Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-55435 | |
Entity Registrant Name | SILA REALTY TRUST, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 46-1854011 | |
Entity Address, Address Line One | 1001 Water Street | |
Entity Address, Address Line Two | Suite 800 | |
Entity Address, City or Town | Tampa | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33602 | |
City Area Code | 813 | |
Local Phone Number | 287-0101 | |
Title of 12(b) Security | None | |
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 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001567925 | |
No Trading Symbol Flag | true | |
Current Fiscal Year End Date | --12-31 | |
Class A | ||
Entity Common Stock, Shares Outstanding (in shares) | 168,298,000 | |
Class I | ||
Entity Common Stock, Shares Outstanding (in shares) | 16,717,000 | |
Class T | ||
Entity Common Stock, Shares Outstanding (in shares) | 40,990,000 | |
Class T2 | ||
Entity Common Stock, Shares Outstanding (in shares) | 0 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Real estate: | ||
Land | $ 166,037 | $ 163,992 |
Buildings and improvements, less accumulated depreciation of $199,236 and $165,784, respectively | 1,764,835 | 1,648,685 |
Construction in progress | 0 | 14,628 |
Total real estate, net | 1,930,872 | 1,827,305 |
Cash and cash equivalents | 17,291 | 32,359 |
Acquired intangible assets, less accumulated amortization of $85,888 and $71,067, respectively | 177,315 | 181,639 |
Goodwill | 23,006 | 23,284 |
Right-of-use assets | 38,580 | 24,033 |
Other assets, net | 102,745 | 66,365 |
Assets held for sale | 0 | 22,570 |
Total assets | 2,289,809 | 2,177,555 |
Liabilities: | ||
Credit facility, net of deferred financing costs of $2,570 and $3,226, respectively | 597,430 | 496,774 |
Accounts payable and other liabilities | 28,579 | 39,597 |
Acquired intangible liabilities, less accumulated amortization of $5,550 and $4,444, respectively | 12,319 | 12,962 |
Lease liabilities | 41,640 | 26,394 |
Liabilities held for sale | 0 | 698 |
Total liabilities | 679,968 | 576,425 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value per share, 510,000,000 shares authorized; 240,666,572 and 238,226,119 shares issued, respectively; 225,833,531 and 224,179,939 shares outstanding, respectively | 2,258 | 2,242 |
Additional paid-in capital | 2,019,564 | 2,004,404 |
Distributions in excess of accumulated earnings | (441,591) | (400,669) |
Accumulated other comprehensive income (loss) | 29,610 | (4,847) |
Total stockholders’ equity | 1,609,841 | 1,601,130 |
Total liabilities and stockholders’ equity | $ 2,289,809 | $ 2,177,555 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Buildings and improvements, accumulated depreciation | $ 199,236 | $ 165,784 |
Acquired intangible assets, accumulated amortization | 85,888 | 71,067 |
Credit facility, deferred financing costs | 2,570 | 3,226 |
Acquired intangible liabilities, accumulated amortization | $ 5,550 | $ 4,444 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 510,000,000 | 510,000,000 |
Common stock, shares issued (in shares) | 240,666,572 | 238,226,119 |
Common stock, shares outstanding (in shares) | 225,833,531 | 224,179,939 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue: | ||||
Rental revenue | $ 46,881 | $ 43,063 | $ 136,081 | $ 129,232 |
Expenses: | ||||
Rental expenses | 3,232 | 3,024 | 9,267 | 9,513 |
General and administrative expenses | 6,118 | 6,348 | 20,718 | 19,610 |
Depreciation and amortization | 18,641 | 17,259 | 54,443 | 53,098 |
Impairment losses | 0 | 10,241 | 7,387 | 27,837 |
Total expenses | 27,991 | 36,872 | 91,815 | 110,058 |
Gain on real estate disposition | 0 | 0 | 460 | 0 |
Interest and other expense, net | 5,498 | 11,737 | 17,942 | 30,035 |
Income (loss) from continuing operations | 13,392 | (5,546) | 26,784 | (10,861) |
Income from discontinued operations | 0 | 377,191 | 0 | 401,444 |
Net income attributable to common stockholders | 13,392 | 371,645 | 26,784 | 390,583 |
Other comprehensive income - unrealized gain on interest rate swaps, net | 16,345 | 2,241 | 34,457 | 9,808 |
Comprehensive income attributable to common stockholders | $ 29,737 | $ 373,886 | $ 61,241 | $ 400,391 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 225,638,485 | 223,661,774 | 225,052,921 | 223,079,613 |
Diluted (in shares) | 226,957,015 | 223,661,774 | 226,399,118 | 223,079,613 |
Basic: | ||||
Basic, continuing operations (in dollars per share) | $ 0.06 | $ (0.03) | $ 0.12 | $ (0.05) |
Basic, discontinued operations (in dollars per share) | 0 | 1.69 | 0 | 1.80 |
Net income attributable to common stockholders (in dollars per share) | 0.06 | 1.66 | 0.12 | 1.75 |
Diluted: | ||||
Diluted, continuing operations (in dollars per share) | 0.06 | (0.03) | 0.12 | (0.05) |
Diluted, discontinued operations (in dollars per share) | 0 | 1.69 | 0 | 1.80 |
Net income attributable to common stockholders (in dollars per share) | 0.06 | 1.66 | 0.12 | 1.75 |
Distributions declared per common share (in dollars per share) | $ 0.10 | $ 1.86 | $ 0.30 | $ 2.11 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Total Stockholders’ Equity | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive (Loss) Income |
Balance, (in shares) at Dec. 31, 2020 | 222,045,522 | |||||
Balance, beginning at Dec. 31, 2020 | $ 1,653,873 | $ 2,220 | $ 1,983,361 | $ (311,264) | $ (20,444) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under the distribution reinvestment plan (in shares) | 2,532,368 | |||||
Issuance of common stock under the distribution reinvestment plan | $ 21,750 | 21,750 | $ 25 | 21,725 | ||
Vesting of restricted stock (in shares) | 21,386 | |||||
Stock-based compensation | 1,756 | 1,756 | ||||
Distribution and servicing fees | 649 | 649 | ||||
Repurchase of common stock (in shares) | (772,581) | |||||
Repurchase of common stock | (6,564) | $ (7) | (6,557) | |||
Distributions to common stockholders | (470,251) | (470,251) | ||||
Other comprehensive income (loss) | 9,808 | 9,808 | ||||
Net income | $ 390,583 | 390,583 | 390,583 | |||
Balance, (in shares) at Sep. 30, 2021 | 223,826,695 | |||||
Balance, ending at Sep. 30, 2021 | 1,601,604 | $ 2,238 | 2,000,934 | (390,932) | (10,636) | |
Balance, (in shares) at Jun. 30, 2021 | 223,285,587 | |||||
Balance, beginning at Jun. 30, 2021 | 1,638,713 | $ 2,233 | 1,995,298 | (345,941) | (12,877) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under the distribution reinvestment plan (in shares) | 826,280 | |||||
Issuance of common stock under the distribution reinvestment plan | 6,917 | $ 8 | 6,909 | |||
Vesting of restricted stock (in shares) | 18,075 | |||||
Stock-based compensation | 637 | 637 | ||||
Distribution and servicing fees | 573 | 573 | ||||
Repurchase of common stock (in shares) | (303,247) | |||||
Repurchase of common stock | (2,486) | $ (3) | (2,483) | |||
Distributions to common stockholders | (416,636) | (416,636) | ||||
Other comprehensive income (loss) | 2,241 | 2,241 | ||||
Net income | 371,645 | 371,645 | ||||
Balance, (in shares) at Sep. 30, 2021 | 223,826,695 | |||||
Balance, ending at Sep. 30, 2021 | 1,601,604 | $ 2,238 | 2,000,934 | (390,932) | (10,636) | |
Balance, (in shares) at Dec. 31, 2021 | 224,179,939 | 224,179,939 | ||||
Balance, beginning at Dec. 31, 2021 | 1,601,130 | $ 2,242 | 2,004,404 | (400,669) | (4,847) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under the distribution reinvestment plan (in shares) | 2,265,628 | |||||
Issuance of common stock under the distribution reinvestment plan | $ 18,594 | 18,594 | $ 23 | 18,571 | ||
Vesting of restricted stock (in shares) | 174,825 | |||||
Stock-based compensation | 3,034 | $ 1 | 3,033 | |||
Repurchase of common stock (in shares) | (786,861) | |||||
Repurchase of common stock | (6,452) | $ (8) | (6,444) | |||
Distributions to common stockholders | (67,706) | (67,706) | ||||
Other comprehensive income (loss) | 34,457 | 34,457 | ||||
Net income | $ 26,784 | 26,784 | 26,784 | |||
Balance, (in shares) at Sep. 30, 2022 | 225,833,531 | 225,833,531 | ||||
Balance, ending at Sep. 30, 2022 | 1,609,841 | $ 2,258 | 2,019,564 | (441,591) | 29,610 | |
Balance, (in shares) at Jun. 30, 2022 | 225,240,223 | |||||
Balance, beginning at Jun. 30, 2022 | 1,597,668 | $ 2,252 | 2,014,252 | (432,101) | 13,265 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under the distribution reinvestment plan (in shares) | 767,755 | |||||
Issuance of common stock under the distribution reinvestment plan | 6,304 | $ 8 | 6,296 | |||
Vesting of restricted stock (in shares) | 50,689 | |||||
Stock-based compensation | 860 | 860 | ||||
Repurchase of common stock (in shares) | (225,136) | |||||
Repurchase of common stock | (1,846) | $ (2) | (1,844) | |||
Distributions to common stockholders | (22,882) | (22,882) | ||||
Other comprehensive income (loss) | 16,345 | 16,345 | ||||
Net income | 13,392 | 13,392 | ||||
Balance, (in shares) at Sep. 30, 2022 | 225,833,531 | 225,833,531 | ||||
Balance, ending at Sep. 30, 2022 | $ 1,609,841 | $ 2,258 | $ 2,019,564 | $ (441,591) | $ 29,610 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income attributable to common stockholders | $ 26,784 | $ 390,583 |
Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities: | ||
Depreciation and amortization | 54,443 | 64,857 |
Amortization of deferred financing costs | 1,267 | 2,761 |
Amortization of above- and below-market leases | 362 | (1,239) |
Other amortization expenses | 1,989 | 2,159 |
Gain on real estate disposition from continuing operations | (460) | 0 |
Gain on real estate dispositions of discontinued operations | 0 | (395,801) |
Loss on extinguishment of debt | 3,367 | 28,751 |
Impairment losses | 7,387 | 27,837 |
Straight-line rent adjustments | (7,530) | (12,492) |
Stock-based compensation | 3,034 | 1,756 |
Changes in operating assets and liabilities: | ||
Accounts payable and other liabilities | (2,770) | (7,172) |
Other assets | 1,158 | 2,816 |
Net cash provided by operating activities | 89,031 | 104,816 |
Cash flows from investing activities: | ||
Investment in real estate | (157,194) | (25,048) |
Consideration paid for the internalization transaction | 0 | (15,000) |
Proceeds from real estate disposition | 22,822 | 1,295,367 |
Capital expenditures | (7,577) | (20,323) |
Change in deposits and other costs for investments in real estate | 0 | (400) |
Collection of notes receivable | 0 | 28,500 |
Net cash (used in) provided by investing activities | (141,949) | 1,263,096 |
Cash flows from financing activities: | ||
Payments on notes payable | 0 | (453,422) |
Proceeds from credit facility | 845,000 | 15,000 |
Payments on credit facility | (745,000) | (433,000) |
Payments for extinguishment of debt | (4) | (29,244) |
Payments of deferred financing costs | (6,936) | (436) |
Repurchase of common stock | (6,452) | (6,564) |
Offering costs on issuance of common stock | (193) | (1,807) |
Distributions to common stockholders | (48,920) | (450,143) |
Net cash provided by (used in) financing activities | 37,495 | (1,359,616) |
Net change in cash, cash equivalents and restricted cash | (15,423) | 8,296 |
Cash, cash equivalents and restricted cash - Beginning of period | 32,880 | 67,909 |
Cash, cash equivalents and restricted cash - End of period | 17,457 | 76,205 |
Supplemental cash flow disclosure: | ||
Interest paid, net of interest capitalized of $48 and $296, respectively | 12,451 | 34,142 |
Supplemental disclosure of non-cash transactions: | ||
Common stock issued through distribution reinvestment plan | 18,594 | 21,750 |
Change in accrued distributions to common stockholders | 192 | (1,642) |
Change in accounts payable and other liabilities related to capital expenditures | (3,295) | 605 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 15,305 | $ 625 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Interest capitalized | $ 48 | $ 296 |
Organization and Business Opera
Organization and Business Operations | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | Organization and Business Operations Sila Realty Trust, Inc., or the Company, is a Maryland corporation, headquartered in Tampa, Florida, that has elected, and currently qualifies, to be taxed as a real estate investment trust, or a REIT, for federal income tax purposes. The Company invests in high-quality healthcare properties leased to long-term tenants. The Company is primarily focused on investing in and managing strategic healthcare assets across the continuum of care, with emphasis on lower cost patient settings, which, the Company believes, typically generate predictable, durable and growing income streams. The Company may also make other real estate-related investments in healthcare properties, which may include equity or debt interests in other real estate entities. Substantially all of the Company’s business is conducted through Sila Realty Operating Partnership, LP, a Delaware limited partnership, or the Operating Partnership. The Company is the sole general partner of the Operating Partnership and directly, and through its wholly-owned subsidiaries, owns 100% of the Operating Partnership. The Company formerly invested in data center properties and during the second quarter of 2021, the Company's board of directors, or the Board, made a determination to sell the Company's data center properties. On May 19, 2021, the Company and certain of its wholly-owned subsidiaries entered into a purchase and sale agreement, or the PSA, for the sale of up to 29 data center properties owned by the Company, which constituted the entirety of the Company's data center segment. The decision of the Board to sell the data center properties, as well as the execution of the PSA, represented a strategic shift that had a major effect on the Company's results and operations for the periods presented. As of December 31, 2021, the Company had no assets or liabilities related to the data center segment. The operations of the data center segment have been classified as income from discontinued operations on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2021. On July 22, 2021, the Company completed the sale of its data center segment, or the Data Center Sale, for an aggregate sale price of $1,320,000,000, and generated net proceeds of approximately $1,295,367,000. Concurrently, the Board declared a special cash distribution of $1.75 per share of Class A, Class I, Class T and Class T2 shares of common stock. The special cash distribution was funded with the proceeds from the Data Center Sale. The special cash distribution was paid on July 30, 2021 to stockholders of record at the close of business on July 26, 2021, in an aggregate amount of approximately $392,685,000. Except as the context otherwise requires, the “Company” refers to Sila Realty Trust, Inc., the Operating Partnership and their wholly-owned subsidiaries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2021, and related notes thereto set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on March 29, 2022. In the opinion of management, all adjustments, consisting of a normal and recurring nature considered for a fair presentation, have been included. Operating results for the three and nine months ended September 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and their wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the condensed consolidated financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates are made and evaluated on an ongoing 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. Restricted Cash Restricted cash consists of cash held in escrow accounts for tenant and capital improvements in accordance with the respective tenants' lease agreement. Restricted cash is reported in other assets, net, in the accompanying condensed consolidated balance sheets. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows (amounts in thousands): Nine Months Ended 2022 2021 Beginning of period: Cash and cash equivalents $ 32,359 $ 53,174 Restricted cash 521 14,735 Cash, cash equivalents and restricted cash $ 32,880 $ 67,909 End of period: Cash and cash equivalents $ 17,291 $ 75,363 Restricted cash 166 842 Cash, cash equivalents and restricted cash $ 17,457 $ 76,205 Reclassifications Certain amounts in the condensed consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. |
Real Estate Investments
Real Estate Investments | 9 Months Ended |
Sep. 30, 2022 | |
Real Estate [Abstract] | |
Real Estate Investments | Real Estate Investments 2022 Real Estate Property Acquisitions During the nine months ended September 30, 2022, the Company purchased seven real estate properties in five separate transactions, or the 2022 Acquisitions, which were each determined to be asset acquisitions. The Company allocated the purchase price of the 2022 Acquisitions to tangible assets, consisting of land, building and improvements, tenant improvements, and acquired intangible assets and liabilities, consisting of in-place and above and below market leases, based on the relative fair value method of allocating all accumulated costs. The following table summarizes the consideration transferred for the 2022 Acquisitions during the nine months ended September 30, 2022: Property Description Date Acquired Ownership Percentage Purchase Price Yukon Healthcare Facility 03/10/2022 100% $ 19,554 Pleasant Hills Healthcare Facility 05/12/2022 100% 14,303 Prosser Healthcare Facilities (1) 05/20/2022 100% 8,593 Tampa Healthcare Facility II 07/20/2022 100% 51,259 Escondido Healthcare Facility 07/21/2022 100% 63,485 Total $ 157,194 (1) The Prosser Healthcare Facilities consist of three healthcare properties. The following table summarizes the Company's purchase price allocation of the 2022 Acquisitions during the nine months ended September 30, 2022 (amounts in thousands): Total Land $ 2,646 Building and improvements 136,938 Tenant improvements 4,840 In-place leases 12,779 Above-market leases 454 Total assets acquired 157,657 Below-market leases (463) Net assets acquired $ 157,194 Acquisition costs associated with transactions determined to be asset acquisitions are capitalized. The Company capitalized acquisition costs of approximately $617,000 related to the 2022 Acquisitions, which are included in the Company's allocation of the real estate acquisitions presented above. 2022 Real Estate Property Disposition On February 10, 2022, the Company sold one land parcel that formerly contained a healthcare property, or the 2022 Disposition, for an aggregate sale price of $24,000,000 and generated net proceeds of $22,701,000. For the nine months ended September 30, 2022, the Company recognized an aggregate gain on sale of $460,000, which is presented in gain on real estate disposition in the condensed consolidated statements of comprehensive income. Concentration of Credit Risk and Significant Leases As of September 30, 2022, the Company had one exposure to geographic concentration that accounted for greater than 10.0% of rental revenue for the nine months ended September 30, 2022. Real estate investments located in the Houston-The Woodlands-Sugar Land, Texas metropolitan statistical area accounted for 10.9% of rental revenue for the nine months ended September 30, 2022. As of September 30, 2022, the Company had one exposure to tenant concentration that accounted for greater than 10.0% of rental revenue for the nine months ended September 30, 2022. The leases with tenants at healthcare properties under common control of Post Acute Medical, LLC and its affiliates accounted for 14.2% of rental revenue for the nine months ended September 30, 2022. Impairments of Real Estate, Goodwill, Acquired Intangible Assets and Acquired Intangible Liabilities During the nine months ended September 30, 2022, the Company recorded an impairment loss on real estate, including goodwill, in the aggregate amount of $7,387,000 related to a healthcare property. The fair value of this property was determined based on a market approach model using a signed purchase and sale agreement to estimate the fair value and classified within Level 2 of the fair value hierarchy. In addition, during the nine months ended September 30, 2022, the Company recognized an impairment of one in-place lease intangible asset in the amount of approximately $380,000 related to a tenant in this property. During the three months ended September 30, 2022, the Company did not have impairment of real estate, goodwill, acquired intangible assets or acquired intangible liabilities. During the three months ended September 30, 2021, the Company recorded an impairment loss on real estate in the amount of $10,241,000 related to one healthcare property for which the carrying value exceeded the estimated fair value. During the three months ended September 30, 2021, the Company did not have impairment of goodwill, acquired intangible assets or acquired intangible liabilities. During the nine months ended September 30, 2021, the Company recorded impairment losses on real estate, including goodwill, in the aggregate amount of $27,837,000 related to one healthcare property held for use, one healthcare property classified as held for sale and one land parcel that formerly contained a healthcare property classified as held for sale, for which the carrying values exceeded the estimated fair values less costs to sell. The fair value of the properties with impairment charges during the three and nine months September 30, 2021, were determined based on a market approach model using comparable properties adjusted for differences in characteristics to estimate the fair value and classified within Level 2 of the fair value hierarchy. During the nine months ended September 30, 2021, the Company recognized an impairment of one in-place lease intangible asset in the amount of approximately $1,120,000 related to one healthcare tenant. The impaired properties for the three and nine months ended September 30, 2021 have all been subsequently sold. During the nine months ended September 30, 2021, the Company did not have impairment of acquired intangible liabilities. Impairment charges on real estate and goodwill are recorded as impairment losses in the accompanying condensed consolidated statements of comprehensive income. Impairment of the in-place leases is included in depreciation and amortization in the accompanying condensed consolidated statements of comprehensive income. |
Held for Sale and Discontinued
Held for Sale and Discontinued Operations | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Held for Sale and Discontinued Operations | Held for Sale and Discontinued Operations On August 30, 2021, the Company entered into a purchase and sale agreement for the sale of one land parcel that formerly contained a healthcare property. The purchase and sale agreement required that the structures on the healthcare property be demolished prior to the sale. The structures on the property were demolished and the property consisted solely of land as of December 31, 2021. The Company classified the land as held for sale as of December 31, 2021. The Company sold the land held for sale on February 10, 2022. The following table presents the major classes of the assets and liabilities held for sale as presented separately in the condensed consolidated balance sheet as of December 31, 2021 (amounts in thousands): December 31, 2021 Assets: Real estate: Land $ 22,241 Buildings and improvements, net — Total real estate, net 22,241 Other assets, net 329 Assets held for sale $ 22,570 Liabilities: Accounts payable and other liabilities 698 Liabilities held for sale $ 698 The operations reflected in income from discontinued operations (which consisted solely of the Company's former data center segment) on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2021, were as follows (amounts in thousands): Three Months Ended Nine Months Ended 2021 2021 Revenue: Rental revenue $ 6,180 $ 57,903 Lease termination revenue 75 7,075 Total revenue 6,255 64,978 Expenses: Rental expenses 2,504 15,737 Depreciation and amortization 35 11,759 Total expenses 2,539 27,496 Interest and other expense, net (1) 25,085 31,839 Income from discontinued operations (21,369) 5,643 Gain on real estate dispositions (2) 398,560 395,801 Net income from discontinued operations attributable to common stockholders $ 377,191 $ 401,444 (1) Interest expense attributable to discontinued operations for the three and nine months ended September 30, 2021 was $25,085,000 and $31,856,000, respectively, which related to notes payable on certain data center properties. On July 22, 2021, in connection with the Data Center Sale, the Company paid off all data center and healthcare related notes payable, with an outstanding principal balance of $450,806,000 at the time of repayment. (2) Represents gain on real estate dispositions related to the Data Center Sale that occurred on July 22, 2021. The Company recognized $2,759,000 in transaction costs during the second quarter of 2021, resulting in the total gain being higher during the three months ended September 30, 2021. Capital expenditures on a cash basis for the nine months ended September 30, 2021, were $2,215,000, related to properties classified within discontinued operations. There were no significant non-cash operating or investing activities for the properties classified within discontinued operations for the nine months ended September 30, 2021. |
Acquired Intangible Assets, Net
Acquired Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2022 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Acquired Intangible Assets, Net | Acquired Intangible Assets, Net Acquired intangible assets, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts): September 30, 2022 December 31, 2021 In-place leases, net of accumulated amortization of $79,932 and $66,579, respectively (with a weighted average remaining life of 9.1 years and 9.5 years, respectively) $ 164,702 $ 168,012 Above-market leases, net of accumulated amortization of $5,956 and $4,488, respectively (with a weighted average remaining life of 8.1 years and 8.8 years, respectively) 12,613 13,627 $ 177,315 $ 181,639 The aggregate weighted average remaining life of the acquired intangible assets was 9.1 years and 9.5 years as of September 30, 2022 and December 31, 2021, respectively. Amortization of acquired intangible assets was $5,839,000 and $5,507,000 for the three months ended September 30, 2022 and 2021, respectively, and $17,557,000 and $17,624,000 for the nine months ended September 30, 2022 and 2021, respectively. Amortization of in-place leases is included in depreciation and amortization, and amortization of above-market leases is recorded as an adjustment to rental revenue in the accompanying condensed consolidated statements of comprehensive income. |
Acquired Intangible Liabilities
Acquired Intangible Liabilities, Net | 9 Months Ended |
Sep. 30, 2022 | |
Intangible Lease Liabilities, Net [Abstract] | |
Acquired Intangible Liabilities, Net | Acquired Intangible Liabilities, Net Acquired intangible liabilities, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts): September 30, 2022 December 31, 2021 Below-market leases, net of accumulated amortization of $5,550 and $4,444, respectively (with a weighted average remaining life of 8.6 years and 9.3 years, respectively) $ 12,319 $ 12,962 Amortization of below-market leases was $373,000 and $338,000 for the three months ended September 30, 2022 and 2021, respectively, and $1,106,000 and $979,000 for the nine months ended September 30, 2022 and 2021, respectively. Amortization of below-market leases is recorded as an adjustment to rental revenue in the accompanying condensed consolidated statements of comprehensive income. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases Lessor Rental Revenue The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants. Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2022 $ 42,292 2023 172,586 2024 173,961 2025 170,002 2026 163,163 Thereafter 1,096,932 Total $ 1,818,936 Lessee The Company is subject to various non-cancellable operating ground lease agreements and a finance ground lease agreement on which certain of its properties reside. In addition, the Company has non-cancellable corporate-related operating leases. The Company's operating leases and the finance lease do not provide an implicit interest rate. In order to calculate the present value of the remaining operating and finance lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating or finance leases. The Company's right-of-use assets classified as operating leases and finance lease are recorded in right-of-use assets on the condensed consolidated balance sheets. As of September 30, 2022, the Company's IBRs for its operating leases were between 2.5% and 6.4%, with a weighted average IBR of 5.5%. The weighted average remaining lease term for the Company's operating leases was 37.4 years and 36.1 years as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, the Company's IBR for its finance lease was 5.3%. The remaining lease term for the Company's finance lease was 41.7 years and 42.4 years as of September 30, 2022 and December 31, 2021, respectively. The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating Finance Three months ending December 31, 2022 $ 622 $ 34 2023 2,539 136 2024 2,606 141 2025 2,625 143 2026 2,572 143 Thereafter 103,696 6,441 Total undiscounted rental payments 114,660 7,038 Less imputed interest (75,671) (4,387) Total lease liabilities $ 38,989 $ 2,651 The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2022 2021 2022 2021 Operating lease costs: Ground lease costs Rental expenses $ 575 $ 422 $ 1,442 $ 1,266 Ground lease costs (1) Income from discontinued operations — 25 — 414 Corporate operating lease costs General and administrative expenses 182 297 559 825 Finance lease costs: Amortization of right-of-use asset Depreciation and amortization $ 5 $ 5 $ 15 $ 14 Interest on lease liability Interest and other expense, net 35 35 105 102 (1) Amount relates to lease costs attributable to operating ground leases related to data center properties disposed of in the Data Center Sale on July 22, 2021. |
Leases | Leases Lessor Rental Revenue The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants. Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2022 $ 42,292 2023 172,586 2024 173,961 2025 170,002 2026 163,163 Thereafter 1,096,932 Total $ 1,818,936 Lessee The Company is subject to various non-cancellable operating ground lease agreements and a finance ground lease agreement on which certain of its properties reside. In addition, the Company has non-cancellable corporate-related operating leases. The Company's operating leases and the finance lease do not provide an implicit interest rate. In order to calculate the present value of the remaining operating and finance lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating or finance leases. The Company's right-of-use assets classified as operating leases and finance lease are recorded in right-of-use assets on the condensed consolidated balance sheets. As of September 30, 2022, the Company's IBRs for its operating leases were between 2.5% and 6.4%, with a weighted average IBR of 5.5%. The weighted average remaining lease term for the Company's operating leases was 37.4 years and 36.1 years as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, the Company's IBR for its finance lease was 5.3%. The remaining lease term for the Company's finance lease was 41.7 years and 42.4 years as of September 30, 2022 and December 31, 2021, respectively. The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating Finance Three months ending December 31, 2022 $ 622 $ 34 2023 2,539 136 2024 2,606 141 2025 2,625 143 2026 2,572 143 Thereafter 103,696 6,441 Total undiscounted rental payments 114,660 7,038 Less imputed interest (75,671) (4,387) Total lease liabilities $ 38,989 $ 2,651 The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2022 2021 2022 2021 Operating lease costs: Ground lease costs Rental expenses $ 575 $ 422 $ 1,442 $ 1,266 Ground lease costs (1) Income from discontinued operations — 25 — 414 Corporate operating lease costs General and administrative expenses 182 297 559 825 Finance lease costs: Amortization of right-of-use asset Depreciation and amortization $ 5 $ 5 $ 15 $ 14 Interest on lease liability Interest and other expense, net 35 35 105 102 (1) Amount relates to lease costs attributable to operating ground leases related to data center properties disposed of in the Data Center Sale on July 22, 2021. |
Leases | Leases Lessor Rental Revenue The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants. Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2022 $ 42,292 2023 172,586 2024 173,961 2025 170,002 2026 163,163 Thereafter 1,096,932 Total $ 1,818,936 Lessee The Company is subject to various non-cancellable operating ground lease agreements and a finance ground lease agreement on which certain of its properties reside. In addition, the Company has non-cancellable corporate-related operating leases. The Company's operating leases and the finance lease do not provide an implicit interest rate. In order to calculate the present value of the remaining operating and finance lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating or finance leases. The Company's right-of-use assets classified as operating leases and finance lease are recorded in right-of-use assets on the condensed consolidated balance sheets. As of September 30, 2022, the Company's IBRs for its operating leases were between 2.5% and 6.4%, with a weighted average IBR of 5.5%. The weighted average remaining lease term for the Company's operating leases was 37.4 years and 36.1 years as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, the Company's IBR for its finance lease was 5.3%. The remaining lease term for the Company's finance lease was 41.7 years and 42.4 years as of September 30, 2022 and December 31, 2021, respectively. The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating Finance Three months ending December 31, 2022 $ 622 $ 34 2023 2,539 136 2024 2,606 141 2025 2,625 143 2026 2,572 143 Thereafter 103,696 6,441 Total undiscounted rental payments 114,660 7,038 Less imputed interest (75,671) (4,387) Total lease liabilities $ 38,989 $ 2,651 The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2022 2021 2022 2021 Operating lease costs: Ground lease costs Rental expenses $ 575 $ 422 $ 1,442 $ 1,266 Ground lease costs (1) Income from discontinued operations — 25 — 414 Corporate operating lease costs General and administrative expenses 182 297 559 825 Finance lease costs: Amortization of right-of-use asset Depreciation and amortization $ 5 $ 5 $ 15 $ 14 Interest on lease liability Interest and other expense, net 35 35 105 102 (1) Amount relates to lease costs attributable to operating ground leases related to data center properties disposed of in the Data Center Sale on July 22, 2021. |
Other Assets, Net
Other Assets, Net | 9 Months Ended |
Sep. 30, 2022 | |
Other Assets [Abstract] | |
Other Assets, Net | Other Assets, Net Other assets, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands): September 30, 2022 December 31, 2021 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $635 and $8,332, respectively $ 3,432 $ 482 Leasing commissions, net of accumulated amortization of $151 and $121, respectively 792 780 Restricted cash 166 521 Tenant receivables 1,637 1,851 Straight-line rent receivable 63,255 55,725 Prepaid and other assets 3,739 4,835 Derivative assets 29,724 2,171 $ 102,745 $ 66,365 |
Accounts Payable and Other Liab
Accounts Payable and Other Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Other Liabilities | Accounts Payable and Other Liabilities Accounts payable and other liabilities consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands): September 30, 2022 December 31, 2021 Accounts payable and accrued expenses $ 5,482 $ 9,409 Accrued interest expense 1,563 1,626 Accrued property taxes 2,794 2,913 Accrued personnel costs 3,138 4,198 Distribution and servicing fees — 182 Distributions payable to stockholders 7,456 7,355 Performance DSUs distributions payable 485 394 Tenant deposits 877 802 Deferred rental income 6,784 7,100 Derivative liabilities — 5,618 $ 28,579 $ 39,597 |
Credit Facility
Credit Facility | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Credit Facility | Credit Facility The Company's outstanding credit facility as of September 30, 2022 and December 31, 2021 consisted of the following (amounts in thousands): September 30, 2022 December 31, 2021 Variable rate revolving line of credit 25,000 — Variable rate term loans fixed through interest rate swaps 485,000 400,000 Variable rate term loans 90,000 100,000 Total credit facility, principal amount outstanding 600,000 500,000 Unamortized deferred financing costs related to the term loan credit facility (2,570) (3,226) Total credit facility, net of deferred financing costs $ 597,430 $ 496,774 Significant activities regarding the credit facility during the nine months ended September 30, 2022, include: • On February 15, 2022, the Company, the Operating Partnership and certain of the Company's subsidiaries, entered into a senior unsecured revolving credit agreement, or the Revolving Credit Agreement, with Truist Bank, as Administrative Agent for the lenders, for aggregate commitments available of up to $500,000,000, which may be increased, subject to lender approval, through incremental term loans and/or revolving loan commitments in an aggregate amount not to exceed $1,000,000,000. The maturity date for the Revolving Credit Agreement is February 15, 2026, which, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to certain conditions, including the payment of an extension fee. The Revolving Credit Agreement was entered into to replace the Company's prior $500,000,000 revolving line of credit, which had a maturity date of April 27, 2022, with the option to extend for one twelve-month period. The Company did not exercise the option to extend. Upon closing of the Revolving Credit Agreement, the Company extinguished all commitments associated with the prior revolving line of credit. Simultaneously with the Revolving Credit Agreement’s execution, on February 15, 2022, the Company, the Operating Partnership, and certain of the Company's subsidiaries, entered into the senior unsecured term loan agreement, or the 2024 Term Loan Agreement, with Truist Bank, as Administrative Agent for the lenders. The 2024 Term Loan Agreement was fully funded at closing, and is made up of aggregate commitments of $300,000,000, which may be increased, subject to lender approval, to an aggregate amount not to exceed $600,000,000. The 2024 Term Loan Agreement has a maturity date of December 31, 2024, and, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee. The 2024 Term Loan Agreement was entered into to replace the Company's prior term loan, which was paid off in its entirety upon closing of the Revolving Credit Agreement and the 2024 Term Loan Agreement. • In connection with the repayment of our prior credit facility, the Company recognized a loss on extinguishment of debt of $3,367,000 during the nine months ended September 30, 2022, which included loan costs in the amount of $4,000 and accelerated unamortized debt issuance costs of $3,363,000. The loss on extinguishment of debt was recognized in interest and other expense, net, in the accompanying condensed consolidated statements of comprehensive income. • On April 8, 2022, the Company entered into five interest rate swap agreements, two of which have an effective date of May 2, 2022 and an aggregate notional amount of $85,000,000, and three of which have an effective date of May 1, 2023 and an aggregate notional amount of $150,000,000. • On May 17, 2022, the Company, the Operating Partnership and certain of the Company’s subsidiaries, entered into a new senior unsecured term loan agreement, or the 2028 Term Loan Agreement, with Truist Bank, as Administrative Agent for the lenders, for aggregate commitments of up to $275,000,000, of which $205,000,000 was drawn at closing to pay down the Company’s Revolving Credit Agreement in its entirety. The remainder of the commitments were available for three months following the closing date, or the Availability Period, and were available in no more than three subsequent draws with a minimum of $20,000,000 per draw, or the remaining commitments available. After the Availability Period, the undrawn portion was no longer available. If the committed amount was not fully drawn within 60 days of closing, the Company was required to pay a fee to the lenders, calculated as 0.25% per annum on the average daily amount of the undrawn portion, payable quarterly in arrears, until the earlier of (i) the date when the commitments have been funded in full, or (ii) August 17, 2022. The 2028 Term Loan Agreement may be increased, subject to lender approval, to an aggregate amount not to exceed $500,000,000 and has a maturity date of January 31, 2028. The 2028 Term Loan Agreement is pari passu with the Company’s Revolving Credit Agreement and 2024 Term Loan Agreement. The Company refers to the 2028 Term Loan Agreement, the Revolving Credit Agreement and the 2024 Term Loan Agreement, collectively, as the “Unsecured Credit Facility,” which has aggregate commitments available of $1,075,000,000. At the Company’s election, loans under the Unsecured Credit Facility may be made as Base Rate Loans or Secured Overnight Financing Rate, or SOFR, Loans. The applicable margin for loans that are Base Rate Loans is adjustable based on a total leverage ratio, ranging from 0.25% to 0.90%. The applicable margin for loans that are SOFR Loans is adjustable based on a total leverage ratio, ranging from 1.25% to 1.90%. In addition to interest, the Company is required to pay a fee on the unused portion of the lenders’ commitments under the Revolving Credit Agreement at a rate per annum equal to 0.20% if the average daily amount outstanding under the Revolving Credit Agreement is less than 50% of the aggregate commitments, or 0.15% if the average daily amount outstanding under the Revolving Credit Agreement is equal to or greater than 50% of the aggregate commitments. The unused fee is payable quarterly in arrears. • On July 12, 2022 and July 20, 2022, the Company drew $50,000,000 and $20,000,000, respectively, on the 2028 Term Loan Agreement, to fund acquisitions. As of July 20, 2022, the 2028 Term Loan Agreement commitments were fully funded. • During the nine months ended September 30, 2022, the Company drew $70,000,000 on the Revolving Credit Agreement to fund acquisitions and repaid $40,000,000 on the Revolving Credit Agreement, with proceeds from dispositions and cash flows from operations. The principal payments due on the Unsecured Credit Facility as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2022 $ — 2023 — 2024 300,000 2025 — 2026 25,000 Thereafter 275,000 $ 600,000 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Credit facility —The outstanding principal of the credit facility was $600,000,000 and $500,000,000, which approximated its fair value due to the variable nature of the terms as of September 30, 2022 and December 31, 2021, respectively. The fair value of the Company's credit facility is estimated based on the interest rates currently offered to the Company by its financial institutions. Derivative instruments —Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amount the Company could realize, or be liable for, on disposition of the financial instruments. The Company determined that the majority of the inputs used to value its interest rate swaps 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 the Company and the respective counterparty. However, as of September 30, 2022, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. See Note 12—"Derivative Instruments and Hedging Activities" for further discussion of the Company's derivative instruments. The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (amounts in thousands): September 30, 2022 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 29,724 $ — $ 29,724 Total assets at fair value $ — $ 29,724 $ — $ 29,724 December 31, 2021 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 2,171 $ — $ 2,171 Total assets at fair value $ — $ 2,171 $ — $ 2,171 Liabilities: Derivative liabilities $ — $ 5,618 $ — $ 5,618 Total liabilities at fair value $ — $ 5,618 $ — $ 5,618 Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets, net, and accounts payable and other liabilities, respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreements without exchange of the underlying notional amount. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges to hedge the variability of the anticipated cash flows on its variable rate credit facility. Changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in accumulated other comprehensive income (loss) in the accompanying condensed consolidated statements of stockholders' equity and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. In connection with the Data Center Sale on July 22, 2021, the Company terminated eight interest rate swap agreements related to mortgage notes fixed through interest rate swaps. Prior to the termination of the eight interest rate swaps, the Company de-designated and then formally re-designated these hedged transactions. During the three and nine months ended September 30, 2022, as the hedged forecasted transactions affected earnings, the Company reclassified approximately $291,000 and $1,274,000, respectively, from accumulated other comprehensive income (loss) to interest and other expense, net, related to the swap terminations, in the accompanying condensed consolidated statements of comprehensive income. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest and other expense, net, as interest is incurred on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $15,406,000 will be reclassified from accumulated other comprehensive income (loss) as an increase to earnings. The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands): Derivatives Balance Effective Dates (2), (3) Maturity Dates (2) September 30, 2022 December 31, 2021 Outstanding Notional Amount (2) Fair Value of Outstanding Fair Value of Assets (Liabilities) Assets (Liabilities) Interest rate swaps (1) 05/01/2022 to 04/27/2023 to $ 485,000 $ 29,724 $ — $ 400,000 $ 2,171 $ (5,618) (1) Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets, net, and accounts payable and other liabilities, respectively. (2) During the three months ended June 30, 2022, the Company entered into three interest rate swap agreements with an aggregate notional amount of $150,000,000, that have an effective date of May 1, 2023, to replace two interest rate swaps with an aggregate notional amount of $150,000,000 that have a maturity date of April 27, 2023. (3) In May 2022, the Company entered into bilateral agreements with its swap counterparties to transition all of its interest rate swap agreements to SOFR. As of June 30, 2022, all of the Company's interest rate swap agreements were indexed to SOFR. The notional amount under the agreements is an indication of the extent of the Company’s involvement in each instrument at the time, but does not represent exposure to credit, interest rate or market risks. The table below summarizes the amount of income and losses recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands): Derivatives in Cash Flow Amount of Income (Loss) Recognized Location of Income (Loss) Amount of Income (Loss) Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income Three Months Ended September 30, 2022 Interest rate swaps - continuing operations $ 16,724 Interest and other expense, net $ 379 $ 5,498 Three Months Ended September 30, 2021 Interest rate swaps - continuing operations $ (253) Interest and other expense, net $ (1,952) $ 11,737 Interest rate swaps - discontinued operations — Income from discontinued operations (542) 377,191 Total $ (253) $ (2,494) Nine Months Ended September 30, 2022 Interest rate swaps - continuing operations $ 31,545 Interest and other expense, net $ (2,912) $ 17,942 Nine Months Ended September 30, 2021 Interest rate swaps - continuing operations $ 2,555 Interest and other expense, net $ (5,643) $ 30,035 Interest rate swaps - discontinued operations (37) Income from discontinued operations (1,647) 401,444 Total $ 2,518 $ (7,290) Credit Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. As of September 30, 2022, the Company had no derivatives with fair value in a net liability position, inclusive of accrued interest but excluding any adjustment for nonperformance risk related to the agreement. As of September 30, 2022, there were no termination events or events of default related to the interest rate swaps. Tabular Disclosure Offsetting Derivatives The Company has elected not to offset derivative positions in its condensed consolidated financial statements. The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of September 30, 2022 and December 31, 2021 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net September 30, 2022 $ 29,724 $ — $ 29,724 $ — $ — $ 29,724 December 31, 2021 $ 2,171 $ — $ 2,171 $ (1,023) $ — $ 1,148 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net September 30, 2022 $ — $ — $ — $ — $ — $ — December 31, 2021 $ 5,618 $ — $ 5,618 $ (1,023) $ — $ 4,595 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Share Repurchase Program The Company’s Amended and Restated Share Repurchase Program, or SRP, allows for repurchases of shares of the Company’s common stock upon meeting certain criteria. The SRP provides that all repurchases during any calendar year, including those redeemable upon death or a "Qualifying Disability" (as defined in the Company's SRP) of a stockholder, be limited to those that can be funded with equivalent proceeds raised from the DRIP during the prior calendar year and other operating funds, if any, as the Board, in its sole discretion, may reserve for this purpose. Repurchases of shares of the Company’s common stock are at the sole discretion of the Board, provided, however, that the Company limits the number of shares repurchased during any calendar year to 5.0% of the total number of shares of common stock outstanding as of December 31 st of the previous calendar year. The SRP is subject to terms and limitations, including, but not limited to, quarterly share limitations, an annual 5.0% share limitation and DRIP funding limitations and any amendments to the plan, as more fully described below. In addition, the Board, in its sole discretion, may suspend (in whole or in part) the SRP at any time, and may amend, reduce, terminate or otherwise change the SRP upon 30 days' prior notice to the Company’s stockholders for any reason it deems appropriate. The Company will currently only repurchase shares due to death and involuntary exigent circumstances in accordance with the SRP, subject in each case to the terms and limitations of the SRP. Under the SRP, the Company may waive certain of the terms and requirements of the SRP in the event of the death of a stockholder who is a natural person, including shares held through an Individual Retirement Account or other retirement or profit-sharing plan, and certain trusts meeting the requirements of the SRP. The Company may also waive certain of the terms and requirements of the SRP in the event of an involuntary exigent circumstance, as determined by the Company or any of the executive officers thereof, in its or their sole discretion. See Part II, Item 2. "Unregistered Sales of Equity Securities" for more information on the Company's SRP. During the nine months ended September 30, 2022, the Company repurchased 786,861 Class A shares, Class I shares and Class T shares of common stock (690,494 Class A shares, 20,905 Class I shares and 75,462 Class T shares), for an aggregate purchase price of approximately $6,452,000 (an average of $8.20 per share). During the nine months ended September 30, 2021, the Company repurchased 772,581 Class A shares, Class I shares and Class T shares of common stock (715,406 Class A shares, 8,322 Class I shares and 48,853 Class T shares), for an aggregate purchase price of approximately $6,564,000 (an average of $8.50 per share). Accumulated Other Comprehensive Income (Loss) The following table presents a rollforward of amounts recognized in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2022 and 2021 (amounts in thousands): Unrealized Income Balance as of December 31, 2021 $ (4,847) Other comprehensive income before reclassification 31,545 Amount of loss reclassified from accumulated other comprehensive income (loss) to net income 2,912 Other comprehensive income 34,457 Balance as of September 30, 2022 $ 29,610 Unrealized Income Balance as of December 31, 2020 $ (20,444) Other comprehensive income before reclassification 2,518 Amount of loss reclassified from accumulated other comprehensive loss to net income 7,290 Other comprehensive income 9,808 Balance as of September 30, 2021 $ (10,636) The following table presents reclassifications out of accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021 (amounts in thousands): Details about Accumulated Other Loss Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income Nine Months Ended 2022 2021 Interest rate swap contracts - continuing operations $ 2,912 $ 5,643 Interest and other expense, net Interest rate swap contracts - discontinued operations — 1,647 Income from discontinued operations Interest rate swap contracts $ 2,912 $ 7,290 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareThe Company calculates basic earnings per share by dividing net income attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share is computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock and Performance DSUs give rise to potentially dilutive shares of common stock. For the three and nine months ended September 30, 2022, diluted earnings per share reflected the effect of approximately 1,319,000 and 1,346,000, respectively, of non-vested shares of restricted common stock and Performance DSUs that were outstanding. For the three and nine months ended September 30, 2021, diluted earnings per share was computed the same as basic earnings per share, because the Company recorded a loss from continuing operations, which would make potentially dilutive shares of 990,000 and 965,000, respectively, related to non-vested shares of restricted common stock and Performance DSUs, anti-dilutive. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation On March 6, 2020, the Board approved the Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, pursuant to which the Company has the authority and power to grant awards of restricted shares of its Class A common stock to its directors, officers and employees. The Company accounts for its stock awards in accordance with ASC 718-10, Compensation—Stock Compensation . ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). For performance-based awards, compensation costs are recognized over the service period if it is probable that the performance condition will be satisfied, with changes of the assessment at each reporting period and recording the effect of the change in the compensation cost as a cumulative catch-up adjustment. The compensation costs for restricted stock are recognized based on the fair value of the restricted stock awards at grant date less forfeitures (if applicable). Forfeitures are accounted for as they occur. On January 3, 2022, the Company granted time-based awards to its executive officers, consisting of 217,988 restricted shares of Class A common stock, or the Time-Based 2022 Awards. The Time-Based 2022 Awards will vest ratably over four years following the grant date, subject to each executive's employment through the applicable vesting dates, with certain exceptions. In addition, on January 3, 2022, the Company's compensation committee approved performance-based deferred stock unit awards, or Performance DSUs, to be granted for performance-based awards, or the Performance-Based 2022 Awards. The Performance-Based 2022 Awards will be measured based on Company performance over a three-year performance period ending on December 31, 2024. The Performance-Based 2022 Awards vest after the last day of the performance period and are subject to continued employment through the applicable vesting date. The Time-Based 2022 Awards and the Performance-Based 2022 Awards, or collectively, the 2022 Awards, were granted under and are subject to the terms of the A&R Incentive Plan and award agreements. Stock-based compensation expense for the 2022 Awards for the three and nine months ended September 30, 2022, was approximately $260,000 and $864,000, respectively, which is reported in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income. The Company recognized accelerated stock-based compensation expense of $326,000 during the nine months ended September 30, 2022. The Company recognized total stock-based compensation expense of approximately $860,000 and $637,000, respectively, for the three months ended September 30, 2022 and 2021, and $3,034,000 and $1,756,000, respectively, for the nine months ended September 30, 2022 and 2021, which is reported in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings In the ordinary course of business, the Company may become subject to litigation or claims. As of September 30, 2022, there were, and currently there are, no material pending legal proceedings to which the Company is a party. While the resolution of a lawsuit or proceeding may have an impact to the Company's financial results for the period in which it is resolved, the Company believes that the final resolution of the lawsuits or proceedings in which it is currently involved, either individually or in the aggregate, will not have a material adverse effect on its financial position, results of operations or liquidity. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions Paid to Stockholders The following table summarizes the Company's distributions paid to stockholders on October 6, 2022, for the period from September 1, 2022 through September 30, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution October 6, 2022 Class A $ 4,358 $ 1,206 $ 5,564 October 6, 2022 Class I 324 224 548 October 6, 2022 Class T 716 628 1,344 $ 5,398 $ 2,058 $ 7,456 The following table summarizes the Company's distributions paid to stockholders on November 4, 2022, for the period from October 1, 2022 through October 31, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution November 4, 2022 Class A $ 4,506 $ 1,249 $ 5,755 November 4, 2022 Class I 338 229 567 November 4, 2022 Class T 743 648 1,391 $ 5,587 $ 2,126 $ 7,713 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the Board subsequent to September 30, 2022: Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share October 20, 2022 Class A $ 0.00109589 $ 0.40 October 20, 2022 Class I $ 0.00109589 $ 0.40 October 20, 2022 Class T $ 0.00109589 $ 0.40 Authorization Date (2) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share November 8, 2022 Class A $ 0.00109589 $ 0.40 November 8, 2022 Class I $ 0.00109589 $ 0.40 November 8, 2022 Class T $ 0.00109589 $ 0.40 (1) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on November 1, 2022 and ending on November 30, 2022. The distributions are calculated based on 365 days in the calendar year. The distributions declared for each record date in November 2022 will be paid in December 2022. The distributions are payable to stockholders from legally available funds therefor. (2) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on December 1, 2022 and ending on December 31, 2022. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in December 2022 will be paid in January 2023. The distributions will be payable to stockholders from legally available funds therefor. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and their wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates are made and evaluated on an ongoing 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. |
Restricted Cash | Restricted CashRestricted cash consists of cash held in escrow accounts for tenant and capital improvements in accordance with the respective tenants' lease agreement. Restricted cash is reported in other assets, net, in the accompanying condensed consolidated balance sheets. |
Reclassifications | Reclassifications Certain amounts in the condensed consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows (amounts in thousands): Nine Months Ended 2022 2021 Beginning of period: Cash and cash equivalents $ 32,359 $ 53,174 Restricted cash 521 14,735 Cash, cash equivalents and restricted cash $ 32,880 $ 67,909 End of period: Cash and cash equivalents $ 17,291 $ 75,363 Restricted cash 166 842 Cash, cash equivalents and restricted cash $ 17,457 $ 76,205 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Real Estate [Abstract] | |
Schedule of Consideration Transferred for Properties Acquired | The following table summarizes the consideration transferred for the 2022 Acquisitions during the nine months ended September 30, 2022: Property Description Date Acquired Ownership Percentage Purchase Price Yukon Healthcare Facility 03/10/2022 100% $ 19,554 Pleasant Hills Healthcare Facility 05/12/2022 100% 14,303 Prosser Healthcare Facilities (1) 05/20/2022 100% 8,593 Tampa Healthcare Facility II 07/20/2022 100% 51,259 Escondido Healthcare Facility 07/21/2022 100% 63,485 Total $ 157,194 (1) The Prosser Healthcare Facilities consist of three healthcare properties. |
Schedule of Allocation of Acquisitions | The following table summarizes the Company's purchase price allocation of the 2022 Acquisitions during the nine months ended September 30, 2022 (amounts in thousands): Total Land $ 2,646 Building and improvements 136,938 Tenant improvements 4,840 In-place leases 12,779 Above-market leases 454 Total assets acquired 157,657 Below-market leases (463) Net assets acquired $ 157,194 |
Held for Sale and Discontinue_2
Held for Sale and Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Major Classes of Assets and Liabilities Classified as Held for Sale and Operations Reflected in Discontinued Operations | The following table presents the major classes of the assets and liabilities held for sale as presented separately in the condensed consolidated balance sheet as of December 31, 2021 (amounts in thousands): December 31, 2021 Assets: Real estate: Land $ 22,241 Buildings and improvements, net — Total real estate, net 22,241 Other assets, net 329 Assets held for sale $ 22,570 Liabilities: Accounts payable and other liabilities 698 Liabilities held for sale $ 698 The operations reflected in income from discontinued operations (which consisted solely of the Company's former data center segment) on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2021, were as follows (amounts in thousands): Three Months Ended Nine Months Ended 2021 2021 Revenue: Rental revenue $ 6,180 $ 57,903 Lease termination revenue 75 7,075 Total revenue 6,255 64,978 Expenses: Rental expenses 2,504 15,737 Depreciation and amortization 35 11,759 Total expenses 2,539 27,496 Interest and other expense, net (1) 25,085 31,839 Income from discontinued operations (21,369) 5,643 Gain on real estate dispositions (2) 398,560 395,801 Net income from discontinued operations attributable to common stockholders $ 377,191 $ 401,444 (1) Interest expense attributable to discontinued operations for the three and nine months ended September 30, 2021 was $25,085,000 and $31,856,000, respectively, which related to notes payable on certain data center properties. On July 22, 2021, in connection with the Data Center Sale, the Company paid off all data center and healthcare related notes payable, with an outstanding principal balance of $450,806,000 at the time of repayment. |
Acquired Intangible Assets, N_2
Acquired Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Acquired Intangible Assets, Net | Acquired intangible assets, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts): September 30, 2022 December 31, 2021 In-place leases, net of accumulated amortization of $79,932 and $66,579, respectively (with a weighted average remaining life of 9.1 years and 9.5 years, respectively) $ 164,702 $ 168,012 Above-market leases, net of accumulated amortization of $5,956 and $4,488, respectively (with a weighted average remaining life of 8.1 years and 8.8 years, respectively) 12,613 13,627 $ 177,315 $ 181,639 |
Acquired Intangible Liabiliti_2
Acquired Intangible Liabilities, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Intangible Lease Liabilities, Net [Abstract] | |
Schedule of Acquired Intangible Liabilities, Net | Acquired intangible liabilities, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts): September 30, 2022 December 31, 2021 Below-market leases, net of accumulated amortization of $5,550 and $4,444, respectively (with a weighted average remaining life of 8.6 years and 9.3 years, respectively) $ 12,319 $ 12,962 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Rent to Lessor from Operating Leases | Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2022 $ 42,292 2023 172,586 2024 173,961 2025 170,002 2026 163,163 Thereafter 1,096,932 Total $ 1,818,936 |
Schedule of Future Minimum Rent from Lessee for Operating Leases | The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating Finance Three months ending December 31, 2022 $ 622 $ 34 2023 2,539 136 2024 2,606 141 2025 2,625 143 2026 2,572 143 Thereafter 103,696 6,441 Total undiscounted rental payments 114,660 7,038 Less imputed interest (75,671) (4,387) Total lease liabilities $ 38,989 $ 2,651 |
Schedule of Future Minimum Rent from Lessee for Finance Lease | The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Operating Finance Three months ending December 31, 2022 $ 622 $ 34 2023 2,539 136 2024 2,606 141 2025 2,625 143 2026 2,572 143 Thereafter 103,696 6,441 Total undiscounted rental payments 114,660 7,038 Less imputed interest (75,671) (4,387) Total lease liabilities $ 38,989 $ 2,651 |
Schedule of Lease Cost | The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands): Three Months Ended Nine Months Ended Location in Condensed Consolidated Statements of Comprehensive Income 2022 2021 2022 2021 Operating lease costs: Ground lease costs Rental expenses $ 575 $ 422 $ 1,442 $ 1,266 Ground lease costs (1) Income from discontinued operations — 25 — 414 Corporate operating lease costs General and administrative expenses 182 297 559 825 Finance lease costs: Amortization of right-of-use asset Depreciation and amortization $ 5 $ 5 $ 15 $ 14 Interest on lease liability Interest and other expense, net 35 35 105 102 (1) Amount relates to lease costs attributable to operating ground leases related to data center properties disposed of in the Data Center Sale on July 22, 2021. |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Assets [Abstract] | |
Schedule of Other Assets, Net | Other assets, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands): September 30, 2022 December 31, 2021 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $635 and $8,332, respectively $ 3,432 $ 482 Leasing commissions, net of accumulated amortization of $151 and $121, respectively 792 780 Restricted cash 166 521 Tenant receivables 1,637 1,851 Straight-line rent receivable 63,255 55,725 Prepaid and other assets 3,739 4,835 Derivative assets 29,724 2,171 $ 102,745 $ 66,365 |
Accounts Payable and Other Li_2
Accounts Payable and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Other Liabilities | Accounts payable and other liabilities consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands): September 30, 2022 December 31, 2021 Accounts payable and accrued expenses $ 5,482 $ 9,409 Accrued interest expense 1,563 1,626 Accrued property taxes 2,794 2,913 Accrued personnel costs 3,138 4,198 Distribution and servicing fees — 182 Distributions payable to stockholders 7,456 7,355 Performance DSUs distributions payable 485 394 Tenant deposits 877 802 Deferred rental income 6,784 7,100 Derivative liabilities — 5,618 $ 28,579 $ 39,597 |
Credit Facility (Tables)
Credit Facility (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Facility | The Company's outstanding credit facility as of September 30, 2022 and December 31, 2021 consisted of the following (amounts in thousands): September 30, 2022 December 31, 2021 Variable rate revolving line of credit 25,000 — Variable rate term loans fixed through interest rate swaps 485,000 400,000 Variable rate term loans 90,000 100,000 Total credit facility, principal amount outstanding 600,000 500,000 Unamortized deferred financing costs related to the term loan credit facility (2,570) (3,226) Total credit facility, net of deferred financing costs $ 597,430 $ 496,774 |
Schedule of Future Principal Payments Due on Debt | The principal payments due on the Unsecured Credit Facility as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Three months ending December 31, 2022 $ — 2023 — 2024 300,000 2025 — 2026 25,000 Thereafter 275,000 $ 600,000 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (amounts in thousands): September 30, 2022 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 29,724 $ — $ 29,724 Total assets at fair value $ — $ 29,724 $ — $ 29,724 December 31, 2021 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 2,171 $ — $ 2,171 Total assets at fair value $ — $ 2,171 $ — $ 2,171 Liabilities: Derivative liabilities $ — $ 5,618 $ — $ 5,618 Total liabilities at fair value $ — $ 5,618 $ — $ 5,618 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of the Notional Amount and Fair Value of Derivative Instruments | The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands): Derivatives Balance Effective Dates (2), (3) Maturity Dates (2) September 30, 2022 December 31, 2021 Outstanding Notional Amount (2) Fair Value of Outstanding Fair Value of Assets (Liabilities) Assets (Liabilities) Interest rate swaps (1) 05/01/2022 to 04/27/2023 to $ 485,000 $ 29,724 $ — $ 400,000 $ 2,171 $ (5,618) (1) Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets, net, and accounts payable and other liabilities, respectively. (2) During the three months ended June 30, 2022, the Company entered into three interest rate swap agreements with an aggregate notional amount of $150,000,000, that have an effective date of May 1, 2023, to replace two interest rate swaps with an aggregate notional amount of $150,000,000 that have a maturity date of April 27, 2023. |
Schedule of Income and Losses Recognized on Derivative Instruments | The table below summarizes the amount of income and losses recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands): Derivatives in Cash Flow Amount of Income (Loss) Recognized Location of Income (Loss) Amount of Income (Loss) Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income Three Months Ended September 30, 2022 Interest rate swaps - continuing operations $ 16,724 Interest and other expense, net $ 379 $ 5,498 Three Months Ended September 30, 2021 Interest rate swaps - continuing operations $ (253) Interest and other expense, net $ (1,952) $ 11,737 Interest rate swaps - discontinued operations — Income from discontinued operations (542) 377,191 Total $ (253) $ (2,494) Nine Months Ended September 30, 2022 Interest rate swaps - continuing operations $ 31,545 Interest and other expense, net $ (2,912) $ 17,942 Nine Months Ended September 30, 2021 Interest rate swaps - continuing operations $ 2,555 Interest and other expense, net $ (5,643) $ 30,035 Interest rate swaps - discontinued operations (37) Income from discontinued operations (1,647) 401,444 Total $ 2,518 $ (7,290) |
Schedule of Offsetting of Derivative Assets | The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of September 30, 2022 and December 31, 2021 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net September 30, 2022 $ 29,724 $ — $ 29,724 $ — $ — $ 29,724 December 31, 2021 $ 2,171 $ — $ 2,171 $ (1,023) $ — $ 1,148 |
Schedule of Offsetting of Derivative Liabilities | Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net September 30, 2022 $ — $ — $ — $ — $ — $ — December 31, 2021 $ 5,618 $ — $ 5,618 $ (1,023) $ — $ 4,595 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The following table presents a rollforward of amounts recognized in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2022 and 2021 (amounts in thousands): Unrealized Income Balance as of December 31, 2021 $ (4,847) Other comprehensive income before reclassification 31,545 Amount of loss reclassified from accumulated other comprehensive income (loss) to net income 2,912 Other comprehensive income 34,457 Balance as of September 30, 2022 $ 29,610 Unrealized Income Balance as of December 31, 2020 $ (20,444) Other comprehensive income before reclassification 2,518 Amount of loss reclassified from accumulated other comprehensive loss to net income 7,290 Other comprehensive income 9,808 Balance as of September 30, 2021 $ (10,636) |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following table presents reclassifications out of accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021 (amounts in thousands): Details about Accumulated Other Loss Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income Nine Months Ended 2022 2021 Interest rate swap contracts - continuing operations $ 2,912 $ 5,643 Interest and other expense, net Interest rate swap contracts - discontinued operations — 1,647 Income from discontinued operations Interest rate swap contracts $ 2,912 $ 7,290 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events | The following table summarizes the Company's distributions paid to stockholders on October 6, 2022, for the period from September 1, 2022 through September 30, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution October 6, 2022 Class A $ 4,358 $ 1,206 $ 5,564 October 6, 2022 Class I 324 224 548 October 6, 2022 Class T 716 628 1,344 $ 5,398 $ 2,058 $ 7,456 The following table summarizes the Company's distributions paid to stockholders on November 4, 2022, for the period from October 1, 2022 through October 31, 2022 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution November 4, 2022 Class A $ 4,506 $ 1,249 $ 5,755 November 4, 2022 Class I 338 229 567 November 4, 2022 Class T 743 648 1,391 $ 5,587 $ 2,126 $ 7,713 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the Board subsequent to September 30, 2022: Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share October 20, 2022 Class A $ 0.00109589 $ 0.40 October 20, 2022 Class I $ 0.00109589 $ 0.40 October 20, 2022 Class T $ 0.00109589 $ 0.40 Authorization Date (2) Common Stock Daily Distribution Rate (2) Annualized Distribution Per Share November 8, 2022 Class A $ 0.00109589 $ 0.40 November 8, 2022 Class I $ 0.00109589 $ 0.40 November 8, 2022 Class T $ 0.00109589 $ 0.40 (1) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on November 1, 2022 and ending on November 30, 2022. The distributions are calculated based on 365 days in the calendar year. The distributions declared for each record date in November 2022 will be paid in December 2022. The distributions are payable to stockholders from legally available funds therefor. (2) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on December 1, 2022 and ending on December 31, 2022. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in December 2022 will be paid in January 2023. The distributions will be payable to stockholders from legally available funds therefor. |
Organization and Business Ope_2
Organization and Business Operations (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | ||||
Jul. 30, 2021 USD ($) | Jul. 22, 2021 USD ($) $ / shares | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | May 19, 2021 property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from real estate disposition | $ 22,822 | $ 1,295,367 | |||
Special cash dividend (in dollars per share) | $ / shares | $ 1.75 | ||||
Special cash distribution (in dollars) | $ 392,685 | ||||
Discontinued Operations, Held-for-sale | Data Centers | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of real estate properties owned | property | 29 | ||||
Discontinued Operations, Disposed of by Sale | Data Centers | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Aggregate sales price | $ 1,320,000 | ||||
Proceeds from real estate disposition | $ 1,295,367 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 17,291 | $ 32,359 | $ 75,363 | $ 53,174 |
Restricted cash | 166 | 521 | 842 | 14,735 |
Cash, cash equivalents and restricted cash | $ 17,457 | $ 32,880 | $ 76,205 | $ 67,909 |
Real Estate Investments (Narrat
Real Estate Investments (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||||
Feb. 10, 2022 USD ($) property | Sep. 30, 2022 USD ($) statisticalArea tenant transaction | Sep. 30, 2021 USD ($) property | Sep. 30, 2022 USD ($) transaction property lease tenant statisticalArea | Sep. 30, 2021 USD ($) tenant lease | Dec. 31, 2021 numberOfLandParcel | |
Real Estate [Line Items] | ||||||
Number of real estate properties acquired | property | 7 | |||||
Number of transactions | transaction | 5 | 5 | ||||
Proceeds from real estate disposition | $ 22,822,000 | $ 1,295,367,000 | ||||
Gain on real estate disposition | $ 0 | $ 0 | 460,000 | 0 | ||
Impairment loss | 0 | 10,241,000 | $ 7,387,000 | 27,837,000 | ||
Impairment of acquired intangible assets | 0 | 0 | ||||
Impairment loss on real estate | 0 | 10,241,000 | ||||
Impairment loss on goodwill | 0 | 0 | ||||
Impairment of acquired intangible liabilities | $ 0 | $ 0 | $ 0 | |||
Number of impaired properties | property | 1 | |||||
In-place leases | ||||||
Real Estate [Line Items] | ||||||
Number of impaired acquired intangible assets | lease | 1 | 1 | ||||
Impairment of acquired intangible assets | $ 380,000 | $ 1,120,000 | ||||
Tenant of Healthcare Property | ||||||
Real Estate [Line Items] | ||||||
Number of tenants with impaired intangible assets | tenant | 1 | |||||
Revenue | Geographic Concentration Risk | ||||||
Real Estate [Line Items] | ||||||
Number of metropolitan statistical areas with owned real estate investments | statisticalArea | 1 | 1 | ||||
Revenue | Geographic Concentration Risk | Houston-The Woodlands-Sugar Land, Texas MSA | ||||||
Real Estate [Line Items] | ||||||
Concentration risk, percentage | 10.90% | |||||
Revenue | Customer Concentration Risk | ||||||
Real Estate [Line Items] | ||||||
Number of major tenants | tenant | 1 | 1 | ||||
Revenue | Customer Concentration Risk | Post Acute Medical LLC and affiliates | ||||||
Real Estate [Line Items] | ||||||
Concentration risk, percentage | 14.20% | |||||
2022 Acquisitions | ||||||
Real Estate [Line Items] | ||||||
Capitalized acquisition costs | $ 617,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Healthcare | ||||||
Real Estate [Line Items] | ||||||
Number of real estate properties owned | numberOfLandParcel | 1 | |||||
2022 Disposition | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Real Estate [Line Items] | ||||||
Number of real estate properties sold | property | 1 | |||||
Sale price of real estate dispositions | $ 24,000,000 | |||||
Proceeds from real estate disposition | 22,701,000 | |||||
Gain on real estate disposition | $ 460,000 |
Real Estate Investments (Schedu
Real Estate Investments (Schedule of Consideration Transferred for Properties Acquired) (Details) $ in Thousands | 9 Months Ended | |||||
Jul. 21, 2022 USD ($) | Jul. 20, 2022 USD ($) | May 20, 2022 USD ($) property | May 12, 2022 USD ($) | Mar. 10, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||||
Purchase Price | $ 157,194 | |||||
Yukon Healthcare Facility | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 100% | |||||
Purchase Price | $ 19,554 | |||||
Pleasant Hills Healthcare Facility | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 100% | |||||
Purchase Price | $ 14,303 | |||||
Prosser Healthcare Facilities | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 100% | |||||
Purchase Price | $ 8,593 | |||||
Number of healthcare properties | property | 3 | |||||
Tampa Healthcare Facility II | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 100% | |||||
Purchase Price | $ 51,259 | |||||
Escondido Healthcare Facility | ||||||
Business Acquisition [Line Items] | ||||||
Ownership Percentage | 100% | |||||
Purchase Price | $ 63,485 |
Real Estate Investments (Sche_2
Real Estate Investments (Schedule of Allocation of Acquisitions) (Details) - 2022 Acquisitions $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | |
Total assets acquired | $ 157,657 |
Below-market leases | (463) |
Net assets acquired | 157,194 |
In-place leases | |
Business Acquisition [Line Items] | |
Leases | 12,779 |
Above-market leases | |
Business Acquisition [Line Items] | |
Leases | 454 |
Land | |
Business Acquisition [Line Items] | |
Property, plant and equipment acquired | 2,646 |
Building and improvements | |
Business Acquisition [Line Items] | |
Property, plant and equipment acquired | 136,938 |
Tenant Improvements | |
Business Acquisition [Line Items] | |
Property, plant and equipment acquired | $ 4,840 |
Held for Sale and Discontinue_3
Held for Sale and Discontinued Operations (Narrative) (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 numberOfLandParcel | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Capital expenditures | $ 7,577 | $ 20,323 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Healthcare | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of real estate properties owned | numberOfLandParcel | 1 | ||
Held-for-sale or Disposed of by Sale | Data Centers | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Capital expenditures | $ 2,215 |
Held for Sale and Discontinue_4
Held for Sale and Discontinued Operations (Disposal Group Financials) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jul. 22, 2021 | |
Assets: | |||||||
Assets held for sale | $ 0 | $ 0 | $ 22,570 | ||||
Liabilities: | |||||||
Liabilities held for sale | 0 | 0 | 698 | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||
Income from discontinued operations | $ 0 | $ 377,191 | $ 0 | $ 401,444 | |||
Held-for-sale or Disposed of by Sale | |||||||
Assets: | |||||||
Total real estate, net | 22,241 | ||||||
Other assets, net | 329 | ||||||
Assets held for sale | 22,570 | ||||||
Liabilities: | |||||||
Accounts payable and other liabilities | 698 | ||||||
Liabilities held for sale | 698 | ||||||
Held-for-sale or Disposed of by Sale | Land | |||||||
Assets: | |||||||
Total real estate, net | 22,241 | ||||||
Held-for-sale or Disposed of by Sale | Building and improvements | |||||||
Assets: | |||||||
Total real estate, net | $ 0 | ||||||
Discontinued Operations, Disposed of by Sale | Data Centers | |||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||
Rental revenue | 6,180 | 57,903 | |||||
Lease termination revenue | 75 | 7,075 | |||||
Total revenue | 6,255 | 64,978 | |||||
Rental expenses | 2,504 | 15,737 | |||||
Depreciation and amortization | 35 | 11,759 | |||||
Total expenses | 2,539 | 27,496 | |||||
Interest and other expense, net | 25,085 | 31,839 | |||||
Income from discontinued operations | (21,369) | 5,643 | |||||
Gain on real estate dispositions | 398,560 | 395,801 | |||||
Income from discontinued operations | 377,191 | 401,444 | |||||
Interest expense attributable to discontinued operations | $ 25,085 | $ 31,856 | |||||
Transaction costs | $ 2,759 | ||||||
Discontinued Operations, Disposed of by Sale | Healthcare | Data Centers | Continuing Operations | |||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||
Notes payable, principal amount outstanding | $ 450,806 |
Acquired Intangible Assets, N_3
Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, accumulated amortization | $ 85,888 | $ 71,067 |
Weighted average remaining useful life of intangible assets | 9 years 1 month 6 days | 9 years 6 months |
Acquired intangible assets, net of accumulated amortization | $ 177,315 | $ 181,639 |
In-place leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, accumulated amortization | $ 79,932 | $ 66,579 |
Weighted average remaining useful life of intangible assets | 9 years 1 month 6 days | 9 years 6 months |
Acquired intangible assets, net of accumulated amortization | $ 164,702 | $ 168,012 |
Above-market leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets, accumulated amortization | $ 5,956 | $ 4,488 |
Weighted average remaining useful life of intangible assets | 8 years 1 month 6 days | 8 years 9 months 18 days |
Acquired intangible assets, net of accumulated amortization | $ 12,613 | $ 13,627 |
Acquired Intangible Assets, N_4
Acquired Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Weighted average remaining useful life of intangible assets | 9 years 1 month 6 days | 9 years 6 months | |||
Amortization of acquired intangible assets | $ 5,839 | $ 5,507 | $ 17,557 | $ 17,624 |
Acquired Intangible Liabiliti_3
Acquired Intangible Liabilities, Net (Schedule of Acquired Intangible Liabilities, Net) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Intangible Lease Liabilities, Net [Abstract] | ||
Accumulated amortization of below-market leases | $ 5,550 | $ 4,444 |
Weighted average remaining life of below-market leases | 8 years 7 months 6 days | 9 years 3 months 18 days |
Below-market leases, net of accumulated amortization | $ 12,319 | $ 12,962 |
Acquired Intangible Liabiliti_4
Acquired Intangible Liabilities, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Intangible Lease Liabilities, Net [Abstract] | ||||
Amortization of below-market leases | $ 373 | $ 338 | $ 1,106 | $ 979 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Rent to Lessor from Operating Leases) (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
Three months ending December 31, 2022 | $ 42,292 |
2023 | 172,586 |
2024 | 173,961 |
2025 | 170,002 |
2026 | 163,163 |
Thereafter | 1,096,932 |
Total | $ 1,818,936 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Operating lease, weighted average incremental borrowing rate, percent | 5.50% | |
Operating lease, weighted average remaining lease term | 37 years 4 months 24 days | 36 years 1 month 6 days |
Finance lease, incremental borrowing rate, percent | 5.30% | |
Finance lease, remaining lease term | 41 years 8 months 12 days | 42 years 4 months 24 days |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, incremental borrowing rate, percent | 2.50% | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, incremental borrowing rate, percent | 6.40% |
Leases (Schedule of Rent Paymen
Leases (Schedule of Rent Payments from Lessee) (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Operating | |
Three months ending December 31, 2022 | $ 622 |
2023 | 2,539 |
2024 | 2,606 |
2025 | 2,625 |
2026 | 2,572 |
Thereafter | 103,696 |
Total undiscounted rental payments | 114,660 |
Less imputed interest | (75,671) |
Total lease liabilities | 38,989 |
Finance | |
Three months ending December 31, 2022 | 34 |
2023 | 136 |
2024 | 141 |
2025 | 143 |
2026 | 143 |
Thereafter | 6,441 |
Total undiscounted rental payments | 7,038 |
Less imputed interest | (4,387) |
Total lease liabilities | $ 2,651 |
Leases (Schedule of Lease Cost)
Leases (Schedule of Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Rental expenses | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | $ 575 | $ 422 | $ 1,442 | $ 1,266 |
Income from discontinued operations | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | 0 | 25 | 0 | 414 |
General and administrative expenses | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | 182 | 297 | 559 | 825 |
Depreciation and amortization | ||||
Lessee, Lease, Description [Line Items] | ||||
Finance lease costs | 5 | 5 | 15 | 14 |
Interest and other expense, net | ||||
Lessee, Lease, Description [Line Items] | ||||
Interest on lease liability | $ 35 | $ 35 | $ 105 | $ 102 |
Other Assets, Net (Schedule of
Other Assets, Net (Schedule of Other Assets, Net) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other Assets [Abstract] | ||
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $635 and $8,332, respectively | $ 3,432 | $ 482 |
Leasing commissions, net of accumulated amortization of $151 and $121, respectively | 792 | 780 |
Restricted cash | 166 | 521 |
Tenant receivables | 1,637 | 1,851 |
Straight-line rent receivable | 63,255 | 55,725 |
Prepaid and other assets | 3,739 | 4,835 |
Derivative assets | 29,724 | 2,171 |
Total other assets, net | 102,745 | 66,365 |
Deferred financing costs, related to the revolver portion of the credit facility, accumulated amortization | 635 | 8,332 |
Leasing commissions, accumulated amortization | $ 151 | $ 121 |
Accounts Payable and Other Li_3
Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable and accrued expenses | $ 5,482 | $ 9,409 |
Accrued interest expense | 1,563 | 1,626 |
Accrued property taxes | 2,794 | 2,913 |
Accrued personnel costs | 3,138 | 4,198 |
Distribution and servicing fees | 0 | 182 |
Distributions payable to stockholders | 7,456 | 7,355 |
Performance DSUs distributions payable | 485 | 394 |
Tenant deposits | 877 | 802 |
Deferred rental income | 6,784 | 7,100 |
Derivative liabilities | 0 | 5,618 |
Total accounts payable and other liabilities | $ 28,579 | $ 39,597 |
Credit Facility (Schedule of Cr
Credit Facility (Schedule of Credit Facility) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Total credit facility, principal amount outstanding | $ 600,000 | $ 500,000 |
Unamortized deferred financing costs related to the term loan credit facility | (2,570) | (3,226) |
Total credit facility, net of deferred financing costs | 597,430 | 496,774 |
Revolving Line of Credit | Variable rate revolving line of credit | ||
Line of Credit Facility [Line Items] | ||
Total credit facility, principal amount outstanding | 25,000 | 0 |
Term Loan | Variable rate term loans fixed through interest rate swaps | ||
Line of Credit Facility [Line Items] | ||
Total credit facility, principal amount outstanding | 485,000 | 400,000 |
Term Loan | Variable rate term loans | ||
Line of Credit Facility [Line Items] | ||
Total credit facility, principal amount outstanding | $ 90,000 | $ 100,000 |
Credit Facility (Narrative) (De
Credit Facility (Narrative) (Details) | 9 Months Ended | ||||||||
Jul. 20, 2022 USD ($) | Jul. 12, 2022 USD ($) | May 17, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Apr. 08, 2022 USD ($) agreement | Feb. 15, 2022 USD ($) | Feb. 14, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Line of Credit Facility [Line Items] | |||||||||
Total credit facility, net of deferred financing costs | $ 597,430,000 | $ 496,774,000 | |||||||
Loss on extinguishment of debt | 3,367,000 | $ 28,751,000 | |||||||
Debt extinguishment costs | 4,000 | $ 29,244,000 | |||||||
Accelerated unamortized debt issuance costs | 3,363,000 | ||||||||
Minimum draw | $ 20,000,000 | ||||||||
Interest rate swaps | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Number of derivative instruments | agreement | 5 | ||||||||
Interest Rate Swap, Effective Date May 2, 2022 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Number of derivative instruments | agreement | 2 | ||||||||
Notational amount | $ 85,000,000 | ||||||||
Interest Rate Swap, Effective Date May 1, 2023 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Number of derivative instruments | agreement | 3 | ||||||||
Notational amount | $ 150,000,000 | ||||||||
Unsecured Debt | Term Loan | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Commitments available | $ 300,000,000 | ||||||||
Term loan, maximum increase | 600,000,000 | ||||||||
Unsecured Debt | 2028 Term Loan | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Commitments available | 275,000,000 | ||||||||
Term loan, maximum increase | 500,000,000 | ||||||||
Proceeds from term loan | $ 20,000,000 | $ 50,000,000 | $ 205,000,000 | ||||||
Ticketing fee | 0.25% | ||||||||
Fee percentage, average daily amount outstanding less than half of commitments | 0.20% | ||||||||
Fee percentage, average daily amount outstanding more than half of commitments | 0.15% | ||||||||
Unsecured Debt | 2028 Term Loan | Base Rate | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Margin range | 0.25% | ||||||||
Unsecured Debt | 2028 Term Loan | Base Rate | Maximum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Margin range | 0.90% | ||||||||
Unsecured Debt | 2028 Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Margin range | 1.25% | ||||||||
Unsecured Debt | 2028 Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Margin range | 1.90% | ||||||||
Unsecured Debt | Unsecured Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Commitments available | 1,075,000,000 | ||||||||
Revolving Line of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt extinguishment costs | 4,000 | ||||||||
Revolving Line of Credit | Variable rate revolving line of credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Commitments available | 500,000,000 | $ 500,000,000 | |||||||
Proceeds from term loan | 70,000,000 | ||||||||
Repayments of debt | $ 40,000,000 | ||||||||
Revolving Line of Credit | Unsecured Debt | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum increase | $ 1,000,000,000 |
Credit Facility (Schedule of Pr
Credit Facility (Schedule of Principal Payments Due on Credit Facility) (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
Three months ending December 31, 2022 | $ 0 |
2023 | 0 |
2024 | 300,000 |
2025 | 0 |
2026 | 25,000 |
Thereafter | 275,000 |
Total | $ 600,000 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Total credit facility, principal amount outstanding | $ 600,000 | $ 500,000 |
Fair Value (Schedule of Fair Va
Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Derivative assets | $ 29,724 | $ 2,171 |
Liabilities: | ||
Derivative liabilities | 0 | 5,618 |
Recurring basis | ||
Assets: | ||
Derivative assets | 29,724 | 2,171 |
Total assets at fair value | 29,724 | 2,171 |
Liabilities: | ||
Derivative liabilities | 5,618 | |
Total liabilities at fair value | 5,618 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | ||
Assets: | ||
Derivative assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | |
Total liabilities at fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Recurring basis | ||
Assets: | ||
Derivative assets | 29,724 | 2,171 |
Total assets at fair value | 29,724 | 2,171 |
Liabilities: | ||
Derivative liabilities | 5,618 | |
Total liabilities at fair value | 5,618 | |
Significant Unobservable Inputs (Level 3) | Recurring basis | ||
Assets: | ||
Derivative assets | 0 | 0 |
Total assets at fair value | $ 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | |
Total liabilities at fair value | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Apr. 08, 2022 agreement | Jul. 22, 2021 interestRateSwapInstrument | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Additional gain expected to be reclassified from AOCI into earnings during next twelve months | $ 15,406 | $ 15,406 | ||
Discontinued Operations, Disposed of by Sale | Data Centers | Continuing Operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts reclassified from AOCI to earnings | $ 291 | $ 1,274 | ||
Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of derivative instruments | agreement | 5 | |||
Interest rate swaps | Discontinued Operations, Disposed of by Sale | Data Centers | Continuing Operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of derivative instruments | interestRateSwapInstrument | 8 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Schedule of the Notional Amount and Fair Value of Derivative Instruments) (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Apr. 08, 2022 USD ($) agreement | Dec. 31, 2021 USD ($) |
Derivatives, Fair Value [Line Items] | |||
Fair Value of Asset | $ 29,724 | $ 2,171 | |
Fair Value of Liability | 0 | (5,618) | |
Interest rate swaps | |||
Derivatives, Fair Value [Line Items] | |||
Number of derivative instruments | agreement | 5 | ||
Interest rate swaps | Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Outstanding Notional Amount | 485,000 | 400,000 | |
Interest rate swaps | Designated as Hedging Instrument | Other Assets, Net | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of Asset | 29,724 | 2,171 | |
Interest rate swaps | Designated as Hedging Instrument | Accounts Payable | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of Liability | $ 0 | $ (5,618) | |
Interest Rate Swap, Effective Date May 1, 2023 | |||
Derivatives, Fair Value [Line Items] | |||
Outstanding Notional Amount | $ 150,000 | ||
Number of derivative instruments | agreement | 3 | ||
Interest Rate Swap, Maturity Date April 27, 2023 | |||
Derivatives, Fair Value [Line Items] | |||
Outstanding Notional Amount | $ 150,000 | ||
Number of derivative instruments | agreement | 2 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Schedule of Income and Losses Recognized on Derivative Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives | $ (253) | $ 2,518 | ||
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income | (2,494) | (7,290) | ||
Interest and other expense, net | $ 5,498 | 11,737 | $ 17,942 | 30,035 |
Income from discontinued operations | 0 | 377,191 | 0 | 401,444 |
Data Centers | Discontinued Operations, Disposed of by Sale | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Income from discontinued operations | 377,191 | 401,444 | ||
Continuing Operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest and other expense, net | 5,498 | 11,737 | 17,942 | 30,035 |
Interest rate swaps | Data Centers | Discontinued Operations, Disposed of by Sale | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives | 0 | (37) | ||
Interest rate swaps | Continuing Operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives | 16,724 | (253) | 31,545 | 2,555 |
Interest rate swaps | Interest and other expense, net | Continuing Operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income | $ 379 | (1,952) | $ (2,912) | (5,643) |
Interest rate swaps | Income from discontinued operations | Data Centers | Discontinued Operations, Disposed of by Sale | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income | $ (542) | $ (1,647) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Assets | $ 29,724 | $ 2,171 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Balance Sheet | 29,724 | 2,171 |
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral | 0 | (1,023) |
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral | 0 | 0 |
Net Amount | $ 29,724 | $ 1,148 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Liabilities | $ 0 | $ 5,618 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Balance Sheet | 0 | 5,618 |
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral | 0 | (1,023) |
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral | 0 | 0 |
Net Amount | $ 0 | $ 4,595 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Class of Stock [Line Items] | ||||
Maximum number of shares available for repurchase during any calendar year, as percentage of common stock outstanding at end of prior year | 5% | |||
Period of notice required for changes to share repurchase program | 30 days | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Repurchase of common stock (in shares) | 225,136 | 303,247 | 786,861 | 772,581 |
Repurchase of common stock | $ 2 | $ 3 | $ 8 | $ 7 |
Class A, I and T Shares | Common Stock | ||||
Class of Stock [Line Items] | ||||
Repurchase of common stock (in shares) | 786,861 | 772,581 | ||
Repurchase of common stock | $ 6,452 | $ 6,564 | ||
Repurchase of common stock, average price per share (in dollars per share) | $ 8.20 | $ 8.50 | ||
Class A | Common Stock | ||||
Class of Stock [Line Items] | ||||
Repurchase of common stock (in shares) | 690,494 | 715,406 | ||
Class I | Common Stock | ||||
Class of Stock [Line Items] | ||||
Repurchase of common stock (in shares) | 20,905 | 8,322 | ||
Class T | Common Stock | ||||
Class of Stock [Line Items] | ||||
Repurchase of common stock (in shares) | 75,462 | 48,853 |
Stockholders' Equity (Amounts R
Stockholders' Equity (Amounts Recognized in AOCI) (Details) - Unrealized Income (Loss) on Derivative Instruments - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning | $ (4,847) | $ (20,444) |
Other comprehensive income (loss) before reclassification | 31,545 | 2,518 |
Amount of loss reclassified from accumulated other comprehensive income (loss) to net income | 2,912 | 7,290 |
Other comprehensive income (loss) | 34,457 | 9,808 |
Balance, ending | $ 29,610 | $ (10,636) |
Stockholders' Equity (Reclassif
Stockholders' Equity (Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest and other expense, net | $ 5,498 | $ 11,737 | $ 17,942 | $ 30,035 |
Income from discontinued operations | 0 | (377,191) | 0 | (401,444) |
Net income (loss) attributable to common stockholders | $ (13,392) | $ (371,645) | (26,784) | (390,583) |
Interest rate swaps | Loss Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income | Reclassification out of Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest and other expense, net | 2,912 | 5,643 | ||
Income from discontinued operations | 0 | 1,647 | ||
Net income (loss) attributable to common stockholders | $ 2,912 | $ 7,290 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Diluted earnings per share outstanding adjustment (in shares) | 1,319 | 1,346 | ||
Anti-dilutive shares excluded from computation of earnings per share (in shares) | 990 | 965 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 03, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 860 | $ 637 | $ 3,034 | $ 1,756 | |
Accelerated stock-based compensation | 326 | ||||
Restricted Stock, Time-Based | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards granted (in shares) | 217,988 | ||||
Award vesting period under plan | 4 years | ||||
Restricted Stock, Time-Based and Performance Based | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 260 | $ 864 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Sep. 30, 2022 legalProceeding |
Commitments and Contingencies Disclosure [Abstract] | |
Number of pending legal proceedings to which the company is a party | 0 |
Subsequent Events (Distribution
Subsequent Events (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Nov. 08, 2022 | Nov. 04, 2022 | Oct. 20, 2022 | Oct. 06, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | ||||||||
Cash | $ 48,920 | $ 450,143 | ||||||
Issuance of common stock under the distribution reinvestment plan | $ 18,594 | $ 21,750 | ||||||
Distributions declared per common share (in dollars per share) | $ 0.10 | $ 1.86 | $ 0.30 | $ 2.11 | ||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash | $ 5,587 | $ 5,398 | ||||||
Issuance of common stock under the distribution reinvestment plan | 2,126 | 2,058 | ||||||
Distributions paid | 7,713 | 7,456 | ||||||
Class A | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash | 4,506 | 4,358 | ||||||
Issuance of common stock under the distribution reinvestment plan | 1,249 | 1,206 | ||||||
Distributions paid | 5,755 | 5,564 | ||||||
Distributions declared per common share (in dollars per share) | $ 0.00109589 | $ 0.00109589 | ||||||
Annualized distribution per share (in dollars per share) | 0.40 | 0.40 | ||||||
Class I | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash | 338 | 324 | ||||||
Issuance of common stock under the distribution reinvestment plan | 229 | 224 | ||||||
Distributions paid | 567 | 548 | ||||||
Distributions declared per common share (in dollars per share) | 0.00109589 | 0.00109589 | ||||||
Annualized distribution per share (in dollars per share) | 0.40 | 0.40 | ||||||
Class T | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash | 743 | 716 | ||||||
Issuance of common stock under the distribution reinvestment plan | 648 | 628 | ||||||
Distributions paid | $ 1,391 | $ 1,344 | ||||||
Distributions declared per common share (in dollars per share) | 0.00109589 | 0.00109589 | ||||||
Annualized distribution per share (in dollars per share) | $ 0.40 | $ 0.40 | ||||||
Class A, I and T shares | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of days, distribution calculation | 365 days | 365 days |