense for the years ended December 31, 2020, 2019 and 2018 was $6,678,000, $19,973,000 and $12,736,000, respectively, which included $420,000, $607,000 and $967,000, respectively, of amortization recorded against real estate revenue for above-market leases in our accompanying consolidated statements of operations and comprehensive income (loss). The aggregate weighted average remaining life of the identified intangible assets was 9.7 years as of both December 31, 2020 and 2019. As of December 31, 2020, 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 2021 $ 4,639,000 2022 3,909,000 2023 3,140,000 2024 2,723,000 2025 2,210,000 Thereafter 10,690,000 $ 27,311,000 |
Other Assets, Net
Other Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets [Abstract] | |
Other Assets, Net | 6. Other Assets, Net Other assets, net consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 Deferred rent receivables $ 38,918,000 $ 33,205,000 Prepaid expenses, deposits, other assets and deferred tax assets, net 16,618,000 40,354,000 Inventory 24,669,000 23,872,000 Investments in unconsolidated entities 16,469,000 20,176,000 Lease commissions, net of accumulated amortization of $3,413,000 and $2,201,000 as of December 31, 2020 and 2019, respectively 11,309,000 10,794,000 Deferred financing costs, net of accumulated amortization of $5,700,000 and $2,138,000 as of December 31, 2020 and 2019, respectively(1) 6,864,000 8,137,000 Lease inducement, net of accumulated amortization of $1,491,000 and $1,140,000 as of December 31, 2020 and 2019, respectively (with a weighted average remaining life of 9.9 years and 10.9 years as of December 31, 2020 and 2019, respectively) 3,509,000 3,860,000 $ 118,356,000 $ 140,398,000 ___________ (1) Deferred financing costs only include costs related to our lines of credit and term loans. See Note 8, Lines of Credit and Term Loans. Amortization expense on deferred financing costs of our lines of credit and term loans for the years ended December 31, 2020, 2019 and 2018 was $3,559,000, $3,664,000 and $4,637,000, respectively, and 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, 2020, 2019 and 2018 was $351,000, $351,000 and $350,000, respectively, and is recorded against real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). |
Mortgage Loans Payable, Net
Mortgage Loans Payable, Net | 12 Months Ended |
Dec. 31, 2020 | |
Mortgage Loans Payable, Net [Abstract] | |
Mortgage Loans Payable, Net | 7. Mortgage Loans Payable, Net As of December 31, 2020 and 2019, mortgage loans payable were $834,026,000 ($810,478,000, net of discount/premium and deferred financing costs) and $816,217,000 ($792,870,000, net of discount/premium and deferred financing costs), respectively. As of December 31, 2020, we had 62 fixed-rate mortgage loans payable and 10 variable-rate mortgage loans payable with effective interest rates ranging from 2.21% to 5.23% per annum based on interest rates in effect as of December 31, 2020 and a weighted average effective interest rate of 3.58%. As of December 31, 2019, we had 58 fixed-rate mortgage loans payable and seven variable-rate mortgage loans payable with effective interest rates ranging from 2.45% to 6.21% per annum based on interest rates in effect as of December 31, 2019 and a weighted average effective interest rate of 3.85%. We are required by the terms of certain loan documents to meet certain reporting requirements and covenants, such as net worth ratios, fixed charge coverage ratios and leverage ratios. Mortgage loans payable, net consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 Total fixed-rate debt $ 742,686,000 $ 714,786,000 Total variable-rate debt 91,340,000 101,431,000 Total fixed- and variable-rate debt 834,026,000 816,217,000 Less: deferred financing costs, net (10,389,000) (9,362,000) Add: premium 204,000 304,000 Less: discount (13,363,000) (14,289,000) Mortgage loans payable, net $ 810,478,000 $ 792,870,000 The following table reflects the changes in the carrying amount of mortgage loans payable, net for the years ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 Beginning balance $ 792,870,000 $ 688,262,000 Additions: Borrowings under mortgage loans payable 92,399,000 191,246,000 Amortization of deferred financing costs 796,000 1,544,000 Amortization of discount/premium on mortgage loans payable 826,000 647,000 Deductions: Scheduled principal payments on mortgage loans payable (71,990,000) (74,037,000) Early payoff of mortgage loans payable (2,601,000) (14,022,000) Deferred financing costs (1,822,000) (770,000) Ending balance $ 810,478,000 $ 792,870,000 For the year ended December 31, 2020, we did not incur a gain or loss on the extinguishment of mortgage loans payable in 2020. For the year ended December 31, 2019, we incurred an aggregate loss on the extinguishment of mortgage loans payable of $2,182,000, which is recorded to interest expense in our accompanying consolidated statements of operations and comprehensive income (loss). Such losses were primarily related to the write-off of unamortized debt discounts and prepayment penalties on two mortgage loans payable that were due to mature in November 2047 and April 2049. The source of funds for the payoffs was the 2019 Trilogy Credit Facility. As of December 31, 2020, 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 2021 $ 54,169,000 2022 62,985,000 2023 67,651,000 2024 80,451,000 2025 15,324,000 Thereafter 553,446,000 $ 834,026,000 |
Lines of Credit and Term Loans
Lines of Credit and Term Loans | 12 Months Ended |
Dec. 31, 2020 | |
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, 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. On February 3, 2016, we also entered into separate revolving notes, or the 2016 Corporate Revolving Notes, and separate term notes with each of Bank of America, KeyBank and a syndicate of other banks. The 2016 Corporate Line of Credit would have matured on February 3, 2019. On each of August 3, 2017 and December 20, 2018, we amended the 2016 Corporate Credit Agreement. The material terms of such amendments designated the Bank of the West as an additional lender and increased both the 2016 Corporate Revolving Credit Facility and the 2016 Corporate Term Loan Facility, which resulted in an aggregate borrowing capacity under the 2016 Corporate Line of Credit of $575,000,000. On January 25, 2019, we terminated the 2016 Corporate Credit Agreement, as amended, and the 2016 Corporate Revolving Notes and entered into the 2019 Corporate Line of Credit as described below. We currently do not have any obligations under the 2016 Corporate Credit Agreement, as amended, or the 2016 Corporate Revolving Notes. 2019 Corporate Line of Credit On January 25, 2019, we, through our operating partnership and certain of our subsidiaries, 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, or Citizens Bank, 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 an aggregate amount of $150,000,000 and a senior unsecured term loan facility in an 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 pursuant to the 2019 Corporate Line of Credit. On July 28, 2020, we entered into a First Amendment to the 2019 Corporate Credit Agreement, or the Credit Agreement Amendment, with Bank of America; KeyBank; Citizens Bank; and a syndicate of other banks, as lenders. The material terms of the Credit Agreement Amendment provide for, including among other things, the following, with capitalized terms having the meaning as defined in the 2019 Corporate Credit Agreement, unless otherwise defined herein: (i) revisions to financial covenant calculations to exclude the assets, liabilities and operating performance of our indirect, majority-owned subsidiary Trilogy REIT Holdings, LLC, or Trilogy REIT Holdings, or any subsidiary thereof; (ii) the inclusion of a covenant modification period beginning on June 30, 2020 continuing through the earlier of (a) June 30, 2021, or (b) the date we deliver written notice to end the covenant modification period, subject to certain conditions, or the First Amendment Period; (iii) an increased Consolidated Leverage Ratio equal to or less than 65.0% during the First Amendment Period; (iv) changes to the applicable interest rate based on revisions to the Consolidated Leverage Ratio pricing grid; (v) an increased Consolidated Unencumbered Leverage Ratio equal to or less than 65.0% during the First Amendment Period; (vi) revisions to the Consolidated Tangible Net Worth and EBITDAR coverage requirements; (vii) the inclusion of a LIBOR floor, provided that the Term Loan Hedged Portion of the Term Loans shall not be subject to such floor; (viii) our operating partnership to pledge the equity interests in each direct and indirect subsidiary that owns an unencumbered asset; (ix) the removal of swing line loans; (x) updates regarding restrictions and limitations on certain investments during the remainder of the term of the 2019 Corporate Line of Credit; (xi) clarifications regarding events triggering a Fundamental Change; (xii) a restriction on the payment of distributions and share repurchases during the First Amendment Period; and (xiii) a lender fee. Notwithstanding the foregoing, the Credit Agreement Amendment provides that we can opt out of these modifications based on our written irrevocable election to end the First Amendment Period. Except as modified by the Credit Agreement Amendment, the material terms of the 2019 Corporate Credit Agreement, as amended, remain in full force and effect. 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, as amended; and (ii) at least five 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, as amended, plus (ii) a margin ranging from 1.85% to 2.80% based on our Consolidated Leverage Ratio, as defined in the 2019 Corporate Credit Agreement, as amended, 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, as amended, plus 0.50%, (3) the one-month Eurodollar Rate plus 1.00%, and (4) 0.00%, plus (ii) a margin ranging from 0.85% to 1.80% 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, as amended, at a per annum rate equal to 0.20% if the average daily used amount is greater than 50.00% of the commitments and 0.25% if the average daily used amount is less than or equal to 50.00% of the commitments, which fee shall be measured and payable on a quarterly basis. As of both December 31, 2020 and 2019, our aggregate borrowing capacity under the 2019 Corporate Line of Credit was $630,000,000. As of December 31, 2020 and 2019, borrowings outstanding under the 2019 Corporate Line of Credit totaled $556,500,000 and $557,000,000, respectively, and the weighted average interest rate on such borrowings outstanding was 2.70% and 3.83% per annum, respectively. Trilogy PropCo Line of Credit In connection with our acquisition of Trilogy, on December 1, 2015, 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 Trilogy PropCo Line of Credit would have matured on December 1, 2019. 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 included a reduction of the total commitment under the Trilogy PropCo Line of Credit from $300,000,000 to $250,000,000. On September 5, 2019, we entered into an amended and restated loan agreement, or the 2019 Trilogy Credit Agreement, to further amend the Trilogy PropCo Credit Agreement and to replace the terms of the Trilogy PropCo Line of Credit with the 2019 Trilogy Credit Facility, as further discussed below in the “2019 Trilogy Credit Facility” section. Trilogy OpCo Line of Credit On March 21, 2016, we, through Trilogy Healthcare Holdings, Inc., a direct subsidiary of Trilogy, and certain of its subsidiaries, or the Trilogy OpCo Borrowers, entered into a credit agreement, or the Trilogy OpCo Credit Agreement, with Wells Fargo Bank, National Association, as administrative agent and lender; and a syndicate of other banks, as lenders, to obtain a $42,000,000 secured revolving credit facility, or the Trilogy OpCo Line of Credit. 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 to provide for: (i) a reduction in the aggregate maximum principal amount from $60,000,000 to $25,000,000; and (ii) an updated maturity date of April 27, 2021. On September 5, 2019, we paid off and terminated the Trilogy OpCo Line of Credit, as amended, and replaced it with the 2019 Trilogy Credit Facility, as described below. As a result of such termination, we incurred a loss on extinguishment of $786,000, which is recorded to interest expense in our accompanying consolidated statements of operations and comprehensive income (loss) and was primarily related to the write-off of unamortized deferred financing fees. The source of funds for the payoff was from the 2019 Trilogy Credit Facility. We currently do not have any obligations under the Trilogy OpCo Credit Agreement, as amended. 2019 Trilogy Credit Facility On September 5, 2019, we, through Trilogy RER, LLC and certain subsidiaries of Trilogy OpCo, LLC, Trilogy RER, LLC, and Trilogy Pro Services, LLC, or the 2019 Trilogy Co-Borrowers, entered into an amended and restated loan agreement, or the 2019 Trilogy Credit Agreement, with KeyBank, as administrative agent; CIT Bank, N.A., as revolving agent; Regions Bank, as syndication agent; KeyBanc Capital Markets, Inc., as co-lead arranger and co-book runner; Regions Capital Markets, as co-lead arranger and co-book runner; Bank of America, as co-documentation agent; The Huntington National Bank, as co-documentation agent; and a syndicate of other banks, as lenders named therein, to amend and restate the terms of the Trilogy PropCo Credit Agreement in order to obtain a senior secured revolving credit facility with an aggregate maximum principal amount of $360,000,000, consisting of: (i) a $325,000,000 secured revolver supported by real estate assets and ancillary business cash flow and (ii) a $35,000,000 accounts receivable revolving credit facility supported by eligible accounts receivable, or the 2019 Trilogy Credit Facility. We may obtain up to $35,000,000 in the form of swing line loans and up to $15,000,000 in the form of standby letters of credit under the 2019 Trilogy Credit Facility. The proceeds of the 2019 Trilogy Credit Facility may be used for acquisitions, debt repayment and general corporate purposes. The maximum principal amount of the 2019 Trilogy Credit Facility may be increased by up to $140,000,000, for a total principal amount of $500,000,000, subject to: (i) the terms of the 2019 Trilogy Credit Agreement and (ii) at least 10 business days’ prior written notice to KeyBank. The 2019 Trilogy Credit Facility matures on September 5, 2023 and may be extended for one 12-month period during the term of the 2019 Trilogy Credit Agreement subject to the satisfaction of certain conditions, including payment of an extension fee. At our option, the 2019 Trilogy Credit Facility bears interest at per annum rates equal to (a) LIBOR plus 2.75% for LIBOR Rate Loans, as defined in the 2019 Trilogy Credit Agreement, and (b) for Base Rate Loans, as defined in the 2019 Trilogy Credit Agreement, 1.75% plus the greater of: (i) the fluctuating annual rate of interest announced from time to time by KeyBank as its prime rate, (ii) 0.50% above the Federal Funds Effective Rate, as defined in the 2019 Trilogy Credit Agreement, and (iii) 1.00% above the one-month LIBOR. Accrued interest on the 2019 Trilogy Credit Facility is payable monthly. The loans may be repaid in whole or in part without prepayment fees or penalty, subject to certain conditions. We are required to pay fees on the unused portion of the lenders’ commitments under the 2019 Trilogy Credit Facility, with respect to any day during a calendar quarter, at a per annum rate equal to (a) 0.15% if the sum of the Aggregate Real Estate Revolving Credit Obligations, as defined in the 2019 Trilogy Credit Agreement, outstanding on such day is greater than 50.00% of the commitments or 0.20% if the sum of the Aggregate Real Estate Revolving Credit Obligations on such day is less than or equal to 50.00% of the commitments, and (b) 0.15% if the sum of the Aggregate A/R Revolving Credit Obligations, as defined in the 2019 Trilogy Credit Agreement, outstanding on such day is greater than 50.00% of the commitments or 0.20% if the sum of the Aggregate A/R Revolving Credit Obligations on such day is less than or equal to 50.00% of the commitments, which fees shall be measured and payable on a quarterly basis. As of both December 31, 2020 and 2019, our aggregate borrowing capacity under the 2019 Trilogy Credit Facility was $360,000,000. As of December 31, 2020 and 2019, borrowings outstanding under the 2019 Trilogy Credit Facility totaled $287,134,000 and $258,879,000, respectively, and the weighted average interest rate on such borrowings outstanding was 2.94% and 4.52% per annum, respectively. Both the 2019 Corporate Credit Agreement, as amended, and the 2019 Trilogy Credit Agreement contain various financial covenants. We were in compliance with such covenants as of December 31, 2020. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 9. Derivative Financial Instruments We record derivative financial instruments in our accompanying consolidated balance sheets as either an asset or a liability measured at fair value. The following table lists the derivative financial instruments held by us as of December 31, 2020 and 2019, which are included in other assets, net, or security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheets: Fair Value December 31, Instrument Notional Amount Index Interest Rate Maturity Date 2020 2019 Cap $ 20,000,000 one month LIBOR 3.00% 09/23/21 $ — $ — Swap 250,000,000 one month LIBOR 2.10% 01/25/22 (5,245,000) (2,821,000) Swap 130,000,000 one month LIBOR 1.98% 01/25/22 (2,561,000) (1,150,000) Swap 100,000,000 one month LIBOR 0.20% 01/25/22 (71,000) — $ (7,877,000) $ (3,971,000) As of December 31, 2020 and 2019, none of our derivative financial instruments were designated as hedges as defined by guidance under ASC Topic 815. 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. For the years ended December 31, 2020, 2019 and 2018, we recorded $(3,906,000), $(4,541,000) and $(1,949,000), respectively, as an increase 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, 2020 | |
Identified Intangible Liabilities [Abstract] | |
Identified Intangible Liabilities, Net | 10. Identified Intangible Liabilities, Net As of December 31, 2020 and 2019, identified intangible liabilities, net consisted of below-market leases of $367,000 and $663,000, respectively, net of accumulated amortization of $834,000 and $1,342,000, respectively. Amortization expense on below-market leases for the years ended December 31, 2020, 2019 and 2018 was $296,000, $388,000 and $517,000, respectively, which is recorded to real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). The weighted average remaining life of below-market leases was 2.6 years and 4.3 years as of December 31, 2020 and 2019, respectively. As of December 31, 2020, estimated amortization expense on below-market leases for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2021 $ 180,000 2022 89,000 2023 71,000 2024 27,000 2025 — Thereafter — $ 367,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
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. Impact of the COVID-19 Pandemic Since March 2020, the COVID-19 pandemic has been dramatically impacting the United States, which has resulted in an aggressive worldwide effort to contain the spread of the virus. These efforts have significantly and adversely disrupted economic markets and impacted commercial activity worldwide, including markets in which we own and/or operate properties, and the prolonged economic impact remains uncertain. In addition, the continuously evolving nature of the COVID-19 pandemic makes it difficult to ascertain the long-term impact it will have on real estate markets and our portfolio of investments. Considerable uncertainty still surrounds the COVID-19 pandemic and its effects on the population, as well as the effectiveness of any responses taken on an international, national and local level by government and public health authorities and businesses to contain and combat the outbreak and spread of the virus, including the widespread availability and use of effective vaccines. In particular, government-imposed business closures and re-opening restrictions, as well as self-imposed restrictions on discretionary activities, have dramatically impacted the operations of our real estate investments and our tenants across the country, such as creating significant declines in resident occupancy. Further, our senior housing — RIDEA facilities and integrated senior health campuses have also experienced dramatic increases, and may continue to experience increases, in costs to care for residents, particularly increased labor costs to maintain staffing levels to care for the aged population during this crisis, costs of COVID-19 testing of employees and residents and costs to procure the volume of personal protective equipment and other supplies required. We have taken actions to strengthen our balance sheet and preserve liquidity in response to the COVID-19 pandemic. From March to December 2020, we postponed non-essential capital expenditures. In addition, in March 2020, we reduced stockholder distributions and partially suspended our share repurchase plan with respect to all repurchase requests other than repurchases resulting from the death or qualifying disability of stockholders. In response to the continued uncertainty and adverse effects of the COVID-19 pandemic on our operations, in May 2020 we suspended all distribution payments, the Amended and Restated DRIP and our share repurchase plan for all stockholders. In addition, in an effort to further increase our liquidity, our advisor deferred 50.0% of the asset management fees that it would otherwise have been entitled to receive for services performed by our advisor or its affiliates from June 1, 2020 to November 30, 2020. See Note 14, Related Party Transactions, for a further discussion. We are continuously monitoring the impact of the COVID-19 pandemic on our business, residents, tenants, operating partners, managers, portfolio of investments and on the United States and global economies. The prolonged duration and impact of the COVID-19 pandemic has materially disrupted, and may continue to materially disrupt, our business operations and impact our financial performance. In addition to the government grants we recognized as of December 31, 2020 as discussed at Note 2, Summary of Significant Accounting Policies — Government Grants, we received approximately $52,322,000 of Medicare advance payments during the second quarter of 2020 through an expanded program of the CMS that was intended to expedite cash flow to qualified healthcare providers. Such advance payments were based upon a qualified healthcare provider’s estimate of Medicare services to be performed for up to three months in the future and are recovered by CMS from future Medicare claims submitted by the qualified healthcare provider at any time. However, any remaining unpaid balance is required to be recouped in accordance with CMS guidance issued in October 2020 such that recoupment will commence one year after the Medicare advance payments were issued. After the first year, Medicare will automatically recoup 25.0% of Medicare payments otherwise owed to the provider for 11 months. Thereafter, recoupment will increase to 50.0% for another six months. Any amounts of unutilized Medicare advance payments, which reflect funds received that are not applied to actual billings for Medicare services performed, will be repaid to CMS by the end of 2022. The amount of Medicare advance payments received as of December 31, 2020 is included in security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheets as we cannot currently estimate the future services to be performed and the amount of funds we will retain and/or return. Once our recoupment period commences in 2021, any Medicare advance payments retained for actual services performed and Medicare claims billed will be recognized in resident fees and services revenue in our accompanying consolidated statements of operations and comprehensive income (loss). |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity [Abstract] | |
Redeemable Noncontrolling Interest | 12. Redeemable Noncontrolling Interests As of both December 31, 2020 and 2019, our advisor owned all of the 222 limited partnership units outstanding in our operating partnership. As of both December 31, 2020 and 2019, 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. Our 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. As of both December 31, 2020 and 2019, we, through Trilogy REIT Holdings, in which we indirectly hold a 70.0% ownership interest, owned 96.6% of the outstanding equity interests of Trilogy. As of both December 31, 2020 and 2019, certain members of Trilogy’s management and certain members of an advisory committee to Trilogy’s board of directors owned approximately 3.4% of the outstanding equity interests of Trilogy. The noncontrolling interests held by such members have redemption features outside of our control and are accounted for as redeemable noncontrolling interests in our accompanying consolidated balance sheets. 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, 2020 and 2019: December 31, 2020 2019 Beginning balance $ 44,105,000 $ 38,245,000 Additions — 2,000,000 Reclassification from equity 715,000 780,000 Distributions (1,271,000) (1,430,000) Repurchase of redeemable noncontrolling interests (150,000) (400,000) Adjustment to redemption value (3,714,000) 4,473,000 Net income attributable to redeemable noncontrolling interests 655,000 437,000 Ending balance $ 40,340,000 $ 44,105,000 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
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 both December 31, 2020 and 2019, 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. As of both December 31, 2020 and 2019, our advisor owned 22,222 shares of our common stock. 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. We continued to offer shares of our common stock pursuant to the 2015 DRIP Offering until the termination and deregistration of the 2015 DRIP Offering on March 29, 2019. 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 2019 DRIP Offering. We commenced offering shares pursuant to the 2019 DRIP Offering on April 1, 2019, following the deregistration of the 2015 DRIP Offering. On May 29, 2020, our board authorized the suspension of the Amended and Restated DRIP, and consequently, we ceased issuing shares pursuant to the 2019 DRIP Offering following the distributions paid in June 2020 to stockholders of record on or prior to the close of business on May 31, 2020. See the “Distribution Reinvestment Plan” section below for a further discussion. Through December 31, 2020, we had issued 184,930,598 shares of our common stock in connection with the primary portion of our initial public offering and 35,059,456 shares of our common stock pursuant to our DRIP Offerings. We also repurchased 26,257,404 shares of our common stock under our share repurchase plan and granted an aggregate of 135,000 shares of our restricted common stock to our independent directors through December 31, 2020. As of December 31, 2020 and 2019, we had 193,889,872 and 193,967,474 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, 2020 and 2019: December 31, 2020 2019 Beginning balance — foreign currency translation adjustments $ (2,255,000) $ (2,560,000) Net change in current period 247,000 305,000 Ending balance — foreign currency translation adjustments $ (2,008,000) $ (2,255,000) Noncontrolling Interests As of both December 31, 2020 and 2019, Trilogy REIT Holdings owned approximately 96.6% of Trilogy. We are the indirect owner of a 70.0% interest in Trilogy REIT Holdings pursuant to an amended joint venture agreement with an indirect, wholly-owned subsidiary of NorthStar Healthcare Income, Inc., or NHI, and a wholly-owned subsidiary of the operating partnership of Griffin-American Healthcare REIT IV, Inc., or GA Healthcare REIT IV. Both GA Healthcare REIT IV and us are sponsored by American Healthcare Investors. We serve as the managing member of Trilogy REIT Holdings. As of both December 31, 2020 and 2019, NHI and GA Healthcare REIT IV indirectly owned a 24.0% and 6.0% membership interest in Trilogy REIT Holdings, respectively. As of both December 31, 2020 and 2019, 30.0% of the net earnings of Trilogy REIT Holdings were allocated to noncontrolling interests. In connection with our 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 fair value on the adoption date of ASU 2018-07 using a modified retrospective approach. For the years ended December 31, 2020, 2019 and 2018, we recognized stock compensation expense related to the Profit Interests of $(1,342,000), $2,744,000 and $2,898,000, respectively. There were no canceled, expired or exercised Profit Interests during the years ended December 31, 2020, 2019 and 2018. 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 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. 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 in net income or loss attributable to noncontrolling interests in our accompanying consolidated statements of operations and comprehensive income (loss). As of both December 31, 2020 and 2019, 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, 2020, 2019 and 2018. On April 7, 2020, we sold a 9.4% membership interest in a consolidated limited liability company that owns Southlake TX Hospital to an unaffiliated third party for a contract purchase price of $11,000,000. For the period from April 7, 2020 through December 31, 2020, 9.4% of the net earnings of Southlake TX Hospital were allocated to noncontrolling interests in our accompanying consolidated statements of operations and comprehensive income (loss), and the carrying amount of such noncontrolling interest is presented in total equity in our accompanying consolidated balance sheet as of December 31, 2020. Distribution Reinvestment Plan 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, which we deregistered on April 22, 2015. We continued to offer shares of our common stock pursuant to the 2015 DRIP Offering, which commenced following the deregistration of our initial offering, until the deregistration of the 2015 DRIP Offering on March 29, 2019. We continue to offer up to $200,000,000 of additional shares of our common stock pursuant to the 2019 DRIP Offering, which commenced offering shares on April 1, 2019, following the deregistration of the 2015 DRIP Offering. Effective October 5, 2016, we amended and restated the Initial DRIP to amend the price at which shares of our common stock were issued pursuant to such distribution reinvestment plan. Pursuant to the Amended and Restated DRIP, shares are issued at a price equal to the most recently estimated net asset value, or NAV, of one share of our common stock, as approved and established by our board. The Amended and Restated DRIP became effective with the distribution payments to stockholders paid in the month of November 2016. In all other material respects, the terms of the 2015 DRIP Offering remained unchanged by the Amended and Restated DRIP. On May 29, 2020, in consideration of the impact the COVID-19 pandemic has had on the United States, globally and our business operations, our board authorized the suspension of all stockholder distributions upon the completion of the payment of distributions payable to stockholders of record on or prior to the close of business on May 31, 2020. As a result, our board also approved the suspension of the Amended and Restated DRIP until such time, if any, as our board determines to authorize new distributions and to reinstate such plan. Such suspension was effective upon the completion of all shares issued with respect to distributions payable to stockholders of record on or prior to the close of business on May 31, 2020. Since October 5, 2016, our board had approved and established an estimated per share NAV annually. 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 issued at the current estimated per share NAV until such time as our board determined an updated estimated per share NAV. The following is a summary of our historical 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 10/03/19 $ 9.40 For the years ended December 31, 2020, 2019 and 2018, $21,861,000, $55,440,000 and $60,030,000, respectively, in distributions were reinvested and 2,325,762, 5,913,684 and 6,464,432 shares of our common stock, respectively, were issued pursuant to our DRIP Offerings. As of December 31, 2020 and 2019, a total of $327,012,000 and $305,151,000, respectively, in distributions were cumulatively reinvested that resulted in 35,059,456 and 32,733,694 shares of our common stock, respectively, being issued pursuant to our DRIP Offerings. Share Repurchase Plan As discussed above, in response to the effects of the COVID-19 pandemic and to protect our capital and maximize our liquidity in an effort to strengthen our long-term financial prospects, on March 31, 2020, our board partially suspended our share repurchase plan with respect to all repurchase requests other than repurchases resulting from the death or qualifying disability of stockholders, beginning with share repurchase requests submitted for repurchase during the second quarter of 2020. Repurchase requests that resulted from the death or qualifying disability of stockholders were not suspended, but remained subject to all terms and conditions of our share repurchase plan, including our board’s discretion to determine whether we had sufficient funds available to repurchase any shares. Subsequently, on May 29, 2020, our board suspended our share repurchase plan with respect to all share repurchase requests received after May 31, 2020, including repurchases resulting from the death or qualifying disability of stockholders. On July 1, 2020, we repurchased the final share repurchase requests presented prior to the suspension of our share repurchase plan. Our board shall determine if and when it is in the best interest of our company and stockholders to reinstate our share repurchase plan. Prior to the suspension of the share repurchase plan, our share repurchase plan, as amended, allowed for repurchases of shares of our common stock by us when certain criteria were met. Share repurchases were made at the sole discretion of our board. Subject to the availability of the funds for share repurchases, we generally limited 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. Additionally, effective with respect to share repurchase requests submitted for repurchase during the second quarter of 2019, the number of shares that were repurchased during any fiscal quarter was limited to an amount equal to the net proceeds that we received from the sale of shares issued pursuant to our DRIP Offerings during the immediately preceding completed fiscal quarter; provided however, that shares subject to a repurchase requested upon the death or “qualifying disability,” as defined in our share repurchase plan, of a stockholder were not subject to this quarterly cap or to our existing cap on repurchases of 5.0% of the weighted average number of shares outstanding during the calendar year prior to the repurchase date. Funds for the repurchase of shares of our common stock came from the cumulative proceeds we received from the sale of shares of our common stock pursuant to our DRIP Offerings. Furthermore, our share repurchase plan provided that if there were insufficient funds to honor all repurchase requests, pending requests may be honored among all requests for repurchase in any given repurchase period as follows: first, repurchases in full as to repurchases that would result in a stockholder owning less than $2,500 of shares; and, next, pro rata as to other repurchase requests. The Repurchase Amount, as such term is defined in our share repurchase plan, was 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. For requests submitted pursuant to a death or a qualifying disability of a stockholder, the Repurchase Amount was 100% of the amount per share the stockholder paid for their shares of common stock. Since October 5, 2016, our board had previously approved and established an estimated per share NAV annually. See the “Distribution Reinvestment Plan” section above for a discussion of our historical estimated per share NAV. Accordingly, commencing with share repurchase requests submitted during the quarter that our board approved and established an estimated per share NAV, such per share NAV served as the Repurchase Amount for stockholders who purchased their shares at a price equal to or greater than such per share NAV in our initial offering, until such time as our board determined an updated estimated per share NAV. For the years ended December 31, 2020, 2019 and 2018, we repurchased 2,410,864, 9,526,087 and 8,272,789 shares of our common stock, respectively, for an aggregate of $23,107,000, $89,888,000 and $76,577,000, respectively, at an average repurchase price of $9.58, $9.44 and $9.26 per share, respectively. As of December 31, 2020 and 2019, we cumulatively repurchased 26,257,404 and 23,846,540 shares of our common stock, respectively, for an aggregate of $244,930,000 and $221,823,000, respectively, at an average repurchase price of $9.33 and $9.30 per share, respectively. 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, 2020, 2019 and 2018, we granted an aggregate of 7,500, 22,500 and 22,500 shares of our restricted common stock, respectively, at a weighted average grant date fair value of $9.40, $9.37 and $9.27 per share, respectively, to our independent directors in connection with their 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, 2020, 2019 and 2018, we recognized stock compensation expense related to the independent director grants of $155,000, $215,000 and $215,000, respectively. Such stock compensation expense 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, 2020 | |
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, 2020. 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, 2020, 2019 and 2018, we incurred $25,875,000, $25,064,000 and $24,266,000, 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. 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, 2020, 2019 and 2018, we incurred $480,000, $1,124,000 and $1,194,000, respectively, in acquisition fees to our advisor. Acquisition fees 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. 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, 2020, 2019 and 2018, we incurred $1,073,000, $346,000 and $137,000, respectively, in development fees to our advisor or its affiliates, which are capitalized as part of the associated investments 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, 2020, 2019 and 2018, such fees and expenses noted above did not exceed 6.0% of the contract purchase price of our acquisitions of real estate or real estate-related investments. For the years ended December 31, 2020, 2019 and 2018, we did not incur any acquisition expenses to our advisor or its affiliates. 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. In an effort to increase our liquidity during the ongoing uncertainty surrounding the COVID-19 pandemic, on May 29, 2020, our advisor deferred 50.0% of the asset management fees that it would otherwise have been entitled to receive pursuant to the Advisory Agreement for services performed by our advisor or its affiliates during the period from June 1, 2020 to November 30, 2020. Such deferred asset management fees of $5,207,000 as of December 31, 2020 were included in accounts payable due to affiliates in our accompanying consolidated balance sheets, and were paid in full on January 4, 2021. For the years ended December 31, 2020, 2019 and 2018, we incurred $20,693,000, $20,073,000 and $19,373,000, 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, 2020, 2019 and 2018, we incurred $2,632,000, $2,611,000 and $2,428,000, respectively, in property management fees to our advisor or its affiliates. Property management fees are included in rental expenses or general and administrative expenses in our accompanying consolidated statements of operations and comprehensive income (loss), as applicable. 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, 2020, 2019 and 2018, we incurred $579,000, $379,000 and $843,000, 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, 2020, 2019 and 2018, we incurred $183,000, $320,000 and $91,000, 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, 2020, 2019 and 2018, 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, 2020 2019 2018 Operating expenses as a percentage of average invested assets 1.0 % 0.9 % 0.9 % Operating expenses as a percentage of net income 22.1 % 18.9 % 19.1 % For the years ended December 31, 2020, 2019 and 2018, our advisor or its affiliates incurred operating expenses on our behalf of $235,000, $211,000 and $200,000, respectively. Operating expenses are generally included in general and administrative in our accompanying consolidated statements of operations and comprehensive income (loss). 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 year ended December 31, 2020, our advisor agreed to waive $431,000 of disposition fees that may otherwise have been due to our advisor pursuant to the Advisory Agreement. See Note 2, Summary of Significant Accounting Policies — Properties Held for Sale, and Note 3, Real Estate Investments, Net, for discussions of our property dispositions, as well as Note 13, Equity — Noncontrolling Interests, for a discussion of the disposition of membership interests in a consolidated limited liability company. Our advisor did not receive any additional securities, shares of stock or any other form of consideration or any repayment as a result of the waiver of such disposition fees. For the years ended December 31, 2019 and 2018, we did not incur any disposition fees to our advisor or its affiliates. Subordinated Participation Interest Subordinated Distribution of Net Sales Proceeds In the event of liquidation, we will pay our advisor a subordinated distribution of net sales proceeds. The distribution will be equal to 15.0% of the remaining net proceeds from the sales of properties, after distributions to our stockholders, in the aggregate, of: (i) a full return of capital raised from stockholders (less amounts paid to repurchase shares of our common stock pursuant to our share repurchase plan); plus (ii) an annual 7.0% cumulative, non-compounded return on the gross proceeds from the sale of shares of our common stock, as adjusted for distributions of net sales proceeds. Actual amounts to be received depend on the sale prices of properties upon liquidation. For the years ended December 31, 2020, 2019 and 2018, 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, 2020, 2019 and 2018, 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) and the total amount of cash equal to an annual 7.0% cumulative, 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, 2020 and 2019, 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, 2020 and 2019: December 31, Fee 2020 2019 Asset and property management fees $ 7,155,000 $ 1,991,000 Development fees 743,000 — Construction management fees 91,000 175,000 Lease commissions 27,000 143,000 Operating expenses 10,000 12,000 $ 8,026,000 $ 2,321,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Other Significant Total Assets: Derivative financial instrument $ — $ — $ — $ — Total assets at fair value $ — $ — $ — $ — Liabilities: Derivative financial instruments $ — $ 7,877,000 $ — $ 7,877,000 Warrants — — 1,025,000 1,025,000 Total liabilities at fair value $ — $ 7,877,000 $ 1,025,000 $ 8,902,000 The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2019, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Other Significant Total Assets: Derivative financial instrument $ — $ — $ — $ — Total assets at fair value $ — $ — $ — $ — Liabilities: Derivative financial instruments $ — $ 3,971,000 $ — $ 3,971,000 Warrants — — 1,178,000 1,178,000 Total liabilities at fair value $ — $ 3,971,000 $ 1,178,000 $ 5,149,000 There were no transfers into and out of fair value measurement levels during the years ended December 31, 2020 and 2019. 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. 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, 2020, 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 Liability Contingent consideration obligations are due upon certain criteria being met within specified time frames. As of December 31, 2020 and 2019, we did not have any contingent consideration obligations outstanding. When recorded by us, contingent consideration obligations will be included in security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheets. As of December 31, 2018, we had accrued $681,000 of a contingent consideration obligation in connection with our Clemmons facility within North Carolina ALF Portfolio, which was not exercised and expired in June 2019. Accordingly, for the years ended December 31, 2019 and 2018, we recorded a net gain on the change in fair value of contingent consideration obligations related to North Carolina ALF Portfolio of $681,000 and $2,843,000, respectively, which is included in acquisition related expenses in our accompanying consolidated statements of operations and comprehensive income (loss). We did not record any change in fair value of contingent consideration obligations for the year ended December 31, 2020. The following is a reconciliation of the beginning and ending balances of our contingent consideration obligations for the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, 2020 2019 2018 Contingent Consideration Obligations: Beginning balance $ — $ 681,000 $ 5,107,000 Realized/unrealized gains recognized in earnings — (681,000) (2,843,000) Settlements of obligations — — (1,583,000) Ending balance $ — $ — $ 681,000 Amount of total gains included in earnings attributable to the change in unrealized gains related to obligations still held $ — $ (681,000) $ (2,843,000) Warrants As of December 31, 2020 and 2019, we have recorded $1,025,000 and $1,178,000, respectively, related to warrants in Trilogy common units held by certain members of Trilogy’s 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 management. See Note 12, Redeemable Noncontrolling Interests, for a further discussion. As of December 31, 2020 and 2019, the carrying value is a reasonable estimate of fair value. Real Estate Investment For the year ended December 31, 2018, 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: Range of Inputs or Inputs Unobservable Inputs Market rent per square foot $13.75 to $25.00 Capitalization rate 7.50 % Discount rate 8.00 % Financial Instruments Disclosed at Fair Value Our accompanying consolidated balance sheets include the following financial instruments: debt security investment, cash and cash equivalents, accounts and other receivables, restricted cash, 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 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 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 debt security investment is estimated using a discounted cash flow analysis using interest rates available to us for investments with similar terms and maturities. The fair values of our mortgage loans payable and our lines of credit and term loans are estimated using discounted cash flow analyses using borrowing rates available to us for debt instruments with similar terms and maturities. We have determined that the valuations of our 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, 2020 and 2019 were as follows: December 31, 2020 2019 Carrying Fair Carrying Fair Financial Assets: Debt security investment $ 75,851,000 $ 94,033,000 $ 72,717,000 $ 94,026,000 Financial Liabilities: Mortgage loans payable $ 810,478,000 $ 830,049,000 $ 792,870,000 $ 732,846,000 Lines of credit and term loans $ 836,770,000 $ 847,048,000 $ 807,742,000 $ 816,355,000 ___________ (1) Carrying amount is net of any discount/premium and unamortized costs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes 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 TRS pursuant to the Code. TRS 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 March 27, 2020, the federal government passed the CARES Act that contains economic stimulus provisions, including the temporary removal of limitations on the deductibility of net operating loss, or NOL, modifications to the carryback periods of NOL, modifications to the business interest deduction limitations and technical corrections to the tax depreciation recovery period of qualified improvement property. Accordingly, tax law changes within the CARES Act may impact income taxes accrued, deferred tax assets or liabilities and the associated valuation allowances included in our consolidated financial statements, if any. We do not anticipate that tax law changes in the CARES Act will materially impact the computation of our taxable income, including our TRS. We also do not expect that we will realize a material tax benefit as a result of the changes to the provisions of the Code made by the CARES Act. We will continue to evaluate the tax impact of the CARES Act and any guidance provided by the United States Treasury Department, the IRS, and other state and local regulatory authorities to our consolidated financial statements. The components of income or loss before taxes for the years ended December 31, 2020, 2019 and 2018, were as follows: December 31, 2020 2019 2018 Domestic $ 6,171,000 $ 1,193,000 $ 14,202,000 Foreign (386,000) (521,000) (462,000) Income before income taxes $ 5,785,000 $ 672,000 $ 13,740,000 The components of income tax benefit or expense for the years ended December 31, 2020, 2019 and 2018 were as follows: December 31, 2020 2019 2018 Federal deferred $ (4,818,000) $ (3,672,000) $ (4,647,000) State deferred (932,000) (737,000) (922,000) Federal current (361,000) (29,000) — State current — (16,000) — Foreign current 612,000 605,000 988,000 Valuation allowances 2,421,000 5,373,000 3,784,000 Total income tax (benefit) expense $ (3,078,000) $ 1,524,000 $ (797,000) Current Income Tax Federal and state income taxes are generally a function of the level of income recognized by our TRS. Foreign income taxes are generally a function of our income on our real estate 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 NOL that may be realized in future periods depending on sufficient taxable income. We recognize the financial statement effects of an uncertain 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 both December 31, 2020 and 2019, 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 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 both December 31, 2020 and 2019, 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, 2020 and 2019 were as follows: December 31, 2020 2019 Deferred income tax assets: Fixed assets and intangibles $ 5,619,000 $ 6,509,000 Expense accruals and other 13,968,000 14,233,000 Net operating loss 21,168,000 14,341,000 Reserves and accruals 6,541,000 5,540,000 Allowances for accounts receivable 1,932,000 (179,000) Investments in unconsolidated entities 2,357,000 2,326,000 Total deferred income tax assets $ 51,585,000 $ 42,770,000 Deferred income tax liabilities: Fixed assets and intangibles $ (16,840,000) $ (14,468,000) Other — temporary differences (2,868,000) (2,176,000) Total deferred income tax liabilities $ (19,708,000) $ (16,644,000) Net deferred income tax assets before valuation allowance $ 31,877,000 $ 26,126,000 Valuation allowances (31,877,000) (29,455,000) Net deferred income tax assets (liabilities) $ — $ (3,329,000) At December 31, 2020 and 2019, we had a NOL carryforward of $87,347,000 and $58,416,000, respectively, related to our TRS. These amounts can be used to offset future taxable income, if any. 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 United States stockholders’ basis (but not below zero) in their shares. The income tax treatment for distributions reportable for the years ended December 31, 2020, 2019 and 2018 was as follows: Years Ended December 31, 2020 2019 2018 Ordinary income $ — — % $ 35,294,000 29.9 % $ 33,141,000 27.6 % Capital gain — — — — — — Return of capital 48,842,000 100 82,731,000 70.1 86,833,000 72.4 $ 48,842,000 100 % $ 118,025,000 100 % $ 119,974,000 100 % Amounts listed above do not include distributions paid on nonvested shares of our restricted common stock which have been separately reported. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Finance Leases | 17. Leases Lessor We have operating leases with tenants that expire at various dates through 2050. For the years ended December 31, 2020 and 2019, we recognized $114,770,000 and $118,201,000, respectively, of revenues related to operating lease payments, of which $18,452,000 and $18,942,000, respectively, was for variable lease payments. As of December 31, 2020, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for each of the next five years ending December 31 and thereafter for properties that we wholly own: Year Amount 2021 $ 89,484,000 2022 83,728,000 2023 76,843,000 2024 70,123,000 2025 61,594,000 Thereafter 410,526,000 Total $ 792,298,000 Lessee We lease certain land, buildings, furniture, fixtures, campus equipment, office equipment and automobiles. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Most leases include one or more options to renew, with renewal terms that generally can extend at various dates through 2112, excluding extension options. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. As of December 31, 2020, we had future lease payments of $44,307,000 for operating leases that had not yet commenced. Such operating leases will commence between fiscal year 2021 and 2022 with lease terms of up to 15 years. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments that are adjusted periodically based on the United States Bureau of Labor Statistics’ Consumer Price Index, and may also include other variable lease costs (i.e., common area maintenance, property taxes and insurance). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease costs were as follows: Years Ended December 31, Lease Cost Classification 2020 2019 Operating lease cost(1) Property operating expenses and rental expenses $ 32,441,000 $ 29,974,000 Finance lease cost Amortization of leased assets Depreciation and amortization 1,891,000 2,001,000 Interest on lease liabilities Interest expense 609,000 391,000 Total lease cost $ 34,941,000 $ 32,366,000 ___________ (1) Includes short-term leases and variable lease costs, which are immaterial. Additional information related to our leases for the periods presented below was as follows: December 31, Lease Term and Discount Rate 2020 2019 Weighted average remaining lease term (in years) Operating leases 13.3 13.5 Finance leases 1.3 1.3 Weighted average discount rate Operating leases 5.77 % 5.94 % Finance leases 5.62 % 7.33 % Years Ended December 31, Supplemental Disclosure of Cash Flows Information 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows related to operating leases $ 23,790,000 $ 22,114,000 Operating cash outflows related to finance leases $ 609,000 $ 390,000 Financing cash outflows related to finance leases $ 1,235,000 $ 3,076,000 Leased assets obtained in exchange for finance lease liabilities $ 66,000 $ — Right-of-use assets obtained in exchange for operating lease liabilities $ 14,302,000 $ 31,958,000 Operating Leases As of December 31, 2020, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying consolidated balance sheet: Year Amount 2021 $ 23,875,000 2022 24,328,000 2023 24,520,000 2024 23,756,000 2025 23,639,000 Thereafter 167,081,000 Total operating lease payments 287,199,000 Less: interest 93,565,000 Present value of operating lease liabilities $ 193,634,000 Finance Leases As of December 31, 2020, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities: Year Amount 2021 $ 151,000 2022 22,000 2023 16,000 2024 — 2025 — Thereafter — Total finance lease payments 189,000 Less: interest 8,000 Present value of finance lease liabilities $ 181,000 |
Lessor, Operating Leases | 17. Leases Lessor We have operating leases with tenants that expire at various dates through 2050. For the years ended December 31, 2020 and 2019, we recognized $114,770,000 and $118,201,000, respectively, of revenues related to operating lease payments, of which $18,452,000 and $18,942,000, respectively, was for variable lease payments. As of December 31, 2020, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for each of the next five years ending December 31 and thereafter for properties that we wholly own: Year Amount 2021 $ 89,484,000 2022 83,728,000 2023 76,843,000 2024 70,123,000 2025 61,594,000 Thereafter 410,526,000 Total $ 792,298,000 Lessee We lease certain land, buildings, furniture, fixtures, campus equipment, office equipment and automobiles. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Most leases include one or more options to renew, with renewal terms that generally can extend at various dates through 2112, excluding extension options. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. As of December 31, 2020, we had future lease payments of $44,307,000 for operating leases that had not yet commenced. Such operating leases will commence between fiscal year 2021 and 2022 with lease terms of up to 15 years. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments that are adjusted periodically based on the United States Bureau of Labor Statistics’ Consumer Price Index, and may also include other variable lease costs (i.e., common area maintenance, property taxes and insurance). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease costs were as follows: Years Ended December 31, Lease Cost Classification 2020 2019 Operating lease cost(1) Property operating expenses and rental expenses $ 32,441,000 $ 29,974,000 Finance lease cost Amortization of leased assets Depreciation and amortization 1,891,000 2,001,000 Interest on lease liabilities Interest expense 609,000 391,000 Total lease cost $ 34,941,000 $ 32,366,000 ___________ (1) Includes short-term leases and variable lease costs, which are immaterial. Additional information related to our leases for the periods presented below was as follows: December 31, Lease Term and Discount Rate 2020 2019 Weighted average remaining lease term (in years) Operating leases 13.3 13.5 Finance leases 1.3 1.3 Weighted average discount rate Operating leases 5.77 % 5.94 % Finance leases 5.62 % 7.33 % Years Ended December 31, Supplemental Disclosure of Cash Flows Information 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows related to operating leases $ 23,790,000 $ 22,114,000 Operating cash outflows related to finance leases $ 609,000 $ 390,000 Financing cash outflows related to finance leases $ 1,235,000 $ 3,076,000 Leased assets obtained in exchange for finance lease liabilities $ 66,000 $ — Right-of-use assets obtained in exchange for operating lease liabilities $ 14,302,000 $ 31,958,000 Operating Leases As of December 31, 2020, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying consolidated balance sheet: Year Amount 2021 $ 23,875,000 2022 24,328,000 2023 24,520,000 2024 23,756,000 2025 23,639,000 Thereafter 167,081,000 Total operating lease payments 287,199,000 Less: interest 93,565,000 Present value of operating lease liabilities $ 193,634,000 Finance Leases As of December 31, 2020, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities: Year Amount 2021 $ 151,000 2022 22,000 2023 16,000 2024 — 2025 — Thereafter — Total finance lease payments 189,000 Less: interest 8,000 Present value of finance lease liabilities $ 181,000 |
Lessee, Operating Leases | 17. Leases Lessor We have operating leases with tenants that expire at various dates through 2050. For the years ended December 31, 2020 and 2019, we recognized $114,770,000 and $118,201,000, respectively, of revenues related to operating lease payments, of which $18,452,000 and $18,942,000, respectively, was for variable lease payments. As of December 31, 2020, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for each of the next five years ending December 31 and thereafter for properties that we wholly own: Year Amount 2021 $ 89,484,000 2022 83,728,000 2023 76,843,000 2024 70,123,000 2025 61,594,000 Thereafter 410,526,000 Total $ 792,298,000 Lessee We lease certain land, buildings, furniture, fixtures, campus equipment, office equipment and automobiles. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Most leases include one or more options to renew, with renewal terms that generally can extend at various dates through 2112, excluding extension options. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. As of December 31, 2020, we had future lease payments of $44,307,000 for operating leases that had not yet commenced. Such operating leases will commence between fiscal year 2021 and 2022 with lease terms of up to 15 years. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments that are adjusted periodically based on the United States Bureau of Labor Statistics’ Consumer Price Index, and may also include other variable lease costs (i.e., common area maintenance, property taxes and insurance). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease costs were as follows: Years Ended December 31, Lease Cost Classification 2020 2019 Operating lease cost(1) Property operating expenses and rental expenses $ 32,441,000 $ 29,974,000 Finance lease cost Amortization of leased assets Depreciation and amortization 1,891,000 2,001,000 Interest on lease liabilities Interest expense 609,000 391,000 Total lease cost $ 34,941,000 $ 32,366,000 ___________ (1) Includes short-term leases and variable lease costs, which are immaterial. Additional information related to our leases for the periods presented below was as follows: December 31, Lease Term and Discount Rate 2020 2019 Weighted average remaining lease term (in years) Operating leases 13.3 13.5 Finance leases 1.3 1.3 Weighted average discount rate Operating leases 5.77 % 5.94 % Finance leases 5.62 % 7.33 % Years Ended December 31, Supplemental Disclosure of Cash Flows Information 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows related to operating leases $ 23,790,000 $ 22,114,000 Operating cash outflows related to finance leases $ 609,000 $ 390,000 Financing cash outflows related to finance leases $ 1,235,000 $ 3,076,000 Leased assets obtained in exchange for finance lease liabilities $ 66,000 $ — Right-of-use assets obtained in exchange for operating lease liabilities $ 14,302,000 $ 31,958,000 Operating Leases As of December 31, 2020, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying consolidated balance sheet: Year Amount 2021 $ 23,875,000 2022 24,328,000 2023 24,520,000 2024 23,756,000 2025 23,639,000 Thereafter 167,081,000 Total operating lease payments 287,199,000 Less: interest 93,565,000 Present value of operating lease liabilities $ 193,634,000 Finance Leases As of December 31, 2020, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities: Year Amount 2021 $ 151,000 2022 22,000 2023 16,000 2024 — 2025 — Thereafter — Total finance lease payments 189,000 Less: interest 8,000 Present value of finance lease liabilities $ 181,000 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | 18. Segment Reporting As of December 31, 2020, 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, thus requiring active management and responsibility for many of the associated operating expenses (much of which are, or can effectively be, passed through to the tenants). In addition, our medical office buildings segment included our real estate notes receivable that were settled in full in June 2019. Our hospital investments are primarily single-tenant properties for which we 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 and senior housing facilities are similarly structured to our hospital investments. In addition, our senior housing segment includes our debt security investment. Our senior housing — RIDEA properties include senior housing facilities that are owned and operated utilizing a RIDEA structure. Our integrated senior health campuses include a range of assisted living, memory care, independent living, skilled nursing services and certain ancillary businesses that are owned and operated utilizing a RIDEA structure. We evaluate performance based upon segment net operating income, or NOI. We define segment NOI as total revenues and grant income, less property operating expenses and rental expenses, which excludes depreciation and amortization, general and administrative expenses, acquisition related expenses, interest expense, gain or loss on dispositions of real estate investments, impairment of real estate investments, foreign currency gain or loss, other income, income or loss from unconsolidated entities and income tax benefit or 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 NOI 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 and other assets not attributable to individual properties. Summary information for the reportable segments during the years ended December 31, 2020, 2019 and 2018 was as follows: Integrated Senior Housing — RIDEA Medical Senior Skilled Hospitals Year Ended December 31, 2020 Revenues and grant income: Resident fees and services $ 983,169,000 $ 85,904,000 $ — $ — $ — $ — $ 1,069,073,000 Real estate revenue — — 78,424,000 14,524,000 16,107,000 10,992,000 120,047,000 Grant income 53,855,000 1,326,000 — — — — 55,181,000 Total revenues and grant income 1,037,024,000 87,230,000 78,424,000 14,524,000 16,107,000 10,992,000 1,244,301,000 Expenses: Property operating expenses 929,897,000 63,830,000 — — — — 993,727,000 Rental expenses — — 30,216,000 64,000 1,572,000 446,000 32,298,000 Segment net operating income $ 107,127,000 $ 23,400,000 $ 48,208,000 $ 14,460,000 $ 14,535,000 $ 10,546,000 $ 218,276,000 Expenses: General and administrative $ 27,007,000 Acquisition related expenses 290,000 Depreciation and amortization 98,858,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (71,278,000) Loss in fair value of derivative financial instruments (3,906,000) Gain on dispositions of real estate investments 1,395,000 Impairment of real estate investments (11,069,000) Loss from unconsolidated entities (4,517,000) Foreign currency gain 1,469,000 Other income 1,570,000 Income before income taxes 5,785,000 Income tax benefit 3,078,000 Net income $ 8,863,000 Integrated Senior Medical Senior Skilled Hospitals Year Ended December 31, 2019 Revenues: Resident fees and services $ 1,030,934,000 $ 68,144,000 $ — $ — $ — $ — $ 1,099,078,000 Real estate revenue — — 80,805,000 18,407,000 13,345,000 11,481,000 124,038,000 Total revenues 1,030,934,000 68,144,000 80,805,000 18,407,000 13,345,000 11,481,000 1,223,116,000 Expenses: Property operating expenses 919,793,000 48,067,000 — — — — 967,860,000 Rental expenses — — 30,870,000 1,001,000 1,456,000 532,000 33,859,000 Segment net operating income $ 111,141,000 $ 20,077,000 $ 49,935,000 $ 17,406,000 $ 11,889,000 $ 10,949,000 $ 221,397,000 Expenses: General and administrative $ 29,749,000 Acquisition related expenses (161,000) Depreciation and amortization 111,412,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishment) (78,553,000) Loss in fair value of derivative financial instruments (4,541,000) Loss from unconsolidated entities (2,097,000) Foreign currency gain 1,730,000 Other income 3,736,000 Income before income taxes 672,000 Income tax expense (1,524,000) Net loss $ (852,000) Integrated Senior Housing — RIDEA Medical Senior Skilled 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 investment (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 Total assets by reportable segment as of December 31, 2020 and 2019 were as follows: December 31, 2020 2019 Integrated senior health campuses $ 1,886,878,000 $ 1,791,868,000 Medical office buildings 610,653,000 620,292,000 Senior housing — RIDEA 348,987,000 360,823,000 Senior housing 152,406,000 152,909,000 Skilled nursing facilities 115,941,000 126,606,000 Hospitals 109,663,000 113,737,000 Other 10,409,000 6,054,000 Total assets $ 3,234,937,000 $ 3,172,289,000 As of both December 31, 2020 and 2019, 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 grant income 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, 2020 2019 2018 Revenues and grant income: United States $ 1,239,509,000 $ 1,218,337,000 $ 1,130,350,000 International 4,792,000 4,779,000 4,910,000 $ 1,244,301,000 $ 1,223,116,000 $ 1,135,260,000 The following is a summary of real estate investments, net by geographic regions as of December 31, 2020 and 2019: December 31, 2020 2019 Real estate investments, net: United States $ 2,279,257,000 $ 2,219,882,000 International 50,743,000 50,539,000 $ 2,330,000,000 $ 2,270,421,000 |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 19. Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk are primarily our debt security investment, cash and cash equivalents, accounts and other receivables and restricted cash. We are exposed to credit risk with respect to our debt security investment, but we believe collection of the outstanding amount is probable. 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, 2020 and 2019, 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, 2020, 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 NOI. Properties located in Indiana accounted for 39.9% of our total property portfolio’s annualized base rent or annualized NOI. 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, 2020, our six reportable business segments, integrated senior health campuses, medical office buildings, senior housing — RIDEA, skilled nursing facilities, hospitals and senior housing, accounted for 49.6%, 27.3%, 10.5%, 5.7%, 3.9% and 3.0%, respectively, of our total property portfolio’s annualized base rent or annualized NOI. As of December 31, 2020, none of our tenants at our properties accounted for 10.0% or more of our total property portfolio’s annualized base rent or annualized NOI, which is based on contractual base rent from leases in effect for our non-RIDEA properties and annualized NOI for our senior housing — RIDEA facilities and integrated senior health campuses operations as of December 31, 2020. |
Per Share Data
Per Share Data | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Per Share Data | 20. Per Share Data 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 $9,000, $28,000 and $28,000, respectively, for the years ended December 31, 2020, 2019 and 2018. 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. |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
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 Cost Land Buildings and Total(e) Accumulated Date of Date DeKalb Professional Center (Medical Office) Lithonia, GA $ — $ 479,000 $ 2,871,000 $ 271,000 $ 479,000 $ 3,142,000 $ 3,621,000 $ (766,000) 2008 06/06/14 Country Club MOB (Medical Office) Stockbridge, GA — 240,000 2,306,000 375,000 240,000 2,681,000 2,921,000 (572,000) 2002 06/26/14 Acworth Medical Complex (Medical Office) Acworth, GA — 216,000 3,135,000 192,000 216,000 3,327,000 3,543,000 (692,000) 1976/2009 07/02/14 Acworth, GA — 250,000 2,214,000 148,000 250,000 2,362,000 2,612,000 (550,000) 1976/2009 07/02/14 Acworth, GA — 104,000 774,000 3,000 104,000 777,000 881,000 (197,000) 1976/2009 07/02/14 Wichita KS MOB (Medical Office) Wichita, KS — 943,000 6,288,000 537,000 943,000 6,825,000 7,768,000 (1,648,000) 1980/1996 09/04/14 Delta Valley ALF Portfolio (Senior Housing) Batesville, MS — 331,000 5,103,000 — 331,000 5,103,000 5,434,000 (1,098,000) 1999/2005 09/11/14 Cleveland, MS — 348,000 6,369,000 — 348,000 6,369,000 6,717,000 (1,477,000) 2004 09/11/14 Springdale, AR — 891,000 6,538,000 — 891,000 6,538,000 7,429,000 (1,489,000) 1998/2005 01/08/15 Lee’s Summit MO MOB (Medical Office) Lee’s Summit, MO — 1,045,000 5,068,000 463,000 1,045,000 5,531,000 6,576,000 (1,646,000) 2006 09/18/14 Carolina Commons MOB (Medical Office) Indian Land, SC 6,419,000 1,028,000 9,430,000 2,190,000 1,028,000 11,620,000 12,648,000 (2,210,000) 2009 10/15/14 Mount Olympia MOB Portfolio (Medical Office) Mount Dora, FL — 393,000 5,633,000 — 393,000 5,633,000 6,026,000 (1,056,000) 2009 12/04/14 Olympia Fields, IL — 298,000 2,726,000 21,000 298,000 2,747,000 3,045,000 (602,000) 2005 12/04/14 Southlake TX Hospital (Hospital) Southlake, TX — 5,089,000 108,517,000 — 5,089,000 108,517,000 113,606,000 (17,696,000) 2013 12/04/14 East Texas MOB Portfolio (Medical Office) Longview, TX — — 19,942,000 111,000 — 20,053,000 20,053,000 (4,050,000) 2008 12/12/14 Longview, TX — 228,000 965,000 — 228,000 965,000 1,193,000 (321,000) 1979/1997 12/12/14 Longview, TX — 759,000 1,696,000 — 759,000 1,696,000 2,455,000 (606,000) 1998 12/12/14 Longview, TX — — 8,027,000 — — 8,027,000 8,027,000 (1,667,000) 2004 12/12/14 Longview, TX — — 696,000 29,000 — 725,000 725,000 (237,000) 1956 12/12/14 Longview, TX — — 27,601,000 3,354,000 — 30,955,000 30,955,000 (6,626,000) 1985/1993/ 2004 12/12/14 Marshall, TX — 368,000 1,711,000 99,000 368,000 1,810,000 2,178,000 (626,000) 1970 12/12/14 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Premier MOB (Medical Office) Novi, MI $ — $ 644,000 $ 10,420,000 $ 825,000 $ 644,000 $ 11,245,000 $ 11,889,000 $ (2,417,000) 2006 12/19/14 Independence MOB Portfolio (Medical Office) Southgate, KY — 411,000 11,005,000 1,914,000 411,000 12,919,000 13,330,000 (2,461,000) 1988 01/13/15 Somerville, MA 30,332,000 1,509,000 46,775,000 4,045,000 1,509,000 50,820,000 52,329,000 (8,011,000) 1990 01/13/15 Morristown, NJ 28,364,000 3,763,000 26,957,000 3,940,000 3,764,000 30,896,000 34,660,000 (6,808,000) 1980 01/13/15 Verona, NJ — 1,683,000 9,405,000 746,000 1,683,000 10,151,000 11,834,000 (2,099,000) 1970 01/13/15 Bronx, NY — — 19,593,000 2,533,000 — 22,126,000 22,126,000 (3,794,000) 1987/1988 01/26/15 King of Prussia PA MOB (Medical Office) King of Prussia, PA 8,797,000 3,427,000 13,849,000 4,803,000 3,427,000 18,652,000 22,079,000 (4,178,000) 1946/2000 01/21/15 North Carolina ALF Portfolio (Senior Housing — RIDEA) Clemmons, NC — 596,000 13,237,000 (768,000) 596,000 12,469,000 13,065,000 (2,089,000) 2014 06/29/15 Garner, NC — 1,723,000 11,517,000 15,000 1,723,000 11,532,000 13,255,000 (722,000) 2014 03/27/19 Huntersville, NC — 2,033,000 11,494,000 (192,000) 2,033,000 11,302,000 13,335,000 (1,424,000) 2015 01/18/17 Matthews, NC — 949,000 12,537,000 (188,000) 949,000 12,349,000 13,298,000 (970,000) 2017 08/30/18 Mooresville, NC — 835,000 15,894,000 (777,000) 835,000 15,117,000 15,952,000 (2,577,000) 2012 01/28/15 Raleigh, NC — 1,069,000 21,235,000 (772,000) 1,069,000 20,463,000 21,532,000 (3,298,000) 2013 01/28/15 Wake Forest, NC — 772,000 13,596,000 (864,000) 772,000 12,732,000 13,504,000 (2,005,000) 2014 06/29/15 Orange Star Medical Portfolio (Medical Office and Hospital) Durango, CO — 623,000 14,166,000 279,000 623,000 14,445,000 15,068,000 (2,399,000) 2004 02/26/15 Durango, CO — 788,000 10,467,000 604,000 788,000 11,071,000 11,859,000 (1,918,000) 2004 02/26/15 Friendswood, TX — 500,000 7,664,000 323,000 500,000 7,987,000 8,487,000 (1,476,000) 2008 02/26/15 Keller, TX — 1,604,000 7,912,000 429,000 1,604,000 8,341,000 9,945,000 (1,549,000) 2011 02/26/15 Wharton, TX — 259,000 10,590,000 243,000 259,000 10,833,000 11,092,000 (1,970,000) 1987 02/26/15 Kingwood MOB Portfolio (Medical Office) Kingwood, TX — 820,000 8,589,000 127,000 820,000 8,716,000 9,536,000 (1,647,000) 2005 03/11/15 Kingwood, TX — 781,000 3,943,000 95,000 781,000 4,038,000 4,819,000 (807,000) 2008 03/11/15 Mt Juliet TN MOB (Medical Office) Mount Juliet, TN — 1,188,000 10,720,000 166,000 1,188,000 10,886,000 12,074,000 (1,987,000) 2012 03/17/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Homewood AL MOB (Medical Office) Homewood, AL $ — $ 405,000 $ 6,590,000 $ (60,000) $ 405,000 $ 6,530,000 $ 6,935,000 $ (1,233,000) 2010 03/27/15 Paoli PA Medical Plaza (Medical Office) Paoli, PA 12,404,000 2,313,000 12,447,000 7,984,000 2,313,000 20,431,000 22,744,000 (2,860,000) 1951 04/10/15 Paoli, PA — 1,668,000 7,357,000 1,335,000 1,668,000 8,692,000 10,360,000 (1,987,000) 1975 04/10/15 Glen Burnie MD MOB (Medical Office) Glen Burnie, MD — 2,692,000 14,095,000 2,649,000 2,692,000 16,744,000 19,436,000 (3,533,000) 1981 05/06/15 Marietta GA MOB (Medical Office) Marietta, GA — 1,347,000 10,947,000 462,000 1,347,000 11,409,000 12,756,000 (1,927,000) 2002 05/07/15 Mountain Crest Senior Housing Portfolio (Senior Housing — RIDEA) Elkhart, IN — 793,000 6,009,000 179,000 793,000 6,188,000 6,981,000 (1,385,000) 1997 05/14/15 Elkhart, IN — 782,000 6,760,000 568,000 782,000 7,328,000 8,110,000 (1,667,000) 2000 05/14/15 Hobart, IN — 604,000 11,529,000 105,000 604,000 11,634,000 12,238,000 (2,095,000) 2008 05/14/15 LaPorte, IN — 392,000 14,894,000 343,000 392,000 15,237,000 15,629,000 (2,719,000) 2008 05/14/15 Mishawaka, IN 9,124,000 3,670,000 14,416,000 642,000 3,670,000 15,058,000 18,728,000 (2,885,000) 1978 07/14/15 Niles, MI — 404,000 5,050,000 302,000 404,000 5,352,000 5,756,000 (1,179,000) 2000 06/11/15 Mount Dora Medical Center (Medical Office) Mount Dora, FL — 736,000 14,616,000 (6,703,000) 736,000 7,913,000 8,649,000 (1,476,000) 2008 05/15/15 Nebraska Senior Housing Portfolio (Senior Housing — RIDEA) Bennington, NE — 981,000 20,427,000 467,000 981,000 20,894,000 21,875,000 (3,513,000) 2009 05/29/15 Omaha, NE — 1,274,000 38,619,000 803,000 1,274,000 39,422,000 40,696,000 (6,160,000) 2000 05/29/15 Pennsylvania Senior Housing Portfolio (Senior Housing — RIDEA) Bethlehem, PA — 1,542,000 22,249,000 538,000 1,542,000 22,787,000 24,329,000 (4,185,000) 2005 06/30/15 Boyertown, PA 22,932,000 480,000 25,544,000 464,000 480,000 26,008,000 26,488,000 (4,255,000) 2000 06/30/15 York, PA 12,432,000 972,000 29,860,000 319,000 972,000 30,179,000 31,151,000 (4,855,000) 1986 06/30/15 Southern Illinois MOB Portfolio (Medical Office) Waterloo, IL — 94,000 1,977,000 — 94,000 1,977,000 2,071,000 (384,000) 2015 07/01/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Waterloo, IL $ — $ 738,000 $ 6,332,000 $ 584,000 $ 738,000 $ 6,916,000 $ 7,654,000 $ (1,421,000) 1995 07/01/15, Waterloo, IL — 200,000 2,648,000 62,000 200,000 2,710,000 2,910,000 (564,000) 2011 07/01/15 Napa Medical Center (Medical Office) Napa, CA — 1,176,000 13,328,000 1,572,000 1,176,000 14,900,000 16,076,000 (3,000,000) 1980 07/02/15 Chesterfield Corporate Plaza (Medical Office) Chesterfield, MO — 8,030,000 24,533,000 2,885,000 8,030,000 27,418,000 35,448,000 (5,898,000) 1989 08/14/15 Richmond VA ALF (Senior Housing — RIDEA) North Chesterfield, VA 33,400,000 2,146,000 56,671,000 525,000 2,146,000 57,196,000 59,342,000 (8,175,000) 2009 09/11/15 Crown Senior Care Portfolio (Senior Housing) Peel, Isle of Man — 1,249,000 7,453,000 — 1,249,000 7,453,000 8,702,000 (1,189,000) 2015 09/15/15 St. Albans, UK — 1,259,000 13,716,000 249,000 1,259,000 13,965,000 15,224,000 (2,126,000) 2015 10/08/15 Salisbury, UK — 1,338,000 12,855,000 38,000 1,338,000 12,893,000 14,231,000 (1,990,000) 2015 12/08/15 Aberdeen, UK — 2,171,000 6,473,000 — 2,171,000 6,473,000 8,644,000 (773,000) 1986 11/15/16 Felixstowe, UK — 754,000 6,325,000 445,000 754,000 6,770,000 7,524,000 (777,000) 2010/2011 11/15/16 Felixstowe, UK — 569,000 2,797,000 296,000 569,000 3,093,000 3,662,000 (391,000) 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 (5,964,000) 1983 10/29/15 Stockbridge GA MOB II (Medical Office) Stockbridge, GA — 499,000 8,353,000 916,000 499,000 9,269,000 9,768,000 (1,525,000) 2006 12/03/15 Marietta GA MOB II (Medical Office) Marietta, GA — 661,000 4,783,000 301,000 661,000 5,084,000 5,745,000 (875,000) 2007 12/09/15 Naperville MOB (Medical Office) Naperville, IL — 392,000 3,765,000 32,000 392,000 3,797,000 4,189,000 (786,000) 1999 01/12/16 Naperville, IL — 548,000 11,815,000 424,000 548,000 12,239,000 12,787,000 (2,093,000) 1989 01/12/16 Lakeview IN Medical Plaza (Medical Office) Indianapolis, IN 19,947,000 2,375,000 15,911,000 5,528,000 2,375,000 21,439,000 23,814,000 (4,623,000) 1987 01/21/16 Pennsylvania Senior Housing Portfolio II (Senior Housing — RIDEA) Palmyra, PA 19,114,000 835,000 24,424,000 242,000 835,000 24,666,000 25,501,000 (4,386,000) 2007 02/01/16 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Snellville GA MOB (Medical Office) Snellville, GA $ — $ 332,000 $ 7,781,000 $ 502,000 $ 332,000 $ 8,283,000 $ 8,615,000 $ (1,355,000) 2005 02/05/16 Lakebrook Medical Center (Medical Office) Westbrook, CT — 653,000 4,855,000 393,000 653,000 5,248,000 5,901,000 (926,000) 2007 02/19/16 Stockbridge GA MOB III (Medical Office) Stockbridge, GA — 606,000 7,924,000 299,000 606,000 8,223,000 8,829,000 (1,433,000) 2007 03/29/16 Joplin MO MOB (Medical Office) Joplin, MO — 1,245,000 9,860,000 (35,000) 1,245,000 9,825,000 11,070,000 (2,220,000) 2000 05/10/16 Austell GA MOB (Medical Office) Austell, GA — 663,000 10,547,000 120,000 663,000 10,667,000 11,330,000 (1,467,000) 2008 05/25/16 Middletown OH MOB (Medical Office) Middletown, OH — — 17,389,000 795,000 — 18,184,000 18,184,000 (2,438,000) 2007 06/16/16 Fox Grape SNF Portfolio (Skilled Nursing) Braintree, MA — 1,844,000 10,847,000 31,000 1,844,000 10,878,000 12,722,000 (1,396,000) 2015 07/01/16 Brighton, MA — 779,000 2,661,000 334,000 779,000 2,995,000 3,774,000 (427,000) 1982 07/01/16 Duxbury, MA — 2,921,000 11,244,000 1,933,000 2,921,000 13,177,000 16,098,000 (1,713,000) 1983 07/01/16 Hingham, MA — 2,316,000 17,390,000 (166,000) 2,316,000 17,224,000 19,540,000 (2,202,000) 1990 07/01/16 Weymouth, MA — 1,857,000 5,286,000 (90,000) 1,857,000 5,196,000 7,053,000 (620,000) 1963 07/01/16 Quincy, MA 14,546,000 3,537,000 13,697,000 333,000 3,537,000 14,030,000 17,567,000 (1,679,000) 1995 11/01/16 Voorhees NJ MOB (Medical Office) Voorhees, NJ — 1,727,000 8,451,000 664,000 1,727,000 9,115,000 10,842,000 (1,590,000) 2008 07/08/16 Norwich CT MOB Portfolio (Medical Office) Norwich, CT — 403,000 1,601,000 1,228,000 403,000 2,829,000 3,232,000 (417,000) 2014 12/16/16 Norwich, CT — 804,000 12,094,000 497,000 804,000 12,591,000 13,395,000 (1,569,000) 1999 12/16/16 New London CT MOB (Medical Office) New London, CT — 669,000 3,479,000 355,000 670,000 3,833,000 4,503,000 (671,000) 1987 05/03/17 Middletown OH MOB II (Medical Office) Middletown, OH — — 3,949,000 387,000 — 4,336,000 4,336,000 (421,000) 2007 12/20/17 Owen Valley Health Campus Spencer, IN 8,939,000 307,000 9,111,000 224,000 307,000 9,335,000 9,642,000 (1,263,000) 1999 12/01/15 Homewood Health Campus Lebanon, IN 8,971,000 973,000 9,702,000 533,000 1,040,000 10,168,000 11,208,000 (1,397,000) 2000 12/01/15 Ashford Place Health Campus Shelbyville, IN 6,167,000 664,000 12,662,000 846,000 694,000 13,478,000 14,172,000 (1,821,000) 2004 12/01/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Mill Pond Health Campus Greencastle, IN $ 7,297,000 $ 1,576,000 $ 8,124,000 $ 468,000 $ 1,576,000 $ 8,592,000 $ 10,168,000 $ (1,148,000) 2005 12/01/15 St. Andrews Health Campus Batesville, IN 4,604,000 552,000 8,213,000 416,000 625,000 8,556,000 9,181,000 (1,157,000) 2005 12/01/15 Hampton Oaks Health Campus Scottsburg, IN 6,482,000 720,000 8,145,000 620,000 845,000 8,640,000 9,485,000 (1,208,000) 2006 12/01/15 Forest Park Health Campus Richmond, IN 7,078,000 535,000 9,399,000 458,000 635,000 9,757,000 10,392,000 (1,379,000) 2007 12/01/15 The Maples at Waterford Crossing Goshen, IN 5,941,000 344,000 8,027,000 48,000 347,000 8,072,000 8,419,000 (1,088,000) 2006 12/01/15 Morrison Woods Health Campus Muncie, IN (c) 1,526,000 10,144,000 11,877,000 1,862,000 21,685,000 23,547,000 (2,029,000) 2008 12/01/15 Woodbridge Health Campus Logansport, IN 8,497,000 228,000 11,812,000 316,000 257,000 12,099,000 12,356,000 (1,650,000) 2003 12/01/15 Bridgepointe Health Campus Vincennes, IN 7,273,000 572,000 7,469,000 608,000 670,000 7,979,000 8,649,000 (1,078,000) 2002 12/01/15 Greenleaf Living Center Elkhart, IN 11,633,000 492,000 12,157,000 429,000 511,000 12,567,000 13,078,000 (1,686,000) 2000 12/01/15 Forest Glen Health Campus Springfield, OH 10,264,000 846,000 12,754,000 359,000 877,000 13,082,000 13,959,000 (1,807,000) 2007 12/01/15 The Meadows of Kalida Health Campus Kalida, OH 8,042,000 298,000 7,628,000 152,000 303,000 7,775,000 8,078,000 (1,053,000) 2007 12/01/15 The Heritage Findlay, OH 13,396,000 1,312,000 13,475,000 395,000 1,382,000 13,800,000 15,182,000 (1,906,000) 1975 12/01/15 Genoa Retirement Village Genoa, OH 8,438,000 881,000 8,113,000 652,000 909,000 8,737,000 9,646,000 (1,204,000) 1985 12/01/15 Waterford Crossing Goshen, IN 8,374,000 344,000 4,381,000 874,000 349,000 5,250,000 5,599,000 (729,000) 2004 12/01/15 St. Elizabeth Healthcare Delphi, IN 9,165,000 522,000 5,463,000 5,368,000 634,000 10,719,000 11,353,000 (1,207,000) 1986 12/01/15 Cumberland Pointe West Lafayette, IN 9,727,000 1,645,000 13,696,000 600,000 1,901,000 14,040,000 15,941,000 (2,095,000) 1980 12/01/15 Franciscan Healthcare Center Louisville, KY 10,908,000 808,000 8,439,000 990,000 815,000 9,422,000 10,237,000 (1,390,000) 1975 12/01/15 Blair Ridge Health Campus Peru, IN 7,846,000 734,000 11,648,000 589,000 773,000 12,198,000 12,971,000 (1,896,000) 2001 12/01/15 Glen Oaks Health Campus New Castle, IN 5,287,000 384,000 8,189,000 149,000 384,000 8,338,000 8,722,000 (1,090,000) 2011 12/01/15 Covered Bridge Health Campus Seymour, IN (c) 386,000 9,699,000 522,000 — 10,607,000 10,607,000 (1,403,000) 2002 12/01/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Stonebridge Health Campus Bedford, IN $ 9,988,000 $ 1,087,000 $ 7,965,000 $ 419,000 $ 1,144,000 $ 8,327,000 $ 9,471,000 $ (1,172,000) 2004 12/01/15 RiverOaks Health Campus Princeton, IN 14,898,000 440,000 8,953,000 481,000 466,000 9,408,000 9,874,000 (1,286,000) 2004 12/01/15 Park Terrace Health Campus Louisville, KY (c) 2,177,000 7,626,000 1,208,000 2,177,000 8,834,000 11,011,000 (1,283,000) 1977 12/01/15 Cobblestone Crossing Terre Haute, IN (c) 1,462,000 13,860,000 5,690,000 1,496,000 19,516,000 21,012,000 (2,544,000) 2008 12/01/15 Creasy Springs Health Campus Lafayette, IN 16,490,000 2,111,000 14,337,000 5,906,000 2,393,000 19,961,000 22,354,000 (2,609,000) 2010 12/01/15 Avalon Springs Health Campus Valparaiso, IN 17,933,000 1,542,000 14,107,000 140,000 1,575,000 14,214,000 15,789,000 (1,923,000) 2012 12/01/15 Prairie Lakes Health Campus Noblesville, IN 9,064,000 2,204,000 13,227,000 624,000 2,342,000 13,713,000 16,055,000 (1,836,000) 2010 12/01/15 RidgeWood Health Campus Lawrenceburg, IN 14,054,000 1,240,000 16,118,000 81,000 1,261,000 16,178,000 17,439,000 (2,151,000) 2009 12/01/15 Westport Place Health Campus Louisville, KY (c) 1,245,000 9,946,000 100,000 1,262,000 10,029,000 11,291,000 (1,321,000) 2011 12/01/15 Paddock Springs Warsaw, IN 8,912,000 488,000 — 10,597,000 654,000 10,431,000 11,085,000 (557,000) 2019 02/01/19 Amber Manor Care Center Petersburg, IN 5,725,000 446,000 6,063,000 322,000 494,000 6,337,000 6,831,000 (908,000) 1990 12/01/15 The Meadows of Leipsic Health Campus Leipsic, OH (c) 1,242,000 6,988,000 576,000 1,291,000 7,515,000 8,806,000 (1,058,000) 1986 12/01/15 Springview Manor Lima, OH (c) 260,000 3,968,000 98,000 265,000 4,061,000 4,326,000 (569,000) 1978 12/01/15 Willows at Bellevue Bellevue, OH 16,798,000 587,000 15,575,000 901,000 788,000 16,275,000 17,063,000 (2,187,000) 2008 12/01/15 Briar Hill Health Campus North Baltimore, OH (c) 673,000 2,688,000 402,000 700,000 3,063,000 3,763,000 (463,000) 1977 12/01/15 Cypress Pointe Health Campus Englewood, OH (c) 921,000 10,291,000 10,271,000 1,624,000 19,859,000 21,483,000 (1,506,000) 2010 12/01/15 The Oaks at NorthPointe Woods Battle Creek, MI (c) 567,000 12,716,000 116,000 567,000 12,832,000 13,399,000 (1,707,000) 2008 12/01/15 Westlake Health Campus Commerce, MI 14,661,000 815,000 13,502,000 (232,000) 541,000 13,544,000 14,085,000 (1,814,000) 2011 12/01/15 Springhurst Health Campus Greenfield, IN 20,368,000 931,000 14,114,000 2,836,000 2,039,000 15,842,000 17,881,000 (2,372,000) 2007 12/01/15 Glen Ridge Health Campus Louisville, KY (c) 1,208,000 9,771,000 1,598,000 1,320,000 11,257,000 12,577,000 (1,564,000) 2006 12/01/15 St. Mary Healthcare Lafayette, IN 5,377,000 348,000 2,710,000 170,000 348,000 2,880,000 3,228,000 (389,000) 1969 12/01/15 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date The Oaks at Woodfield Grand Blanc, MI (c) $ 897,000 $ 12,270,000 $ 245,000 $ 1,080,000 $ 12,332,000 $ 13,412,000 $ (1,683,000) 2012 12/01/15 Stonegate Health Campus Lapeer, MI (c) 538,000 13,159,000 159,000 567,000 13,289,000 13,856,000 (1,809,000) 2012 12/01/15 Senior Living at Forest Ridge New Castle, IN (c) 204,000 5,470,000 128,000 238,000 5,564,000 5,802,000 (759,000) 2005 12/01/15 Highland Oaks Health Center McConnelsville, OH (c) 880,000 1,803,000 1,039,000 1,297,000 2,425,000 3,722,000 (374,000) 1978 12/01/15 Richland Manor Bluffton, OH $ — 224,000 2,200,000 (1,826,000) 224,000 374,000 598,000 (367,000) 1940 12/01/15 River Terrace Health Campus Madison, IN (c) — 13,378,000 3,932,000 8,000 17,302,000 17,310,000 (2,214,000) 2016 03/28/16 St. Charles Health Campus Jasper, IN 11,736,000 467,000 14,532,000 913,000 518,000 15,394,000 15,912,000 (2,060,000) 2000 06/24/16 Bethany Pointe Health Campus Anderson, IN 20,117,000 2,337,000 26,524,000 1,618,000 2,445,000 28,034,000 30,479,000 (3,748,000) 1999 06/30/16 River Pointe Health Campus Evansville, IN 14,451,000 1,118,000 14,736,000 1,284,000 1,126,000 16,012,000 17,138,000 (2,229,000) 1999 06/30/16 Waterford Place Health Campus Kokomo, IN 15,295,000 1,219,000 18,557,000 1,386,000 1,373,000 19,789,000 21,162,000 (2,693,000) 2000 06/30/16 Autumn Woods Health Campus New Albany, IN (c) 1,016,000 13,414,000 1,425,000 1,031,000 14,824,000 15,855,000 (2,200,000) 2000 06/30/16 Oakwood Health Campus Tell City, IN 9,389,000 783,000 11,880,000 1,119,000 874,000 12,908,000 13,782,000 (1,894,000) 2000 06/30/16 Cedar Ridge Health Campus Cynthiana, KY (c) 102,000 8,435,000 3,574,000 205,000 11,906,000 12,111,000 (1,802,000) 2005 06/30/16 Aspen Place Health Campus Greensburg, IN 9,702,000 980,000 10,970,000 686,000 1,016,000 11,620,000 12,636,000 (1,527,000) 2012 08/16/16 The Willows at Citation Lexington, KY (c) 826,000 10,017,000 629,000 849,000 10,623,000 11,472,000 (1,383,000) 2014 08/16/16 The Willows at East Lansing East Lansing, MI 16,766,000 1,449,000 15,161,000 1,312,000 1,496,000 16,426,000 17,922,000 (2,304,000) 2014 08/16/16 The Willows at Howell Howell, MI (c) 1,051,000 12,099,000 6,568,000 1,116,000 18,602,000 19,718,000 (1,801,000) 2015 08/16/16 The Willows at Okemos Okemos, MI 7,684,000 1,171,000 12,326,000 786,000 1,210,000 13,073,000 14,283,000 (1,917,000) 2014 08/16/16 Shelby Crossing Health Campus Macomb, MI 17,620,000 2,533,000 18,440,000 1,969,000 2,612,000 20,330,000 22,942,000 (3,040,000) 2013 08/16/16 Village Green Healthcare Center Greenville, OH 7,141,000 355,000 9,696,000 446,000 373,000 10,124,000 10,497,000 (1,315,000) 2014 08/16/16 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date The Oaks at Northpointe Zanesville, OH (c) $ 624,000 $ 11,665,000 $ 989,000 $ 650,000 $ 12,628,000 $ 13,278,000 $ (1,753,000) 2013 08/16/16 The Oaks at Bethesda Zanesville, OH $ 4,663,000 714,000 10,791,000 673,000 743,000 11,435,000 12,178,000 (1,510,000) 2013 08/16/16 White Oak Health Campus Monticello, IN (c) 1,005,000 13,207,000 — 1,005,000 13,207,000 14,212,000 (800,000) 2010 09/23/16 Woodmont Health Campus Boonville, IN 8,006,000 790,000 9,633,000 859,000 880,000 10,402,000 11,282,000 (1,511,000) 2000 02/01/17 Silver Oaks Health Campus Columbus, IN (c) 1,776,000 21,420,000 1,351,000 1,000 24,546,000 24,547,000 (3,329,000) 2001 02/01/17 Thornton Terrace Health Campus Hanover, IN 5,674,000 764,000 9,209,000 860,000 826,000 10,007,000 10,833,000 (1,415,000) 2003 02/01/17 The Willows at Hamburg Lexington, KY 11,815,000 1,740,000 13,422,000 553,000 1,775,000 13,940,000 15,715,000 (1,571,000) 2012 02/01/17 The Lakes at Monclova Monclova, OH 15,933,000 2,869,000 12,855,000 8,863,000 2,989,000 21,598,000 24,587,000 (1,835,000) 2013 02/01/17 The Willows at Willard Willard, OH (c) 610,000 12,256,000 9,461,000 186,000 22,141,000 22,327,000 (2,087,000) 2012 02/01/17 Pickerington Health Campus Pickerington, OH — 756,000 — 15,584,000 866,000 15,474,000 16,340,000 (473,000) 2019 11/03/17 Lakeland Rehab and Health Center Milford, IN — 306,000 2,727,000 (2,683,000) 350,000 — 350,000 — 1973 12/01/15 Westlake Health Campus — Commerce Villa Commerce, MI (c) 261,000 6,610,000 1,226,000 553,000 7,544,000 8,097,000 (721,000) 2017 11/17/17 Orchard Grove Health Campus Romeo, MI 15,994,000 2,065,000 11,510,000 11,606,000 3,284,000 21,897,000 25,181,000 (1,485,000) 2016 11/30/17 The Meadows of Ottawa Ottawa, OH (c) 695,000 7,752,000 605,000 728,000 8,324,000 9,052,000 (856,000) 2014 12/15/17 Valley View Healthcare Center Fremont, OH 10,856,000 930,000 7,635,000 1,489,000 1,089,000 8,965,000 10,054,000 (600,000) 2017 07/20/18 Novi Lakes Health Campus Novi, MI 12,856,000 1,654,000 7,494,000 2,647,000 1,663,000 10,132,000 11,795,000 (1,254,000) 2016 07/20/18 The Willows at Fritz Farm Lexington, KY 9,440,000 1,538,000 8,637,000 376,000 1,563,000 8,988,000 10,551,000 (580,000) 2017 07/20/18 Trilogy Real Estate Gahanna, LLC Gahanna, OH 13,501,000 1,146,000 — 16,939,000 1,202,000 16,883,000 18,085,000 (76,000) 2020 11/13/20 Oaks at Byron Center Byron Center, MI 14,083,000 2,000,000 — 15,789,000 2,193,000 15,596,000 17,789,000 (211,000) 2020 07/08/20 Initial Cost to Company Gross Amount of Which Carried at Close of Period(f) Description(a) Encumbrances Land Buildings and Cost Land Buildings and Total(e) Accumulated Date of Date Harrison Springs Health Campus Corydon, IN (c) $ 1,653,000 $ 11,487,000 $ 58,000 $ 1,653,000 $ 11,545,000 $ 13,198,000 $ (499,000) 2016 09/04/19 The Cloister at Silvercrest New Albany, IN $ — 139,000 634,000 — 139,000 634,000 773,000 (20,000) 1940 10/01/19 Trilogy Healthcare of Ferdinand II, LLC Ferdinand, IN 11,394,000 — — 14,589,000 — 14,589,000 14,589,000 (407,000) 2019 11/19/19 Trilogy Healthcare of Hilliard, LLC Hilliard, OH — 1,702,000 — 7,757,000 1,702,000 7,757,000 9,459,000 — — 02/11/20 Forest Springs Health Campus Louisville, KY (c) 964,000 16,691,000 — 964,000 16,691,000 17,655,000 (199,000) 2015 07/30/20 Trilogy Real Estate Butler II, LLC Liberty Township, OH — 1,147,000 — 257,000 1,147,000 257,000 1,404,000 — — 10/30/20 Gateway Springs Health Campus Hamilton, OH 8,116,000 1,277,000 — 10,923,000 1,404,000 10,796,000 12,200,000 — 2020 12/28/20 Trilogy Real Estate Hamilton III, LLC Harrison, OH 7,677,000 1,750,000 — 15,536,000 1,763,000 15,523,000 17,286,000 — — — Trilogy Real Estate Kent II, LLC Grand Rapids, MI 7,709,000 767,000 — 15,982,000 767,000 15,982,000 16,749,000 — — — $ 834,026,000 $ 195,061,000 $ 2,071,675,000 $ 306,873,000 $ 200,814,000 $ 2,372,795,000 $ 2,573,609,000 $ (344,050,000) Leased properties(d) $ — $ 306,000 $ 71,362,000 $ 112,236,000 $ 1,456,000 $ 182,448,000 $ 183,904,000 $ (81,001,000) Construction in progress — — — 4,759,000 479,000 4,280,000 4,759,000 (221,000) $ 834,026,000 $ 195,367,000 $ 2,143,037,000 $ 423,868,000 $ 202,749,000 $ 2,559,523,000 $ 2,762,272,000 $ (425,272,000) ___________ (a) We own 100% of our properties as of December 31, 2020, with the exception of Trilogy, Lakeview IN Medical Plaza and Southlake TX Hospital. (b) The cost capitalized subsequent to acquisition is shown net of dispositions and impairments. (c) These properties are used as collateral for the secured revolver portion of the 2019 Trilogy Credit Facility, which had an outstanding balance of $287,134,000 as of December 31, 2020. See Note 8, Lines of Credit and Term Loans — 2019 Trilogy Credit Facility, for a further discussion. (d) Represents furniture, fixtures, equipment, land and improvements associated with properties under operating leases. (e) The changes in total real estate for the years ended December 31, 2020, 2019 and 2018 are as follows: Amount 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 Acquisitions $ 32,330,000 Additions 114,078,000 Dispositions (8,050,000) Foreign currency translation adjustment 2,875,000 Balance — December 31, 2019 $ 2,618,608,000 Acquisitions $ 31,157,000 Additions 129,254,000 Dispositions and impairments (18,718,000) Foreign currency translation adjustment 1,971,000 Balance — December 31, 2020 $ 2,762,272,000 (f) As of December 31, 2020, the aggregate cost of our properties was $2,627,228,000 for federal income tax purposes. (g) The changes in accumulated depreciation for the years ended December 31, 2020, 2019 and 2018 are as follows: Amount 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 Additions $ 90,914,000 Dispositions (7,614,000) Foreign currency translation adjustment (96,000) Balance — December 31, 2019 $ 337,898,000 Additions $ 91,617,000 Dispositions and impairments (4,530,000) Foreign currency translation adjustment 287,000 Balance — December 31, 2020 $ 425,272,000 (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 39 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 28 years. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 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. |
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. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions, revenues and grant income, allowance for credit losses, impairment of long-lived and intangible assets and contingencies. 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. |
Lessee, Leases | Leases On January 1, 2019, we adopted Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 842, Leases , or ASC Topic 842. ASC Topic 842 supersedes ASC Topic 840, Leases , or ASC Topic 840. We adopted ASC Topic 842 using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption. Therefore, with respect to our leases as both lessees and lessors, information is presented under ASC Topic 842 for the years ended December 31, 2020 and 2019 and under ASC Topic 840 for the year ended December 31, 2018. We determine if a contract is a lease upon inception of the lease. We maintain 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. Lessee : Pursuant to ASC Topic 842, lessees are required to recognize the following for all leases with terms greater than 12 months 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. The lease liability is calculated by using either the implicit rate of the lease or the incremental borrowing rate. As a result of the adoption of ASC Topic 842 on January 1, 2019, we recognized an initial amount of operating lease liabilities of $198,453,000 in our consolidated balance sheet for all of our operating leases for which we are the lessee, including facilities leases and ground leases. In addition, we recorded corresponding right-of-use assets of $211,679,000, which represent the lease liabilities, net of the existing prepaid rent asset and accrued straight-line rent liabilities and adjusted for unamortized above/below market ground lease intangibles. The accretion of lease liabilities and amortization expense on right-of-use assets for our operating leases are included in rental expenses and property operating expenses in our accompanying consolidated statements of operations and comprehensive income (loss). Operating lease liabilities are calculated using our incremental borrowing rate based on the information available as of the lease commencement date. |
Lessor, Leases | Leases On January 1, 2019, we adopted Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 842, Leases , or ASC Topic 842. ASC Topic 842 supersedes ASC Topic 840, Leases , or ASC Topic 840. We adopted ASC Topic 842 using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption. Therefore, with respect to our leases as both lessees and lessors, information is presented under ASC Topic 842 for the years ended December 31, 2020 and 2019 and under ASC Topic 840 for the year ended December 31, 2018. We determine if a contract is a lease upon inception of the lease. We maintain 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. Lessor : Pursuant to ASC Topic 842, lessors bifurcate lease revenues into lease components and non-lease components and 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 revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers, or ASC Topic 606. See the “Revenue Recognition” section below. ASC Topic 842 also provides for a practical expedient package that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. In addition, such practical expedient causes an entity to assess whether a contract is predominately lease or service based, and recognize the revenue from the entire contract under the relevant accounting guidance. Effective upon our adoption of ASC Topic 842 on January 1, 2019, we continued to recognize revenue for our medical office buildings, senior housing, skilled nursing facilities and hospitals segments as real estate revenue. 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, which is included in other assets, net in our accompanying consolidated balance sheets. Tenant reimbursement revenue, which comprises additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are considered non-lease components and variable lease payments. We qualified for and elected the practical expedient as outlined above to combine the non-lease component with the lease component, which is the predominant component, and therefore the non-lease component is recognized as part of real estate revenue. In addition, as lessors, we exclude certain lessor costs (i.e., property taxes and insurance) paid directly by a lessee to third parties on our behalf from our measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs); and include lessor costs that we paid and are reimbursed by the lessee in our measurement of variable lease revenue and associated expense (i.e., gross up revenue and expense for these costs). Therefore, we no longer record revenue or expense when the lessee pays the property taxes and insurance directly to a third party. Our senior housing — RIDEA facilities offer residents room and board (lease component), standard meals and healthcare services (non-lease component) and certain ancillary services that are not contemplated in the lease with each resident (i.e., laundry, guest meals, etc.). For our senior housing — RIDEA facilities, we recognize revenue under ASC Topic 606 as resident |
Revenue Recognition | Revenue Recognition Real Estate Revenue Prior to January 1, 2019, minimum annual rental revenue was recognized on a straight-line basis over the term of the related lease (including rent holidays) in accordance with ASC Topic 840. Differences between real estate revenue recognized and cash amounts contractually due from tenants under the lease agreements were recorded to deferred rent receivable. Tenant reimbursement revenue 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 had been met and the tenant was no longer occupying the property. Effective January 1, 2019, we recognize real estate revenue in accordance with ASC Topic 842. See the “Leases” section above. Resident Fees and Services Revenue We recognize resident fees and services revenue in accordance with ASC Topic 606. 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 ASC Topic 606 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 years ended December 31, 2020, 2019 and 2018. Disaggregation of Resident Fees and Services Revenue Financing Component We have elected a practical expedient allowed under ASC Topic 606 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 Topic 340, Other Assets and Deferred Costs , 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. |
Government Grants | Government Grants We have been granted stimulus funds through various federal and state government programs, such as through the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, passed by the federal government on March 27, 2020, which were established for eligible healthcare providers to preserve liquidity in response to lost revenues and/or increased healthcare expenses (as such terms are defined in the applicable regulatory guidance) associated with the COVID-19 pandemic. Such grants are not loans and, as such, are not required to be repaid, subject to certain conditions. We recognize government grants as grant income or as a reduction of property operating expenses, as applicable, in our accompanying consolidated statements of operations and comprehensive income (loss) when there is reasonable assurance that the grants will be received and all conditions to retain the funds will be met. We adjust our estimates and assumptions based on the applicable guidance provided by the government and the best available information that we have. Any stimulus or other relief funds received that are not expected to be used in accordance with such terms and conditions will be returned to the government, and any related deferred income will not be recognized. |
Tenant and Resident Receivables and Allowances | Tenant and Resident Receivables and Allowances On January 1, 2020, we adopted ASC Topic 326, Financial Instruments Credit Losses , or ASC Topic 326. We adopted ASC Topic 326 using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2020. Resident receivables are carried net of an allowance for credit losses. An allowance is maintained for estimated losses resulting from the inability of residents and payors to meet the contractual obligations under their lease or service agreements. Substantially all of such allowances are recorded as direct reductions of resident fees and services revenue as contractual adjustments provided to third-party payors or implicit price concessions in our accompanying consolidated statements of operations and comprehensive income (loss). Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the residents’ financial condition, security deposits, cash collection patterns by payor and by state, current economic conditions, future expectations in estimating credit losses and other relevant factors. Prior to our adoption of ASC Topic 326 on January 1, 2020, resident receivables were carried net of an allowance for uncollectible amounts. Tenant receivables and unbilled deferred rent receivables are reduced for uncollectible amounts, which are recognized as direct reductions of real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss). Prior to our adoption of ASC Topic 842 on January 1, 2019, tenant receivables and unbilled deferred rent receivables were reduced for uncollectible amounts. Such amounts were charged to bad debt expense, which was included in general and administrative in our accompanying consolidated statements of operations and comprehensive income (loss). |
Property Acquisitions | Property Acquisitions 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. 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, if any, 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 , 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 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 39 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 28 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 real estate 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 carrying 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 compare the fair value of a reporting segment with its carrying amount. We recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value in the current period. We also test other indefinite-lived intangible assets for impairment at least annually, and more frequently if indicators arise. 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 usually determined based on discounted cash flows or appraised values, as appropriate. 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. |
Properties Held for Sale | Properties Held for Sale A property or a group of properties is reported in discontinued operations in our consolidated statements of operations and comprehensive income (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. 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 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. |
Debt Security Investment, Net | Debt Security Investment, NetWe classify our marketable debt security investment as held-to-maturity because we have the positive intent and ability to hold the security to maturity, and we have not recorded any unrealized holding gains or losses on such investment. Our held-to-maturity security is recorded at amortized cost and adjusted for the amortization of premiums or discounts through maturity. Prior to the adoption of ASC Topic 326 on January 1, 2020, a loss was recognized in earnings when we determined declines in the fair value of marketable securities were other-than-temporary. Effective January 1, 2020, we evaluated our debt security investment for expected future credit loss in accordance with ASC Topic 326. |
Real Estate Notes Receivable, Net | Real Estate Notes Receivable, NetReal estate notes receivable consisted of mortgage loans collateralized by interests in real property. We recorded such mortgage loans at cost. Interest income on our real estate notes receivable was recognized on an accrual basis over the life of the investment using the effective interest method and was included in real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2019 and 2018. Direct loan costs were amortized over the term of the loan as an adjustment to the yield on the loan and were recorded against real estate revenue in our accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2019 and 2018. |
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 rate 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. We do not designate our derivative instruments as hedge instruments as defined by guidance under ASC Topic 815, Derivatives and Hedges , or ASC Topic 815, which allows for gains and losses on derivatives designated as hedges to be offset by the change in value of the hedged items or to be deferred in other comprehensive income (loss). Changes in the fair value of our 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 The fair value of certain assets and liabilities 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, we follow a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of our reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and our 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. |
Other Assets, Net | Other Assets, NetOther assets, net primarily consists 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 assets, lease inducements and lease commissions. |
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. Prepaid expenses are amortized over the related contract periods. |
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). We generally do not recognize equity method losses when such losses exceed our net equity method investment balance unless we have committed to provide such investee additional financial support or guaranteed its obligations. 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. |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities As of December 31, 2020 and 2019, accounts payable and accrued liabilities primarily includes reimbursement of payroll-related costs to the managers of our senior housing — RIDEA facilities and integrated senior health campuses of $46,540,000 and $24,118,000, respectively, insurance reserves of $36,251,000 and $35,581,000, respectively, accrued developments and capital expenditures to unaffiliated third parties of $21,508,000 and $25,019,000, respectively, accrued property taxes of $14,521,000 and $14,501,000, respectively, and accrued distributions of $0 and $9,974,000, respectively. |
Stock Compensation | Stock Compensation We follow ASC Topic 718, Compensation — Stock Compensation On January 1, 2019, we adopted Accounting Standards Update, or ASU, 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, or ASU 2018-07, which simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. It expands the scope of ASC Topic 718 to include share-based payments granted to nonemployees in exchange for goods or services used or consumed in the entity’s own operations and supersedes the guidance of ASC Topic 505-50, Equity-Based Payments to Nonemployees. |
Foreign Currency | Foreign Currency We have real estate 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 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. |
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 distribute to our stockholders a minimum of 90.0% of our annual taxable income, excluding net capital gains. Existing Internal Revenue Service, or IRS, guidance includes a safe harbor pursuant to which publicly offered REITs can satisfy the distribution requirement by distributing a combination of cash and stock to stockholders. In general, to qualify under the safe harbor, each stockholder must elect to receive either cash or stock, and the aggregate cash component of the distribution to stockholders must represent at least 20.0% of the total distribution. In May 2020, the IRS issued similar guidance that lowered the cash component of the distribution to 10.0% for dividends declared between April 1, 2020 and December 31, 2020. 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 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 TRS, to allow us to provide services that would otherwise be considered impermissible for REITs. Also, we have real estate 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 or expense for the federal, state and local income taxes incurred by our TRS and foreign income taxes on our real estate investments in the UK and Isle of Man. 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 or 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 or expense in our accompanying consolidated statements of operations and comprehensive income (loss). |
Segment Disclosure | Segment DisclosureWe 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 Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform of Financial Reporting, or ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria. ASU 2020-04 applies to the aforementioned transactions that reference the London Inter-bank Offered Rate, or LIBOR, or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for fiscal years and interim periods beginning after March 12, 2020 and through December 31, 2022. We are currently evaluating this guidance to determine the impact on our disclosures. In April 2020, the FASB issued a question and answer document, or the Lease Modification Q&A, to provide guidance for the application of lease accounting modifications within ASC Topic 842 to lease concessions granted by lessors related to the effects of the COVID-19 pandemic. Lease accounting modification guidance in ASC Topic 842 addresses routine changes or enforceable rights and obligations to lease terms as a result of negotiations between the lessor and the lessee; however, the guidance does not take into consideration concessions granted to address sudden liquidity constraints of lessees arising from the COVID-19 pandemic. The underlying premise of ASC Topic 842 requires a modified lease to be accounted for as a new lease if the modified terms and conditions affect the economics of the lease for the remainder of the lease term. Further, a lease modification resulting from lease concessions would require the application of the modification framework pursuant to ASC Topic 842 on a lease-by-lease basis. The potential large volume of contracts to be assessed due to the COVID-19 pandemic may be burdensome and complex for entities to evaluate the lease modification accounting for each lease. Therefore, the Lease Modification Q&A allows entities to elect to account for lease concessions related to the effects of the COVID-19 pandemic as if they were granted under the enforceable rights included in the original contract and are outside of the lease modification framework pursuant to ASC Topic 842. Such election is available for lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee (e.g., total payments required by the modified contract being substantially the same as or less than total payments required by the original contract) and is to be applied consistently to leases with similar characteristics and circumstances. As a result of the COVID-19 pandemic, we have granted lease concessions to an insignificant number of tenants within our medical office building segment, such as in the form of rent abatements with beneficial lease term extensions and rent payment deferrals requiring payment within one year. Such concessions were not material to our consolidated financial statements, and as such, we elected not to apply the relief from lease modification accounting provided in the Lease Modification Q&A. We evaluate each lease concession granted as a result of the effects of the COVID-19 pandemic to determine whether the concession reflects: (i) a resolution of contractual rights in the original lease and is thus outside of the lease modification framework of ASC Topic 842; or (ii) a modification for which we would be required to apply the lease modification framework of ASC Topic 842. The application of the lease modification framework of ASC Topic 842 to lease concessions granted due to the effects of the COVID-19 pandemic did not have a material impact to our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | 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, for the years then ended: Integrated Senior Total 2020: Point in time $ 196,053,000 $ 2,861,000 $ 198,914,000 Over time 787,116,000 83,043,000 870,159,000 Total resident fees and services $ 983,169,000 $ 85,904,000 $ 1,069,073,000 2019: Point in time $ 214,650,000 $ 2,944,000 $ 217,594,000 Over time 816,284,000 65,200,000 881,484,000 Total resident fees and services $ 1,030,934,000 $ 68,144,000 $ 1,099,078,000 2018: Point in time $ 185,273,000 $ 3,079,000 $ 188,352,000 Over time 755,343,000 61,996,000 817,339,000 Total resident fees and services $ 940,616,000 $ 65,075,000 $ 1,005,691,000 The following table disaggregates our resident fees and services revenue by payor class for the years then ended: Integrated Senior Total 2020: Private and other payors $ 437,133,000 $ 84,308,000 $ 521,441,000 Medicare 356,350,000 — 356,350,000 Medicaid 189,686,000 1,596,000 191,282,000 Total resident fees and services $ 983,169,000 $ 85,904,000 $ 1,069,073,000 2019: Private and other payors $ 499,693,000 $ 67,930,000 $ 567,623,000 Medicare 338,466,000 — 338,466,000 Medicaid 192,775,000 214,000 192,989,000 Total resident fees and services $ 1,030,934,000 $ 68,144,000 $ 1,099,078,000 2018: Private and other payors $ 437,100,000 $ 65,032,000 $ 502,132,000 Medicare 332,852,000 — 332,852,000 Medicaid 170,664,000 43,000 170,707,000 Total resident fees and services $ 940,616,000 $ 65,075,000 $ 1,005,691,000 ___________ (1) Includes fees for basic housing and assisted living care. We record revenue when services are rendered 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 | Accounts Receivable, Net — Resident Fees and Services Revenue The beginning and ending balances of accounts receivable, net — resident fees and services are as follows: Private Medicare Medicaid Total Beginning balance — January 1, 2020 $ 46,543,000 $ 32,127,000 $ 26,366,000 $ 105,036,000 Ending balance — December 31, 2020 36,125,000 36,479,000 14,473,000 87,077,000 (Decrease)/increase $ (10,418,000) $ 4,352,000 $ (11,893,000) $ (17,959,000) Deferred Revenue — Resident Fees and Services Revenue The beginning and ending balances of deferred revenue — resident fees and services, almost all of which relates to private and other payors, are as follows: Total Beginning balance — January 1, 2020 $ 13,518,000 Ending balance — December 31, 2020 10,597,000 Decrease $ (2,921,000) |
Real Estate Investments, Net (T
Real Estate Investments, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | Our real estate investments, net consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 Building, improvements and construction in process $ 2,379,337,000 $ 2,262,320,000 Land and improvements 200,319,000 195,491,000 Furniture, fixtures and equipment 174,994,000 150,508,000 2,754,650,000 2,608,319,000 Less: accumulated depreciation (424,650,000) (337,898,000) $ 2,330,000,000 $ 2,270,421,000 |
Summary of Acquisitions of Previously Leased Real Estate Investments | The following is a summary of such property acquisitions, which are included in our integrated senior health campuses segment: Location Date Contract Line of Credit(1) Acquisition Monticello, IN 07/30/20 $ 10,600,000 $ 13,200,000 $ 161,000 Louisville, KY 07/30/20 16,719,000 15,055,000 254,000 Total $ 27,319,000 $ 28,255,000 $ 415,000 ___________ (1) Represents borrowings under the 2019 Trilogy Credit Facility, 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 in the Trilogy subsidiary that acquired the properties. Location Date Contract Line of Credit(1) Acquisition Corydon, IN 09/05/19 $ 14,082,000 $ 14,114,000 $ 215,000 ___________ (1) Represents a borrowing under the 2019 Trilogy Credit Facility, 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 property, an acquisition fee of 2.25% of the portion of the contract purchase price of the property attributed to our ownership interest at the time of acquisition in the Trilogy subsidiary that acquired the property. Locations Date Contract Mortgage Loan Acquisition 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 at the time of acquisition in the Trilogy subsidiary that acquired the properties. |
Summary of Assets Acquisitions | The following table summarizes the purchase price of the assets acquired at the time of acquisition, adjusted for $14,281,000 of operating lease right-of-use assets and $15,530,000 of operating lease liabilities, and based on their relative fair values: 2020 Building and improvements $ 26,311,000 Land 4,563,000 Total assets acquired $ 30,874,000 2019 Building and improvements $ 23,834,000 Land 8,496,000 In-place leases 3,596,000 Total assets acquired $ 35,926,000 2018 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 Acquisitions | The following is a summary of such property acquisitions: Acquisition Location Type Date Contract Line of Credit Acquisition North Carolina ALF Portfolio(1) Garner, NC Senior Housing 03/27/19 $ 15,000,000 $ 15,000,000 $ 338,000 The Cloister at Silvercrest(2) New Albany, IN Integrated Senior Health Campus 10/01/19 750,000 — 11,000 Total $ 15,750,000 $ 15,000,000 $ 349,000 ___________ (1) We own 100% of such property acquired, which we added to our existing North Carolina ALF Portfolio. The other six buildings in North Carolina ALF Portfolio were acquired between January 2015 and August 2018. We borrowed under the 2019 Corporate Line of Credit, as defined in Note 8, Lines of Credit and Term Loans, at the time of acquisition. 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. (2) We, through a majority-owned subsidiary of Trilogy, of which we owned 67.7% at the time of such property acquisition, acquired such property using cash on hand. 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 portion of the contract purchase price of the property attributed to our ownership interest in the Trilogy subsidiary that acquired the property. Acquisition(1) Location Type Date Contract Line of Credit(2) Acquisition North Carolina ALF Portfolio Matthews, NC Senior Housing — RIDEA 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. |
Identified Intangible Assets,_2
Identified Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Identified Intangible Assets, Net | Identified intangible assets, net consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 Amortized intangible assets: In-place leases, net of accumulated amortization of $22,019,000 and $21,029,000 as of December 31, 2020 and 2019, respectively (with a weighted average remaining life of 9.4 years as of both December 31, 2020 and 2019) $ 23,760,000 $ 30,407,000 Customer relationships, net of accumulated amortization of $486,000 and $336,000 as of December 31, 2020 and 2019, respectively (with a weighted average remaining life of 15.7 years and 16.8 years as of December 31, 2020 and 2019, respectively) 2,354,000 2,504,000 Above-market leases, net of accumulated amortization of $1,975,000 and $2,057,000 as of December 31, 2020 and 2019, respectively (with a weighted average remaining life of 4.6 years and 5.0 years as of December 31, 2020 and 2019, respectively) 1,032,000 1,452,000 Internally developed technology and software, net of accumulated amortization of $305,000 and $211,000 as of December 31, 2020 and 2019, respectively (with a weighted average remaining life of 1.7 years and 2.8 years as of December 31, 2020 and 2019, respectively) 165,000 259,000 Unamortized intangible assets: Certificates of need 96,589,000 94,838,000 Trade names 30,787,000 30,787,000 $ 154,687,000 $ 160,247,000 |
Amortization Expense on Identified Intangible Assets | As of December 31, 2020, 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 2021 $ 4,639,000 2022 3,909,000 2023 3,140,000 2024 2,723,000 2025 2,210,000 Thereafter 10,690,000 $ 27,311,000 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets [Abstract] | |
Other Assets, Net | Other assets, net consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 Deferred rent receivables $ 38,918,000 $ 33,205,000 Prepaid expenses, deposits, other assets and deferred tax assets, net 16,618,000 40,354,000 Inventory 24,669,000 23,872,000 Investments in unconsolidated entities 16,469,000 20,176,000 Lease commissions, net of accumulated amortization of $3,413,000 and $2,201,000 as of December 31, 2020 and 2019, respectively 11,309,000 10,794,000 Deferred financing costs, net of accumulated amortization of $5,700,000 and $2,138,000 as of December 31, 2020 and 2019, respectively(1) 6,864,000 8,137,000 Lease inducement, net of accumulated amortization of $1,491,000 and $1,140,000 as of December 31, 2020 and 2019, respectively (with a weighted average remaining life of 9.9 years and 10.9 years as of December 31, 2020 and 2019, respectively) 3,509,000 3,860,000 $ 118,356,000 $ 140,398,000 ___________ (1) Deferred financing costs only include costs related to our lines of credit and term loans. See Note 8, Lines of Credit and Term Loans. |
Mortgage Loans Payable, Net (Ta
Mortgage Loans Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Mortgage Loans Payable, Net [Abstract] | |
Mortgage Loans Payable, Net | Mortgage loans payable, net consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 Total fixed-rate debt $ 742,686,000 $ 714,786,000 Total variable-rate debt 91,340,000 101,431,000 Total fixed- and variable-rate debt 834,026,000 816,217,000 Less: deferred financing costs, net (10,389,000) (9,362,000) Add: premium 204,000 304,000 Less: discount (13,363,000) (14,289,000) Mortgage loans payable, net $ 810,478,000 $ 792,870,000 |
Schedule of Activity Related to Mortgage Loans Payable | The following table reflects the changes in the carrying amount of mortgage loans payable, net for the years ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 Beginning balance $ 792,870,000 $ 688,262,000 Additions: Borrowings under mortgage loans payable 92,399,000 191,246,000 Amortization of deferred financing costs 796,000 1,544,000 Amortization of discount/premium on mortgage loans payable 826,000 647,000 Deductions: Scheduled principal payments on mortgage loans payable (71,990,000) (74,037,000) Early payoff of mortgage loans payable (2,601,000) (14,022,000) Deferred financing costs (1,822,000) (770,000) Ending balance $ 810,478,000 $ 792,870,000 |
Principal Payments Due on Mortgage Loans Payable | As of December 31, 2020, 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 2021 $ 54,169,000 2022 62,985,000 2023 67,651,000 2024 80,451,000 2025 15,324,000 Thereafter 553,446,000 $ 834,026,000 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, which are included in other assets, net, or security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheets: Fair Value December 31, Instrument Notional Amount Index Interest Rate Maturity Date 2020 2019 Cap $ 20,000,000 one month LIBOR 3.00% 09/23/21 $ — $ — Swap 250,000,000 one month LIBOR 2.10% 01/25/22 (5,245,000) (2,821,000) Swap 130,000,000 one month LIBOR 1.98% 01/25/22 (2,561,000) (1,150,000) Swap 100,000,000 one month LIBOR 0.20% 01/25/22 (71,000) — $ (7,877,000) $ (3,971,000) |
Identified Intangible Liabili_2
Identified Intangible Liabilities, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Identified Intangible Liabilities [Abstract] | |
Summary of Amortization Expense on Below Market Leases | As of December 31, 2020, estimated amortization expense on below-market leases for each of the next five years ending December 31 and thereafter was as follows: Year Amount 2021 $ 180,000 2022 89,000 2023 71,000 2024 27,000 2025 — Thereafter — $ 367,000 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019: December 31, 2020 2019 Beginning balance $ 44,105,000 $ 38,245,000 Additions — 2,000,000 Reclassification from equity 715,000 780,000 Distributions (1,271,000) (1,430,000) Repurchase of redeemable noncontrolling interests (150,000) (400,000) Adjustment to redemption value (3,714,000) 4,473,000 Net income attributable to redeemable noncontrolling interests 655,000 437,000 Ending balance $ 40,340,000 $ 44,105,000 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of 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, 2020 and 2019: December 31, 2020 2019 Beginning balance — foreign currency translation adjustments $ (2,255,000) $ (2,560,000) Net change in current period 247,000 305,000 Ending balance — foreign currency translation adjustments $ (2,008,000) $ (2,255,000) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | The following is a summary of our historical 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 10/03/19 $ 9.40 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
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, 2020 2019 2018 Operating expenses as a percentage of average invested assets 1.0 % 0.9 % 0.9 % Operating expenses as a percentage of net income 22.1 % 18.9 % 19.1 % |
Schedule Of Amount Outstanding To Affiliates Table | The following amounts were outstanding to our affiliates as of December 31, 2020 and 2019: December 31, Fee 2020 2019 Asset and property management fees $ 7,155,000 $ 1,991,000 Development fees 743,000 — Construction management fees 91,000 175,000 Lease commissions 27,000 143,000 Operating expenses 10,000 12,000 $ 8,026,000 $ 2,321,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
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, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Other Significant Total Assets: Derivative financial instrument $ — $ — $ — $ — Total assets at fair value $ — $ — $ — $ — Liabilities: Derivative financial instruments $ — $ 7,877,000 $ — $ 7,877,000 Warrants — — 1,025,000 1,025,000 Total liabilities at fair value $ — $ 7,877,000 $ 1,025,000 $ 8,902,000 The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2019, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Other Significant Total Assets: Derivative financial instrument $ — $ — $ — $ — Total assets at fair value $ — $ — $ — $ — Liabilities: Derivative financial instruments $ — $ 3,971,000 $ — $ 3,971,000 Warrants — — 1,178,000 1,178,000 Total liabilities at fair value $ — $ 3,971,000 $ 1,178,000 $ 5,149,000 |
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, 2020, 2019 and 2018: Years Ended December 31, 2020 2019 2018 Contingent Consideration Obligations: Beginning balance $ — $ 681,000 $ 5,107,000 Realized/unrealized gains recognized in earnings — (681,000) (2,843,000) Settlements of obligations — — (1,583,000) Ending balance $ — $ — $ 681,000 Amount of total gains included in earnings attributable to the change in unrealized gains related to obligations still held $ — $ (681,000) $ (2,843,000) |
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: Range of Inputs or Inputs Unobservable Inputs Market rent per square foot $13.75 to $25.00 Capitalization rate 7.50 % Discount rate 8.00 % |
Fair Value, by Balance Sheet Grouping | The carrying amounts and estimated fair values of such financial instruments as of December 31, 2020 and 2019 were as follows: December 31, 2020 2019 Carrying Fair Carrying Fair Financial Assets: Debt security investment $ 75,851,000 $ 94,033,000 $ 72,717,000 $ 94,026,000 Financial Liabilities: Mortgage loans payable $ 810,478,000 $ 830,049,000 $ 792,870,000 $ 732,846,000 Lines of credit and term loans $ 836,770,000 $ 847,048,000 $ 807,742,000 $ 816,355,000 ___________ (1) Carrying amount is net of any discount/premium and unamortized costs. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income or loss before taxes for the years ended December 31, 2020, 2019 and 2018, were as follows: December 31, 2020 2019 2018 Domestic $ 6,171,000 $ 1,193,000 $ 14,202,000 Foreign (386,000) (521,000) (462,000) Income before income taxes $ 5,785,000 $ 672,000 $ 13,740,000 |
Schedule of Components of Income Tax (Benefit) Expense | The components of income tax benefit or expense for the years ended December 31, 2020, 2019 and 2018 were as follows: December 31, 2020 2019 2018 Federal deferred $ (4,818,000) $ (3,672,000) $ (4,647,000) State deferred (932,000) (737,000) (922,000) Federal current (361,000) (29,000) — State current — (16,000) — Foreign current 612,000 605,000 988,000 Valuation allowances 2,421,000 5,373,000 3,784,000 Total income tax (benefit) expense $ (3,078,000) $ 1,524,000 $ (797,000) |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows: December 31, 2020 2019 Deferred income tax assets: Fixed assets and intangibles $ 5,619,000 $ 6,509,000 Expense accruals and other 13,968,000 14,233,000 Net operating loss 21,168,000 14,341,000 Reserves and accruals 6,541,000 5,540,000 Allowances for accounts receivable 1,932,000 (179,000) Investments in unconsolidated entities 2,357,000 2,326,000 Total deferred income tax assets $ 51,585,000 $ 42,770,000 Deferred income tax liabilities: Fixed assets and intangibles $ (16,840,000) $ (14,468,000) Other — temporary differences (2,868,000) (2,176,000) Total deferred income tax liabilities $ (19,708,000) $ (16,644,000) Net deferred income tax assets before valuation allowance $ 31,877,000 $ 26,126,000 Valuation allowances (31,877,000) (29,455,000) Net deferred income tax assets (liabilities) $ — $ (3,329,000) |
Summary of Tax Treatment of Distributions | The income tax treatment for distributions reportable for the years ended December 31, 2020, 2019 and 2018 was as follows: Years Ended December 31, 2020 2019 2018 Ordinary income $ — — % $ 35,294,000 29.9 % $ 33,141,000 27.6 % Capital gain — — — — — — Return of capital 48,842,000 100 82,731,000 70.1 86,833,000 72.4 $ 48,842,000 100 % $ 118,025,000 100 % $ 119,974,000 100 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Lease Payments to be Received | As of December 31, 2020, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for each of the next five years ending December 31 and thereafter for properties that we wholly own: Year Amount 2021 $ 89,484,000 2022 83,728,000 2023 76,843,000 2024 70,123,000 2025 61,594,000 Thereafter 410,526,000 Total $ 792,298,000 |
Schedule of Lease Cost | The components of lease costs were as follows: Years Ended December 31, Lease Cost Classification 2020 2019 Operating lease cost(1) Property operating expenses and rental expenses $ 32,441,000 $ 29,974,000 Finance lease cost Amortization of leased assets Depreciation and amortization 1,891,000 2,001,000 Interest on lease liabilities Interest expense 609,000 391,000 Total lease cost $ 34,941,000 $ 32,366,000 ___________ (1) Includes short-term leases and variable lease costs, which are immaterial. Additional information related to our leases for the periods presented below was as follows: December 31, Lease Term and Discount Rate 2020 2019 Weighted average remaining lease term (in years) Operating leases 13.3 13.5 Finance leases 1.3 1.3 Weighted average discount rate Operating leases 5.77 % 5.94 % Finance leases 5.62 % 7.33 % Years Ended December 31, Supplemental Disclosure of Cash Flows Information 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows related to operating leases $ 23,790,000 $ 22,114,000 Operating cash outflows related to finance leases $ 609,000 $ 390,000 Financing cash outflows related to finance leases $ 1,235,000 $ 3,076,000 Leased assets obtained in exchange for finance lease liabilities $ 66,000 $ — Right-of-use assets obtained in exchange for operating lease liabilities $ 14,302,000 $ 31,958,000 |
Schedule of Operating Lease Liability | As of December 31, 2020, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying consolidated balance sheet: Year Amount 2021 $ 23,875,000 2022 24,328,000 2023 24,520,000 2024 23,756,000 2025 23,639,000 Thereafter 167,081,000 Total operating lease payments 287,199,000 Less: interest 93,565,000 Present value of operating lease liabilities $ 193,634,000 |
Schedule of Finance Lease Liability | Finance Leases As of December 31, 2020, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities: Year Amount 2021 $ 151,000 2022 22,000 2023 16,000 2024 — 2025 — Thereafter — Total finance lease payments 189,000 Less: interest 8,000 Present value of finance lease liabilities $ 181,000 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary Information by Reportable Segment | Summary information for the reportable segments during the years ended December 31, 2020, 2019 and 2018 was as follows: Integrated Senior Housing — RIDEA Medical Senior Skilled Hospitals Year Ended December 31, 2020 Revenues and grant income: Resident fees and services $ 983,169,000 $ 85,904,000 $ — $ — $ — $ — $ 1,069,073,000 Real estate revenue — — 78,424,000 14,524,000 16,107,000 10,992,000 120,047,000 Grant income 53,855,000 1,326,000 — — — — 55,181,000 Total revenues and grant income 1,037,024,000 87,230,000 78,424,000 14,524,000 16,107,000 10,992,000 1,244,301,000 Expenses: Property operating expenses 929,897,000 63,830,000 — — — — 993,727,000 Rental expenses — — 30,216,000 64,000 1,572,000 446,000 32,298,000 Segment net operating income $ 107,127,000 $ 23,400,000 $ 48,208,000 $ 14,460,000 $ 14,535,000 $ 10,546,000 $ 218,276,000 Expenses: General and administrative $ 27,007,000 Acquisition related expenses 290,000 Depreciation and amortization 98,858,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (71,278,000) Loss in fair value of derivative financial instruments (3,906,000) Gain on dispositions of real estate investments 1,395,000 Impairment of real estate investments (11,069,000) Loss from unconsolidated entities (4,517,000) Foreign currency gain 1,469,000 Other income 1,570,000 Income before income taxes 5,785,000 Income tax benefit 3,078,000 Net income $ 8,863,000 Integrated Senior Medical Senior Skilled Hospitals Year Ended December 31, 2019 Revenues: Resident fees and services $ 1,030,934,000 $ 68,144,000 $ — $ — $ — $ — $ 1,099,078,000 Real estate revenue — — 80,805,000 18,407,000 13,345,000 11,481,000 124,038,000 Total revenues 1,030,934,000 68,144,000 80,805,000 18,407,000 13,345,000 11,481,000 1,223,116,000 Expenses: Property operating expenses 919,793,000 48,067,000 — — — — 967,860,000 Rental expenses — — 30,870,000 1,001,000 1,456,000 532,000 33,859,000 Segment net operating income $ 111,141,000 $ 20,077,000 $ 49,935,000 $ 17,406,000 $ 11,889,000 $ 10,949,000 $ 221,397,000 Expenses: General and administrative $ 29,749,000 Acquisition related expenses (161,000) Depreciation and amortization 111,412,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishment) (78,553,000) Loss in fair value of derivative financial instruments (4,541,000) Loss from unconsolidated entities (2,097,000) Foreign currency gain 1,730,000 Other income 3,736,000 Income before income taxes 672,000 Income tax expense (1,524,000) Net loss $ (852,000) Integrated Senior Housing — RIDEA Medical Senior Skilled 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 investment (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 |
Assets by Reportable Segment | Total assets by reportable segment as of December 31, 2020 and 2019 were as follows: December 31, 2020 2019 Integrated senior health campuses $ 1,886,878,000 $ 1,791,868,000 Medical office buildings 610,653,000 620,292,000 Senior housing — RIDEA 348,987,000 360,823,000 Senior housing 152,406,000 152,909,000 Skilled nursing facilities 115,941,000 126,606,000 Hospitals 109,663,000 113,737,000 Other 10,409,000 6,054,000 Total assets $ 3,234,937,000 $ 3,172,289,000 |
Revenues and Grant Income 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, 2020 2019 2018 Revenues and grant income: United States $ 1,239,509,000 $ 1,218,337,000 $ 1,130,350,000 International 4,792,000 4,779,000 4,910,000 $ 1,244,301,000 $ 1,223,116,000 $ 1,135,260,000 The following is a summary of real estate investments, net by geographic regions as of December 31, 2020 and 2019: December 31, 2020 2019 Real estate investments, net: United States $ 2,279,257,000 $ 2,219,882,000 International 50,743,000 50,539,000 $ 2,330,000,000 $ 2,270,421,000 |
Organization and Description _2
Organization and Description of Business (Detail) ft² in Thousands | Dec. 31, 2020ft²segment | Feb. 26, 2014 | Dec. 31, 2020USD ($)ft²segment | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Apr. 21, 2015USD ($)shares | Dec. 31, 2020USD ($)ft²shares | Mar. 29, 2019USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2020USD ($)ft²shares | Dec. 31, 2020USD ($)ft²PropertyBuildingCampus | Jan. 30, 2019USD ($) | Mar. 25, 2015USD ($) |
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Issuance of common stock under the DRIP | $ 21,861,000 | $ 55,440,000 | $ 60,030,000 | $ 305,151,000 | $ 327,012,000 | ||||||||
Issuance of common stock under the DRIP, shares | shares | 32,733,694 | 35,059,456 | |||||||||||
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 from unaffiliated parties | Campus | 119 | ||||||||||||
GLA (Sq Ft) | ft² | 14,110 | 14,110 | 14,110 | 14,110 | 14,110 | ||||||||
Acquisition aggregated cost of acquired properties purchase price, net of dispositions | $ 3,076,041,000 | ||||||||||||
Acquisition aggregated cost of acquired real estate-related investments purchase price, net of principal repayments | $ 60,429,000 | ||||||||||||
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% | ||||||||
Colony Capital Inc. [Member] | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Ownership percentage in affiliate | 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% | ||||||||
American Healthcare Investors [Member] | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Ownership percentage in affiliate | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | ||||||||
Griffin Capital Company [Member] | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Ownership percentage in affiliate | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||
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 | ||||||||||||
2015 DRIP 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 | $ 55,440,000 | $ 60,030,000 | $ 245,396,000 | ||||||||||
Issuance of common stock under the DRIP, shares | shares | 5,913,684 | 6,464,432 | 26,386,545 | ||||||||||
2019 DRIP Offering [Member] | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 200,000,000 | ||||||||||||
Issuance of common stock under the DRIP | $ 63,105,000 | ||||||||||||
Issuance of common stock under the DRIP, shares | shares | 6,724,348 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Detail) | Dec. 31, 2020USD ($)segment | Jun. 30, 2019USD ($) | Jun. 30, 2021 | Dec. 31, 2020USD ($)Campussegment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Jan. 01, 2019USD ($) | |
Operating lease liabilities | [1] | $ 193,634,000 | $ 193,634,000 | $ 207,371,000 | $ 207,371,000 | $ 193,634,000 | |||||
Operating lease right-of-use assets, net | 203,988,000 | 203,988,000 | 219,187,000 | 219,187,000 | 203,988,000 | ||||||
Resident fees and services | 1,069,073,000 | 1,099,078,000 | $ 1,005,691,000 | ||||||||
Accounts receivable, allowance for credit loss | 9,466,000 | 9,466,000 | 11,435,000 | 11,435,000 | 9,466,000 | ||||||
Accounts receivable, allowance for credit loss, increase | 12,494,000 | 13,087,000 | 8,520,000 | ||||||||
Accounts receivable, allowance for credit loss, decrease from collections or adjustments | (7,697,000) | (6,094,000) | (1,437,000) | ||||||||
Accounts receivable, allowance for credit loss, writeoff | (6,766,000) | (6,774,000) | (6,405,000) | ||||||||
Asset impairment charges | 0 | 0 | 0 | ||||||||
Other asset impairment charges | 0 | 0 | 0 | ||||||||
Payroll related costs | 46,540,000 | 46,540,000 | 24,118,000 | 24,118,000 | 46,540,000 | ||||||
Insurance reserves | 36,251,000 | 36,251,000 | 35,581,000 | 35,581,000 | 36,251,000 | ||||||
Accrued developments and capital expenditures | 21,508,000 | 21,508,000 | 25,019,000 | 25,019,000 | 21,508,000 | ||||||
Accrued property taxes | 14,521,000 | 14,521,000 | 14,501,000 | 14,501,000 | 14,521,000 | ||||||
Accrued distributions | $ 0 | $ 0 | 9,974,000 | 10,189,000 | 9,974,000 | $ 0 | |||||
Percentage Of Income Required to be Distributed As Dividends | 90.00% | 90.00% | 90.00% | ||||||||
Number of reportable segments | segment | 6 | 6 | |||||||||
Grant income | $ 55,181,000 | 0 | 0 | ||||||||
Number of Senior Integrated Health Campuses Impaired | Campus | 2 | ||||||||||
Impairment of real estate investments | $ 11,069,000 | 0 | 2,542,000 | ||||||||
Number of integrated senior health campuses disposed of | Campus | 2 | ||||||||||
Gain on dispositions of real estate investments | $ 1,395,000 | 0 | 0 | ||||||||
Principal repayments on real estate notes receivable | $ 28,650,000 | 0 | 28,650,000 | 1,799,000 | |||||||
Government Assistance, CARES Act [Member] | |||||||||||
Grant income, property operating expenses | 519,000 | 0 | 0 | ||||||||
Deferred grant income | $ 2,635,000 | 2,635,000 | 0 | $ 0 | $ 2,635,000 | ||||||
Proceeds from government assistance | $ 52,322,000 | ||||||||||
General Partnership [Member] | |||||||||||
Percentage of ownership in operating partnership | 99.99% | 99.99% | |||||||||
Limited Partnership [Member] | |||||||||||
Percentage of limited partnership interest | 0.01% | 0.01% | |||||||||
Building and Building Improvements [Member] | |||||||||||
Estimated useful life | 39 years | ||||||||||
Leasehold Improvements [Member] | Maximum [Member] | |||||||||||
Estimated useful life | 34 years | ||||||||||
Furniture, fixtures, and equipment [Member] | Maximum [Member] | |||||||||||
Estimated useful life | 28 years | ||||||||||
Integrated Senior Health Campuses [Member] | |||||||||||
Impairment of real estate investments | $ 2,719,000 | ||||||||||
Carrying value after impairment | 807,000 | 807,000 | $ 807,000 | ||||||||
Contract sales price of dispositions | 10,457,000 | ||||||||||
Gain on dispositions of real estate investments | 1,380,000 | ||||||||||
Other Properties Held for Sale [Member] | |||||||||||
Impairment of real estate investments | 0 | 0 | |||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||||
Operating lease liabilities | $ 198,453,000 | ||||||||||
Operating lease right-of-use assets, net | $ 211,679,000 | ||||||||||
Forecast [Member] | |||||||||||
Deferral and Extension Term, COVID-19 | 1 year | ||||||||||
Integrated Senior Health Campuses [Member] | |||||||||||
Resident fees and services | 983,169,000 | 1,030,934,000 | 940,616,000 | ||||||||
Grant income | 53,855,000 | 0 | 0 | ||||||||
Senior Housing-RIDEA [Member] | |||||||||||
Resident fees and services | 85,904,000 | 68,144,000 | 65,075,000 | ||||||||
Grant income | 1,326,000 | 0 | 0 | ||||||||
Resident Fees and Services [Member] | |||||||||||
Resident fees and services | 1,069,073,000 | 1,099,078,000 | 1,005,691,000 | ||||||||
Accounts receivable, net - resident fees and services, beginning balance | 87,077,000 | 87,077,000 | 87,077,000 | $ 105,036,000 | |||||||
Accounts receivable, net - resident fees and services, ending balance | 87,077,000 | 87,077,000 | 87,077,000 | 105,036,000 | |||||||
(Decrease) increase in accounts receivable, net - resident fees and services | (17,959,000) | ||||||||||
Deferred revenue, net - resident fees and services, beginning balance | 10,597,000 | 10,597,000 | 10,597,000 | 13,518,000 | |||||||
Deferred revenue, net - resident fees and services, ending balance | 10,597,000 | 10,597,000 | 10,597,000 | 13,518,000 | |||||||
Decrease in deferred revenue, resident fees and services | (2,921,000) | ||||||||||
Resident Fees and Services [Member] | Integrated Senior Health Campuses [Member] | |||||||||||
Resident fees and services | 983,169,000 | 1,030,934,000 | 940,616,000 | ||||||||
Resident Fees and Services [Member] | Senior Housing-RIDEA [Member] | |||||||||||
Resident fees and services | 85,904,000 | 68,144,000 | 65,075,000 | ||||||||
Resident Fees and Services [Member] | Transferred at Point in Time [Member] | |||||||||||
Resident fees and services | 198,914,000 | 217,594,000 | 188,352,000 | ||||||||
Resident Fees and Services [Member] | Transferred at Point in Time [Member] | Integrated Senior Health Campuses [Member] | |||||||||||
Resident fees and services | 196,053,000 | 214,650,000 | 185,273,000 | ||||||||
Resident Fees and Services [Member] | Transferred at Point in Time [Member] | Senior Housing-RIDEA [Member] | |||||||||||
Resident fees and services | 2,861,000 | 2,944,000 | 3,079,000 | ||||||||
Resident Fees and Services [Member] | Transferred over Time [Member] | |||||||||||
Resident fees and services | 870,159,000 | 881,484,000 | 817,339,000 | ||||||||
Resident Fees and Services [Member] | Transferred over Time [Member] | Integrated Senior Health Campuses [Member] | |||||||||||
Resident fees and services | 787,116,000 | 816,284,000 | 755,343,000 | ||||||||
Resident Fees and Services [Member] | Transferred over Time [Member] | Senior Housing-RIDEA [Member] | |||||||||||
Resident fees and services | 83,043,000 | 65,200,000 | 61,996,000 | ||||||||
Private and Other Payors [Member] | Resident Fees and Services [Member] | |||||||||||
Resident fees and services | 521,441,000 | 567,623,000 | 502,132,000 | ||||||||
Accounts receivable, net - resident fees and services, beginning balance | 36,125,000 | 36,125,000 | 36,125,000 | 46,543,000 | |||||||
Accounts receivable, net - resident fees and services, ending balance | 36,125,000 | 36,125,000 | 36,125,000 | 46,543,000 | |||||||
(Decrease) increase in accounts receivable, net - resident fees and services | (10,418,000) | ||||||||||
Private and Other Payors [Member] | Resident Fees and Services [Member] | Integrated Senior Health Campuses [Member] | |||||||||||
Resident fees and services | 437,133,000 | 499,693,000 | 437,100,000 | ||||||||
Private and Other Payors [Member] | Resident Fees and Services [Member] | Senior Housing-RIDEA [Member] | |||||||||||
Resident fees and services | 84,308,000 | 67,930,000 | 65,032,000 | ||||||||
Medicare [Member] | Resident Fees and Services [Member] | |||||||||||
Resident fees and services | 356,350,000 | 338,466,000 | 332,852,000 | ||||||||
Accounts receivable, net - resident fees and services, beginning balance | 36,479,000 | 36,479,000 | 36,479,000 | 32,127,000 | |||||||
Accounts receivable, net - resident fees and services, ending balance | 36,479,000 | 36,479,000 | 36,479,000 | 32,127,000 | |||||||
(Decrease) increase in accounts receivable, net - resident fees and services | 4,352,000 | ||||||||||
Medicare [Member] | Resident Fees and Services [Member] | Integrated Senior Health Campuses [Member] | |||||||||||
Resident fees and services | 356,350,000 | 338,466,000 | 332,852,000 | ||||||||
Medicare [Member] | Resident Fees and Services [Member] | Senior Housing-RIDEA [Member] | |||||||||||
Resident fees and services | 0 | 0 | 0 | ||||||||
Medicaid [Member] | Resident Fees and Services [Member] | |||||||||||
Resident fees and services | 191,282,000 | 192,989,000 | 170,707,000 | ||||||||
Accounts receivable, net - resident fees and services, beginning balance | 14,473,000 | 14,473,000 | 14,473,000 | 26,366,000 | |||||||
Accounts receivable, net - resident fees and services, ending balance | $ 14,473,000 | 14,473,000 | $ 14,473,000 | $ 26,366,000 | |||||||
(Decrease) increase in accounts receivable, net - resident fees and services | (11,893,000) | ||||||||||
Medicaid [Member] | Resident Fees and Services [Member] | Integrated Senior Health Campuses [Member] | |||||||||||
Resident fees and services | 189,686,000 | 192,775,000 | 170,664,000 | ||||||||
Medicaid [Member] | Resident Fees and Services [Member] | Senior Housing-RIDEA [Member] | |||||||||||
Resident fees and services | $ 1,596,000 | $ 214,000 | $ 43,000 | ||||||||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2020 and 2019 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, or VIE, 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 2019 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $556,500,000 and $557,000,000 as of December 31, 2020 and 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Real Estate Investments, Net -
Real Estate Investments, Net - Investments in Consolidated Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | $ 2,754,650 | $ 2,608,319 |
Less: accumulated depreciation | (424,650) | (337,898) |
Real estate investments, net | 2,330,000 | 2,270,421 |
Building, improvements and construction in process [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | 2,379,337 | 2,262,320 |
Land and Land Improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | 200,319 | 195,491 |
Furniture, fixtures, and equipment [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investments, at cost | $ 174,994 | $ 150,508 |
Real Estate Investments, Net _2
Real Estate Investments, Net - Additional Information (Detail) | 12 Months Ended | 96 Months Ended | ||
Dec. 31, 2020USD ($)CampusBuildingfacility | Dec. 31, 2019USD ($)BuildingCampus | Dec. 31, 2018USD ($)CampusBuilding | Dec. 31, 2020USD ($)BuildingCampus | |
Real Estate Properties [Line Items] | ||||
Depreciation | $ 90,997,000 | $ 90,914,000 | $ 83,309,000 | |
Impairment of real estate investments | $ 11,069,000 | $ 0 | $ 2,542,000 | |
Number of Medical Office Buildings Impaired | Building | 1 | 1 | ||
Number of integrated senior health campuses development completed | Campus | 6 | 2 | ||
Number of integrated senior health campuses expanded | Campus | 2 | 3 | ||
Number of buildings acquired from unaffiliated parties | Building | 101 | |||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 119 | |||
Number of Skilled Nursing Facilities Impaired | facility | 1 | |||
Gain on dispositions of real estate investments | $ 1,395,000 | $ 0 | $ 0 | |
North Carolina ALF Portfolio [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of buildings acquired from unaffiliated parties | Building | 6 | 5 | ||
Integrated Senior Health Campuses [Member] | ||||
Real Estate Properties [Line Items] | ||||
Capital Expenditures Incurred | 111,286,000 | $ 93,485,000 | $ 76,330,000 | |
Total completed development cost | 64,782,000 | 25,087,000 | ||
Total completed expansion cost | 2,573,000 | 8,309,000 | ||
Medical Office Building [Member] | ||||
Real Estate Properties [Line Items] | ||||
Capital Expenditures Incurred | 17,854,000 | 16,571,000 | 8,426,000 | |
Senior Housing-RIDEA [Member] | ||||
Real Estate Properties [Line Items] | ||||
Capital Expenditures Incurred | 1,232,000 | 2,015,000 | 1,711,000 | |
Skilled Nursing Facilities [Member] | ||||
Real Estate Properties [Line Items] | ||||
Capital Expenditures Incurred | 0 | 1,954,000 | 463,000 | |
Hospitals [Member] | ||||
Real Estate Properties [Line Items] | ||||
Capital Expenditures Incurred | 47,000 | 53,000 | 131,000 | |
Senior Housing [Member] | ||||
Real Estate Properties [Line Items] | ||||
Capital Expenditures Incurred | 0 | $ 0 | $ 0 | |
Two Thousand Twenty Acquisition [Member] [Domain] | ||||
Real Estate Properties [Line Items] | ||||
Acquisition contract purchase price of land acquired | 2,833,000 | |||
Asset Acquisition, Transaction Costs | $ 709,000 | $ 709,000 | ||
Two Thousand Twenty Acquisitions, Previously Leased [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership Percentage, Properties | 67.60% | |||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Contract purchase price | $ 27,319,000 | |||
Two Thousand Twenty Acquisitions, Previously Leased [Member] | Trilogy Investors, LLC [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 2 | |||
Two Thousand Nineteen Acquisition [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership Percentage, Properties | 67.70% | |||
Number of buildings acquired from unaffiliated parties | Building | 2 | |||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Acquisition contract purchase price of land acquired | $ 4,806,000 | |||
Contract purchase price | 15,750,000 | |||
Asset Acquisition, Transaction Costs | $ 836,000 | |||
Two Thousand Nineteen Acquisitions, Previously Leased [Member] | Trilogy Investors, LLC [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 1 | |||
Two Thousand Eighteen Acquisitions [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of buildings acquired from unaffiliated parties | Building | 1 | |||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Acquisition contract purchase price of land acquired | $ 3,146,000 | |||
Asset Acquisition, Transaction Costs | $ 3,044,000 | |||
Two Thousand Eighteen Acquisitions [Member] | Land [Member] | ||||
Real Estate Properties [Line Items] | ||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Contract purchase price | $ 300,000 | |||
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% | |||
Contract purchase price | $ 47,455,000 | |||
Two Thousand Eighteen Acquisitions, Previously Leased [Member] | Trilogy Investors, LLC [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 4 | |||
Medical Office Building [Member] | ||||
Real Estate Properties [Line Items] | ||||
Impairment of real estate investments | $ 2,542,000 | |||
Carrying value after impairment | $ 7,387,000 | |||
Contract sales price of dispositions | $ 3,500,000 | |||
Gain on dispositions of real estate investments | 15,000 | |||
Medical Office Building and Skilled Nursing Facility [Member] | ||||
Real Estate Properties [Line Items] | ||||
Impairment of real estate investments | 8,350,000 | |||
Carrying value after impairment | $ 4,256,000 | $ 4,256,000 |
Real Estate Investments, Net _3
Real Estate Investments, Net - Summary of Acquisitions (Detail) $ in Thousands | 12 Months Ended | 96 Months Ended | ||
Dec. 31, 2020USD ($)Building | Dec. 31, 2019USD ($)Building | Dec. 31, 2018USD ($)Building | Dec. 31, 2020Building | |
Real Estate Properties [Line Items] | ||||
Number of buildings acquired from unaffiliated parties | Building | 101 | |||
North Carolina ALF Portfolio [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of buildings acquired from unaffiliated parties | Building | 6 | 5 | ||
Two Thousand Twenty Acquisition [Member] [Domain] | ||||
Real Estate Properties [Line Items] | ||||
Acquisition contract purchase price of land acquired | $ 2,833 | |||
Two Thousand Nineteen Acquisition [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of buildings acquired from unaffiliated parties | Building | 2 | |||
Ownership Percentage, Properties | 67.70% | |||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Contract purchase price | $ 15,750 | |||
Line of credit | 15,000 | |||
Acquisition fees | 349 | |||
Acquisition contract purchase price of land acquired | $ 4,806 | |||
Two Thousand Nineteen Acquisition [Member] | North Carolina ALF Portfolio - Garner [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership Percentage, Properties | 100.00% | |||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Date of acquisition of property | Mar. 27, 2019 | |||
Contract purchase price | $ 15,000 | |||
Line of credit | 15,000 | |||
Acquisition fees | $ 338 | |||
Two Thousand Nineteen Acquisition [Member] | The Cloister at Silvercrest [Member] | ||||
Real Estate Properties [Line Items] | ||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Date of acquisition of property | Oct. 1, 2019 | |||
Contract purchase price | $ 750 | |||
Line of credit | 0 | |||
Acquisition fees | $ 11 | |||
Two Thousand Eighteen Acquisitions [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of buildings acquired from unaffiliated parties | Building | 1 | |||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Acquisition contract purchase price of land acquired | $ 3,146 | |||
Two Thousand Eighteen Acquisitions [Member] | North Carolina ALF Portfolio - Matthews [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership Percentage, Properties | 100.00% | |||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Type of property acquired | Senior Housing — RIDEA | |||
Date of acquisition of property | Aug. 30, 2018 | |||
Contract purchase price | $ 15,000 | |||
Line of credit | 13,500 | |||
Acquisition fees | $ 338 |
Real Estate Investments, Net Re
Real Estate Investments, Net Real Estate Investments, Net - Summary of Acquisitions of Previously Leased Real Estate Investments (Details) | 12 Months Ended | 96 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020Campus | |
Real Estate Properties [Line Items] | ||||
Number of integrated senior health campuses acquired from unaffiliated parties | Campus | 119 | |||
Two Thousand Twenty Acquisition [Member] | ||||
Real Estate Properties [Line Items] | ||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Two Thousand Twenty Acquisitions, Previously Leased [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership Percentage, Properties | 67.60% | |||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Contract purchase price | $ 27,319,000 | |||
Line of credit | 28,255,000 | |||
Acquisition fees | $ 415,000 | |||
Two Thousand Twenty Acquisitions, Previously Leased [Member] | Monticello, IN [Member] | ||||
Real Estate Properties [Line Items] | ||||
Date of acquisition of property | Jul. 30, 2020 | |||
Contract purchase price | $ 10,600,000 | |||
Line of credit | 13,200,000 | |||
Acquisition fees | $ 161,000 | |||
Two Thousand Twenty Acquisitions, Previously Leased [Member] | Louisville, KY [Member] | ||||
Real Estate Properties [Line Items] | ||||
Date of acquisition of property | Jul. 30, 2020 | |||
Contract purchase price | $ 16,719,000 | |||
Line of credit | 15,055,000 | |||
Acquisition fees | $ 254,000 | |||
Two Thousand Nineteen Acquisitions, Previously Leased [Member] | Corydon, IN [Member] | ||||
Real Estate Properties [Line Items] | ||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Date of acquisition of property | Sep. 5, 2019 | |||
Contract purchase price | $ 14,082,000 | |||
Line of credit | 14,114,000 | |||
Acquisition fees | $ 215,000 | |||
Two Thousand Nineteen Acquisition [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership Percentage, Properties | 67.70% | |||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Contract purchase price | $ 15,750,000 | |||
Line of credit | 15,000,000 | |||
Acquisition fees | $ 349,000 | |||
Acquisition ownership percentage | 67.60% | |||
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 | |||
Two Thousand Eighteen Acquisitions [Member] | ||||
Real Estate Properties [Line Items] | ||||
Percentage of contract purchase price paid acquisition fee, in cash | 2.25% | |||
Acquisition ownership percentage | 67.70% |
Real Estate Investments, Net As
Real Estate Investments, Net Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate Properties [Line Items] | |||
Increase (Decrease) to Right-of-Use Asset | $ 14,281 | $ 13,052 | |
Increase (Decrease) to Operating Lease Liability | 15,530 | 12,599 | |
Two Thousand Nineteen Acquisition [Member] | |||
Real Estate Properties [Line Items] | |||
Asset Acquisition, Transaction Costs | 836 | ||
Building and improvements | 23,834 | ||
Land | 8,496 | ||
In-place leases | 3,596 | ||
Total assets acquired | $ 35,926 | ||
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 Twenty Acquisition [Member] [Domain] | |||
Real Estate Properties [Line Items] | |||
Asset Acquisition, Transaction Costs | 709 | ||
Two Thousand Twenty Acquisition [Member] | |||
Real Estate Properties [Line Items] | |||
Building and improvements | 26,311 | ||
Land | 4,563 | ||
Total assets acquired | $ 30,874 |
Debt Security Investmen, Net -
Debt Security Investmen, Net - Additional Information (Details) - USD ($) $ in Thousands | Oct. 15, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Security Investment, Net | ||||
Debt security investment, net | $ 75,851 | $ 72,717 | ||
Held-to-Maturity, debt securities, unamortized closing costs | 1,205 | 1,375 | ||
Accretion on debt security | 3,304 | 2,987 | $ 2,717 | |
Amortization of closing costs | $ 170 | $ 143 | $ 119 | |
Debt security investment [Member] | ||||
Debt Security Investment, Net | ||||
Stated interest rate | 4.24% | |||
Debt security investment maturity date | Aug. 25, 2025 | |||
Stated amount after maturity | $ 93,433 | |||
Yield to maturity interest rate | 10.00% | |||
Beneficial ownership interest in mortgage trust | 10.00% |
Identified Intangible Assets,_3
Identified Intangible Assets, Net - Summary of Identified Intangibles, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortized intangible assets | $ 27,311 | ||
Identified intangible assets, net | 154,687 | $ 160,247 | |
Amortization of Intangible Assets | $ 6,678 | $ 19,973 | $ 12,736 |
Weighted average remaining life | 9 years 8 months 12 days | 9 years 8 months 12 days | |
Certificates Of Need [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Unamortized intangible assets | $ 96,589 | $ 94,838 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Unamortized intangible assets | 30,787 | 30,787 | |
In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortized intangible assets | $ 23,760 | $ 30,407 | |
Weighted average remaining life | 9 years 4 months 24 days | 9 years 4 months 24 days | |
Finite-Lived Intangible Assets, Accumulated amortization | $ 22,019 | $ 21,029 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortized intangible assets | $ 2,354 | $ 2,504 | |
Weighted average remaining life | 15 years 8 months 12 days | 16 years 9 months 18 days | |
Finite-Lived Intangible Assets, Accumulated amortization | $ 486 | $ 336 | |
Above-Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortized intangible assets | $ 1,032 | $ 1,452 | |
Weighted average remaining life | 4 years 7 months 6 days | 5 years | |
Finite-Lived Intangible Assets, Accumulated amortization | $ 1,975 | $ 2,057 | |
Internally Developed Technology and Software [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortized intangible assets | $ 165 | $ 259 | |
Weighted average remaining life | 1 year 8 months 12 days | 2 years 9 months 18 days | |
Finite-Lived Intangible Assets, Accumulated amortization | $ 305 | $ 211 | |
Above-Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 420 | $ 607 | $ 967 |
Identified Intangible Assets,_4
Identified Intangible Assets, Net - Summary of Amortization Expense on Identified Intangible Assets, Net (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Finite-Lived Intangible Assets, Net [Abstract] | |
2021 | $ 4,639 |
2022 | 3,909 |
2023 | 3,140 |
2024 | 2,723 |
2025 | 2,210 |
Thereafter | 10,690 |
Finite-lived intangible assets, gross | $ 27,311 |
Other Assets, Net - Schedule of
Other Assets, Net - Schedule of Other Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Assets [Abstract] | ||
Deferred rent receivables | $ 38,918 | $ 33,205 |
Prepaid expenses, deposits, other assets and deferred tax assets, net | 16,618 | 40,354 |
Inventory | 24,669 | 23,872 |
Investments in unconsolidated entities | 16,469 | 20,176 |
Lease commissions, net of accumulated amortization of $3,413,000 and $2,201,000 as of December 31, 2020 and 2019, respectively | 11,309 | 10,794 |
Deferred financing costs, net of accumulated amortization of $5,700,000 and $2,138,000 as of December 31, 2020 and 2019, respectively | 6,864 | 8,137 |
Lease inducement, net of accumulated amortization of $1,491,000 and $1,140,000 as of December 31, 2020 and 2019, respectively (with a weighted average remaining life of 9.9 years and 10.9 years as of December 31, 2020 and 2019, respectively) | 3,509 | 3,860 |
Other Assets, net | 118,356 | 140,398 |
Accumulated amortization, lease commissions | 3,413 | 2,201 |
Accumulated amortization, deferred financing costs | 5,700 | 2,138 |
Accumulated Amortization, lease inducements | $ 1,491 | $ 1,140 |
Lease inducements, weighted average remaining life | 9 years 10 months 24 days | 10 years 10 months 24 days |
Other Assets, Net - Narrative (
Other Assets, Net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization expense on deferred financing costs | $ 3,559 | $ 3,664 | $ 4,637 |
Amortization of deferred lease inducements | $ 351 | $ 351 | $ 350 |
Mortgage Loans Payable, Net - S
Mortgage Loans Payable, Net - Schedule of Mortgage Loans Payable, Net (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)MortgageLoan | Dec. 31, 2019USD ($)MortgageLoan | Dec. 31, 2018USD ($) | |||
Debt Instrument [Line Items] | |||||
Mortgage loans payable, gross | $ 834,026 | $ 816,217 | |||
Mortgage loans payable, net | $ 810,478 | [1] | $ 792,870 | [1] | $ 688,262 |
Number of fixed-rate mortgage loans payable | MortgageLoan | 62 | 58 | |||
Number of variable-rate mortgage loans payable | MortgageLoan | 10 | 7 | |||
Less: deferred financing costs, net | $ (6,864) | $ (8,137) | |||
Add: premium | 204 | 304 | |||
Less: discount | (13,363) | (14,289) | |||
Loss on extinguishment of debt | $ 0 | $ 2,968 | $ 0 | ||
Number of debt instruments extinguished | MortgageLoan | 2 | ||||
Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ 2,182 | ||||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.21% | 2.45% | |||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5.23% | 6.21% | |||
Mortgage Loans Payable, Net [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, weighted average interest rate | 3.58% | 3.85% | |||
Less: deferred financing costs, net | $ (10,389) | $ (9,362) | |||
Fixed Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage loans payable, gross | 742,686 | 714,786 | |||
Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgage loans payable, gross | $ 91,340 | $ 101,431 | |||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2020 and 2019 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, or VIE, 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 2019 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $556,500,000 and $557,000,000 as of December 31, 2020 and 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Mortgage Loans Payable, Net -_2
Mortgage Loans Payable, Net - Schedule of Activity Related to Notes Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Change in Carrying Amount of Mortgage Loans Payable, Net [Roll Forward] | |||||
Beginning balance | $ 792,870 | [1] | $ 688,262 | ||
Borrowings under mortgage loans payable | 92,399 | 191,246 | $ 181,594 | ||
Amortization of deferred financing costs | 796 | 1,544 | |||
Amortization of discount/premium on mortgage loans payable | 826 | 647 | |||
Scheduled principal payments on mortgage loans payable | (71,990) | (74,037) | |||
Early payoff of mortgage loans payable | (2,601) | (14,022) | |||
Deferred financing costs | (1,822) | (770) | |||
Ending balance | $ 810,478 | [1] | $ 792,870 | [1] | $ 688,262 |
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2020 and 2019 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, or VIE, 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 2019 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $556,500,000 and $557,000,000 as of December 31, 2020 and 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Mortgage Loans Payable, Net -_3
Mortgage Loans Payable, Net - Schedule of Principal Payments Due on Mortgage Loans Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Mortgage Loans Payable, Net [Abstract] | ||
2021 | $ 54,169 | |
2022 | 62,985 | |
2023 | 67,651 | |
2024 | 80,451 | |
2025 | 15,324 | |
Thereafter | 553,446 | |
Total | $ 834,026 | $ 816,217 |
Lines of Credit and Term Loans
Lines of Credit and Term Loans Lines of Credit and Term Loans (Details) | Jul. 28, 2020 | Sep. 05, 2019USD ($)Extension | Jan. 25, 2019USD ($)Extension | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 20, 2018USD ($) | Apr. 27, 2018USD ($) | Apr. 26, 2018USD ($) | Oct. 27, 2017USD ($) | Oct. 26, 2017USD ($) | Apr. 01, 2016USD ($) | Mar. 21, 2016USD ($) | Feb. 03, 2016USD ($) | Dec. 01, 2015USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||||||||
Lines of credit and term loans | [1] | $ 843,634,000 | $ 815,879,000 | |||||||||||||
Loss on extinguishment of debt | 0 | (2,968,000) | $ 0 | |||||||||||||
2019 Corporate Line of Credit [Member] | Line of Credit [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Current borrowing capacity | 630,000,000 | 630,000,000 | ||||||||||||||
Lines of credit and term loans | $ 556,500,000 | $ 557,000,000 | ||||||||||||||
Debt, weighted average interest rate | 2.70% | 3.83% | ||||||||||||||
2019 Corporate Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | |||||||||||||||
2019 Corporate Line of Credit [Member] | Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | 480,000,000 | |||||||||||||||
Amendment to 2019 Corporate Line of Credit [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Consolidated leverage ratio, equal to or less than (as a percent) | 65.00% | |||||||||||||||
Consolidated unencumbered leverage ratio, equal to or less than (as a percent) | 65.00% | |||||||||||||||
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 | $ 300,000,000 | |||||||||||||
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 | $ 60,000,000 | $ 42,000,000 | |||||||||||||
Increase to maximum borrowing capacity | $ 60,000,000 | |||||||||||||||
Loss on extinguishment of debt | $ 786,000 | |||||||||||||||
2019 Trilogy Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Current borrowing capacity | $ 360,000,000 | 360,000,000 | ||||||||||||||
Lines of credit and term loans | $ 287,134,000 | $ 258,879,000 | ||||||||||||||
Debt, weighted average interest rate | 2.94% | 4.52% | ||||||||||||||
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 | ||||||||||||||
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 [Member] | 2019 Corporate Line of Credit [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | 630,000,000 | |||||||||||||||
Increase to maximum borrowing capacity | 370,000,000 | |||||||||||||||
Potential maximum borrowing capacity | $ 1,000,000,000 | |||||||||||||||
Days business notice needed to increase credit facility | 5 days | |||||||||||||||
Debt Instrument, Maturity Date | Jan. 25, 2022 | |||||||||||||||
Line Of Credit Facility, number of potential extensions | Extension | 1 | |||||||||||||||
Line Of Credit Facility, potential extension term | 12 months | |||||||||||||||
Line of Credit [Member] | 2019 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] | 2019 Corporate Line of Credit [Member] | Federal Funds Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Variable interest rate | 0.50% | |||||||||||||||
Line of Credit [Member] | 2019 Corporate Line of Credit [Member] | One-Month Eurodollar [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Variable interest rate | 1.00% | |||||||||||||||
Line of Credit [Member] | 2019 Corporate Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
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% | |||||||||||||||
Line of Credit [Member] | 2019 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] | 2019 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] | Amendment to 2019 Corporate Line of Credit [Member] | Minimum [Member] | Eurodollar [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Variable interest rate | 1.85% | |||||||||||||||
Line of Credit [Member] | Amendment to 2019 Corporate Line of Credit [Member] | Minimum [Member] | Alternate Base Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Variable interest rate | 0.85% | |||||||||||||||
Line of Credit [Member] | Amendment to 2019 Corporate Line of Credit [Member] | Maximum [Member] | Eurodollar [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Variable interest rate | 2.80% | |||||||||||||||
Line of Credit [Member] | Amendment to 2019 Corporate Line of Credit [Member] | Maximum [Member] | Alternate Base Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Variable interest rate | 1.80% | |||||||||||||||
Line of Credit [Member] | 2019 Trilogy Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Maturity Date | Sep. 5, 2023 | |||||||||||||||
Line Of Credit Facility, number of potential extensions | Extension | 1 | |||||||||||||||
Line Of Credit Facility, potential extension term | 12 months | |||||||||||||||
Line of Credit [Member] | 2019 Trilogy Credit Facility [Member] | LIBOR [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Variable interest rate | 2.75% | |||||||||||||||
Line of Credit [Member] | 2019 Trilogy Credit Facility [Member] | Alternate Base Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Variable interest rate | 1.75% | |||||||||||||||
Line of Credit [Member] | 2019 Trilogy Credit Facility [Member] | Federal Funds Effective Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Variable interest rate | 0.50% | |||||||||||||||
Line of Credit [Member] | 2019 Trilogy Credit Facility [Member] | One-Month LIBOR [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Variable interest rate | 1.00% | |||||||||||||||
Line of Credit [Member] | 2019 Trilogy Credit Facility [Member] | Aggregate Real Estate Revolving Credit Obligations [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of Credit Facility Unused Commitments Percentage Condition One | 0.15% | |||||||||||||||
Line of Credit Facility Daily Commitments Percentage Condition One | 50.00% | |||||||||||||||
Line of Credit Facility Daily Commitments Percentage Condition Two | 50.00% | |||||||||||||||
Line Of Credit Facility Unused Commitments Percentage Condition Two | 0.20% | |||||||||||||||
Line of Credit [Member] | 2019 Trilogy Credit Facility [Member] | Aggregate A/R Revolving Credit Obligations [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of Credit Facility Unused Commitments Percentage Condition One | 0.15% | |||||||||||||||
Line of Credit Facility Daily Commitments Percentage Condition One | 50.00% | |||||||||||||||
Line of Credit Facility Daily Commitments Percentage Condition Two | 50.00% | |||||||||||||||
Line Of Credit Facility Unused Commitments Percentage Condition Two | 0.20% | |||||||||||||||
Line of Credit [Member] | 2019 Trilogy Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 360,000,000 | |||||||||||||||
Increase to maximum borrowing capacity | 140,000,000 | |||||||||||||||
Potential maximum borrowing capacity | $ 500,000,000 | |||||||||||||||
Days business notice needed to increase credit facility | 10 days | |||||||||||||||
Line of Credit [Member] | 2019 Trilogy Credit Facility [Member] | Standby Letters of Credit [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | |||||||||||||||
Line of Credit [Member] | 2019 Trilogy Credit Facility [Member] | Swing Line Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | 35,000,000 | |||||||||||||||
Real Estate Assets and Ancillary Business Cash Flow [Member] | 2019 Trilogy Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | 325,000,000 | |||||||||||||||
Eligible Accounts Receivable [Member] | 2019 Trilogy Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 35,000,000 | |||||||||||||||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2020 and 2019 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, or VIE, 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 2019 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $556,500,000 and $557,000,000 as of December 31, 2020 and 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Derivative Financial Instrume_3
Derivative Financial Instruments (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Fair Value | $ (7,877) | $ (3,971) |
Cap [Member] | ||
Derivative [Line Items] | ||
Instrument | Cap | |
Derivative, Notional Amount | $ 20,000 | |
Index | one month LIBOR | |
Interest Rate | 3.00% | |
Maturity Date | Sep. 23, 2021 | |
Fair Value | $ 0 | 0 |
Swap, 2.10% Interest Rate [Member] | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Derivative, Notional Amount | $ 250,000 | |
Index | one month LIBOR | |
Interest Rate | 2.10% | |
Maturity Date | Jan. 25, 2022 | |
Fair Value | $ (5,245) | (2,821) |
Swap, 1.98% Interest Rate [Member] | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Derivative, Notional Amount | $ 130,000 | |
Index | one month LIBOR | |
Interest Rate | 1.98% | |
Maturity Date | Jan. 25, 2022 | |
Fair Value | $ (2,561) | (1,150) |
Swap, 0.20% Interest Rate [Member] | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Derivative, Notional Amount | $ 100,000 | |
Index | one month LIBOR | |
Interest Rate | 0.20% | |
Maturity Date | Jan. 25, 2022 | |
Fair Value | $ (71) | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)instrument | Dec. 31, 2019USD ($)instrument | Dec. 31, 2018USD ($) | |
Loss in fair value of derivative financial instruments | $ | $ (3,906) | $ (4,541) | $ (1,949) |
Not Designated as Hedging Instrument [Member] | |||
Number of derivative financial instruments | instrument | 0 | 0 |
Identified Intangible Liabili_3
Identified Intangible Liabilities, Net - Summary of Identified Intangible Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite Lived Intangible Liabilities [Line Items] | |||
Identified intangible liabilities, net | $ 367 | $ 663 | |
Below-Market Lease [Member] | |||
Finite Lived Intangible Liabilities [Line Items] | |||
Identified intangible liabilities, net | 367 | 663 | |
Net of accumulated amortization | 834 | 1,342 | |
Amortization expense | $ 296 | $ 388 | $ 517 |
Weighted average remaining life | 2 years 7 months 6 days | 4 years 3 months 18 days |
Identified Intangible Liabili_4
Identified Intangible Liabilities, Net - Summary of Amortization Expense on Below-Market Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Identified Intangible Liabilities [Abstract] | |
2021 | $ 180 |
2022 | 89 |
2023 | 71 |
2024 | 27 |
2025 | 0 |
Thereafter | 0 |
Finite Lived Intangible Liabilities Net | $ 367 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | May 29, 2020 | |
Loss Contingencies [Line Items] | ||
Medicare services performance period | 3 months | |
Advisor [Member] | ||
Loss Contingencies [Line Items] | ||
Deferred asset management fees | 50.00% | |
Government Assistance, CARES Act [Member] | ||
Loss Contingencies [Line Items] | ||
Proceeds from government assistance | $ 52,322 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Detail) - shares | 12 Months Ended | 84 Months Ended | 96 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | |
Trilogy Investors, LLC [Member] | ||||
Redeemable Noncontrolling Interests [Line Items] | ||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 3.40% | 3.40% | 3.40% | 3.40% |
General Partnership [Member] | ||||
Redeemable Noncontrolling Interests [Line Items] | ||||
Percentage of ownership in operating partnership | 99.99% | 99.99% | ||
Limited Partnership [Member] | ||||
Redeemable Noncontrolling Interests [Line Items] | ||||
Percentage of limited partnership interest | 0.01% | 0.01% | ||
Trilogy REIT Holdings, LLC [Member] | ||||
Redeemable Noncontrolling Interests [Line Items] | ||||
Joint venture ownership interest | 70.00% | 70.00% | 70.00% | 70.00% |
Trilogy Investors, LLC [Member] | ||||
Redeemable Noncontrolling Interests [Line Items] | ||||
Ownership percentage equity interest | 96.60% | 96.60% | 96.60% | 96.60% |
Redeemable Limited Partnership Units | ||||
Redeemable Noncontrolling Interests [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share | 222 | 222 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests - Changes in Carrying Amount (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in carrying amount of redeemable noncontrolling interest [Roll Forward] | |||
Beginning balance | $ 44,105 | $ 38,245 | |
Additions | 0 | 2,000 | $ 535 |
Reclassification from equity | 715 | 780 | 780 |
Distributions | (1,271) | (1,430) | (711) |
Repurchase of redeemable noncontrolling interests | (150) | (400) | |
Adjustment to redemption value | (3,714) | 4,473 | 5,301 |
Net income attributable to redeemable noncontrolling interests | 655 | 437 | 134 |
Ending balance | $ 40,340 | $ 44,105 | $ 38,245 |
Equity (Detail)
Equity (Detail) - USD ($) | Dec. 01, 2015 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 21, 2015 | Dec. 31, 2020 | Mar. 29, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Apr. 07, 2020 | Jan. 30, 2019 | Jan. 06, 2016 | Mar. 25, 2015 | Feb. 26, 2014 |
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 | |||||||||
Par value of preferred stock, authorized to be issued | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Preferred Stock, Shares Outstanding (in shares) | 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 | |||||||||
Par value of common stock to be offered and sold to the public | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Issuance of common stock under the DRIP, shares | 32,733,694 | 35,059,456 | |||||||||||||
Common stock, shares, outstanding | 193,889,872 | 193,889,872 | 193,967,474 | 193,889,872 | 193,967,474 | 193,889,872 | |||||||||
Common stock, shares issued | 193,889,872 | 193,889,872 | 193,967,474 | 193,889,872 | 193,967,474 | 193,889,872 | |||||||||
Stock based compensation — nonvested restricted common stock | $ 155,000 | $ 215,000 | $ 215,000 | ||||||||||||
Preferred Stock, Value, Subscriptions | $ 125,000 | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 12.50% | ||||||||||||||
Issuance of common stock under the DRIP | $ 21,861,000 | 55,440,000 | 60,030,000 | $ 305,151,000 | $ 327,012,000 | ||||||||||
Issuance of noncontrolling interest | 11,000,000 | 0 | 0 | ||||||||||||
Total Stockholders' Equity | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issuance of common stock under the DRIP | $ 21,861,000 | $ 55,440,000 | $ 60,030,000 | ||||||||||||
Common Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issuance of common stock under the DRIP, shares | 2,325,762 | 5,913,684 | 6,464,432 | ||||||||||||
Issuance of common stock under the DRIP | $ 24,000 | $ 59,000 | $ 65,000 | ||||||||||||
Profits Interests [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Forfeited (shares) | 0 | 0 | 0 | ||||||||||||
Exercised (shares) | 0 | 0 | 0 | ||||||||||||
Profits Interests [Member] | Trilogy Joint Venture [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Vesting percentage | 20.00% | ||||||||||||||
Vesting period | 5 years | ||||||||||||||
Stock based compensation — nonvested restricted common stock | $ (1,342,000) | $ 2,744,000 | $ 2,898,000 | ||||||||||||
Trilogy Investors, LLC [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Ownership percentage equity interest | 96.60% | 96.60% | 96.60% | 96.60% | 96.60% | 96.60% | |||||||||
Trilogy Joint Venture [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Joint venture ownership interest | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | |||||||||
Net earning of joint venture allocated to noncontrolling interest | 30.00% | 30.00% | |||||||||||||
Common Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Subscriptions in offering of common stock received and accepted shares | 184,930,598 | ||||||||||||||
DRIP [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Subscriptions in offering of common stock received and accepted shares | 1,948,563 | ||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 35,000,000 | ||||||||||||||
2015 DRIP 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 | 5,913,684 | 6,464,432 | 26,386,545 | ||||||||||||
Issuance of common stock under the DRIP | $ 55,440,000 | $ 60,030,000 | $ 245,396,000 | ||||||||||||
2019 DRIP Offering [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 200,000,000 | ||||||||||||||
Issuance of common stock under the DRIP, shares | 6,724,348 | ||||||||||||||
Issuance of common stock under the DRIP | $ 63,105,000 | ||||||||||||||
Griffin American Advisor [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Stock purchased (shares) | 22,222 | 22,222 | 22,222 | 22,222 | 22,222 | 22,222 | |||||||||
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% | |||||||||
Net earning of joint venture allocated to noncontrolling interest | 14.00% | 14.00% | 14.00% | ||||||||||||
MetSL Property Investor, LLC [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Net earning of joint venture allocated to noncontrolling interest | 9.40% | ||||||||||||||
Issuance of Subsidiary Equity, Noncontrolling Interest | 9.40% | ||||||||||||||
Griffin-American Healthcare REIT IV, Inc. [Member] | Trilogy Joint Venture [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Joint venture ownership interest | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||||||||
NorthStar Healthcare Income, Inc. [Member] | Trilogy Joint Venture [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Joint venture ownership interest | 24.00% | 24.00% | 24.00% | 24.00% | 24.00% | 24.00% |
Equity Accumulated Other Compre
Equity Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance Stockholders' Equity | $ 1,058,663 | $ 1,218,635 | $ 1,346,575 |
Net change in current period | 247 | 305 | (589) |
Ending balance Stockholders' Equity | 1,034,483 | 1,058,663 | 1,218,635 |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance Stockholders' Equity | (2,255) | (2,560) | (1,971) |
Ending balance Stockholders' Equity | $ (2,008) | $ (2,255) | $ (2,560) |
Equity Equity - Estimated Per S
Equity Equity - Estimated Per Share NAV (Details) - $ / shares | Oct. 03, 2019 | Oct. 03, 2018 | Oct. 04, 2017 | Oct. 05, 2016 |
DRIP [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Share price (usd per share) | $ 9.40 | $ 9.37 | $ 9.27 | $ 9.01 |
Equity Equity - Share Repurchas
Equity Equity - Share Repurchase Plan (Details) - USD ($) | Feb. 26, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2020 |
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 | |||||
Share repurchase plan percentage of price per-share | 100.00% | 100.00% | ||||
Repurchase of common stock, shares | 2,410,864 | 9,526,087 | 8,272,789 | 23,846,540 | 26,257,404 | |
Repurchase of common stock, value | $ 23,107,000 | $ 89,888,000 | $ 76,577,000 | $ 221,823,000 | $ 244,930,000 | |
Stock acquired average cost per share | $ 9.58 | $ 9.44 | $ 9.26 | $ 9.30 | $ 9.33 |
Equity - Status and Changes of
Equity - Status and Changes of Nonvested Shares of Restricted Common Stock (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | 82 Months Ended | ||
Dec. 31, 2020USD ($)Anniversary$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2020Anniversaryshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 135,000 | |||
Stock based compensation — nonvested restricted common stock | $ | $ 155 | $ 215 | $ 215 | |
Two Thousand Thirteen Incentive Plan [Member] | Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 2,000,000 | 2,000,000 | ||
Restricted Stock [Member] | Two Thousand Thirteen Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation — nonvested restricted common stock | $ | $ 155 | $ 215 | $ 215 | |
Restricted Stock [Member] | Independent Directors [Member] | Two Thousand Thirteen Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 7,500 | 22,500 | 22,500 | |
Granted (usd per share) | $ / shares | $ 9.40 | $ 9.37 | $ 9.27 | |
Share based compensation arrangement by share based payment award equity instruments other than options, number of vesting anniversaries | Anniversary | 4 | 4 | ||
Restricted Stock [Member] | Re-elected or Newly Elected Independent Directors [Member] | Two Thousand Thirteen Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation arrangement by share based payment award equity instruments other than options vesting percentage | 20.00% | 20.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 12 Months Ended | 71 Months Ended | 82 Months Ended | |||
Dec. 31, 2020USD ($)Quarter | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)Quarter | Dec. 31, 2020USD ($)Quarter | May 29, 2020 | |
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | $ 25,875 | $ 25,064 | $ 24,266 | |||
Advisor [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of contract purchase price paid acquisition fee, in cash | 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% | |||||
Subordinated asset management fee subject to stockholders receiving distributions, percentage | 5.00% | 5.00% | 5.00% | |||
Deferred asset management fees | 50.00% | |||||
Percentage of property 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 fee percentage | 0.0625% | 0.0625% | 0.0625% | |||
Acquistion Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | $ 480 | $ 1,124 | $ 1,194 | |||
Development Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 1,073 | 346 | 137 | |||
Acquisition Expenses [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 0 | 0 | 0 | |||
Asset Management [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 20,693 | 20,073 | 19,373 | |||
Asset Management [Member] | Due to Related Parties [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transactions, Deferred Expenses from Transactions with Related Party | 5,207 | $ 5,207 | $ 5,207 | |||
Property Management Fee [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 2,632 | 2,611 | 2,428 | |||
Lease Commissions [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 579 | 379 | 843 | |||
Construction Management Fee [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 183 | 320 | 91 | |||
Operating Expense [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 235 | $ 211 | $ 200 | |||
Disposition Fees Waived [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | $ 431 | |||||
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% |
Related Party Transactions - Op
Related Party Transactions - Operating Expenses as Percentage (Details) - Operating Expense [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Percentage of operating expenses of average invested assets | 1.00% | 0.90% | 0.90% |
Percentage of operating expenses of net income | 22.10% | 18.90% | 19.10% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amounts Outstanding to Affiliates (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||
Due to affiliate | $ 8,026 | $ 2,321 |
Asset And Property Management Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 7,155 | 1,991 |
Development Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 743 | 0 |
Construction Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 91 | 175 |
Lease Commissions [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | 27 | 143 |
Operating Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate | $ 10 | $ 12 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Derivative financial instrument | $ 0 | $ 0 |
Total assets at fair value | 0 | 0 |
Liabilities: | ||
Derivative financial instruments | 7,877 | 3,971 |
Warrants | 1,025 | 1,178 |
Total liabilities at fair value | 8,902 | 5,149 |
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: | ||
Derivative financial instruments | 0 | 0 |
Warrants | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Derivative financial instrument | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liabilities: | ||
Derivative financial instruments | 7,877 | 3,971 |
Warrants | 0 | 0 |
Total liabilities at fair value | 7,877 | 3,971 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Derivative financial instrument | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Warrants | 1,025 | 1,178 |
Total liabilities at fair value | $ 1,025 | $ 1,178 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Building | Dec. 31, 2019USD ($)Building | Dec. 31, 2018USD ($) | |
Business Acquisitions [Line Items] | |||
Change in fair value of contingent consideration | $ 0 | $ (681) | $ (2,843) |
Contingent consideration obligation | 681 | ||
Number of Medical Office Buildings Impaired | Building | 1 | 1 | |
Acquisition-related Costs [Member] | |||
Business Acquisitions [Line Items] | |||
Change in fair value of contingent consideration | $ (681) | $ (2,843) | |
Fair Value, Recurring [Member] | |||
Business Acquisitions [Line Items] | |||
Warrants | $ 1,025 | 1,178 | |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Business Acquisitions [Line Items] | |||
Warrants | $ 1,025 | $ 1,178 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Contingent Consideration Assets and Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contingent Consideration Obligations: | |||
Beginning balance | $ 0 | $ 681 | $ 5,107 |
Realized/unrealized gains recognized in earnings | 0 | (681) | (2,843) |
Settlements of obligations | 0 | 0 | (1,583) |
Ending balance | 0 | 0 | 681 |
Amount of total gains included in earnings attributable to the change in unrealized gains related to obligations still held | $ 0 | $ (681) | $ (2,843) |
Fair Value Measurements - Real
Fair Value Measurements - Real Estate (Details) | Dec. 31, 2018 |
Market rent per square foot | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 13.75 |
Market rent per square foot | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 25 |
Capitalization rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.0750 |
Discount rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.0800 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Debt security investment, net | $ 75,851 | $ 72,717 | |||
Debt security investment, fair value | 94,033 | 94,026 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Mortgage loans payable, net | 810,478 | [1] | 792,870 | [1] | $ 688,262 |
Mortgage loans payable, net fair value | 830,049 | 732,846 | |||
Lines of credit and term loan, net | 836,770 | 807,742 | |||
Lines of credit and term loan, net fair value | $ 847,048 | $ 816,355 | |||
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2020 and 2019 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, or VIE, 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 2019 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $556,500,000 and $557,000,000 as of December 31, 2020 and 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
NOL carryforwards | $ 87,347 | $ 58,416 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 6,171 | $ 1,193 | $ 14,202 |
Foreign | (386) | (521) | (462) |
Income before income taxes | $ 5,785 | $ 672 | $ 13,740 |
Income Taxes - Income Tax (Bene
Income Taxes - Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal deferred | $ (4,818) | $ (3,672) | $ (4,647) |
State deferred | (932) | (737) | (922) |
Federal current | (361) | (29) | 0 |
State current | 0 | (16) | 0 |
Foreign current | 612 | 605 | 988 |
Valuation allowances | 2,421 | 5,373 | 3,784 |
Total income tax (benefit) expense | $ (3,078) | $ 1,524 | $ (797) |
Income Taxes - Deferred Taxes (
Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Fixed assets and intangibles | $ 5,619 | $ 6,509 |
Expense accruals and other | 13,968 | 14,233 |
Net operating loss | 21,168 | 14,341 |
Reserves and accruals | 6,541 | 5,540 |
Allowances for accounts receivable | 1,932 | (179) |
Investments in unconsolidated entities | 2,357 | 2,326 |
Total deferred income tax assets | 51,585 | 42,770 |
Fixed assets and intangibles | (16,840) | (14,468) |
Other — temporary differences | (2,868) | (2,176) |
Total deferred income tax liabilities | 19,708 | 16,644 |
Net deferred income tax assets before valuation allowance | 31,877 | 26,126 |
Valuation allowances | (31,877) | (29,455) |
Net deferred income tax assets (liabilities) | $ 0 | $ (3,329) |
Income Taxes - Tax Treatment of
Income Taxes - Tax Treatment of Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | $ 0 | $ 35,294 | $ 33,141 |
Capital gain | 0 | 0 | 0 |
Return of capital | 48,842 | 82,731 | 86,833 |
Distributions reportable | $ 48,842 | $ 118,025 | $ 119,974 |
Ordinary income | 0.00% | 29.90% | 27.60% |
Capital gain | 0.00% | 0.00% | 0.00% |
Return of capital | 100.00% | 70.10% | 72.40% |
Percentage distribution reportable | 100.00% | 100.00% | 100.00% |
Leases Additional Information (
Leases Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease revenues | $ 114,770 | $ 118,201 |
Variable lease payments | 18,452 | $ 18,942 |
Lessee, operating lease, leases not yet commenced | $ 44,307 | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease not yet commenced, term of contract | 15 years |
Leases Lessor, Future Minimum R
Leases Lessor, Future Minimum Rents Due (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Future Minimum Rent [Abstract] | |
2021 | $ 89,484 |
2022 | 83,728 |
2023 | 76,843 |
2024 | 70,123 |
2025 | 61,594 |
Thereafter | 410,526 |
Total | $ 792,298 |
Leases Components of Lease Cost
Leases Components of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 32,441 | $ 29,974 |
Amortization of leased assets | 1,891 | 2,001 |
Interest on lease liabilities | 609 | 391 |
Total lease cost | $ 34,941 | $ 32,366 |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating leases, weighted average remaining lease term | 13 years 3 months 18 days | 13 years 6 months |
Finance leases, weighted average remaining lease term | 1 year 3 months 18 days | 1 year 3 months 18 days |
Operating leases, weighted average discount rate | 5.77% | 5.94% |
Finance leases, weighted average discount rate | 5.62% | 7.33% |
Leases Supplemental Disclosure
Leases Supplemental Disclosure of Cash Flows Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating cash outflows related to operating leases | $ 23,790 | $ 22,114 |
Operating cash outflows related to finance leases | 609 | 390 |
Financing cash outflows related to finance leases | 1,235 | 3,076 |
Leased assets obtained in exchange for finance lease liabilities | 66 | 0 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 14,302 | $ 31,958 |
Leases Future Minimum Rent Paym
Leases Future Minimum Rent Payments, Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Operating Lease, Description [Abstract] | |||
2021 | $ 23,875 | ||
2022 | 24,328 | ||
2023 | 24,520 | ||
2024 | 23,756 | ||
2025 | 23,639 | ||
Thereafter | 167,081 | ||
Total operating lease payments | 287,199 | ||
Less: interest | 93,565 | ||
Present value of operating lease liabilities | [1] | $ 193,634 | $ 207,371 |
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2020 and 2019 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, or VIE, 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 2019 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $556,500,000 and $557,000,000 as of December 31, 2020 and 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Leases Future Minimum Rent Pa_2
Leases Future Minimum Rent Payments, Finance Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Lessee, Finance Lease, Description [Abstract] | |
2021 | $ 151 |
2022 | 22 |
2023 | 16 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total finance lease payments | 189 |
Less: interest | 8 |
Present value of finance lease liabilities | $ 181 |
Segment Reporting - Summary Inf
Segment Reporting - Summary Information for Reportable Segments (Details) $ in Thousands | Dec. 31, 2020USD ($)segment | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Segment Reporting [Line Items] | ||||
Number of reportable segments | segment | 6 | 6 | ||
Goodwill | $ 75,309 | $ 75,309 | $ 75,309 | |
Revenues and grant income: | ||||
Resident fees and services | 1,069,073 | 1,099,078 | $ 1,005,691 | |
Real estate revenue | 120,047 | 124,038 | 129,569 | |
Grant income | 55,181 | 0 | 0 | |
Total revenues and grant income | 1,244,301 | 1,223,116 | 1,135,260 | |
Expenses: | ||||
Property operating expenses | 993,727 | 967,860 | 889,071 | |
Rental expenses | 32,298 | 33,859 | 34,823 | |
Segment net operating income | 218,276 | 221,397 | 211,366 | |
Expenses: | ||||
General and administrative | 27,007 | 29,749 | 28,770 | |
Acquisition related expenses | 290 | (161) | (2,913) | |
Depreciation and amortization | 98,858 | 111,412 | 95,678 | |
Other income (expense): | ||||
Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishment) | (71,278) | (78,553) | (66,281) | |
Loss in fair value of derivative financial instruments | (3,906) | (4,541) | (1,949) | |
Gain on dispositions of real estate investments | 1,395 | 0 | 0 | |
Impairment of real estate investments | (11,069) | 0 | (2,542) | |
Loss from unconsolidated entities | (4,517) | (2,097) | (3,877) | |
Foreign currency gain (loss) | 1,469 | 1,730 | (2,690) | |
Other income | 1,570 | 3,736 | 1,248 | |
Income before income taxes | 5,785 | 672 | 13,740 | |
Income tax benefit (expense) | 3,078 | (1,524) | 797 | |
Net income (loss), | 8,863 | (852) | 14,537 | |
Integrated Senior Health Campuses [Member] | ||||
Revenues and grant income: | ||||
Resident fees and services | 983,169 | 1,030,934 | 940,616 | |
Real estate revenue | 0 | 0 | 0 | |
Grant income | 53,855 | 0 | 0 | |
Total revenues and grant income | 1,037,024 | 1,030,934 | 940,616 | |
Expenses: | ||||
Property operating expenses | 929,897 | 919,793 | 844,279 | |
Rental expenses | 0 | 0 | 0 | |
Segment net operating income | 107,127 | 111,141 | 96,337 | |
Senior Housing-RIDEA [Member] | ||||
Revenues and grant income: | ||||
Resident fees and services | 85,904 | 68,144 | 65,075 | |
Real estate revenue | 0 | 0 | 0 | |
Grant income | 1,326 | 0 | 0 | |
Total revenues and grant income | 87,230 | 68,144 | 65,075 | |
Expenses: | ||||
Property operating expenses | 63,830 | 48,067 | 44,792 | |
Rental expenses | 0 | 0 | 0 | |
Segment net operating income | 23,400 | 20,077 | 20,283 | |
Medical Office Building [Member] | ||||
Revenues and grant income: | ||||
Resident fees and services | 0 | 0 | 0 | |
Real estate revenue | 78,424 | 80,805 | 80,078 | |
Grant income | 0 | 0 | 0 | |
Total revenues and grant income | 78,424 | 80,805 | 80,078 | |
Expenses: | ||||
Property operating expenses | 0 | 0 | 0 | |
Rental expenses | 30,216 | 30,870 | 30,514 | |
Segment net operating income | 48,208 | 49,935 | 49,564 | |
Senior Housing [Member] | ||||
Revenues and grant income: | ||||
Resident fees and services | 0 | 0 | 0 | |
Real estate revenue | 14,524 | 18,407 | 21,913 | |
Grant income | 0 | 0 | 0 | |
Total revenues and grant income | 14,524 | 18,407 | 21,913 | |
Expenses: | ||||
Property operating expenses | 0 | 0 | 0 | |
Rental expenses | 64 | 1,001 | 837 | |
Segment net operating income | 14,460 | 17,406 | 21,076 | |
Skilled Nursing Facilities [Member] | ||||
Revenues and grant income: | ||||
Resident fees and services | 0 | 0 | 0 | |
Real estate revenue | 16,107 | 13,345 | 14,887 | |
Grant income | 0 | 0 | 0 | |
Total revenues and grant income | 16,107 | 13,345 | 14,887 | |
Expenses: | ||||
Property operating expenses | 0 | 0 | 0 | |
Rental expenses | 1,572 | 1,456 | 1,816 | |
Segment net operating income | 14,535 | 11,889 | 13,071 | |
Hospitals [Member] | ||||
Revenues and grant income: | ||||
Resident fees and services | 0 | 0 | 0 | |
Real estate revenue | 10,992 | 11,481 | 12,691 | |
Grant income | 0 | 0 | 0 | |
Total revenues and grant income | 10,992 | 11,481 | 12,691 | |
Expenses: | ||||
Property operating expenses | 0 | 0 | 0 | |
Rental expenses | 446 | 532 | 1,656 | |
Segment net operating income | $ 10,546 | $ 10,949 | $ 11,035 |
Segment Reporting - Assets by R
Segment Reporting - Assets by Reportable Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting [Line Items] | ||
Total assets | $ 3,234,937 | $ 3,172,289 |
Goodwill | 75,309 | 75,309 |
Integrated Senior Health Campuses [Member] | ||
Segment Reporting [Line Items] | ||
Total assets | 1,886,878 | 1,791,868 |
Medical Office Building [Member] | ||
Segment Reporting [Line Items] | ||
Total assets | 610,653 | 620,292 |
Senior Housing-RIDEA [Member] | ||
Segment Reporting [Line Items] | ||
Total assets | 348,987 | 360,823 |
Senior Housing [Member] | ||
Segment Reporting [Line Items] | ||
Total assets | 152,406 | 152,909 |
Skilled Nursing Facilities [Member] | ||
Segment Reporting [Line Items] | ||
Total assets | 115,941 | 126,606 |
Hospitals [Member] | ||
Segment Reporting [Line Items] | ||
Total assets | 109,663 | 113,737 |
Other [Member] | ||
Segment Reporting [Line Items] | ||
Total assets | $ 10,409 | $ 6,054 |
Segment Reporting - Segment Inf
Segment Reporting - Segment Information by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Line Items] | |||
Real estate investments, net | $ 2,330,000 | $ 2,270,421 | |
Total revenues and grant income | 1,244,301 | 1,223,116 | $ 1,135,260 |
United States [Member] | |||
Segment Reporting [Line Items] | |||
Real estate investments, net | 2,279,257 | 2,219,882 | |
Total revenues and grant income | 1,239,509 | 1,218,337 | 1,130,350 |
International [Member] | |||
Segment Reporting [Line Items] | |||
Real estate investments, net | 50,743 | 50,539 | |
Total revenues and grant income | $ 4,792 | $ 4,779 | $ 4,910 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) | Dec. 31, 2020segmenttenantState | Dec. 31, 2020tenantsegmentState |
Concentration of Credit Risk | ||
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% |
Integrated Senior Health Campuses [Member] | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 49.60% | 49.60% |
Medical Office Building [Member] | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 27.30% | 27.30% |
Senior Housing-RIDEA [Member] | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 10.50% | 10.50% |
Skilled Nursing Facilities [Member] | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 5.70% | 5.70% |
Hospitals [Member] | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 3.90% | 3.90% |
Senior Housing [Member] | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 3.00% | 3.00% |
Indiana [Member] | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 39.90% | 39.90% |
Per Share Data (Detail)
Per Share Data (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Participating securities, distributed and undistributed earnings (loss), basic | $ 9 | $ 28 | $ 28 |
Restricted Common Stock [Member] | |||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share | 33,000 | 46,500 | |
Redeemable Limited Partnership Units | |||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earnings per share | 222 | 222 |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 834,026 | |||
Initial cost to company, land | 195,367 | |||
Initial cost to company, buildings and improvements | 2,143,037 | |||
Cost capitalized subsequent to acquisition | 423,868 | |||
Gross amount of which carried at close of period, land | 202,749 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,559,523 | |||
Gross amount of which carried at close of period, total | 2,762,272 | $ 2,618,608 | $ 2,477,375 | $ 2,336,208 |
Gross amount of which carried at close of period, accumulated deprecation | (425,272) | $ (337,898) | $ (254,694) | $ (172,950) |
Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 834,026 | |||
Initial cost to company, land | 195,061 | |||
Initial cost to company, buildings and improvements | 2,071,675 | |||
Cost capitalized subsequent to acquisition | 306,873 | |||
Gross amount of which carried at close of period, land | 200,814 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,372,795 | |||
Gross amount of which carried at close of period, total | 2,573,609 | |||
Gross amount of which carried at close of period, accumulated deprecation | (344,050) | |||
Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 306 | |||
Initial cost to company, buildings and improvements | 71,362 | |||
Cost capitalized subsequent to acquisition | 112,236 | |||
Gross amount of which carried at close of period, land | 1,456 | |||
Gross amount of which carried at close of period, buildings and improvements | 182,448 | |||
Gross amount of which carried at close of period, total | 183,904 | |||
Gross amount of which carried at close of period, accumulated deprecation | (81,001) | |||
Construction in Progress [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 4,759 | |||
Gross amount of which carried at close of period, land | 479 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,280 | |||
Gross amount of which carried at close of period, total | 4,759 | |||
Gross amount of which carried at close of period, accumulated deprecation | (221) | |||
DeKalb Professional Center [Member] | Lithonia, GA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 479 | |||
Initial cost to company, buildings and improvements | 2,871 | |||
Cost capitalized subsequent to acquisition | 271 | |||
Gross amount of which carried at close of period, land | 479 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,142 | |||
Gross amount of which carried at close of period, total | 3,621 | |||
Gross amount of which carried at close of period, accumulated deprecation | (766) | |||
Country Club MOB [Member] | Stockbridge, GA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 240 | |||
Initial cost to company, buildings and improvements | 2,306 | |||
Cost capitalized subsequent to acquisition | 375 | |||
Gross amount of which carried at close of period, land | 240 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,681 | |||
Gross amount of which carried at close of period, total | 2,921 | |||
Gross amount of which carried at close of period, accumulated deprecation | (572) | |||
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 | |||
Initial cost to company, buildings and improvements | 3,135 | |||
Cost capitalized subsequent to acquisition | 192 | |||
Gross amount of which carried at close of period, land | 216 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,327 | |||
Gross amount of which carried at close of period, total | 3,543 | |||
Gross amount of which carried at close of period, accumulated deprecation | (692) | |||
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 | |||
Initial cost to company, buildings and improvements | 2,214 | |||
Cost capitalized subsequent to acquisition | 148 | |||
Gross amount of which carried at close of period, land | 250 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,362 | |||
Gross amount of which carried at close of period, total | 2,612 | |||
Gross amount of which carried at close of period, accumulated deprecation | (550) | |||
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 | |||
Initial cost to company, buildings and improvements | 774 | |||
Cost capitalized subsequent to acquisition | 3 | |||
Gross amount of which carried at close of period, land | 104 | |||
Gross amount of which carried at close of period, buildings and improvements | 777 | |||
Gross amount of which carried at close of period, total | 881 | |||
Gross amount of which carried at close of period, accumulated deprecation | (197) | |||
Wichita KS MOB [Member] | Wichita, KS [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 943 | |||
Initial cost to company, buildings and improvements | 6,288 | |||
Cost capitalized subsequent to acquisition | 537 | |||
Gross amount of which carried at close of period, land | 943 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,825 | |||
Gross amount of which carried at close of period, total | 7,768 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,648) | |||
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 | |||
Initial cost to company, buildings and improvements | 5,103 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 331 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,103 | |||
Gross amount of which carried at close of period, total | 5,434 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,098) | |||
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 | |||
Initial cost to company, buildings and improvements | 6,369 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 348 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,369 | |||
Gross amount of which carried at close of period, total | 6,717 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,477) | |||
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 | |||
Initial cost to company, buildings and improvements | 6,538 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 891 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,538 | |||
Gross amount of which carried at close of period, total | 7,429 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,489) | |||
Lee's Summit MO MOB [Member] | Lee's Summit, MO [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,045 | |||
Initial cost to company, buildings and improvements | 5,068 | |||
Cost capitalized subsequent to acquisition | 463 | |||
Gross amount of which carried at close of period, land | 1,045 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,531 | |||
Gross amount of which carried at close of period, total | 6,576 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,646) | |||
Carolina Commons MOB [Member] | Indian Land, SC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,419 | |||
Initial cost to company, land | 1,028 | |||
Initial cost to company, buildings and improvements | 9,430 | |||
Cost capitalized subsequent to acquisition | 2,190 | |||
Gross amount of which carried at close of period, land | 1,028 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,620 | |||
Gross amount of which carried at close of period, total | 12,648 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,210) | |||
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 | |||
Initial cost to company, buildings and improvements | 5,633 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 393 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,633 | |||
Gross amount of which carried at close of period, total | 6,026 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,056) | |||
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 | |||
Initial cost to company, buildings and improvements | 2,726 | |||
Cost capitalized subsequent to acquisition | 21 | |||
Gross amount of which carried at close of period, land | 298 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,747 | |||
Gross amount of which carried at close of period, total | 3,045 | |||
Gross amount of which carried at close of period, accumulated deprecation | (602) | |||
Southlake TX Hospital [Member] | Southlake, TX [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 5,089 | |||
Initial cost to company, buildings and improvements | 108,517 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 5,089 | |||
Gross amount of which carried at close of period, buildings and improvements | 108,517 | |||
Gross amount of which carried at close of period, total | 113,606 | |||
Gross amount of which carried at close of period, accumulated deprecation | (17,696) | |||
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, buildings and improvements | 19,942 | |||
Cost capitalized subsequent to acquisition | 111 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,053 | |||
Gross amount of which carried at close of period, total | 20,053 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,050) | |||
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 | |||
Initial cost to company, buildings and improvements | 965 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 228 | |||
Gross amount of which carried at close of period, buildings and improvements | 965 | |||
Gross amount of which carried at close of period, total | 1,193 | |||
Gross amount of which carried at close of period, accumulated deprecation | (321) | |||
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 | |||
Initial cost to company, buildings and improvements | 1,696 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 759 | |||
Gross amount of which carried at close of period, buildings and improvements | 1,696 | |||
Gross amount of which carried at close of period, total | 2,455 | |||
Gross amount of which carried at close of period, accumulated deprecation | (606) | |||
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, buildings and improvements | 8,027 | |||
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 | |||
Gross amount of which carried at close of period, total | 8,027 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,667) | |||
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, buildings and improvements | 696 | |||
Cost capitalized subsequent to acquisition | 29 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 725 | |||
Gross amount of which carried at close of period, total | 725 | |||
Gross amount of which carried at close of period, accumulated deprecation | (237) | |||
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, buildings and improvements | 27,601 | |||
Cost capitalized subsequent to acquisition | 3,354 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 30,955 | |||
Gross amount of which carried at close of period, total | 30,955 | |||
Gross amount of which carried at close of period, accumulated deprecation | (6,626) | |||
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 | |||
Initial cost to company, buildings and improvements | 1,711 | |||
Cost capitalized subsequent to acquisition | 99 | |||
Gross amount of which carried at close of period, land | 368 | |||
Gross amount of which carried at close of period, buildings and improvements | 1,810 | |||
Gross amount of which carried at close of period, total | 2,178 | |||
Gross amount of which carried at close of period, accumulated deprecation | (626) | |||
Premier MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 644 | |||
Initial cost to company, buildings and improvements | 10,420 | |||
Cost capitalized subsequent to acquisition | 825 | |||
Gross amount of which carried at close of period, land | 644 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,245 | |||
Gross amount of which carried at close of period, total | 11,889 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,417) | |||
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 | |||
Initial cost to company, buildings and improvements | 11,005 | |||
Cost capitalized subsequent to acquisition | 1,914 | |||
Gross amount of which carried at close of period, land | 411 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,919 | |||
Gross amount of which carried at close of period, total | 13,330 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,461) | |||
Independence MOB Portfolio [Member] | Somerville, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 30,332 | |||
Initial cost to company, land | 1,509 | |||
Initial cost to company, buildings and improvements | 46,775 | |||
Cost capitalized subsequent to acquisition | 4,045 | |||
Gross amount of which carried at close of period, land | 1,509 | |||
Gross amount of which carried at close of period, buildings and improvements | 50,820 | |||
Gross amount of which carried at close of period, total | 52,329 | |||
Gross amount of which carried at close of period, accumulated deprecation | (8,011) | |||
Independence MOB Portfolio [Member] | Morristown, NJ [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 28,364 | |||
Initial cost to company, land | 3,763 | |||
Initial cost to company, buildings and improvements | 26,957 | |||
Cost capitalized subsequent to acquisition | 3,940 | |||
Gross amount of which carried at close of period, land | 3,764 | |||
Gross amount of which carried at close of period, buildings and improvements | 30,896 | |||
Gross amount of which carried at close of period, total | 34,660 | |||
Gross amount of which carried at close of period, accumulated deprecation | (6,808) | |||
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 | |||
Initial cost to company, buildings and improvements | 9,405 | |||
Cost capitalized subsequent to acquisition | 746 | |||
Gross amount of which carried at close of period, land | 1,683 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,151 | |||
Gross amount of which carried at close of period, total | 11,834 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,099) | |||
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, buildings and improvements | 19,593 | |||
Cost capitalized subsequent to acquisition | 2,533 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 22,126 | |||
Gross amount of which carried at close of period, total | 22,126 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,794) | |||
King of Prussia PA MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,797 | |||
Initial cost to company, land | 3,427 | |||
Initial cost to company, buildings and improvements | 13,849 | |||
Cost capitalized subsequent to acquisition | 4,803 | |||
Gross amount of which carried at close of period, land | 3,427 | |||
Gross amount of which carried at close of period, buildings and improvements | 18,652 | |||
Gross amount of which carried at close of period, total | 22,079 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,178) | |||
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 | |||
Initial cost to company, buildings and improvements | 13,237 | |||
Cost capitalized subsequent to acquisition | (768) | |||
Gross amount of which carried at close of period, land | 596 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,469 | |||
Gross amount of which carried at close of period, total | 13,065 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,089) | |||
North Carolina ALF Portfolio [Member] | Garner, NC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,723 | |||
Initial cost to company, buildings and improvements | 11,517 | |||
Cost capitalized subsequent to acquisition | 15 | |||
Gross amount of which carried at close of period, land | 1,723 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,532 | |||
Gross amount of which carried at close of period, total | 13,255 | |||
Gross amount of which carried at close of period, accumulated deprecation | (722) | |||
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 | |||
Initial cost to company, buildings and improvements | 11,494 | |||
Cost capitalized subsequent to acquisition | (192) | |||
Gross amount of which carried at close of period, land | 2,033 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,302 | |||
Gross amount of which carried at close of period, total | 13,335 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,424) | |||
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 | |||
Initial cost to company, buildings and improvements | 12,537 | |||
Cost capitalized subsequent to acquisition | (188) | |||
Gross amount of which carried at close of period, land | 949 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,349 | |||
Gross amount of which carried at close of period, total | 13,298 | |||
Gross amount of which carried at close of period, accumulated deprecation | (970) | |||
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 | |||
Initial cost to company, buildings and improvements | 15,894 | |||
Cost capitalized subsequent to acquisition | (777) | |||
Gross amount of which carried at close of period, land | 835 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,117 | |||
Gross amount of which carried at close of period, total | 15,952 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,577) | |||
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 | |||
Initial cost to company, buildings and improvements | 21,235 | |||
Cost capitalized subsequent to acquisition | (772) | |||
Gross amount of which carried at close of period, land | 1,069 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,463 | |||
Gross amount of which carried at close of period, total | 21,532 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,298) | |||
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 | |||
Initial cost to company, buildings and improvements | 13,596 | |||
Cost capitalized subsequent to acquisition | (864) | |||
Gross amount of which carried at close of period, land | 772 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,732 | |||
Gross amount of which carried at close of period, total | 13,504 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,005) | |||
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 | |||
Initial cost to company, buildings and improvements | 14,166 | |||
Cost capitalized subsequent to acquisition | 279 | |||
Gross amount of which carried at close of period, land | 623 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,445 | |||
Gross amount of which carried at close of period, total | 15,068 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,399) | |||
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 | |||
Initial cost to company, buildings and improvements | 10,467 | |||
Cost capitalized subsequent to acquisition | 604 | |||
Gross amount of which carried at close of period, land | 788 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,071 | |||
Gross amount of which carried at close of period, total | 11,859 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,918) | |||
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 | |||
Initial cost to company, buildings and improvements | 7,664 | |||
Cost capitalized subsequent to acquisition | 323 | |||
Gross amount of which carried at close of period, land | 500 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,987 | |||
Gross amount of which carried at close of period, total | 8,487 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,476) | |||
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 | |||
Initial cost to company, buildings and improvements | 7,912 | |||
Cost capitalized subsequent to acquisition | 429 | |||
Gross amount of which carried at close of period, land | 1,604 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,341 | |||
Gross amount of which carried at close of period, total | 9,945 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,549) | |||
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 | |||
Initial cost to company, buildings and improvements | 10,590 | |||
Cost capitalized subsequent to acquisition | 243 | |||
Gross amount of which carried at close of period, land | 259 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,833 | |||
Gross amount of which carried at close of period, total | 11,092 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,970) | |||
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 | |||
Initial cost to company, buildings and improvements | 8,589 | |||
Cost capitalized subsequent to acquisition | 127 | |||
Gross amount of which carried at close of period, land | 820 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,716 | |||
Gross amount of which carried at close of period, total | 9,536 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,647) | |||
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 | |||
Initial cost to company, buildings and improvements | 3,943 | |||
Cost capitalized subsequent to acquisition | 95 | |||
Gross amount of which carried at close of period, land | 781 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,038 | |||
Gross amount of which carried at close of period, total | 4,819 | |||
Gross amount of which carried at close of period, accumulated deprecation | (807) | |||
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 | |||
Initial cost to company, buildings and improvements | 10,720 | |||
Cost capitalized subsequent to acquisition | 166 | |||
Gross amount of which carried at close of period, land | 1,188 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,886 | |||
Gross amount of which carried at close of period, total | 12,074 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,987) | |||
Homewood AL MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 405 | |||
Initial cost to company, buildings and improvements | 6,590 | |||
Cost capitalized subsequent to acquisition | (60) | |||
Gross amount of which carried at close of period, land | 405 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,530 | |||
Gross amount of which carried at close of period, total | 6,935 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,233) | |||
Paoli PA Medical Plaza [Member] | Paoli, PA One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,404 | |||
Initial cost to company, land | 2,313 | |||
Initial cost to company, buildings and improvements | 12,447 | |||
Cost capitalized subsequent to acquisition | 7,984 | |||
Gross amount of which carried at close of period, land | 2,313 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,431 | |||
Gross amount of which carried at close of period, total | 22,744 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,860) | |||
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 | |||
Initial cost to company, buildings and improvements | 7,357 | |||
Cost capitalized subsequent to acquisition | 1,335 | |||
Gross amount of which carried at close of period, land | 1,668 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,692 | |||
Gross amount of which carried at close of period, total | 10,360 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,987) | |||
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 | |||
Initial cost to company, buildings and improvements | 14,095 | |||
Cost capitalized subsequent to acquisition | 2,649 | |||
Gross amount of which carried at close of period, land | 2,692 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,744 | |||
Gross amount of which carried at close of period, total | 19,436 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,533) | |||
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 | |||
Initial cost to company, buildings and improvements | 10,947 | |||
Cost capitalized subsequent to acquisition | 462 | |||
Gross amount of which carried at close of period, land | 1,347 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,409 | |||
Gross amount of which carried at close of period, total | 12,756 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,927) | |||
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 | |||
Initial cost to company, buildings and improvements | 6,009 | |||
Cost capitalized subsequent to acquisition | 179 | |||
Gross amount of which carried at close of period, land | 793 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,188 | |||
Gross amount of which carried at close of period, total | 6,981 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,385) | |||
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 | |||
Initial cost to company, buildings and improvements | 6,760 | |||
Cost capitalized subsequent to acquisition | 568 | |||
Gross amount of which carried at close of period, land | 782 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,328 | |||
Gross amount of which carried at close of period, total | 8,110 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,667) | |||
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 | |||
Initial cost to company, buildings and improvements | 11,529 | |||
Cost capitalized subsequent to acquisition | 105 | |||
Gross amount of which carried at close of period, land | 604 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,634 | |||
Gross amount of which carried at close of period, total | 12,238 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,095) | |||
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 | |||
Initial cost to company, buildings and improvements | 14,894 | |||
Cost capitalized subsequent to acquisition | 343 | |||
Gross amount of which carried at close of period, land | 392 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,237 | |||
Gross amount of which carried at close of period, total | 15,629 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,719) | |||
Mountain Crest Senior Housing Portfolio [Member] | Mishawaka, IN [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,124 | |||
Initial cost to company, land | 3,670 | |||
Initial cost to company, buildings and improvements | 14,416 | |||
Cost capitalized subsequent to acquisition | 642 | |||
Gross amount of which carried at close of period, land | 3,670 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,058 | |||
Gross amount of which carried at close of period, total | 18,728 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,885) | |||
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 | |||
Initial cost to company, buildings and improvements | 5,050 | |||
Cost capitalized subsequent to acquisition | 302 | |||
Gross amount of which carried at close of period, land | 404 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,352 | |||
Gross amount of which carried at close of period, total | 5,756 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,179) | |||
Mount Dora Medical Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 736 | |||
Initial cost to company, buildings and improvements | 14,616 | |||
Cost capitalized subsequent to acquisition | (6,703) | |||
Gross amount of which carried at close of period, land | 736 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,913 | |||
Gross amount of which carried at close of period, total | 8,649 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,476) | |||
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 | |||
Initial cost to company, buildings and improvements | 20,427 | |||
Cost capitalized subsequent to acquisition | 467 | |||
Gross amount of which carried at close of period, land | 981 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,894 | |||
Gross amount of which carried at close of period, total | 21,875 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,513) | |||
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 | |||
Initial cost to company, buildings and improvements | 38,619 | |||
Cost capitalized subsequent to acquisition | 803 | |||
Gross amount of which carried at close of period, land | 1,274 | |||
Gross amount of which carried at close of period, buildings and improvements | 39,422 | |||
Gross amount of which carried at close of period, total | 40,696 | |||
Gross amount of which carried at close of period, accumulated deprecation | (6,160) | |||
Pennsylvania Senior Housing Portfolio [Member] | Bethlehem, PA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,542 | |||
Initial cost to company, buildings and improvements | 22,249 | |||
Cost capitalized subsequent to acquisition | 538 | |||
Gross amount of which carried at close of period, land | 1,542 | |||
Gross amount of which carried at close of period, buildings and improvements | 22,787 | |||
Gross amount of which carried at close of period, total | 24,329 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,185) | |||
Pennsylvania Senior Housing Portfolio [Member] | Boyertown, PA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 22,932 | |||
Initial cost to company, land | 480 | |||
Initial cost to company, buildings and improvements | 25,544 | |||
Cost capitalized subsequent to acquisition | 464 | |||
Gross amount of which carried at close of period, land | 480 | |||
Gross amount of which carried at close of period, buildings and improvements | 26,008 | |||
Gross amount of which carried at close of period, total | 26,488 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,255) | |||
Pennsylvania Senior Housing Portfolio [Member] | York, PA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,432 | |||
Initial cost to company, land | 972 | |||
Initial cost to company, buildings and improvements | 29,860 | |||
Cost capitalized subsequent to acquisition | 319 | |||
Gross amount of which carried at close of period, land | 972 | |||
Gross amount of which carried at close of period, buildings and improvements | 30,179 | |||
Gross amount of which carried at close of period, total | 31,151 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,855) | |||
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 | |||
Initial cost to company, buildings and improvements | 1,977 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 94 | |||
Gross amount of which carried at close of period, buildings and improvements | 1,977 | |||
Gross amount of which carried at close of period, total | 2,071 | |||
Gross amount of which carried at close of period, accumulated deprecation | (384) | |||
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 | 738 | |||
Initial cost to company, buildings and improvements | 6,332 | |||
Cost capitalized subsequent to acquisition | 584 | |||
Gross amount of which carried at close of period, land | 738 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,916 | |||
Gross amount of which carried at close of period, total | 7,654 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,421) | |||
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 | |||
Initial cost to company, buildings and improvements | 2,648 | |||
Cost capitalized subsequent to acquisition | 62 | |||
Gross amount of which carried at close of period, land | 200 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,710 | |||
Gross amount of which carried at close of period, total | 2,910 | |||
Gross amount of which carried at close of period, accumulated deprecation | (564) | |||
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 | |||
Initial cost to company, buildings and improvements | 13,328 | |||
Cost capitalized subsequent to acquisition | 1,572 | |||
Gross amount of which carried at close of period, land | 1,176 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,900 | |||
Gross amount of which carried at close of period, total | 16,076 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,000) | |||
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 | |||
Initial cost to company, buildings and improvements | 24,533 | |||
Cost capitalized subsequent to acquisition | 2,885 | |||
Gross amount of which carried at close of period, land | 8,030 | |||
Gross amount of which carried at close of period, buildings and improvements | 27,418 | |||
Gross amount of which carried at close of period, total | 35,448 | |||
Gross amount of which carried at close of period, accumulated deprecation | (5,898) | |||
Richmond VA ALF Senior Housing Portfolio [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 33,400 | |||
Initial cost to company, land | 2,146 | |||
Initial cost to company, buildings and improvements | 56,671 | |||
Cost capitalized subsequent to acquisition | 525 | |||
Gross amount of which carried at close of period, land | 2,146 | |||
Gross amount of which carried at close of period, buildings and improvements | 57,196 | |||
Gross amount of which carried at close of period, total | 59,342 | |||
Gross amount of which carried at close of period, accumulated deprecation | (8,175) | |||
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 | 1,249 | |||
Initial cost to company, buildings and improvements | 7,453 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 1,249 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,453 | |||
Gross amount of which carried at close of period, total | 8,702 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,189) | |||
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 | 1,259 | |||
Initial cost to company, buildings and improvements | 13,716 | |||
Cost capitalized subsequent to acquisition | 249 | |||
Gross amount of which carried at close of period, land | 1,259 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,965 | |||
Gross amount of which carried at close of period, total | 15,224 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,126) | |||
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 | 1,338 | |||
Initial cost to company, buildings and improvements | 12,855 | |||
Cost capitalized subsequent to acquisition | 38 | |||
Gross amount of which carried at close of period, land | 1,338 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,893 | |||
Gross amount of which carried at close of period, total | 14,231 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,990) | |||
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 | 2,171 | |||
Initial cost to company, buildings and improvements | 6,473 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 2,171 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,473 | |||
Gross amount of which carried at close of period, total | 8,644 | |||
Gross amount of which carried at close of period, accumulated deprecation | (773) | |||
Crown Senior Care Portfolio - Felixstowe One [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 754 | |||
Initial cost to company, buildings and improvements | 6,325 | |||
Cost capitalized subsequent to acquisition | 445 | |||
Gross amount of which carried at close of period, land | 754 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,770 | |||
Gross amount of which carried at close of period, total | 7,524 | |||
Gross amount of which carried at close of period, accumulated deprecation | (777) | |||
Crown Senior Care Portfolio - Felixstowe Two [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 569 | |||
Initial cost to company, buildings and improvements | 2,797 | |||
Cost capitalized subsequent to acquisition | 296 | |||
Gross amount of which carried at close of period, land | 569 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,093 | |||
Gross amount of which carried at close of period, total | 3,662 | |||
Gross amount of which carried at close of period, accumulated deprecation | (391) | |||
Washington DC SNF [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,194 | |||
Initial cost to company, buildings and improvements | 34,200 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 1,194 | |||
Gross amount of which carried at close of period, buildings and improvements | 34,200 | |||
Gross amount of which carried at close of period, total | 35,394 | |||
Gross amount of which carried at close of period, accumulated deprecation | (5,964) | |||
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 | |||
Initial cost to company, buildings and improvements | 8,353 | |||
Cost capitalized subsequent to acquisition | 916 | |||
Gross amount of which carried at close of period, land | 499 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,269 | |||
Gross amount of which carried at close of period, total | 9,768 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,525) | |||
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 | |||
Initial cost to company, buildings and improvements | 4,783 | |||
Cost capitalized subsequent to acquisition | 301 | |||
Gross amount of which carried at close of period, land | 661 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,084 | |||
Gross amount of which carried at close of period, total | 5,745 | |||
Gross amount of which carried at close of period, accumulated deprecation | (875) | |||
Naperville MOB [Member] | Naperville, IL One | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 392 | |||
Initial cost to company, buildings and improvements | 3,765 | |||
Cost capitalized subsequent to acquisition | 32 | |||
Gross amount of which carried at close of period, land | 392 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,797 | |||
Gross amount of which carried at close of period, total | 4,189 | |||
Gross amount of which carried at close of period, accumulated deprecation | (786) | |||
Naperville MOB [Member] | Naperville, IL Two | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 548 | |||
Initial cost to company, buildings and improvements | 11,815 | |||
Cost capitalized subsequent to acquisition | 424 | |||
Gross amount of which carried at close of period, land | 548 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,239 | |||
Gross amount of which carried at close of period, total | 12,787 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,093) | |||
Lakeview IN Medical Plaza [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,947 | |||
Initial cost to company, land | 2,375 | |||
Initial cost to company, buildings and improvements | 15,911 | |||
Cost capitalized subsequent to acquisition | 5,528 | |||
Gross amount of which carried at close of period, land | 2,375 | |||
Gross amount of which carried at close of period, buildings and improvements | 21,439 | |||
Gross amount of which carried at close of period, total | 23,814 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,623) | |||
Pennsylvania Senior Housing Portfolio II [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,114 | |||
Initial cost to company, land | 835 | |||
Initial cost to company, buildings and improvements | 24,424 | |||
Cost capitalized subsequent to acquisition | 242 | |||
Gross amount of which carried at close of period, land | 835 | |||
Gross amount of which carried at close of period, buildings and improvements | 24,666 | |||
Gross amount of which carried at close of period, total | 25,501 | |||
Gross amount of which carried at close of period, accumulated deprecation | (4,386) | |||
Snellville GA MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 332 | |||
Initial cost to company, buildings and improvements | 7,781 | |||
Cost capitalized subsequent to acquisition | 502 | |||
Gross amount of which carried at close of period, land | 332 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,283 | |||
Gross amount of which carried at close of period, total | 8,615 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,355) | |||
Lakebrook Medical Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 653 | |||
Initial cost to company, buildings and improvements | 4,855 | |||
Cost capitalized subsequent to acquisition | 393 | |||
Gross amount of which carried at close of period, land | 653 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,248 | |||
Gross amount of which carried at close of period, total | 5,901 | |||
Gross amount of which carried at close of period, accumulated deprecation | (926) | |||
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 | |||
Initial cost to company, buildings and improvements | 7,924 | |||
Cost capitalized subsequent to acquisition | 299 | |||
Gross amount of which carried at close of period, land | 606 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,223 | |||
Gross amount of which carried at close of period, total | 8,829 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,433) | |||
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 | |||
Initial cost to company, buildings and improvements | 9,860 | |||
Cost capitalized subsequent to acquisition | (35) | |||
Gross amount of which carried at close of period, land | 1,245 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,825 | |||
Gross amount of which carried at close of period, total | 11,070 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,220) | |||
Austell GA MOB [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 663 | |||
Initial cost to company, buildings and improvements | 10,547 | |||
Cost capitalized subsequent to acquisition | 120 | |||
Gross amount of which carried at close of period, land | 663 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,667 | |||
Gross amount of which carried at close of period, total | 11,330 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,467) | |||
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, buildings and improvements | 17,389 | |||
Cost capitalized subsequent to acquisition | 795 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 18,184 | |||
Gross amount of which carried at close of period, total | 18,184 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,438) | |||
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 | 1,844 | |||
Initial cost to company, buildings and improvements | 10,847 | |||
Cost capitalized subsequent to acquisition | 31 | |||
Gross amount of which carried at close of period, land | 1,844 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,878 | |||
Gross amount of which carried at close of period, total | 12,722 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,396) | |||
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 | 779 | |||
Initial cost to company, buildings and improvements | 2,661 | |||
Cost capitalized subsequent to acquisition | 334 | |||
Gross amount of which carried at close of period, land | 779 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,995 | |||
Gross amount of which carried at close of period, total | 3,774 | |||
Gross amount of which carried at close of period, accumulated deprecation | (427) | |||
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 | 2,921 | |||
Initial cost to company, buildings and improvements | 11,244 | |||
Cost capitalized subsequent to acquisition | 1,933 | |||
Gross amount of which carried at close of period, land | 2,921 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,177 | |||
Gross amount of which carried at close of period, total | 16,098 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,713) | |||
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 | 2,316 | |||
Initial cost to company, buildings and improvements | 17,390 | |||
Cost capitalized subsequent to acquisition | (166) | |||
Gross amount of which carried at close of period, land | 2,316 | |||
Gross amount of which carried at close of period, buildings and improvements | 17,224 | |||
Gross amount of which carried at close of period, total | 19,540 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,202) | |||
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 | 1,857 | |||
Initial cost to company, buildings and improvements | 5,286 | |||
Cost capitalized subsequent to acquisition | (90) | |||
Gross amount of which carried at close of period, land | 1,857 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,196 | |||
Gross amount of which carried at close of period, total | 7,053 | |||
Gross amount of which carried at close of period, accumulated deprecation | (620) | |||
Fox Grape SNF Portfolio - Quincy, MA [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,546 | |||
Initial cost to company, land | 3,537 | |||
Initial cost to company, buildings and improvements | 13,697 | |||
Cost capitalized subsequent to acquisition | 333 | |||
Gross amount of which carried at close of period, land | 3,537 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,030 | |||
Gross amount of which carried at close of period, total | 17,567 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,679) | |||
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 | |||
Initial cost to company, buildings and improvements | 8,451 | |||
Cost capitalized subsequent to acquisition | 664 | |||
Gross amount of which carried at close of period, land | 1,727 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,115 | |||
Gross amount of which carried at close of period, total | 10,842 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,590) | |||
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 | |||
Initial cost to company, buildings and improvements | 1,601 | |||
Cost capitalized subsequent to acquisition | 1,228 | |||
Gross amount of which carried at close of period, land | 403 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,829 | |||
Gross amount of which carried at close of period, total | 3,232 | |||
Gross amount of which carried at close of period, accumulated deprecation | (417) | |||
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 | |||
Initial cost to company, buildings and improvements | 12,094 | |||
Cost capitalized subsequent to acquisition | 497 | |||
Gross amount of which carried at close of period, land | 804 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,591 | |||
Gross amount of which carried at close of period, total | 13,395 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,569) | |||
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 | |||
Initial cost to company, buildings and improvements | 3,479 | |||
Cost capitalized subsequent to acquisition | 355 | |||
Gross amount of which carried at close of period, land | 670 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,833 | |||
Gross amount of which carried at close of period, total | 4,503 | |||
Gross amount of which carried at close of period, accumulated deprecation | (671) | |||
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, buildings and improvements | 3,949 | |||
Cost capitalized subsequent to acquisition | 387 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,336 | |||
Gross amount of which carried at close of period, total | 4,336 | |||
Gross amount of which carried at close of period, accumulated deprecation | (421) | |||
Owen Valley Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,939 | |||
Initial cost to company, land | 307 | |||
Initial cost to company, buildings and improvements | 9,111 | |||
Cost capitalized subsequent to acquisition | 224 | |||
Gross amount of which carried at close of period, land | 307 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,335 | |||
Gross amount of which carried at close of period, total | 9,642 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,263) | |||
Homewood Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,971 | |||
Initial cost to company, land | 973 | |||
Initial cost to company, buildings and improvements | 9,702 | |||
Cost capitalized subsequent to acquisition | 533 | |||
Gross amount of which carried at close of period, land | 1,040 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,168 | |||
Gross amount of which carried at close of period, total | 11,208 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,397) | |||
Ashford Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,167 | |||
Initial cost to company, land | 664 | |||
Initial cost to company, buildings and improvements | 12,662 | |||
Cost capitalized subsequent to acquisition | 846 | |||
Gross amount of which carried at close of period, land | 694 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,478 | |||
Gross amount of which carried at close of period, total | 14,172 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,821) | |||
Mill Pond Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,297 | |||
Initial cost to company, land | 1,576 | |||
Initial cost to company, buildings and improvements | 8,124 | |||
Cost capitalized subsequent to acquisition | 468 | |||
Gross amount of which carried at close of period, land | 1,576 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,592 | |||
Gross amount of which carried at close of period, total | 10,168 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,148) | |||
St. Andrews Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,604 | |||
Initial cost to company, land | 552 | |||
Initial cost to company, buildings and improvements | 8,213 | |||
Cost capitalized subsequent to acquisition | 416 | |||
Gross amount of which carried at close of period, land | 625 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,556 | |||
Gross amount of which carried at close of period, total | 9,181 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,157) | |||
Hampton Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,482 | |||
Initial cost to company, land | 720 | |||
Initial cost to company, buildings and improvements | 8,145 | |||
Cost capitalized subsequent to acquisition | 620 | |||
Gross amount of which carried at close of period, land | 845 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,640 | |||
Gross amount of which carried at close of period, total | 9,485 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,208) | |||
Forest Park Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,078 | |||
Initial cost to company, land | 535 | |||
Initial cost to company, buildings and improvements | 9,399 | |||
Cost capitalized subsequent to acquisition | 458 | |||
Gross amount of which carried at close of period, land | 635 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,757 | |||
Gross amount of which carried at close of period, total | 10,392 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,379) | |||
The Maples at Waterford Crossing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,941 | |||
Initial cost to company, land | 344 | |||
Initial cost to company, buildings and improvements | 8,027 | |||
Cost capitalized subsequent to acquisition | 48 | |||
Gross amount of which carried at close of period, land | 347 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,072 | |||
Gross amount of which carried at close of period, total | 8,419 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,088) | |||
Morrison Woods Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,526 | |||
Initial cost to company, buildings and improvements | 10,144 | |||
Cost capitalized subsequent to acquisition | 11,877 | |||
Gross amount of which carried at close of period, land | 1,862 | |||
Gross amount of which carried at close of period, buildings and improvements | 21,685 | |||
Gross amount of which carried at close of period, total | 23,547 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,029) | |||
Woodbridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,497 | |||
Initial cost to company, land | 228 | |||
Initial cost to company, buildings and improvements | 11,812 | |||
Cost capitalized subsequent to acquisition | 316 | |||
Gross amount of which carried at close of period, land | 257 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,099 | |||
Gross amount of which carried at close of period, total | 12,356 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,650) | |||
Bridgepointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,273 | |||
Initial cost to company, land | 572 | |||
Initial cost to company, buildings and improvements | 7,469 | |||
Cost capitalized subsequent to acquisition | 608 | |||
Gross amount of which carried at close of period, land | 670 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,979 | |||
Gross amount of which carried at close of period, total | 8,649 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,078) | |||
Greenleaf Living Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,633 | |||
Initial cost to company, land | 492 | |||
Initial cost to company, buildings and improvements | 12,157 | |||
Cost capitalized subsequent to acquisition | 429 | |||
Gross amount of which carried at close of period, land | 511 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,567 | |||
Gross amount of which carried at close of period, total | 13,078 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,686) | |||
Forest Glen Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,264 | |||
Initial cost to company, land | 846 | |||
Initial cost to company, buildings and improvements | 12,754 | |||
Cost capitalized subsequent to acquisition | 359 | |||
Gross amount of which carried at close of period, land | 877 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,082 | |||
Gross amount of which carried at close of period, total | 13,959 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,807) | |||
The Meadows of Kalida Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,042 | |||
Initial cost to company, land | 298 | |||
Initial cost to company, buildings and improvements | 7,628 | |||
Cost capitalized subsequent to acquisition | 152 | |||
Gross amount of which carried at close of period, land | 303 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,775 | |||
Gross amount of which carried at close of period, total | 8,078 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,053) | |||
The Heritage [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,396 | |||
Initial cost to company, land | 1,312 | |||
Initial cost to company, buildings and improvements | 13,475 | |||
Cost capitalized subsequent to acquisition | 395 | |||
Gross amount of which carried at close of period, land | 1,382 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,800 | |||
Gross amount of which carried at close of period, total | 15,182 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,906) | |||
Genoa Retirement Village [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,438 | |||
Initial cost to company, land | 881 | |||
Initial cost to company, buildings and improvements | 8,113 | |||
Cost capitalized subsequent to acquisition | 652 | |||
Gross amount of which carried at close of period, land | 909 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,737 | |||
Gross amount of which carried at close of period, total | 9,646 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,204) | |||
Waterford Crossing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,374 | |||
Initial cost to company, land | 344 | |||
Initial cost to company, buildings and improvements | 4,381 | |||
Cost capitalized subsequent to acquisition | 874 | |||
Gross amount of which carried at close of period, land | 349 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,250 | |||
Gross amount of which carried at close of period, total | 5,599 | |||
Gross amount of which carried at close of period, accumulated deprecation | (729) | |||
St. Elizabeth Healthcare [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,165 | |||
Initial cost to company, land | 522 | |||
Initial cost to company, buildings and improvements | 5,463 | |||
Cost capitalized subsequent to acquisition | 5,368 | |||
Gross amount of which carried at close of period, land | 634 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,719 | |||
Gross amount of which carried at close of period, total | 11,353 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,207) | |||
Cumberland Pointe [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,727 | |||
Initial cost to company, land | 1,645 | |||
Initial cost to company, buildings and improvements | 13,696 | |||
Cost capitalized subsequent to acquisition | 600 | |||
Gross amount of which carried at close of period, land | 1,901 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,040 | |||
Gross amount of which carried at close of period, total | 15,941 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,095) | |||
Franciscan Healthcare Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,908 | |||
Initial cost to company, land | 808 | |||
Initial cost to company, buildings and improvements | 8,439 | |||
Cost capitalized subsequent to acquisition | 990 | |||
Gross amount of which carried at close of period, land | 815 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,422 | |||
Gross amount of which carried at close of period, total | 10,237 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,390) | |||
Blair Ridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,846 | |||
Initial cost to company, land | 734 | |||
Initial cost to company, buildings and improvements | 11,648 | |||
Cost capitalized subsequent to acquisition | 589 | |||
Gross amount of which carried at close of period, land | 773 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,198 | |||
Gross amount of which carried at close of period, total | 12,971 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,896) | |||
Glen Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,287 | |||
Initial cost to company, land | 384 | |||
Initial cost to company, buildings and improvements | 8,189 | |||
Cost capitalized subsequent to acquisition | 149 | |||
Gross amount of which carried at close of period, land | 384 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,338 | |||
Gross amount of which carried at close of period, total | 8,722 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,090) | |||
Covered Bridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 386 | |||
Initial cost to company, buildings and improvements | 9,699 | |||
Cost capitalized subsequent to acquisition | 522 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,607 | |||
Gross amount of which carried at close of period, total | 10,607 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,403) | |||
Stonebridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,988 | |||
Initial cost to company, land | 1,087 | |||
Initial cost to company, buildings and improvements | 7,965 | |||
Cost capitalized subsequent to acquisition | 419 | |||
Gross amount of which carried at close of period, land | 1,144 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,327 | |||
Gross amount of which carried at close of period, total | 9,471 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,172) | |||
RiverOaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,898 | |||
Initial cost to company, land | 440 | |||
Initial cost to company, buildings and improvements | 8,953 | |||
Cost capitalized subsequent to acquisition | 481 | |||
Gross amount of which carried at close of period, land | 466 | |||
Gross amount of which carried at close of period, buildings and improvements | 9,408 | |||
Gross amount of which carried at close of period, total | 9,874 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,286) | |||
Park Terrace Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 2,177 | |||
Initial cost to company, buildings and improvements | 7,626 | |||
Cost capitalized subsequent to acquisition | 1,208 | |||
Gross amount of which carried at close of period, land | 2,177 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,834 | |||
Gross amount of which carried at close of period, total | 11,011 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,283) | |||
Cobblestone Crossing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,462 | |||
Initial cost to company, buildings and improvements | 13,860 | |||
Cost capitalized subsequent to acquisition | 5,690 | |||
Gross amount of which carried at close of period, land | 1,496 | |||
Gross amount of which carried at close of period, buildings and improvements | 19,516 | |||
Gross amount of which carried at close of period, total | 21,012 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,544) | |||
Creasy Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,490 | |||
Initial cost to company, land | 2,111 | |||
Initial cost to company, buildings and improvements | 14,337 | |||
Cost capitalized subsequent to acquisition | 5,906 | |||
Gross amount of which carried at close of period, land | 2,393 | |||
Gross amount of which carried at close of period, buildings and improvements | 19,961 | |||
Gross amount of which carried at close of period, total | 22,354 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,609) | |||
Avalon Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,933 | |||
Initial cost to company, land | 1,542 | |||
Initial cost to company, buildings and improvements | 14,107 | |||
Cost capitalized subsequent to acquisition | 140 | |||
Gross amount of which carried at close of period, land | 1,575 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,214 | |||
Gross amount of which carried at close of period, total | 15,789 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,923) | |||
Prairie Lakes Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,064 | |||
Initial cost to company, land | 2,204 | |||
Initial cost to company, buildings and improvements | 13,227 | |||
Cost capitalized subsequent to acquisition | 624 | |||
Gross amount of which carried at close of period, land | 2,342 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,713 | |||
Gross amount of which carried at close of period, total | 16,055 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,836) | |||
RidgeWood Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,054 | |||
Initial cost to company, land | 1,240 | |||
Initial cost to company, buildings and improvements | 16,118 | |||
Cost capitalized subsequent to acquisition | 81 | |||
Gross amount of which carried at close of period, land | 1,261 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,178 | |||
Gross amount of which carried at close of period, total | 17,439 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,151) | |||
Westport Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,245 | |||
Initial cost to company, buildings and improvements | 9,946 | |||
Cost capitalized subsequent to acquisition | 100 | |||
Gross amount of which carried at close of period, land | 1,262 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,029 | |||
Gross amount of which carried at close of period, total | 11,291 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,321) | |||
Paddock Springs [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,912 | |||
Initial cost to company, land | 488 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 10,597 | |||
Gross amount of which carried at close of period, land | 654 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,431 | |||
Gross amount of which carried at close of period, total | 11,085 | |||
Gross amount of which carried at close of period, accumulated deprecation | (557) | |||
Amber Manor Care Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,725 | |||
Initial cost to company, land | 446 | |||
Initial cost to company, buildings and improvements | 6,063 | |||
Cost capitalized subsequent to acquisition | 322 | |||
Gross amount of which carried at close of period, land | 494 | |||
Gross amount of which carried at close of period, buildings and improvements | 6,337 | |||
Gross amount of which carried at close of period, total | 6,831 | |||
Gross amount of which carried at close of period, accumulated deprecation | (908) | |||
The Meadows of Leipsic Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,242 | |||
Initial cost to company, buildings and improvements | 6,988 | |||
Cost capitalized subsequent to acquisition | 576 | |||
Gross amount of which carried at close of period, land | 1,291 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,515 | |||
Gross amount of which carried at close of period, total | 8,806 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,058) | |||
Springview Manor [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 260 | |||
Initial cost to company, buildings and improvements | 3,968 | |||
Cost capitalized subsequent to acquisition | 98 | |||
Gross amount of which carried at close of period, land | 265 | |||
Gross amount of which carried at close of period, buildings and improvements | 4,061 | |||
Gross amount of which carried at close of period, total | 4,326 | |||
Gross amount of which carried at close of period, accumulated deprecation | (569) | |||
Willows at Bellevue [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,798 | |||
Initial cost to company, land | 587 | |||
Initial cost to company, buildings and improvements | 15,575 | |||
Cost capitalized subsequent to acquisition | 901 | |||
Gross amount of which carried at close of period, land | 788 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,275 | |||
Gross amount of which carried at close of period, total | 17,063 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,187) | |||
Briar Hill Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 673 | |||
Initial cost to company, buildings and improvements | 2,688 | |||
Cost capitalized subsequent to acquisition | 402 | |||
Gross amount of which carried at close of period, land | 700 | |||
Gross amount of which carried at close of period, buildings and improvements | 3,063 | |||
Gross amount of which carried at close of period, total | 3,763 | |||
Gross amount of which carried at close of period, accumulated deprecation | (463) | |||
Cypress Pointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 921 | |||
Initial cost to company, buildings and improvements | 10,291 | |||
Cost capitalized subsequent to acquisition | 10,271 | |||
Gross amount of which carried at close of period, land | 1,624 | |||
Gross amount of which carried at close of period, buildings and improvements | 19,859 | |||
Gross amount of which carried at close of period, total | 21,483 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,506) | |||
The Oaks at NorthPointe Woods [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 567 | |||
Initial cost to company, buildings and improvements | 12,716 | |||
Cost capitalized subsequent to acquisition | 116 | |||
Gross amount of which carried at close of period, land | 567 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,832 | |||
Gross amount of which carried at close of period, total | 13,399 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,707) | |||
Westlake Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,661 | |||
Initial cost to company, land | 815 | |||
Initial cost to company, buildings and improvements | 13,502 | |||
Cost capitalized subsequent to acquisition | (232) | |||
Gross amount of which carried at close of period, land | 541 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,544 | |||
Gross amount of which carried at close of period, total | 14,085 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,814) | |||
Springhurst Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,368 | |||
Initial cost to company, land | 931 | |||
Initial cost to company, buildings and improvements | 14,114 | |||
Cost capitalized subsequent to acquisition | 2,836 | |||
Gross amount of which carried at close of period, land | 2,039 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,842 | |||
Gross amount of which carried at close of period, total | 17,881 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,372) | |||
Glen Ridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,208 | |||
Initial cost to company, buildings and improvements | 9,771 | |||
Cost capitalized subsequent to acquisition | 1,598 | |||
Gross amount of which carried at close of period, land | 1,320 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,257 | |||
Gross amount of which carried at close of period, total | 12,577 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,564) | |||
St. Mary Healthcare [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,377 | |||
Initial cost to company, land | 348 | |||
Initial cost to company, buildings and improvements | 2,710 | |||
Cost capitalized subsequent to acquisition | 170 | |||
Gross amount of which carried at close of period, land | 348 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,880 | |||
Gross amount of which carried at close of period, total | 3,228 | |||
Gross amount of which carried at close of period, accumulated deprecation | (389) | |||
The Oaks at Woodfield [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 897 | |||
Initial cost to company, buildings and improvements | 12,270 | |||
Cost capitalized subsequent to acquisition | 245 | |||
Gross amount of which carried at close of period, land | 1,080 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,332 | |||
Gross amount of which carried at close of period, total | 13,412 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,683) | |||
Stonegate Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 538 | |||
Initial cost to company, buildings and improvements | 13,159 | |||
Cost capitalized subsequent to acquisition | 159 | |||
Gross amount of which carried at close of period, land | 567 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,289 | |||
Gross amount of which carried at close of period, total | 13,856 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,809) | |||
Senior Living at Forest Ridge [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 204 | |||
Initial cost to company, buildings and improvements | 5,470 | |||
Cost capitalized subsequent to acquisition | 128 | |||
Gross amount of which carried at close of period, land | 238 | |||
Gross amount of which carried at close of period, buildings and improvements | 5,564 | |||
Gross amount of which carried at close of period, total | 5,802 | |||
Gross amount of which carried at close of period, accumulated deprecation | (759) | |||
Highland Oaks Health Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 880 | |||
Initial cost to company, buildings and improvements | 1,803 | |||
Cost capitalized subsequent to acquisition | 1,039 | |||
Gross amount of which carried at close of period, land | 1,297 | |||
Gross amount of which carried at close of period, buildings and improvements | 2,425 | |||
Gross amount of which carried at close of period, total | 3,722 | |||
Gross amount of which carried at close of period, accumulated deprecation | (374) | |||
Richland Manor [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 224 | |||
Initial cost to company, buildings and improvements | 2,200 | |||
Cost capitalized subsequent to acquisition | (1,826) | |||
Gross amount of which carried at close of period, land | 224 | |||
Gross amount of which carried at close of period, buildings and improvements | 374 | |||
Gross amount of which carried at close of period, total | 598 | |||
Gross amount of which carried at close of period, accumulated deprecation | (367) | |||
River Terrace Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 13,378 | |||
Cost capitalized subsequent to acquisition | 3,932 | |||
Gross amount of which carried at close of period, land | 8 | |||
Gross amount of which carried at close of period, buildings and improvements | 17,302 | |||
Gross amount of which carried at close of period, total | 17,310 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,214) | |||
St. Charles Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,736 | |||
Initial cost to company, land | 467 | |||
Initial cost to company, buildings and improvements | 14,532 | |||
Cost capitalized subsequent to acquisition | 913 | |||
Gross amount of which carried at close of period, land | 518 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,394 | |||
Gross amount of which carried at close of period, total | 15,912 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,060) | |||
Bethany Pointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,117 | |||
Initial cost to company, land | 2,337 | |||
Initial cost to company, buildings and improvements | 26,524 | |||
Cost capitalized subsequent to acquisition | 1,618 | |||
Gross amount of which carried at close of period, land | 2,445 | |||
Gross amount of which carried at close of period, buildings and improvements | 28,034 | |||
Gross amount of which carried at close of period, total | 30,479 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,748) | |||
River Pointe Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,451 | |||
Initial cost to company, land | 1,118 | |||
Initial cost to company, buildings and improvements | 14,736 | |||
Cost capitalized subsequent to acquisition | 1,284 | |||
Gross amount of which carried at close of period, land | 1,126 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,012 | |||
Gross amount of which carried at close of period, total | 17,138 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,229) | |||
Waterford Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,295 | |||
Initial cost to company, land | 1,219 | |||
Initial cost to company, buildings and improvements | 18,557 | |||
Cost capitalized subsequent to acquisition | 1,386 | |||
Gross amount of which carried at close of period, land | 1,373 | |||
Gross amount of which carried at close of period, buildings and improvements | 19,789 | |||
Gross amount of which carried at close of period, total | 21,162 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,693) | |||
Autumn Woods Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,016 | |||
Initial cost to company, buildings and improvements | 13,414 | |||
Cost capitalized subsequent to acquisition | 1,425 | |||
Gross amount of which carried at close of period, land | 1,031 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,824 | |||
Gross amount of which carried at close of period, total | 15,855 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,200) | |||
Oakwood Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,389 | |||
Initial cost to company, land | 783 | |||
Initial cost to company, buildings and improvements | 11,880 | |||
Cost capitalized subsequent to acquisition | 1,119 | |||
Gross amount of which carried at close of period, land | 874 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,908 | |||
Gross amount of which carried at close of period, total | 13,782 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,894) | |||
Cedar Ridge Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 102 | |||
Initial cost to company, buildings and improvements | 8,435 | |||
Cost capitalized subsequent to acquisition | 3,574 | |||
Gross amount of which carried at close of period, land | 205 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,906 | |||
Gross amount of which carried at close of period, total | 12,111 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,802) | |||
Aspen Place Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,702 | |||
Initial cost to company, land | 980 | |||
Initial cost to company, buildings and improvements | 10,970 | |||
Cost capitalized subsequent to acquisition | 686 | |||
Gross amount of which carried at close of period, land | 1,016 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,620 | |||
Gross amount of which carried at close of period, total | 12,636 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,527) | |||
The Willows at Citation [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 826 | |||
Initial cost to company, buildings and improvements | 10,017 | |||
Cost capitalized subsequent to acquisition | 629 | |||
Gross amount of which carried at close of period, land | 849 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,623 | |||
Gross amount of which carried at close of period, total | 11,472 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,383) | |||
The WIllows at East Lansing [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,766 | |||
Initial cost to company, land | 1,449 | |||
Initial cost to company, buildings and improvements | 15,161 | |||
Cost capitalized subsequent to acquisition | 1,312 | |||
Gross amount of which carried at close of period, land | 1,496 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,426 | |||
Gross amount of which carried at close of period, total | 17,922 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,304) | |||
The Willows at Howell [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,051 | |||
Initial cost to company, buildings and improvements | 12,099 | |||
Cost capitalized subsequent to acquisition | 6,568 | |||
Gross amount of which carried at close of period, land | 1,116 | |||
Gross amount of which carried at close of period, buildings and improvements | 18,602 | |||
Gross amount of which carried at close of period, total | 19,718 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,801) | |||
The Willows at Okemos [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,684 | |||
Initial cost to company, land | 1,171 | |||
Initial cost to company, buildings and improvements | 12,326 | |||
Cost capitalized subsequent to acquisition | 786 | |||
Gross amount of which carried at close of period, land | 1,210 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,073 | |||
Gross amount of which carried at close of period, total | 14,283 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,917) | |||
Shelby Crossing Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,620 | |||
Initial cost to company, land | 2,533 | |||
Initial cost to company, buildings and improvements | 18,440 | |||
Cost capitalized subsequent to acquisition | 1,969 | |||
Gross amount of which carried at close of period, land | 2,612 | |||
Gross amount of which carried at close of period, buildings and improvements | 20,330 | |||
Gross amount of which carried at close of period, total | 22,942 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,040) | |||
Village Green Healthcare Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,141 | |||
Initial cost to company, land | 355 | |||
Initial cost to company, buildings and improvements | 9,696 | |||
Cost capitalized subsequent to acquisition | 446 | |||
Gross amount of which carried at close of period, land | 373 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,124 | |||
Gross amount of which carried at close of period, total | 10,497 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,315) | |||
The Oaks at Northpointe [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 624 | |||
Initial cost to company, buildings and improvements | 11,665 | |||
Cost capitalized subsequent to acquisition | 989 | |||
Gross amount of which carried at close of period, land | 650 | |||
Gross amount of which carried at close of period, buildings and improvements | 12,628 | |||
Gross amount of which carried at close of period, total | 13,278 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,753) | |||
The Oaks at Bethesda [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,663 | |||
Initial cost to company, land | 714 | |||
Initial cost to company, buildings and improvements | 10,791 | |||
Cost capitalized subsequent to acquisition | 673 | |||
Gross amount of which carried at close of period, land | 743 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,435 | |||
Gross amount of which carried at close of period, total | 12,178 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,510) | |||
White Oak Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,005 | |||
Initial cost to company, buildings and improvements | 13,207 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 1,005 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,207 | |||
Gross amount of which carried at close of period, total | 14,212 | |||
Gross amount of which carried at close of period, accumulated deprecation | (800) | |||
Woodmont Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,006 | |||
Initial cost to company, land | 790 | |||
Initial cost to company, buildings and improvements | 9,633 | |||
Cost capitalized subsequent to acquisition | 859 | |||
Gross amount of which carried at close of period, land | 880 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,402 | |||
Gross amount of which carried at close of period, total | 11,282 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,511) | |||
Silver Oaks Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,776 | |||
Initial cost to company, buildings and improvements | 21,420 | |||
Cost capitalized subsequent to acquisition | 1,351 | |||
Gross amount of which carried at close of period, land | 1 | |||
Gross amount of which carried at close of period, buildings and improvements | 24,546 | |||
Gross amount of which carried at close of period, total | 24,547 | |||
Gross amount of which carried at close of period, accumulated deprecation | (3,329) | |||
Thornton Terrace Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,674 | |||
Initial cost to company, land | 764 | |||
Initial cost to company, buildings and improvements | 9,209 | |||
Cost capitalized subsequent to acquisition | 860 | |||
Gross amount of which carried at close of period, land | 826 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,007 | |||
Gross amount of which carried at close of period, total | 10,833 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,415) | |||
The Willows at Hamburg [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,815 | |||
Initial cost to company, land | 1,740 | |||
Initial cost to company, buildings and improvements | 13,422 | |||
Cost capitalized subsequent to acquisition | 553 | |||
Gross amount of which carried at close of period, land | 1,775 | |||
Gross amount of which carried at close of period, buildings and improvements | 13,940 | |||
Gross amount of which carried at close of period, total | 15,715 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,571) | |||
The Lakes at Monclova [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,933 | |||
Initial cost to company, land | 2,869 | |||
Initial cost to company, buildings and improvements | 12,855 | |||
Cost capitalized subsequent to acquisition | 8,863 | |||
Gross amount of which carried at close of period, land | 2,989 | |||
Gross amount of which carried at close of period, buildings and improvements | 21,598 | |||
Gross amount of which carried at close of period, total | 24,587 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,835) | |||
The Willows at Willard [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 610 | |||
Initial cost to company, buildings and improvements | 12,256 | |||
Cost capitalized subsequent to acquisition | 9,461 | |||
Gross amount of which carried at close of period, land | 186 | |||
Gross amount of which carried at close of period, buildings and improvements | 22,141 | |||
Gross amount of which carried at close of period, total | 22,327 | |||
Gross amount of which carried at close of period, accumulated deprecation | (2,087) | |||
Pickerington Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 756 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 15,584 | |||
Gross amount of which carried at close of period, land | 866 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,474 | |||
Gross amount of which carried at close of period, total | 16,340 | |||
Gross amount of which carried at close of period, accumulated deprecation | (473) | |||
Lakeland Rehab and Health Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 306 | |||
Initial cost to company, buildings and improvements | 2,727 | |||
Cost capitalized subsequent to acquisition | (2,683) | |||
Gross amount of which carried at close of period, land | 350 | |||
Gross amount of which carried at close of period, buildings and improvements | 0 | |||
Gross amount of which carried at close of period, total | 350 | |||
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 | |||
Initial cost to company, buildings and improvements | 6,610 | |||
Cost capitalized subsequent to acquisition | 1,226 | |||
Gross amount of which carried at close of period, land | 553 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,544 | |||
Gross amount of which carried at close of period, total | 8,097 | |||
Gross amount of which carried at close of period, accumulated deprecation | (721) | |||
Orchard Grove Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,994 | |||
Initial cost to company, land | 2,065 | |||
Initial cost to company, buildings and improvements | 11,510 | |||
Cost capitalized subsequent to acquisition | 11,606 | |||
Gross amount of which carried at close of period, land | 3,284 | |||
Gross amount of which carried at close of period, buildings and improvements | 21,897 | |||
Gross amount of which carried at close of period, total | 25,181 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,485) | |||
The Meadows of Ottawa [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 695 | |||
Initial cost to company, buildings and improvements | 7,752 | |||
Cost capitalized subsequent to acquisition | 605 | |||
Gross amount of which carried at close of period, land | 728 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,324 | |||
Gross amount of which carried at close of period, total | 9,052 | |||
Gross amount of which carried at close of period, accumulated deprecation | (856) | |||
Valley View Healthcare Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,856 | |||
Initial cost to company, land | 930 | |||
Initial cost to company, buildings and improvements | 7,635 | |||
Cost capitalized subsequent to acquisition | 1,489 | |||
Gross amount of which carried at close of period, land | 1,089 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,965 | |||
Gross amount of which carried at close of period, total | 10,054 | |||
Gross amount of which carried at close of period, accumulated deprecation | (600) | |||
Novi Lakes Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,856 | |||
Initial cost to company, land | 1,654 | |||
Initial cost to company, buildings and improvements | 7,494 | |||
Cost capitalized subsequent to acquisition | 2,647 | |||
Gross amount of which carried at close of period, land | 1,663 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,132 | |||
Gross amount of which carried at close of period, total | 11,795 | |||
Gross amount of which carried at close of period, accumulated deprecation | (1,254) | |||
The Willows at Fritz Farm [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,440 | |||
Initial cost to company, land | 1,538 | |||
Initial cost to company, buildings and improvements | 8,637 | |||
Cost capitalized subsequent to acquisition | 376 | |||
Gross amount of which carried at close of period, land | 1,563 | |||
Gross amount of which carried at close of period, buildings and improvements | 8,988 | |||
Gross amount of which carried at close of period, total | 10,551 | |||
Gross amount of which carried at close of period, accumulated deprecation | (580) | |||
Trilogy Real Estate Gahanna, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,501 | |||
Initial cost to company, land | 1,146 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 16,939 | |||
Gross amount of which carried at close of period, land | 1,202 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,883 | |||
Gross amount of which carried at close of period, total | 18,085 | |||
Gross amount of which carried at close of period, accumulated deprecation | (76) | |||
Oaks at Byron Center [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,083 | |||
Initial cost to company, land | 2,000 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 15,789 | |||
Gross amount of which carried at close of period, land | 2,193 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,596 | |||
Gross amount of which carried at close of period, total | 17,789 | |||
Gross amount of which carried at close of period, accumulated deprecation | (211) | |||
Harrison Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 1,653 | |||
Initial cost to company, buildings and improvements | 11,487 | |||
Cost capitalized subsequent to acquisition | 58 | |||
Gross amount of which carried at close of period, land | 1,653 | |||
Gross amount of which carried at close of period, buildings and improvements | 11,545 | |||
Gross amount of which carried at close of period, total | 13,198 | |||
Gross amount of which carried at close of period, accumulated deprecation | (499) | |||
The Cloister at Silvercrest [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 139 | |||
Initial cost to company, buildings and improvements | 634 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 139 | |||
Gross amount of which carried at close of period, buildings and improvements | 634 | |||
Gross amount of which carried at close of period, total | 773 | |||
Gross amount of which carried at close of period, accumulated deprecation | (20) | |||
Trilogy Healthcare of Ferdinand II, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,394 | |||
Initial cost to company, land | 0 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 14,589 | |||
Gross amount of which carried at close of period, land | 0 | |||
Gross amount of which carried at close of period, buildings and improvements | 14,589 | |||
Gross amount of which carried at close of period, total | 14,589 | |||
Gross amount of which carried at close of period, accumulated deprecation | (407) | |||
Trilogy Healthcare of Hilliard, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,702 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 7,757 | |||
Gross amount of which carried at close of period, land | 1,702 | |||
Gross amount of which carried at close of period, buildings and improvements | 7,757 | |||
Gross amount of which carried at close of period, total | 9,459 | |||
Gross amount of which carried at close of period, accumulated deprecation | 0 | |||
Forest Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost to company, land | 964 | |||
Initial cost to company, buildings and improvements | 16,691 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount of which carried at close of period, land | 964 | |||
Gross amount of which carried at close of period, buildings and improvements | 16,691 | |||
Gross amount of which carried at close of period, total | 17,655 | |||
Gross amount of which carried at close of period, accumulated deprecation | (199) | |||
Trilogy Real Estate Butler II, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to company, land | 1,147 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 257 | |||
Gross amount of which carried at close of period, land | 1,147 | |||
Gross amount of which carried at close of period, buildings and improvements | 257 | |||
Gross amount of which carried at close of period, total | 1,404 | |||
Gross amount of which carried at close of period, accumulated deprecation | 0 | |||
Gateway Springs Health Campus [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,116 | |||
Initial cost to company, land | 1,277 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 10,923 | |||
Gross amount of which carried at close of period, land | 1,404 | |||
Gross amount of which carried at close of period, buildings and improvements | 10,796 | |||
Gross amount of which carried at close of period, total | 12,200 | |||
Gross amount of which carried at close of period, accumulated deprecation | 0 | |||
Trilogy Real Estate Hamilton III, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,677 | |||
Initial cost to company, land | 1,750 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 15,536 | |||
Gross amount of which carried at close of period, land | 1,763 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,523 | |||
Gross amount of which carried at close of period, total | 17,286 | |||
Gross amount of which carried at close of period, accumulated deprecation | 0 | |||
Trilogy Real Estate Kent II, LLC [Member] | Property, Excluding Leased Property [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,709 | |||
Initial cost to company, land | 767 | |||
Initial cost to company, buildings and improvements | 0 | |||
Cost capitalized subsequent to acquisition | 15,982 | |||
Gross amount of which carried at close of period, land | 767 | |||
Gross amount of which carried at close of period, buildings and improvements | 15,982 | |||
Gross amount of which carried at close of period, total | 16,749 | |||
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, 2020 | Dec. 31, 2019 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership percentage, excluding joint venture, properties | 100.00% | ||
Lines of credit and term loans | [1] | $ 843,634 | $ 815,879 |
Aggregate cost of properties for federal income tax purposes | $ 2,627,228 | ||
Building and Building Improvements [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Estimated useful life | 39 years | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Estimated useful life | 34 years | ||
Furniture, fixtures, and equipment [Member] | Maximum [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Estimated useful life | 28 years | ||
Revolving Credit Facility [Member] | 2019 Trilogy Credit Facility [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Lines of credit and term loans | $ 287,134 | $ 258,879 | |
[1] | Such liabilities of Griffin-American Healthcare REIT III, Inc. as of December 31, 2020 and 2019 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, or VIE, 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 2019 Corporate Line of Credit, as defined in Note 8, held by Griffin-American Healthcare REIT III Holdings, LP in the amount of $556,500,000 and $557,000,000 as of December 31, 2020 and 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT III, Inc. |
Schedule III Real Estate and _4
Schedule III Real Estate and Accumulated Depreciation (Changes in Total Real Estate Assets) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | $ 2,618,608 | $ 2,477,375 | $ 2,336,208 |
Acquisitions | 31,157 | 32,330 | 60,751 |
Additions | 129,254 | 114,078 | 87,061 |
Dispositions and impairments | (18,718) | (8,050) | (4,142) |
Foreign currency translation adjustment | 1,971 | 2,875 | (2,503) |
Ending balance | $ 2,762,272 | $ 2,618,608 | $ 2,477,375 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Beginning balance | $ 337,898 | $ 254,694 | $ 172,950 |
Additions | 91,617 | 90,914 | 83,309 |
Dispositions and impairments | (4,530) | (7,614) | (1,603) |
Foreign currency translation adjustment | 287 | (96) | 38 |
Ending balance | $ 425,272 | $ 337,898 | $ 254,694 |