Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 06, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-55775 | |
Entity Registrant Name | GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 47-2887436 | |
Entity Address, Address Line One | 18191 Von Karman Avenue | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Irvine | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92612 | |
City Area Code | 949 | |
Local Phone Number | 270-9200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001632970 | |
Current Fiscal Year End Date | --12-31 | |
Common Class T | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 75,552,866 | |
Common Class I | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,642,478 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Real estate investments, net | $ 928,066,000 | $ 895,060,000 | |
Cash and cash equivalents | 22,690,000 | 15,290,000 | |
Accounts and other receivables, net | 3,262,000 | 4,608,000 | |
Restricted cash | 706,000 | 556,000 | |
Real estate deposits | 0 | 1,915,000 | |
Identified intangible assets, net | 68,636,000 | 74,023,000 | |
Operating lease right-of-use assets, net | 14,163,000 | 14,255,000 | |
Other assets, net | 73,967,000 | 62,620,000 | |
Total assets | 1,111,490,000 | 1,068,327,000 | |
Liabilities: | |||
Mortgage loans payable, net | [1] | 17,974,000 | 26,070,000 |
Line of credit and term loans | [1] | 479,500,000 | 396,800,000 |
Accounts payable and accrued liabilities | [1] | 27,436,000 | 32,033,000 |
Accounts payable due to affiliates | [1] | 987,000 | 1,016,000 |
Identified intangible liabilities, net | 1,362,000 | 1,601,000 | |
Operating lease liabilities | [1] | 9,975,000 | 9,858,000 |
Security deposits, prepaid rent and other liabilities | [1] | 12,343,000 | 9,408,000 |
Total liabilities | 549,577,000 | 476,786,000 | |
Commitments and contingencies | |||
Redeemable noncontrolling interests | 2,697,000 | 1,462,000 | |
Stockholders’ equity: | |||
Preferred stock, $0.01 par value per share; 200,000,000 shares authorized; none issued and outstanding | 0 | 0 | |
Additional paid-in capital | 729,923,000 | 719,894,000 | |
Accumulated deficit | (172,436,000) | (130,613,000) | |
Total stockholders’ equity | 558,296,000 | 590,079,000 | |
Noncontrolling interest | 920,000 | 0 | |
Total equity | 559,216,000 | 590,079,000 | |
Total liabilities, redeemable noncontrolling interests and equity | 1,111,490,000 | 1,068,327,000 | |
Common Class T | |||
Stockholders’ equity: | |||
Common stock, $0.01 par value per share | 753,000 | 742,000 | |
Common Class I | |||
Stockholders’ equity: | |||
Common stock, $0.01 par value per share | $ 56,000 | $ 56,000 | |
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of September 30, 2020 and December 31, 2019 represented liabilities of Griffin American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $479,500,000 and $396,800,000 as of September 30, 2020 and December 31, 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
Line of credit and term loans | [1] | $ 479,500,000 | $ 396,800,000 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Preferred Stock, shares authorized | 200,000,000 | 200,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | |
Common Class T | |||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 900,000,000 | 900,000,000 | |
Common stock, shares, issued | 75,357,680 | 74,244,823 | |
Common stock, shares outstanding | 75,357,680 | 74,244,823 | |
Common Class I | |||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares, issued | 5,630,314 | 5,655,051 | |
Common stock, shares outstanding | 5,630,314 | 5,655,051 | |
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of September 30, 2020 and December 31, 2019 represented liabilities of Griffin American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $479,500,000 and $396,800,000 as of September 30, 2020 and December 31, 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Real estate revenue | $ 21,519,000 | $ 19,253,000 | $ 64,824,000 | $ 53,280,000 |
Resident fees and services | 18,948,000 | 11,865,000 | 51,863,000 | 34,053,000 |
Grant income | 864,000 | 0 | 864,000 | 0 |
Total revenues and grant income | 41,331,000 | 31,118,000 | 117,551,000 | 87,333,000 |
Expenses: | ||||
Rental expenses | 5,905,000 | 4,929,000 | 17,723,000 | 14,238,000 |
Property operating expenses | 17,397,000 | 9,884,000 | 44,856,000 | 28,194,000 |
General and administrative | 3,672,000 | 3,982,000 | 11,960,000 | 11,413,000 |
Acquisition related expenses | 57,000 | 74,000 | 74,000 | 1,492,000 |
Depreciation and amortization | 12,669,000 | 9,552,000 | 37,919,000 | 35,561,000 |
Total expenses | 39,700,000 | 28,421,000 | 112,532,000 | 90,898,000 |
Other income (expense): | ||||
Interest expense (including amortization of deferred financing costs and debt discount/premium) | (4,839,000) | (4,140,000) | (15,123,000) | (11,532,000) |
Gain (loss) in fair value of derivative financial instruments | 1,450,000 | (402,000) | (2,302,000) | (5,401,000) |
Impairment of real estate investments | (3,064,000) | 0 | (3,064,000) | 0 |
(Loss) income from unconsolidated entity | (377,000) | (79,000) | 952,000 | 185,000 |
Other income | 8,000 | 13,000 | 278,000 | 162,000 |
Loss before income taxes | (5,191,000) | (1,911,000) | (14,240,000) | (20,151,000) |
Income tax benefit (expense) | 39,000 | (7,000) | 0 | (17,000) |
Net loss | (5,152,000) | (1,918,000) | (14,240,000) | (20,168,000) |
Less: net loss attributable to noncontrolling interests | 232,000 | 19,000 | 608,000 | 76,000 |
Net loss attributable to controlling interest | $ (4,920,000) | $ (1,899,000) | $ (13,632,000) | $ (20,092,000) |
Net loss per Class T and Class I common share attributable to controlling interest — basic and diluted | $ (0.06) | $ (0.02) | $ (0.17) | $ (0.26) |
Weighted average number of Class T and Class I common shares outstanding — basic and diluted | 80,788,359 | 79,502,193 | 80,498,693 | 77,894,326 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) | Total | Total Stockholders’ Equity | Class T and Class I Common Stock | Additional Paid-In Capital | Accumulated Deficit | Noncontrolling Interest | |
Beginning balance, Shares at Dec. 31, 2018 | 69,254,971 | ||||||
Beginning balance at Dec. 31, 2018 | $ 557,672,000 | $ 692,000 | $ 621,759,000 | $ (64,779,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock, shares | 8,884,165 | ||||||
Issuance of common stock | 88,715,000 | $ 89,000 | 88,626,000 | ||||
Offering costs - common stock | 7,385,000 | ||||||
Issuance of common stock under the DRIP, shares | 1,987,822 | ||||||
Issuance of common stock under the DRIP | 19,056,000 | $ 19,056,000 | $ 20,000 | 19,036,000 | |||
Issuance of vested and nonvested restricted common stock, shares | 22,500 | ||||||
Issuance of vested and nonvested restricted common stock | 43,000 | 43,000 | |||||
Amortization of nonvested common stock compensation | 121,000 | 121,000 | |||||
Repurchase of common stock, shares | (668,646) | ||||||
Repurchase of common stock | (6,192,000) | $ (6,000) | (6,186,000) | ||||
Fair value adjustment to redeemable noncontrolling interests | (65,000) | (65,000) | |||||
Dividends declared | (34,976,000) | (34,976,000) | |||||
Net loss | (20,092,000) | [1] | (20,092,000) | ||||
Ending balance, Shares at Sep. 30, 2019 | 79,480,812 | ||||||
Ending balance at Sep. 30, 2019 | 596,897,000 | $ 795,000 | 715,949,000 | (119,847,000) | |||
Beginning balance, Shares at Jun. 30, 2019 | 79,084,339 | ||||||
Beginning balance at Jun. 30, 2019 | 606,949,000 | $ 791,000 | 712,076,000 | (105,918,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock, shares | (1,393) | ||||||
Issuance of common stock | (14,000) | (14,000) | |||||
Offering costs - common stock | 66,000 | (66,000) | |||||
Issuance of common stock under the DRIP, shares | 691,703 | ||||||
Issuance of common stock under the DRIP | 6,599,000 | 6,599,000 | $ 7,000 | 6,592,000 | |||
Issuance of vested and nonvested restricted common stock, shares | 15,000 | ||||||
Issuance of vested and nonvested restricted common stock | 29,000 | 29,000 | |||||
Amortization of nonvested common stock compensation | 43,000 | 43,000 | |||||
Repurchase of common stock, shares | (308,837) | ||||||
Repurchase of common stock | (2,823,000) | $ (3,000) | (2,820,000) | ||||
Fair value adjustment to redeemable noncontrolling interests | (23,000) | (23,000) | |||||
Dividends declared | (12,030,000) | (12,030,000) | |||||
Net loss | (1,899,000) | [1] | (1,899,000) | ||||
Ending balance, Shares at Sep. 30, 2019 | 79,480,812 | ||||||
Ending balance at Sep. 30, 2019 | 596,897,000 | $ 795,000 | 715,949,000 | (119,847,000) | |||
Beginning balance, Shares at Dec. 31, 2019 | 79,899,874 | ||||||
Beginning balance at Dec. 31, 2019 | 590,079,000 | 590,079,000 | $ 798,000 | 719,894,000 | (130,613,000) | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Offering costs - common stock | 67,000 | (67,000) | (67,000) | ||||
Issuance of common stock under the DRIP, shares | 1,643,731 | ||||||
Issuance of common stock under the DRIP | 15,681,000 | $ 16,000 | 15,665,000 | ||||
Issuance of vested and nonvested restricted common stock, shares | 22,500 | ||||||
Issuance of vested and nonvested restricted common stock | 43,000 | 43,000 | 43,000 | ||||
Amortization of nonvested common stock compensation | 128,000 | 128,000 | 128,000 | ||||
Distributions to noncontrolling interest | (54,000) | (54,000) | |||||
Contribution from noncontrolling interest | 1,250,000 | 1,250,000 | |||||
Repurchase of common stock, shares | (578,111) | ||||||
Repurchase of common stock | (5,349,000) | (5,349,000) | $ (5,000) | (5,344,000) | |||
Fair value adjustment to redeemable noncontrolling interests | (530,000) | (530,000) | (530,000) | ||||
Dividends declared | (28,191,000) | (28,191,000) | (28,191,000) | ||||
Net loss | (13,908,000) | [1] | (13,632,000) | (13,632,000) | (276,000) | ||
Ending balance, Shares at Sep. 30, 2020 | 80,987,994 | ||||||
Ending balance at Sep. 30, 2020 | 559,216,000 | 558,296,000 | $ 809,000 | 729,923,000 | (172,436,000) | 920,000 | |
Beginning balance, Shares at Jun. 30, 2020 | 80,599,306 | ||||||
Beginning balance at Jun. 30, 2020 | 569,002,000 | 567,955,000 | $ 805,000 | 726,516,000 | (159,366,000) | 1,047,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Offering costs - common stock | 5,000 | (5,000) | (5,000) | ||||
Issuance of common stock under the DRIP, shares | 445,239 | ||||||
Issuance of common stock under the DRIP | 4,247,000 | 4,247,000 | $ 4,000 | 4,243,000 | |||
Issuance of vested and nonvested restricted common stock, shares | 15,000 | ||||||
Issuance of vested and nonvested restricted common stock | 29,000 | 29,000 | 29,000 | ||||
Amortization of nonvested common stock compensation | 44,000 | 44,000 | 44,000 | ||||
Distributions to noncontrolling interest | (22,000) | (22,000) | |||||
Repurchase of common stock, shares | (71,551) | ||||||
Repurchase of common stock | (706,000) | (706,000) | $ 0 | (706,000) | |||
Fair value adjustment to redeemable noncontrolling interests | (208,000) | (208,000) | (208,000) | ||||
Dividends declared | (8,150,000) | (8,150,000) | (8,150,000) | ||||
Net loss | (5,025,000) | [1] | (4,920,000) | (4,920,000) | (105,000) | ||
Ending balance, Shares at Sep. 30, 2020 | 80,987,994 | ||||||
Ending balance at Sep. 30, 2020 | $ 559,216,000 | $ 558,296,000 | $ 809,000 | $ 729,923,000 | $ (172,436,000) | $ 920,000 | |
[1] | Amount excludes $127,000 and $19,000 for the three months ended September 30, 2020 and 2019, respectively, and $332,000 and $76,000 for the nine months ended September 30, 2020 and 2019, respectively, of net loss attributable to redeemable noncontrolling interests. See Note 11, Redeemable Noncontrolling Interests, for a further discussion. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parentheticals) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Distributions declared per Class T and Class I common share (in usd per share) | $ 0.10 | $ 0.15 | $ 0.35 | $ 0.45 |
Net Loss Attributable to Redeemable Noncontrolling Interests | $ 127,000 | $ 19,000 | $ 332,000 | $ 76,000 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Net loss | $ (14,240,000) | $ (20,168,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 37,919,000 | 35,561,000 |
Other amortization | 2,084,000 | 1,869,000 |
Deferred rent | (3,440,000) | (1,886,000) |
Stock based compensation | 171,000 | 164,000 |
Income from unconsolidated entity | (952,000) | (185,000) |
Distributions of earnings from unconsolidated entity | 0 | 75,000 |
Change in fair value of derivative financial instruments | 2,302,000 | 5,401,000 |
Impairment of real estate investments | 3,064,000 | 0 |
Changes in operating assets and liabilities: | ||
Accounts and other receivables | 1,347,000 | 3,854,000 |
Other assets | (1,654,000) | 256,000 |
Accounts payable and accrued liabilities | 3,436,000 | 6,023,000 |
Accounts payable due to affiliates | 27,000 | 142,000 |
Security deposits, prepaid rent, operating lease and other liabilities | (121,000) | (674,000) |
Net cash provided by operating activities | 29,943,000 | 30,432,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisitions of real estate investments | (68,032,000) | (153,923,000) |
Capital expenditures | (6,729,000) | (4,388,000) |
Investment in unconsolidated entity | 0 | (600,000) |
Distributions in excess of earnings from unconsolidated entity | 0 | 1,013,000 |
Real estate deposits | 0 | 2,547,000 |
Pre-acquisition expenses | 0 | (179,000) |
Net cash used in investing activities | (74,761,000) | (155,530,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments on mortgage loans payable | (8,166,000) | (459,000) |
Borrowings under the line of credit and term loans | 140,800,000 | 165,600,000 |
Payments on the line of credit and term loans | (58,100,000) | (83,100,000) |
Deferred financing costs | (43,000) | (65,000) |
Proceeds from issuance of common stock | 0 | 90,438,000 |
Payment of offering costs | (4,876,000) | (17,457,000) |
Distributions paid | (13,932,000) | (15,446,000) |
Repurchase of common stock | (5,349,000) | (6,192,000) |
Contribution from noncontrolling interest | 1,250,000 | 0 |
Distributions to noncontrolling interest | (54,000) | 0 |
Contributions from redeemable noncontrolling interest | 1,118,000 | 151,000 |
Distributions to redeemable noncontrolling interests | (81,000) | 0 |
Security deposits | (199,000) | (94,000) |
Net cash provided by financing activities | 52,368,000 | 133,376,000 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 7,550,000 | 8,278,000 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | 15,846,000 | 14,590,000 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | 23,396,000 | 22,868,000 |
Cash and cash equivalents at beginning of period | 15,290,000 | 14,388,000 |
Restricted cash at beginning of period | 556,000 | 202,000 |
Cash and cash equivalents at end of period | 22,690,000 | 22,448,000 |
Restricted cash at end of period | 706,000 | 420,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 13,777,000 | 9,369,000 |
Income taxes | 88,000 | 21,000 |
Investing Activities: | ||
Accrued capital expenditures | 2,182,000 | 4,205,000 |
Tenant improvement overage | 636,000 | 195,000 |
Accrued pre-acquisition expenses | 0 | 184,000 |
The following represents the increase in certain assets and liabilities in connection with our acquisitions of real estate investments: | ||
Right-of-use asset | 0 | 2,196,000 |
Other assets | 196,000 | 86,000 |
Mortgage loan payable, net | 0 | 9,735,000 |
Accounts payable and accrued liabilities | 201,000 | 783,000 |
Operating lease liability | 0 | 4,489,000 |
Security deposits and prepaid rent | 11,000 | 1,343,000 |
Financing Activities: | ||
Issuance of common stock under the DRIP | 15,681,000 | 19,056,000 |
Distributions declared but not paid | 2,664,000 | 3,933,000 |
Accrued stockholder servicing fee | $ 7,667,000 | $ 14,241,000 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Griffin-American Healthcare REIT IV, Inc., a Maryland corporation, was incorporated on January 23, 2015 and therefore we consider that our date of inception. We were initially capitalized on February 6, 2015. We invest in a diversified portfolio of real estate properties, focusing primarily on medical office buildings, skilled nursing facilities, senior housing and other healthcare-related facilities. We also operate healthcare-related facilities utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a “RIDEA” structure (the provisions of the Internal Revenue Code of 1986, as amended, or the Code, authorizing the RIDEA structure were enacted as part of the Housing and Economic Recovery Act of 2008). We generally seek investments that produce current income. We qualified to be taxed as a real estate investment trust, or REIT, under the Code for federal income tax purposes beginning with our taxable year ended December 31, 2016, and we intend to continue to qualify to be taxed as a REIT. On February 16, 2016, we commenced our initial public offering, or our initial offering, in which we were initially offering to the public up to $3,150,000,000 in shares of our Class T common stock, consisting of up to $3,000,000,000 in shares of our Class T common stock in the primary portion of our initial offering and up to $150,000,000 in shares of our Class T common stock pursuant to our distribution reinvestment plan, as amended, or the DRIP. Effective June 17, 2016, we reallocated certain of the unsold shares of Class T common stock being offered and began offering shares of Class I common stock, such that we were offering up to approximately $2,800,000,000 in shares of Class T common stock and $200,000,000 in shares of Class I common stock in the primary portion of our initial offering, and up to an aggregate of $150,000,000 in shares of our Class T and Class I common stock pursuant to the DRIP, aggregating up to $3,150,000,000. On February 15, 2019, we terminated our initial offering, and as of such date, we sold 75,639,681 aggregate shares of our Class T and Class I common stock, or approximately $754,118,000, and a total of $31,021,000 in distributions were reinvested that resulted in 3,253,535 shares of our common stock being issued pursuant to the DRIP portion of our initial offering. On January 18, 2019, we filed a Registration Statement on Form S-3 under the Securities Act of 1933, as amended, or the Securities Act, to register a maximum of $100,000,000 of additional shares of our common stock to be issued pursuant to the DRIP, or the 2019 DRIP Offering. The Registration Statement on Form S-3 was automatically effective with the United States Securities and Exchange Commission, or the SEC, upon its filing. We commenced offering shares pursuant to the 2019 DRIP Offering on March 1, 2019, following the termination of our initial offering on February 15, 2019. See Note 12, Equity — Distribution Reinvestment Plan, for a further discussion. As of September 30, 2020, a total of $37,290,000 in distributions were reinvested that resulted in 3,903,895 shares of our common stock being issued pursuant to the 2019 DRIP Offering. We collectively refer to the DRIP portion of our initial offering and the 2019 DRIP Offering as our DRIP Offerings. We conduct substantially all of our operations through Griffin-American Healthcare REIT IV Holdings, LP, or our operating partnership. We are externally advised by Griffin-American Healthcare REIT IV Advisor, LLC, or our advisor, pursuant to an advisory agreement, or the Advisory Agreement, between us and our advisor. The Advisory Agreement was effective as of February 16, 2016 and had a one-year initial term, subject to successive one-year renewals upon the mutual consent of the parties. The Advisory Agreement was last renewed pursuant to the mutual consent of the parties on February 12, 2020 and expires on February 16, 2021. Our advisor uses its best efforts, subject to the oversight and review of our board of directors, or our board, to, among other things, research, identify, review and make investments in and dispositions of properties and securities on our behalf consistent with our investment policies and objectives. Our advisor performs its duties and responsibilities under the Advisory Agreement as our fiduciary. Our advisor is 75.0% owned and managed by wholly owned subsidiaries of American Healthcare Investors, LLC, or American Healthcare Investors, and 25.0% owned by a wholly owned subsidiary of Griffin Capital Company, LLC, or Griffin Capital, or collectively, our co-sponsors. American Healthcare Investors is 47.1% owned by AHI Group Holdings, LLC, or AHI Group Holdings, 45.1% indirectly owned by Colony Capital, Inc. (NYSE: CLNY), or Colony Capital, and 7.8% owned by James F. Flaherty III, a former partner of Colony Capital. We are not affiliated with Griffin Capital, Griffin Capital Securities, LLC, or our dealer manager, Colony Capital or Mr. Flaherty; however, we are affiliated with our advisor, American Healthcare Investors and AHI Group Holdings. We currently operate through four reportable business segments: medical office buildings, senior housing, senior housing — RIDEA and skilled nursing facilities. As of September 30, 2020, we had completed 46 property acquisitions whereby we owned 89 properties, comprising 94 buildings, or approximately 4,863,000 square feet of gross leasable area, or GLA, for an aggregate contract purchase price of $1,089,071,000. As of September 30, 2020, we also owned a 6.0% interest in a joint venture which owns a portfolio of integrated senior health campuses and ancillary businesses. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Summary of Significant Accounting Policies The summary of significant accounting policies presented below is designed to assist in understanding our accompanying condensed consolidated financial statements. Such condensed consolidated financial statements and the accompanying notes thereto are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing our accompanying condensed consolidated financial statements. Basis of Presentation Our accompanying condensed consolidated financial statements include our accounts and those of our operating partnership and the wholly owned subsidiaries of our operating partnership, as well as any VIEs in which we are the primary beneficiary. We evaluate our ability to control an entity, and whether the entity is a VIE and we are the primary beneficiary, by considering substantive terms of the arrangement and identifying which enterprise has the power to direct the activities of the entity that most significantly impacts the entity’s economic performance. We operate and intend to continue to operate in an umbrella partnership REIT structure in which our operating partnership, or wholly owned subsidiaries of our operating partnership, will own substantially all of the interests in properties acquired on our behalf. We a re the sole general partner of our operating partnership, and as of both September 30, 2020 and December 31, 2019, we owned greater than a 99.99% general partnership interest therein. Our advisor is a limited partner, and as of both September 30, 2020 and December 31, 2019, owned less than a 0.01% noncontrolling limited partnership interest in our operating partnership. Because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions (even if additional limited partners are admitted to our operating partnership), the accounts of our operating partnership are consolidated in our accompanying condensed consolidated financial statements. All intercompany accounts and transactions are eliminated in consolidation. Interim Unaudited Financial Data Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to the SEC’s rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments which are, in our view, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim period. Interim results of operations are not necessarily indicative of the results that may be expected for the full year; such full year results may be less favorable. In preparing our accompanying condensed consolidated financial statements, management has evaluated subsequent events through the financial statement issuance date. We believe that although the disclosures contained herein are adequate to prevent the information presented from being misleading, our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2019 Annual Report on Form 10-K, as filed with the SEC on March 19, 2020. Use of Estimates The preparation of our accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions, revenues and grant income, allowance for credit losses, impairment of long-lived assets and contingencies. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. Revenue Recognition — Resident Fees and Services Revenue Disaggregation of Resident Fees and Services Revenue The following tables disaggregate our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time: Three Months Ended September 30, 2020 2019 Point in Time Over Time Total Point in Time Over Time Total Senior housing — RIDEA $ 174,000 $ 18,774,000 $ 18,948,000 $ 144,000 $ 11,721,000 $ 11,865,000 Nine Months Ended September 30, 2020 2019 Point in Time Over Time Total Point in Time Over Time Total Senior housing — RIDEA $ 746,000 $ 51,117,000 $ 51,863,000 $ 501,000 $ 33,552,000 $ 34,053,000 The following tables disaggregate our resident fees and services revenue by payor class: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Private and other payors $ 17,300,000 $ 10,451,000 $ 46,766,000 $ 29,553,000 Medicaid 1,648,000 1,414,000 5,097,000 4,500,000 Total resident fees and services $ 18,948,000 $ 11,865,000 $ 51,863,000 $ 34,053,000 Accounts Receivable, Net — Resident Fees and Services The beginning and ending balances of accounts receivable, net — resident fees and services are as follows: Medicaid Private Total Beginning balance — January 1, 2020 $ 3,154,000 $ 650,000 $ 3,804,000 Ending balance — September 30, 2020 2,317,000 1,234,000 3,551,000 (Decrease)/increase $ (837,000) $ 584,000 $ (253,000) Government Grants We have been granted stimulus funds through various federal and state government programs, such as through the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, passed by the federal government on March 27, 2020, which were established for eligible healthcare providers to preserve liquidity in response to lost revenues and/or increased healthcare expenses (as such terms are defined in the applicable regulatory guidance) associated with the coronavirus, or COVID-19, pandemic. Such grants are not loans and, as such, are not required to be repaid, subject to certain conditions. We recognize government grants as grant income or as a reduction of property operating expenses, as applicable, in our accompanying condensed consolidated statements of operations when there is reasonable assurance that the grants will be received and all conditions to retain the funds will be met. We adjust our estimates and assumptions based on the applicable guidance provided by the government and the best available information that we have. Any stimulus or other relief funds received that are not expected to be used in accordance with such terms and conditions will be returned to the government. For both the three and nine months ended September 30, 2020, we recognized government grants of $864,000 as grant income. For both the three and nine months ended September 30, 2019, we did not recognize any government grants. Tenant and Resident Receivables and Allowances On January 1, 2020, we adopted Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 326, Financial Instruments Credit Losses , or ASC Topic 326. We adopted ASC Topic 326 using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2020. Resident receivables are carried net of an allowance for credit losses. An allowance is maintained for estimated losses resulting from the inability of residents and payors to meet the contractual obligations under their lease or service agreements. Substantially all of such allowances are recorded as direct reductions of resident fees and services revenue as contractual adjustments provided to third-party payors or implicit price concessions in our accompanying condensed consolidated statements of operations. Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the residents’ financial condition, security deposits, cash collection patterns by payor and by state, current economic conditions, future expectations in estimating credit losses and other relevant factors. Tenant receivables and unbilled deferred rent receivables are reduced for uncollectible amounts, which are recognized as direct reductions of real estate revenue in our accompanying condensed consolidated statements of operations. As of September 30, 2020 and December 31, 2019, we had $1,653,000 and $902,000, respectively, in allowances, which were determined necessary to reduce receivables by our expected future credit losses. For the nine months ended September 30, 2020 and 2019, we increased allowances by $937,000 and $1,776,000, respectively, and reduced allowances for collections or adjustments by $126,000 and $766,000, respectively. For the nine months ended September 30, 2020 and 2019, $60,000 and $346,000, respectively, of our receivables were written off against the related allowances. Income Taxes We qualified, and elected to be taxed, as a REIT under the Code for federal income tax purposes beginning with our taxable year ended December 31, 2016, and we intend to continue to qualify to be taxed as a REIT. To maintain our qualification as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute to our stockholders a minimum of 90.0% of our annual taxable income, excluding net capital gains. Such distributions are required to be paid at least 20.0% in cash and 80.0% in stock. In May 2020, in response to the COVID-19 pandemic, the Internal Revenue Service, or IRS, temporarily reduced the cash distribution requirement to a minimum of 10.0%, which is applicable with respect to the aggregate distributions declared on or after April 1, 2020 until December 31, 2020. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to maintain our qualification as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could have a material adverse effect on our net income and net cash available for distribution to our stockholders. We may be subject to certain state and local income taxes on our income, property or net worth in some jurisdictions, and in certain circumstances we may also be subject to federal excise taxes on undistributed income. In addition, certain activities that we undertake are conducted by subsidiaries, which we elected to be treated as taxable REIT subsidiaries, or TRS, to allow us to provide services that would otherwise be considered impermissible for REITs. Accordingly, we recognize income tax benefit or expense for the federal, state and local income taxes incurred by our TRS. We follow ASC Topic 740, Income Taxes , to recognize, measure, present and disclose in our accompanying condensed consolidated financial statements uncertain tax positions that we have taken or expect to take on a tax return. As of and for the nine months ended September 30, 2020 and 2019, we did not have any tax benefits or liabilities for uncertain tax positions that we believe should be recognized in our accompanying condensed consolidated financial statements. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets reflect the impact of the future deductibility of operating loss carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in income tax benefit or expense in our accompanying condensed consolidated statements of operations when such changes occur. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is recorded in income tax benefit or expense in our accompanying condensed consolidated statements of operations. Deferred tax assets are included in other assets, net, and deferred tax liabilities are included in security deposits, prepaid rent and other liabilities, in our accompanying condensed consolidated balance sheets. See Note 15, Income Taxes, for a further discussion. Recently Issued Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update, or ASU, 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, or ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Inter-bank Offered Rate, or LIBOR, or another reference rate expected to be discontinued. ASU 2020-04 is effective for fiscal years and interim periods beginning after March 12, 2020 through December 31, 2022. We are currently evaluating this guidance to determine the impact on our disclosures. In April 2020, the FASB issued a question and answer document, or the Lease Modification Q&A, to provide guidance for the application of lease accounting modifications within ASC Topic 842, Leases , or ASC Topic 842, to lease concessions granted by lessors related to the effects of the COVID-19 pandemic. Lease accounting modification guidance in ASC Topic 842 addresses routine changes or enforceable rights and obligations to lease terms as a result of negotiations between the lessor and the lessee; however, the guidance does not take into consideration concessions granted to address sudden liquidity constraints of lessees arising from the COVID-19 pandemic. The underlying premise of ASC Topic 842 requires a modified lease to be accounted for as a new lease if the modified terms and conditions affect the economics of the lease for the remainder of the lease term. Further, a lease modification resulting from lease concessions would require the application of the modification framework pursuant to ASC Topic 842 on a lease-by-lease basis. The potential large volume of contracts to be assessed due to the COVID-19 pandemic may be burdensome and complex for entities to evaluate the lease modification accounting for each lease. Therefore, the Lease Modification Q&A allows entities to elect to account for lease concessions related to the effects of the COVID-19 pandemic as if they were granted under the enforceable rights included in the original contract and are outside of the lease modification framework pursuant to ASC Topic 842. Such election is available for lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee (e.g., total payments required by the modified contract being substantially the same as or less than total payments required by the original contract) and is to be applied consistently to leases with similar characteristics and circumstances. |
Real Estate Investments, Net
Real Estate Investments, Net | 9 Months Ended |
Sep. 30, 2020 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | 3. Real Estate Investments, Net Our real estate investments, net consisted of the following as of September 30, 2020 and December 31, 2019: September 30, December 31, Building and improvements $ 883,849,000 $ 836,091,000 Land 109,420,000 103,371,000 Furniture, fixtures and equipment 8,241,000 6,656,000 1,001,510,000 946,118,000 Less: accumulated depreciation (73,444,000) (51,058,000) Total $ 928,066,000 $ 895,060,000 Depreciation expense for the three months ended September 30, 2020 and 2019 was $7,966,000 and $6,806,000, respectively, and for the nine months ended September 30, 2020 and 2019 was $23,698,000 and $20,256,000, respectively. We determined that two senior housing — RIDEA facilities were impaired and recognized an aggregate impairment charge of $3,064,000 for both the three and nine months ended September 30, 2020, which reduced the total aggregate carrying value of such assets to $6,993,000. The carrying values of such senior housing — RIDEA facilities were then reclassified to properties held for sale, which is included in other assets, net in our accompanying condensed consolidated balance sheets. The fair values of such facilities were based on their projected sales prices obtained from an independent third party using comparable market information and adjusted for anticipated selling costs of such facilities, which were considered Level 2 measurements within the fair value hierarchy. We did not recognize impairment charges on long-lived assets for both the three and nine months ended September 30, 2019. In addition to the property acquisition transactions discussed below, for the three and nine months ended September 30, 2020, we incurred capital expenditures of $1,681,000 and $4,628,000, respectively, for our medical office buildings, $316,000 and $1,682,000, respectively, for our senior housing — RIDEA facilities and $0 and $657,000, respectively, for our skilled nursing facilities. We did not incur any capital expenditures for our senior housing facilities for the three and nine months ended September 30, 2020. In June 2020, we paid an earn-out of $1,483,000 in connection with Overland Park MOB, originally purchased in August 2019, which we capitalized and included in real estate investments, net in our accompanying condensed consolidated balance sheets. Such amount was paid upon the condition being met for an existing tenant to lease and occupy additional space. In addition, we paid our advisor a base acquisition fee, as defined in Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, of $34,000, or 2.25% of the earn-out amount. Acquisitions in 2020 For the nine months ended September 30, 2020, using cash on hand and debt financing, we completed the acquisition of seven buildings from unaffiliated third parties. The following is a summary of our property acquisitions for the nine months ended September 30, 2020: Acquisition Location Type Date Contract Total Catalina West Haven ALF(3) West Haven, UT Senior Housing — RIDEA 01/01/20 $ 12,799,000 $ 12,700,000 $ 278,000 Louisiana Senior Housing Portfolio(4) Gonzales, Monroe, New Iberia, Shreveport and Slidell, LA Senior Housing — RIDEA 01/03/20 34,000,000 32,700,000 737,000 Catalina Madera ALF(3) Madera, CA Senior Housing — RIDEA 01/31/20 17,900,000 17,300,000 389,000 Total $ 64,699,000 $ 62,700,000 $ 1,404,000 ___________ (1) Represents a borrowing under the 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans, at the time of acquisition. (2) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee, as defined in Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, of 2.25% of the contract purchase price paid by us. (3) On January 1, 2020 and January 31, 2020, we completed the acquisitions of Catalina West Haven ALF and Catalina Madera ALF, respectively, pursuant to a joint venture with an affiliate of Avalon Health Care, Inc., or Avalon, an unaffiliated third party. Our ownership of the joint venture is approximately 90.0%. (4) On January 3, 2020, we completed the acquisition of Louisiana Senior Housing Portfolio pursuant to a joint venture with an affiliate of Senior Solutions Management Group, or SSMG, an unaffiliated third party. Our ownership of the joint venture is approximately 90.0%. We accounted for our property acquisitions completed for the nine months ended September 30, 2020 as asset acquisitions. We incurred and capitalized base acquisition fees and direct acquisition related expenses of $2,538,000. The following table summarizes the purchase price of the assets acquired at the time of acquisition from our property acquisitions in 2020 based on their relative fair values: 2020 Building and improvements $ 49,792,000 Land 7,632,000 In-place leases 8,974,000 Furniture, fixtures and equipment 854,000 Total assets acquired $ 67,252,000 |
Identified Intangible Assets, N
Identified Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2020 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Identified Intangible Assets, Net | 4. Identified Intangible Assets, Net Identified intangible assets, net consisted of the following as of September 30, 2020 and December 31, 2019: September 30, December 31, Amortized intangible assets: In-place leases, net of accumulated amortization of $28,935,000 and $18,273,000 as of September 30, 2020 and December 31, 2019, respectively (with a weighted average remaining life of 8.8 years and 9.5 years as of September 30, 2020 and December 31, 2019, respectively) $ 65,593,000 $ 70,650,000 Above-market leases, net of accumulated amortization of $938,000 and $609,000 as of September 30, 2020 and December 31, 2019, respectively (with a weighted average remaining life of 9.1 years and 9.5 years as of September 30, 2020 and December 31, 2019, respectively) 2,695,000 3,025,000 Unamortized intangible assets: Certificates of need 348,000 348,000 Total $ 68,636,000 $ 74,023,000 Amortization expense on identified intangible assets for the three months ended September 30, 2020 and 2019 was $4,728,000 and $2,807,000, respectively, which included $109,000 and $90,000, respectively, of amortization recorded against real estate revenue for above-market leases in our accompanying condensed consolidated statements of operations. Amortization expense on identified intangible assets for the nine months ended September 30, 2020 and 2019 was $14,361,000 and $15,429,000, respectively, which included $329,000 and $205,000, respectively, of amortization recorded against real estate revenue for above-market leases in our accompanying condensed consolidated statements of operations. The aggregate weighted average remaining life of the identified intangible assets was 8.8 years and 9.5 years as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020, estimated amortization expense on the identified intangible assets for the three months ending December 31, 2020 and for each of the next four years ending December 31 and thereafter was as follows: Year Amount 2020 $ 4,535,000 2021 11,920,000 2022 8,648,000 2023 7,384,000 2024 6,155,000 Thereafter 29,646,000 Total $ 68,288,000 |
Other Assets, Net
Other Assets, Net | 9 Months Ended |
Sep. 30, 2020 | |
Other Assets, Net [Abstract] | |
Other Assets, Net | 5. Other Assets, Net Other assets, net consisted of the following as of September 30, 2020 and December 31, 2019: September 30, December 31, Investment in unconsolidated entity $ 47,968,000 $ 47,016,000 Deferred rent receivables 11,458,000 8,018,000 Prepaid expenses, deposits and other assets 10,007,000 2,380,000 Lease commissions, net of accumulated amortization of $336,000 and $174,000 as of September 30, 2020 and December 31, 2019, respectively 2,340,000 1,623,000 Deferred financing costs, net of accumulated amortization of $2,927,000 and $1,517,000 as of September 30, 2020 and December 31, 2019, respectively(1) 2,194,000 3,583,000 Total $ 73,967,000 $ 62,620,000 ___________ (1) Deferred financing costs only include costs related to our line of credit and term loans. See Note 7, Line of Credit and Term Loans, for a further discussion. Amortization expense on deferred financing costs of our line of credit and term loans for the three months ended September 30, 2020 and 2019 was $471,000 and $484,000, respectively, and for the nine months ended September 30, 2020 and 2019 was $1,410,000 and $1,606,000, respectively, which is recorded to interest expense in our accompanying condensed consolidated statements of operations. Amortization expense on lease commissions for the three months ended September 30, 2020 and 2019 was $84,000 and $29,000, respectively, and for the nine months ended September 30, 2020 and 2019 was $189,000 and $81,000, respectively. As of September 30, 2020 and December 31, 2019, the unamortized basis difference of our joint venture investment in an unconsolidated entity of $16,905,000 and $17,248,000, respectively, is primarily attributable to the difference between the amount for which we purchased our interest in the entity, including transaction costs, and the historical carrying value of the net assets of the entity. This difference is being amortized over the remaining useful life of the related assets and included in income or loss from unconsolidated entity in our accompanying condensed consolidated statements of operations. |
Mortgage Loans Payable, Net
Mortgage Loans Payable, Net | 9 Months Ended |
Sep. 30, 2020 | |
Mortgage Loans Payable, Net [Abstract] | |
Mortgage Loans Payable, Net | 6. Mortgage Loans Payable, Net As of September 30, 2020 and December 31, 2019, mortgage loans payable were $18,933,000 ($17,974,000, net of discount/premium and deferred financing costs) and $27,099,000 ($26,070,000, net of discount/premium and deferred financing costs), respectively. As of September 30, 2020, we ha d three fixed-rate mortgage loans with interest rates ranging from 3.67% to 5.25% per annum, maturity dates ranging from April 1, 2025 to February 1, 2051 and a weighted average effective interest rate of 3.94%. As of December 31, 2019, we had four fixed-rate mortgage loans with interest rates ranging from 3.67% to 5.25% per annum, maturity dates ranging from April 1, 2020 to February 1, 2051 and a weighted average effective interest rate of 4.18%. In January 2020, we paid off a mortgage loan payable with a principal balance of $7,738,000, which had an original maturity date of April 1, 2020. We did not incur any prepayment penalties or fees in connection with such payoff. The following table reflects the changes in the carrying amount of mortgage loans payable, net for the nine months ended September 30, 2020 and 2019: Nine Months Ended September 30, 2020 2019 Beginning balance $ 26,070,000 $ 16,892,000 Additions: Assumption of mortgage loan payable, net — 9,735,000 Amortization of deferred financing costs 33,000 58,000 Amortization of discount/premium on mortgage loans payable 37,000 29,000 Deductions: Scheduled principal payments on mortgage loans payable (8,166,000) (459,000) Deferred financing costs — (26,000) Ending balance $ 17,974,000 $ 26,229,000 As of September 30, 2020, the principal payments due on our mortgage loans payable for the three months ending December 31, 2020 and for each of the next four years ending December 31 and thereafter were as follows: Year Amount 2020 $ 151,000 2021 622,000 2022 651,000 2023 680,000 2024 711,000 Thereafter 16,118,000 Total $ 18,933,000 |
Line of Credit and Term Loan
Line of Credit and Term Loan | 9 Months Ended |
Sep. 30, 2020 | |
Line of Credit Facility [Abstract] | |
Line of Credit and Term Loan | 7. Line of Credit and Term Loans On November 20, 2018, we, through our operating partnership as borrower, and certain of our subsidiaries, or the subsidiary guarantors, and us, collectively as guarantors, entered into a credit agreement, or the 2018 Credit Agreement, with Bank of America, N.A., or Bank of America, as administrative agent, swing line lender and letters of credit issuer; KeyBank, National Association, or KeyBank, as syndication agent and letters of credit issuer; Citizens Bank, National Association, as syndication agent, joint lead arranger and joint bookrunner; Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arranger and joint bookrunner; KeyBanc Capital Markets, as joint lead arranger and joint bookrunner; and the lenders named therein, to obtain a credit facility with an initial aggregate maximum principal amount of $400,000,000, or the 2018 Credit Facility. The 2018 Credit Facility initially consisted of a senior unsecured revolving credit facility in the initial aggregate amount of $150,000,000 and senior unsecured term loan facilities in the initial aggregate amount of $250,000,000. We may obtain up to $20,000,000 in the form of standby letters of credit and up to $50,000,000 in the form of swing line loans. On November 1, 2019, we entered into an amendment to the 2018 Credit Agreement, or the 2019 Amendment, with Bank of America, KeyBank and a syndicate of other banks, as lenders, which increased the term loan commitment by $45,000,000 and increased the revolving credit facility by $85,000,000. As a result of the 2019 Amendment, the aggregate borrowing capacity under the 2018 Credit Facility was $530,000,000. Except as modified by the 2019 Amendment, the material terms of the 2018 Credit Agreement, as amended, remain in full force and effect. The maximum principal amount of the 2018 Credit Facility may be increased by up to $120,000,000, for a total principal amount of $650,000,000, subject to: (i) the terms of the 2018 Credit Agreement, as amended; and (ii) at least five business days prior written notice to Bank of America. The 2018 Credit Facility matures on November 19, 2021 and may be extended for one 12-month period during the term of the 2018 Credit Agreement, as amended, subject to satisfaction of certain conditions, including payment of an extension fee. At our option, the 2018 Credit Facility bears interest at per annum rates equal to (a)(i) the Eurodollar Rate, as defined in the 2018 Credit Agreement, as amended, plus (ii) a margin ranging from 1.70% to 2.20% based on our Consolidated Leverage Ratio, as defined in the 2018 Credit Agreement, as amended, or (b)(i) the greater of: (1) the prime rate publicly announced by Bank of America, (2) the Federal Funds Rate, as defined in the 2018 Credit Agreement, as amended, plus 0.50%, (3) the one-month Eurodollar Rate plus 1.00%, and (4) 0.00%, plus (ii) a margin ranging from 0.70% to 1.20% based on our Consolidated Leverage Ratio. Accrued interest on the 2018 Credit Facility is payable monthly. The loans may be repaid in whole or in part without prepayment premium or penalty, subject to certain conditions. We are required to pay a fee on the unused portion of the lenders’ commitments under the 2018 Credit Agreement, as amended, at a per annum rate equal to 0.20% if the average daily used amount is greater than 50.00% of the commitments and 0.25% if the average daily used amount is less than or equal to 50.00% of the commitments, which fee shall be measured and payable on a quarterly basis. As of both September 30, 2020 and December 31, 2019, our aggregate borrowing capacity under the 2018 Credit Facility was $530,000,000 . As of September 30, 2020 and December 31, 2019, borrowings outstanding totaled $479,500,000 and $396,800,000, respectively, and the weighted average interest rate on such borrowings outstanding was 2.12% and 3.50%, respectively, per annum. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 8. Derivative Financial Instruments We record derivative financial instruments in our accompanying condensed consolidated balance sheets as either an asset or a liability measured at fair value. The following table lists the derivative financial instruments held by us as of September 30, 2020 and December 31, 2019, which are included in security deposits, prepaid rent and other liabilities in our accompanying condensed consolidated balance sheets: Fair Value Instrument Notional Amount Index Interest Rate Maturity Date September 30, December 31, Swap $ 139,500,000 one month LIBOR 2.49% 11/19/21 $ (3,713,000) $ (2,441,000) Swap 58,800,000 one month LIBOR 2.49% 11/19/21 (1,565,000) (1,029,000) Swap 45,000,000 one month LIBOR 0.20% 11/19/21 (27,000) — Swap 36,700,000 one month LIBOR 2.49% 11/19/21 (977,000) (642,000) Swap 15,000,000 one month LIBOR 2.53% 11/19/21 (405,000) (273,000) $ 295,000,000 $ (6,687,000) $ (4,385,000) As of both September 30, 2020 and December 31, 2019, none of our derivative financial instruments were designated as hedges. For the three months ended September 30, 2020 and 2019, we recorded $1,450,000 and $(402,000), respectively, and for the nine months ended September 30, 2020 and 2019, we recorded $(2,302,000) and $(5,401,000), respectively, as a decrease (increase) to interest expense in our accompanying condensed consolidated statements of operations related to the change in the fair value of our derivative financial instruments. See Note 14, Fair Value Measurements, for a further discussion of the fair value of our derivative financial instruments. |
Identified Intangible Liabiliti
Identified Intangible Liabilities, Net | 9 Months Ended |
Sep. 30, 2020 | |
Identified Intangible Liabilities [Abstract] | |
Identified Intangible Liabilities Net | 9. Identified Intangible Liabilities, Net As of September 30, 2020 and December 31, 2019, identified intangible liabilities, net consisted of below-market leases of $1,362,000 and $1,601,000, respectively, net of accumulated amortization of $586,000 and $702,000, respectively. Amortization expense on below-market leases for the three months ended September 30, 2020 and 2019 was $78,000 and $212,000, respectively, and for the nine months ended September 30, 2020 and 2019 was $239,000 and $421,000, respectively, which was recorded to real estate revenue in our accompanying condensed consolidated statements of operations. The weighted average remaining life of below-market leases was 11.6 years and 11.3 years as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020, estimated amortization expense on below-market leases for the three months ending December 31, 2020 and for each of the next four years ending December 31 and thereafter was as follows: Year Amount 2020 $ 66,000 2021 236,000 2022 217,000 2023 207,000 2024 161,000 Thereafter 475,000 Total $ 1,362,000 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Litigation We are not presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us, which if determined unfavorably to us, would have a material adverse effect on our consolidated financial position, results of operations or cash flows. Environmental Matters We follow a policy of monitoring our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at our properties, we are not currently aware of any environmental liability with respect to our properties that would have a material effect on our consolidated financial position, results of operations or cash flows. Further, we are not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that we believe would require additional disclosure or the recording of a loss contingency. Other Our other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business, which include calls/puts to sell/acquire properties. In our view, these matters are not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. Impact of the COVID-19 Pandemic The COVID-19 pandemic is dramatically impacting the United States and has resulted in an aggressive worldwide effort to contain the spread of the virus. These efforts have significantly and adversely disrupted economic markets and impacted commercial activity worldwide, including markets in which we own and/or operate properties, and the prolonged economic impact remains uncertain. In addition, the continuously evolving nature of the COVID-19 pandemic makes it difficult to ascertain the long-term impact it will have on real estate markets and our portfolio of investments. Considerable uncertainty still surrounds the COVID-19 pandemic and its effects on the population, as well as the effectiveness of any responses taken on a national and local level by government and public health authorities and businesses to contain and combat the outbreak and spread of the virus. In particular, government-imposed business closures and re-opening restrictions have dramatically impacted the operations of our real estate investments and our tenants across the country, such as creating declines in resident occupancy. Further, our senior housing facilities have also experienced dramatic increases and continue to experience increases in costs to care for residents, particularly increased labor costs to maintain staffing levels to care for the aged population during this crisis, costs of COVID-19 testing of employees and residents and costs to procure the volume of personal protective equipment and other supplies required. We received and recognized in our accompanying condensed consolidated financial statements stimulus funds through economic relief programs of the CARES Act, as discussed at Note 2, Summary of Significant Accounting Policies — Government Grants. We have also taken actions to strengthen our balance sheet and preserve liquidity in response to the COVID-19 pandemic risks. Since March 2020, we have postponed non-essential capital expenditures, reduced the stockholder distribution rate and partially suspended our share repurchase plan. We are continuously monitoring the impact of the COVID-19 pandemic on our business, residents, tenants, operating partners, managers, portfolio of investments and on the United States and global economi es. S ee Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Factors Which May Influence Results of Operations, for a further discussion of the adverse impact the COVID-19 pandemic has had on our business operations. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2020 | |
Redeemable Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | 11. Redeemable Noncontrolling Interests As of both September 30, 2020 and December 31, 2019, our advisor owned all of the 208 limited partnership units outstanding in our operating partnership. As of both September 30, 2020 and December 31, 2019, we owned greater than a 99.99% general partnership interest in our operating partnership, and our advisor owned less than a 0.01% limited partnership interest in our operating partnership. Our advisor is entitled to special redemption rights of its limited partnership units. The noncontrolling interest of our advisor in our operating partnership, which has redemption features outside of our control, is accounted for as a redeemable noncontrolling interest and is presented outside of permanent equity in our accompanying condensed consolidated balance sheets. See Note 13, Related Party Transactions — Liquidity Stage — Subordinated Participation Interest — Subordinated Distribution Upon Listing, and Note 13, Related Party Transactions — Subordinated Distribution Upon Termination, for a further discussion of the redemption features of the limited partnership units. In connection with our acquisitions of Central Florida Senior Housing Portfolio, Pinnacle Beaumont ALF and Pinnacle Warrenton ALF, we own approximately 98.0% of the joint ventures with an affiliate of Meridian Senior Living, LLC, or Meridian. In connection with our acquisitions of Catalina West Haven ALF and Catalina Madera ALF, we own approximately 90.0% of the joint venture with Avalon. The noncontrolling interests held by Meridian and Avalon have redemption features outside of our control and are accounted for as redeemable noncontrolling interests in our accompanying condensed consolidated balance sheets. We record the carrying amount of redeemable noncontrolling interests at the greater of: (i) the initial carrying amount, increased or decreased for the noncontrolling interests’ share of net income or loss and distributions; or (ii) the redemption value. The changes in the carrying amount of redeemable noncontrolling interests consisted of the following for the nine months ended September 30, 2020 and 2019: Nine Months Ended September 30, 2020 2019 Beginning balance $ 1,462,000 $ 1,371,000 Additions 1,118,000 151,000 Distributions (81,000) — Fair value adjustment to redemption value 530,000 65,000 Net loss attributable to redeemable noncontrolling interests (332,000) (76,000) Ending balance $ 2,697,000 $ 1,511,000 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Equity | 12. Equity Preferred Stock Our charter authorizes us to issue 200,000,000 shares of our preferred stock, par value $0.01 per share. As of both September 30, 2020 and December 31, 2019, no shares of our preferred stock were issued and outstanding. Common Stock Our charter authorizes us to issue 1,000,000,000 shares of our common stock, par value $0.01 per share, whereby 900,000,000 shares are classified as Class T common stock and 100,000,000 shares are classified as Class I common stock. Each share of our common stock, regardless of class, will be entitled to one vote per share on matters presented to the common stockholders for approval; provided, however, that stockholders of one share class shall have exclusive voting rights on any amendment to our charter that would alter only the contract rights of that share class, and no stockholders of another share class shall be entitled to vote thereon. On February 6, 2015, our advisor acquired shares of our Class T common stock for total cash consideration of $200,000 and was admitted as our initial stockholder. We used the proceeds from the sale of shares of our Class T common stock to our advisor to make an initial capital contribution to our operating partnership. As of both September 30, 2020 and December 31, 2019, our advisor owned 20,833 shares of our Class T common stock. On February 15, 2019, we terminated our initial offering. We continue to offer shares of our common stock pursuant to the 2019 DRIP Offering. See the “Distribution Reinvestment Plan” section below for a further discussion. Through September 30, 2020, we had issued 75,639,681 aggregate shares of our Class T and Class I common stock in connection with the primary portion of our initial offering and 7,157,430 aggregate shares of our Class T and Class I common stock pursuant to our DRIP Offerings. We also granted an aggregate of 105,000 shares of our restricted Class T common stock to our independent directors and repurchased 1,934,950 shares of our common stock under our share repurchase plan through September 30, 2020. As of September 30, 2020 and December 31, 2019, we had 80,987,994 and 79,899,874 aggregate shares of our Class T and Class I common stock, respectively, issued and outstanding. Distribution Reinvestment Plan We had registered and reserved $150,000,000 in shares of our common stock for sale pursuant to the DRIP in our initial offering. The DRIP allows stockholders to purchase additional Class T shares and Class I shares of our common stock through the reinvestment of distributions during our initial offering. Pursuant to the DRIP, distributions with respect to Class T shares are reinvested in Class T shares and distributions with respect to Class I shares are reinvested in Class I shares. On February 15, 2019, we terminated our initial offering. We continue to offer up to $100,000,000 in shares of our common stock pursuant to the 2019 DRIP Offering. Since April 6, 2018, our board has approved and established an estimated per share net asset value, or NAV, on at least an annual basis. Commencing with the distribution payment to stockholders paid in the month following such board approval, shares of our common stock issued pursuant the DRIP were or will be issued at the current estimated per share NAV until such time as our board determines an updated estimated per share NAV. The following is a summary of our historical and current estimated per share NAV of our Class T and Class I common stock: Approval Date by our Board Established Per 04/06/18 $ 9.65 04/04/19 $ 9.54 04/02/20 $ 9.54 For the three months ended September 30, 2020 and 2019, $4,247,000 and $6,599,000, respectively, in distributions were reinvested and 445,239 and 691,703 shares of our common stock, respectively, were issued pursuant to our DRIP Offerings. For the nine months ended September 30, 2020 and 2019, $15,681,000 and $19,056,000, respectively, in distributions were reinvested and 1,643,731 and 1,987,822 shares of our common stock, respectively, were issued pursuant to our DRIP Offerings. As of September 30, 2020 and December 31, 2019, a total of $68,311,000 and $52,630,000, respectively, in distributions were cumulatively reinvested that resulted in 7,157,430 and 5,513,699 shares of our common stock, respectively, being issued pursuant to our DRIP Offerings. Share Repurchase Plan Our share repurchase plan allows for repurchases of shares of our common stock by us when certain criteria are met. Share repurchases will be made at the sole discretion of our board. Subject to the availability of the funds for share repurchases, we will limit the number of shares of our common stock repurchased during any calendar year to 5.0% of the weighted average number of shares of our common stock outstanding during the prior calendar year; provided, however, that shares subject to a repurchase requested upon the death of a stockholder will not be subject to this cap. Funds for the repurchase of shares of our common stock come exclusively from the cumulative proceeds we receive from the sale of shares of our common stock pursuant to our DRIP Offerings. All repurchases of our shares of common stock are subject to a one-year holding period, except for repurchases made in connection with a stockholder’s death or “qualifying disability,” as defined in our share repurchase plan. Further, all share repurchases are repurchased following a one-year holding period at a price between 92.5% to 100% of each stockholder’s repurchase amount depending on the period of time their shares have been held. During our initial offering and with respect to shares repurchased for the quarter ending March 31, 2019, the repurchase amount for shares repurchased under our share repurchase plan was equal to the lesser of (i) the amount per share that a stockholder paid for their shares of our common stock, or (ii) the per share offering price in our initial offering. Commencing with shares repurchased for the quarter ending June 30, 2019, the repurchase amount for shares repurchased under our share repurchase plan is the lesser of (i) the amount per share the stockholder paid for their shares of our common stock, or (ii) the most recent estimated value of one share of the applicable class of common stock as determined by our board. See the “Distribution Reinvestment Plan” section above for a summary of our historical and current estimated per share NAV. However, if shares of our common stock are repurchased in connection with a stockholder’s death or qualifying disability, the repurchase price will be no less than 100% of the price paid to acquire the shares of our common stock from us. Furthermore, our share repurchase plan provides that if there are insufficient funds to honor all repurchase requests, pending requests will be honored among all requests for repurchase in any given repurchase period, as follows: first, pro rata as to repurchases sought upon a stockholder’s death; next, pro rata as to repurchases sought by stockholders with a qualifying disability; and, finally, pro rata as to other repurchase requests. Due to the impact the COVID-19 pandemic has had on the United States and globally, and the ongoing uncertainty of the severity and duration of the COVID-19 pandemic and its effects, our board decided to take steps to protect our capital and maximize our liquidity in an effort to strengthen our long-term financial prospects. As a result, on March 31, 2020 our board suspended our share repurchase plan with respect to all repurchase requests other than repurchases resulting from the death or qualifying disability of stockholders, beginning with share repurchase requests submitted for repurchase during the second quarter of 2020. Repurchase requests resulting from the death or qualifying disability of stockholders are not suspended, but shall remain subject to all terms and conditions of our share repurchase plan, including our board’s discretion to determine whether we have sufficient funds available to repurchase any shares. Our board shall determine if and when it is in the best interest of our company and stockholders to reinstate our share repurchase plan for additional stockholders. For the three months ended September 30, 2020 and 2019, we repurchased 71,551 and 308,837 shares of our common stock, respectively, for an aggregate of $706,000 and $2,823,000, respectively, at an average repurchase price of $9.87 and $9.14 per share, respectively. For the nine months ended September 30, 2020 and 2019, we repurchased 578,111 and 668,646 shares of our common stock, respectively, for an aggregate of $5,349,000 and $6,192,000, respectively, at an average repurchase price of $9.25 and $9.26 per share, respectively. As of September 30, 2020 and December 31, 2019, we cumulatively repurchased 1,934,950 and 1,356,839 shares of our common stock, respectively, for an aggregate of $18,005,000 and $12,656,000, respectively, at an average repurchase price of $9.31 and $9.33 per share, respectively. In October 2020, we repurchased 86,821 shares of our common stock, for an aggregate of $865,000, at an average repurchase price of $9.95 per share. All shares were repurchased using the cumulative proceeds we received from the sale of shares of our common stock pursuant to our DRIP Offerings. 2015 Incentive Plan We adopted the 2015 Incentive Plan, or our incentive plan, pursuant to which our board, or a committee of our independent directors, may make grants of options, restricted shares of common stock, stock purchase rights, stock appreciation rights or other awards to our independent directors, employees and consultants. The maximum number of shares of our common stock that may be issued pursuant to our incentive plan is 4,000,000 shares. For both the nine months ended September 30, 2020 and 2019, we granted an aggregat e of 22,500 shares of our restricted Class T common stock at a weighted average grant date fair value of $9.54 per share to our indepen dent directors in connection with their re-election to our board and in consideration for their past services rendered. Such shares vested 20.0% immediately on the grant date and 20.0% will vest on each of the first four anniversaries of the grant date. For the three months ended September 30, 2020 and 2019, we recognized stock compensation expense of $73,000 and $72,000, respectively, and for the nine months ended September 30, 2020 and 2019, we recognized stock compensation expense of $171,000 and $164,000, respectively, which is included in general and administrative in our accompanying condensed consolidated statements of operations. Offering Costs Selling Commissions Through the termination of our initial offering on February 15, 2019, we generally paid our dealer manager selling commissions of up to 3.0% of the gross offering proceeds from the sale of Class T shares of our common stock pursuant to the primary portion of our initial offering. No selling commissions were payable on Class I shares or shares of our common stock sold pursuant to our DRIP Offerings. Following the termination of our initial offering on February 15, 2019, we no longer incur additional selling commissions. For the nine months ended September 30, 2019, we incurred $2,241,000 in selling commissions to our dealer manager. Such commissions were charged to stockholders’ equity as such amounts were paid to our dealer manager from the gross proceeds of our initial offering. Dealer Manager Fee Through the termination of our initial offering on February 15, 2019, with respect to shares of our Class T common stock, our dealer manager generally received a dealer manager fee of up to 3.0% of the gross offering proceeds from the sale of Class T shares of our common stock pursuant to our initial offering, of which 1.0% of the gross offering proceeds was funded by us and up to an amount equal to 2.0% of the gross offering proceeds was funded by our advisor. With respect to shares of our Class I common stock, prior to March 1, 2017, our dealer manager generally received a dealer manager fee up to 3.0% of the gross offering proceeds from the sale of Class I shares of our common stock pursuant to the primary portion of our initial offering, of which 1.0% of the gross offering proceeds was funded by us and an amount equal to 2.0% of the gross offering proceeds was funded by our advisor. Effective March 1, 2017 and through the termination of our initial offering on February 15, 2019, our dealer manager generally received a dealer manager fee up to an amount equal to 1.5% of the gross offering proceeds from the sale of Class I shares of our common stock pursuant to the primary portion of our initial offering, all of which was funded by our advisor. No dealer manager fee was payable on shares of our common stock sold pursuant to our DRIP Offerings. Following the termination of our initial offering on February 15, 2019, we no longer incur additional dealer manager fees. For the nine months ended September 30, 2019, we incurred $759,000 in dealer manager fees to our dealer manager. Such fees were charged to stockholders’ equity as such amounts were paid to our dealer manager or its affiliates from the gross proceeds of our initial offering. See Note 13, Related Party Transactions — Offering Stage — Dealer Manager Fee, for a further discussion of the dealer manager fee funded by our advisor. Stockholder Servicing Fee We pay our dealer manager a quarterly stockholder servicing fee with respect to our Class T shares sold as additional compensation to the dealer manager and participating broker-dealers. No stockholder servicing fee is paid with respect to Class I shares or shares of our common stock sold pursuant to our DRIP Offerings. The stockholder servicing fee accrues daily in an amount equal to 1/365th of 1.0% of the purchase price per share of our Class T shares sold in the primary portion of our initial offering and, in the aggregate will not exceed an amount equal to 4.0% of the gross proceeds from the sale of Class T shares in the primary portion of our initial offering. We will cease paying the stockholder servicing fee with respect to our Class T shares sold in the primary portion of our initial offering upon the occurrence of certain defined events. Our dealer manager may re-allow to participating broker-dealers all or a portion of the stockholder servicing fee for services that such participating broker-dealers perform in connection with the shares of our Class T common stock. By agreement with participating broker-dealers, such stockholder servicing fee may be reduced or limited. Following the termination of our initial offering on February 15, 2019, we no longer incur additional stockholder servicing fees. For the nine months ended September 30, 2019, we incurred $2,536,000 in stockholder servicing fees to our dealer manager. As of September 30, 2020 and December 31, 2019, we accrued $7,667,000 and $12,610,000, respectively, in connection with the stockholder servicing fee payable, which is included in accounts payable and accrued liabilities with a corresponding offset to stockholders’ equity in our accompanying condensed consolidated balance sheets. Noncontrolling Interest In connection with our acquisition of Louisiana Senior Housing Portfolio in January 2020, as of September 30, 2020 we owned an approximate 90.0% interest in our consolidated joint venture with SSMG that owns such properties. As such, 10.0% of the net earnings of the joint venture were allocated to noncontrolling interests in our accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2020, and the carrying amount of such noncontrolling interest is presented in total equity in our accompanying condensed consolidated balance sheets as of September 30, 2020. We did not have any noncontrolling interest in total equity for the nine months ended September 30, 2019. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. Fair Value Measurements Assets and Liabilities Reported at Fair Value The table below presents our assets and liabilities measured at fair value on a recurring basis as of September 30, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Other Significant Total Liabilities: Derivative financial instruments $ — $ 6,687,000 $ — $ 6,687,000 The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2019, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Other Significant Total Liabilities: Derivative financial instruments $ — $ 4,385,000 $ — $ 4,385,000 There were no transfers into or out of fair value measurement levels during the nine months ended September 30, 2020 and 2019. Derivative Financial Instruments We use interest rate swaps to manage interest rate risk associated with variable-rate debt. The valuation of these instruments is determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, as well as option volatility. The fair values of interest rate swaps are determined by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although we have determined that the majority of the inputs used to value our derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparty. However, as of September 30, 2020, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Financial Instruments Disclosed at Fair Value Our accompanying condensed consolidated balance sheets include the following financial instruments: cash and cash equivalents, accounts and other receivables, restricted cash, real estate deposits, accounts payable and accrued liabilities, accounts payable due to affiliates, mortgage loans payable and borrowings under the 2018 Credit Facility. We consider the carrying values of cash and cash equivalents, accounts and other receivables, restricted cash, real estate deposits and accounts payable and accrued liabilities to approximate the fair values for these financial instruments based upon the short period of time between origination of the instruments and their expected realization. The fair value of accounts payable due to affiliates is not determinable due to the related party nature of the accounts payable. These financial assets and liabilities are measured at fair value on a recurring basis based on quoted prices in active markets for identical assets and liabilities, and therefore are classified as Level 1 in the fair value hierarchy. The fair values of our mortgage loans payable and the 2018 Credit Facility are estimated using discounted cash flow analyses using borrowing rates available to us for debt instruments with similar terms and maturities. We have determined that our mortgage loans payable and the 2018 Credit Facility are classified in Level 2 within the fair value hierarchy as reliance is placed on inputs other than quoted prices that are observable, such as interest rates and yield curves. The carrying amounts and estimated fair values of such financial instruments as of September 30, 2020 and December 31, 2019 were as follows: September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Financial Liabilities: Mortgage loans payable $ 17,974,000 $ 21,944,000 $ 26,070,000 $ 26,677,000 Line of credit and term loans $ 477,306,000 $ 480,348,000 $ 393,217,000 $ 396,891,000 ___________ (1) Carrying amount is net of any discount/premium and deferred financing costs. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 15. Income Taxes As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. We have elected to treat certain of our consolidated subsidiaries as TRS, pursuant to the Code. TRS may participate in services that would otherwise be considered impermissible for REITs and are subject to federal and state income tax at regular corporate tax rates. On March 27, 2020, the federal government passed the CARES Act which contains economic stimulus provisions, including the temporary removal of limitations on the deductibility of net operating losses, or NOL, modifications to the carryback periods of NOL, modifications to the business interest deduction limitations and technical corrections to the tax depreciation recovery period for qualified improvement property. Accordingly, tax law changes within the CARES Act may impact income taxes accrued, deferred tax assets or liabilities and the associated valuation allowances included in our condensed consolidated financial statements, if any. We do not anticipate that tax law changes in the CARES Act will materially impact the computation of our taxable income, including our TRS. We also do not expect that we will realize a material tax benefit as a result of the changes to the provisions of the Code made by the CARES Act. We will continue to evaluate the tax impact of the CARES Act and any guidance provided by the United States Treasury Department, the IRS and other state and local regulatory authorities to our condensed consolidated financial statements. The components of income tax (benefit) expense for the three and nine months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Federal deferred $ (863,000) $ (290,000) $ (2,134,000) $ (958,000) State deferred (327,000) (68,000) (721,000) (250,000) Federal current (37,000) — — — State current (2,000) 16,000 — 26,000 Valuation allowance 1,190,000 349,000 2,855,000 1,199,000 Total income tax (benefit) expense $ (39,000) $ 7,000 $ — $ 17,000 Current Income Tax Federal and state income taxes are generally a function of the level of income recognized by our TRS. Deferred Taxes Deferred income tax is generally a function of the period’s temporary differences (primarily basis differences between tax and financial reporting for real estate assets and equity investments) and generation of tax NOL that may be realized in future periods depending on sufficient taxable income. We recognize the financial statement effects of an uncertain tax position when it is more likely than not, based on the technical merits of the tax position, that such a position will be sustained upon examination by the relevant tax authorities. If the tax benefit meets the “more likely than not” threshold, the measurement of the tax benefit will be based on our estimate of the ultimate tax benefit to be sustained if audited by the taxing authority. As of both September 30, 2020 and December 31, 2019, we did not have any tax benefits or liabilities for uncertain tax positions that we believe should be recognized in our accompanying condensed consolidated financial statements. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Lessor, Operating Leases | 16. Leases Lessor We have operating leases with tenants that expire at various dates through 2040. For the three months ended September 30, 2020 and 2019, we recognized $21,519,000 and $19,253,000 of real estate revenue, respectively, related to operating lease payments, of which $4,592,000 and $3,718,000, respectively, was for variable lease payments. For the nine months ended September 30, 2020 and 2019, we recognized $64,824,000 and $53,280,000 of real estate revenue, respectively, related to operating lease payments, of which $13,861,000 and $10,426,000, respectively, was for variable lease payments. As of September 30, 2020, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for the three months ended December 31, 2020 and for each of the next four years ending December 31 and thereafter for the properties that we wholly own: Year Amount 2020 $ 16,049,000 2021 64,178,000 2022 61,520,000 2023 57,017,000 2024 51,410,000 Thereafter 310,613,000 Total $ 560,787,000 Lessee We have ground lease obligations that generally require fixed annual rental payments and may also include escalation clauses and renewal options. These leases expire at various dates through 2107, excluding extension options. Certain of our lease agreements include rental payments that are adjusted periodically based on the United States Bureau of Labor Statistics’ Consumer Price Index, and may include other variable lease costs (i.e., common area maintenance, property taxes and insurance). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. For the three months ended September 30, 2020 and 2019, operating lease costs were $206,000 and $177,000, respectively, and for the nine months ended September 30, 2020 and 2019, operating lease costs were $643,000 and $478,000, respectively, which are included in rental expenses in our accompanying condensed consolidated statements of operations. Such costs also include variable lease costs, which are immaterial. Additional information related to our operating leases for the periods presented below was as follows: September 30, December 31, Weighted average remaining lease term (in years) 79.7 80.4 Weighted average discount rate 5.74 % 5.74 % Nine Months Ended September 30, 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash outflows related to operating leases $ 306,000 $ 252,000 Right-of-use assets obtained in exchange for operating lease liabilities $ — $ 4,489,000 As of September 30, 2020, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the three months ended December 31, 2020 and for each of the next four years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying condensed consolidated balance sheet: Year Amount 2020 $ 212,000 2021 523,000 2022 526,000 2023 530,000 2024 534,000 Thereafter 47,103,000 Total operating lease payments 49,428,000 Less: interest 39,453,000 Present value of operating lease liabilities $ 9,975,000 |
Lessee, Operating Leases | 16. Leases Lessor We have operating leases with tenants that expire at various dates through 2040. For the three months ended September 30, 2020 and 2019, we recognized $21,519,000 and $19,253,000 of real estate revenue, respectively, related to operating lease payments, of which $4,592,000 and $3,718,000, respectively, was for variable lease payments. For the nine months ended September 30, 2020 and 2019, we recognized $64,824,000 and $53,280,000 of real estate revenue, respectively, related to operating lease payments, of which $13,861,000 and $10,426,000, respectively, was for variable lease payments. As of September 30, 2020, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for the three months ended December 31, 2020 and for each of the next four years ending December 31 and thereafter for the properties that we wholly own: Year Amount 2020 $ 16,049,000 2021 64,178,000 2022 61,520,000 2023 57,017,000 2024 51,410,000 Thereafter 310,613,000 Total $ 560,787,000 Lessee We have ground lease obligations that generally require fixed annual rental payments and may also include escalation clauses and renewal options. These leases expire at various dates through 2107, excluding extension options. Certain of our lease agreements include rental payments that are adjusted periodically based on the United States Bureau of Labor Statistics’ Consumer Price Index, and may include other variable lease costs (i.e., common area maintenance, property taxes and insurance). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. For the three months ended September 30, 2020 and 2019, operating lease costs were $206,000 and $177,000, respectively, and for the nine months ended September 30, 2020 and 2019, operating lease costs were $643,000 and $478,000, respectively, which are included in rental expenses in our accompanying condensed consolidated statements of operations. Such costs also include variable lease costs, which are immaterial. Additional information related to our operating leases for the periods presented below was as follows: September 30, December 31, Weighted average remaining lease term (in years) 79.7 80.4 Weighted average discount rate 5.74 % 5.74 % Nine Months Ended September 30, 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash outflows related to operating leases $ 306,000 $ 252,000 Right-of-use assets obtained in exchange for operating lease liabilities $ — $ 4,489,000 As of September 30, 2020, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the three months ended December 31, 2020 and for each of the next four years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying condensed consolidated balance sheet: Year Amount 2020 $ 212,000 2021 523,000 2022 526,000 2023 530,000 2024 534,000 Thereafter 47,103,000 Total operating lease payments 49,428,000 Less: interest 39,453,000 Present value of operating lease liabilities $ 9,975,000 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. Segment Reporting As of September 30, 2020, we evaluated our business and made resource allocations based on four reportable business segments — medical office buildings, senior housing, senior housing — RIDEA and skilled nursing facilities. Our medical office buildings are typically leased to multiple tenants under separate leases, thus requiring active management and responsibility for many of the associated operating expenses (much of which are, or can effectively be, passed through to the tenants). Our senior housing and skilled nursing facilities are primarily single-tenant properties for which we lease the facilities to unaffiliated tenants under triple-net and generally master leases that transfer the obligation for all facility operating costs (including maintenance, repairs, taxes, insurance and capital expenditures) to the tenant. Our senior housing — RIDEA properties include senior housing facilities that are owned and operated utilizing a RIDEA structure. We evaluate performance based upon segment net operating income. We define segment net operating income as total revenues and grant income, less rental expenses and property operating expenses, which excludes depreciation and amortization, general and administrative expenses, acquisition related expenses, interest expense, income or loss from unconsolidated entity, other income and income tax expense for each segment. We believe that net income (loss), as defined by GAAP, is the most appropriate earnings measurement. However, we believe that segment net operating income serves as an appropriate supplemental performance measure to net income (loss) because it allows investors and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies and between periods on a consistent basis. Interest expense, depreciation and amortization and other expenses not attributable to individual properties are not allocated to individual segments for purposes of assessing segment performance. Non-segment assets primarily consist of corporate assets including our joint venture investment in an unconsolidated entity, cash and cash equivalents, other receivables, real estate deposits and other assets not attributable to individual properties. Summary information for the reportable segments during the three and nine months ended September 30, 2020 and 2019 was as follows: Medical Senior Skilled Senior Three Months Revenues and grant income: Real estate revenue $ 16,338,000 $ — $ 2,979,000 $ 2,202,000 $ 21,519,000 Resident fees and services — 18,948,000 — — 18,948,000 Grant income — 864,000 — — 864,000 Total revenues and grant income 16,338,000 19,812,000 2,979,000 2,202,000 41,331,000 Expenses: Rental expenses 5,607,000 — 125,000 173,000 5,905,000 Property operating expenses — 17,397,000 — — 17,397,000 Segment net operating income $ 10,731,000 $ 2,415,000 $ 2,854,000 $ 2,029,000 $ 18,029,000 Expenses: General and administrative $ 3,672,000 Acquisition related expenses 57,000 Depreciation and amortization 12,669,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (4,839,000) Gain in fair value of derivative financial instruments 1,450,000 Impairment of real estate investments (3,064,000) Loss from unconsolidated entity (377,000) Other income 8,000 Loss before income taxes (5,191,000) Income tax benefit 39,000 Net loss $ (5,152,000) Medical Senior Skilled Senior Three Months Revenues: Real estate revenue $ 14,144,000 $ — $ 2,929,000 $ 2,180,000 $ 19,253,000 Resident fees and services — 11,865,000 — — 11,865,000 Total revenues 14,144,000 11,865,000 2,929,000 2,180,000 31,118,000 Expenses: Rental expenses 4,581,000 — 135,000 213,000 4,929,000 Property operating expenses — 9,884,000 — — 9,884,000 Segment net operating income $ 9,563,000 $ 1,981,000 $ 2,794,000 $ 1,967,000 $ 16,305,000 Expenses: General and administrative $ 3,982,000 Acquisition related expenses 74,000 Depreciation and amortization 9,552,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (4,140,000) Loss in fair value of derivative financial instruments (402,000) Loss from unconsolidated entity (79,000) Other income 13,000 Loss before income taxes (1,911,000) Income tax expense (7,000) Net loss $ (1,918,000) Medical Senior Skilled Senior Nine Months Revenues and grant income: Real estate revenue $ 49,184,000 $ — $ 8,984,000 $ 6,656,000 $ 64,824,000 Resident fees and services — 51,863,000 — — 51,863,000 Grant income — 864,000 — — 864,000 Total revenues and grant income 49,184,000 52,727,000 8,984,000 6,656,000 117,551,000 Expenses: Rental expenses 16,616,000 — 459,000 648,000 17,723,000 Property operating expenses — 44,856,000 — — 44,856,000 Segment net operating income $ 32,568,000 $ 7,871,000 $ 8,525,000 $ 6,008,000 $ 54,972,000 Expenses: General and administrative $ 11,960,000 Acquisition related expenses 74,000 Depreciation and amortization 37,919,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (15,123,000) Loss in fair value of derivative financial instruments (2,302,000) Impairment of real estate investments (3,064,000) Income from unconsolidated entity 952,000 Other income 278,000 Net loss $ (14,240,000) Medical Senior Skilled Senior Nine Months Revenues: Real estate revenue $ 38,802,000 $ — $ 8,732,000 $ 5,746,000 $ 53,280,000 Resident fees and services — 34,053,000 — — 34,053,000 Total revenues 38,802,000 34,053,000 8,732,000 5,746,000 87,333,000 Expenses: Rental expenses 12,814,000 — 435,000 989,000 14,238,000 Property operating expenses — 28,194,000 — — 28,194,000 Segment net operating income $ 25,988,000 $ 5,859,000 $ 8,297,000 $ 4,757,000 $ 44,901,000 Expenses: General and administrative $ 11,413,000 Acquisition related expenses 1,492,000 Depreciation and amortization 35,561,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (11,532,000) Loss in fair value of derivative financial instruments (5,401,000) Income from unconsolidated entity 185,000 Other income 162,000 Loss before income taxes (20,151,000) Income tax expense (17,000) Net loss $ (20,168,000) Assets by reportable segment as of September 30, 2020 and December 31, 2019 were as follows: September 30, December 31, Medical office buildings $ 590,075,000 $ 600,048,000 Senior housing — RIDEA 247,972,000 149,055,000 Skilled nursing facilities 120,219,000 121,749,000 Senior housing 101,225,000 142,982,000 Other 51,999,000 54,493,000 Total assets $ 1,111,490,000 $ 1,068,327,000 |
Concentration of Credit Risk
Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2020 | |
Concentration of Credit Risk [Abstract] | |
Concentration of Credit Risk | 18. Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk are primarily cash and cash equivalents, accounts and other receivables, restricted cash and real estate deposits. Cash and cash equivalents are generally invested in investment-grade, short-term instruments with a maturity of three months or less when purchased. We have cash and cash equivalents in financial institutions that are insured by the Federal Deposit Insurance Corporation, or FDIC. As of September 30, 2020 and December 31, 2019, we had cash and cash equivalents in excess of FDIC insured limits. We believe this risk is not significant. Concentration of credit risk with respect to accounts receivable from tenants is limited. In general, we perform credit evaluations of prospective tenants and security deposits are obtained at the time of property acquisition and upon lease execution. Based on leases in effect as of September 30, 2020, one state in the United States accounted for 10.0% or more of our total property portfolio’s annualized base rent or annualized net operating income. Our properties located in Missouri accounted for approximately 11.4% of our total property portfolio’s annualized base rent or annualized net operating income. Accordingly, there is a geographic concentration of risk subject to fluctuations in such state’s economy. Based on leases in effect as of September 30, 2020, our four reportable business segments, medical office buildings, senior housing — RIDEA, skilled nursing facilities and senior housing accounted for 62.6%, 14.0%, 13.7% and 9.7%, respectively, of our total property portfolio’s annualized base rent or annualized net operating income. As of September 30, 2020, we had one tenant that accounted for 10.0% or more of our total property portfolio’s annualized base rent or annualized net operating income, as follows: Tenant Annualized Percentage of Acquisition Reportable GLA Lease Expiration RC Tier Properties, LLC $ 7,782,000 10.4% Missouri SNF Portfolio Skilled Nursing 385,000 09/30/33 ___________ (1) Annualized base rent is based on contractual base rent from leases in effect as of September 30, 2020, inclusive of our senior housing — RIDEA facilities. The loss of this tenant or its inability to pay rent could have a material adverse effect on our business and results of operations. |
Per Share Data
Per Share Data | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Per Share Data | 19. Per Share Data Basic earnings (loss) per share for all periods presented are computed by dividing net income (loss) applicable to common stock by the weighted average number of shares of our common stock outstanding during the period. Net income (loss) applicable to common stock is calculated as net income (loss) attributable to controlling interest less distributions allocated to participating securities of $4,000 and $7,000, respectively, for the three months ended September 30, 2020 and 2019, and $15,000 and $18,000, respectively, for the nine months ended September 30, 2020 and 2019. Diluted earnings (loss) per share are computed based on the weighted average number of shares of our common stock and all potentially dilutive securities, if any. Nonvested shares of our restricted common stock and redeemable limited partnership units of our operating partnership are participating securities and give rise to potentially dilutive shares of our common stock. As of September 30, 2020 and 2019, there were 45,000 and 43,500 nonvested shares, respectively, of our restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these periods. As of September 30, 2020 and 2019, there were 208 redeemable limited partnership units of our operating partnership outstanding, but such units were excluded from the computation of diluted earnings per share because such units were anti-dilutive during these periods. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our accompanying condensed consolidated financial statements include our accounts and those of our operating partnership and the wholly owned subsidiaries of our operating partnership, as well as any VIEs in which we are the primary beneficiary. We evaluate our ability to control an entity, and whether the entity is a VIE and we are the primary beneficiary, by considering substantive terms of the arrangement and identifying which enterprise has the power to direct the activities of the entity that most significantly impacts the entity’s economic performance. |
Interim Unaudited Financial Data | Interim Unaudited Financial Data Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to the SEC’s rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments which are, in our view, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim period. Interim results of operations are not necessarily indicative of the results that may be expected for the full year; such full year results may be less favorable. In preparing our accompanying condensed consolidated financial statements, management has evaluated subsequent events through the financial statement issuance date. We believe that although the disclosures contained herein are adequate to prevent the information presented from being misleading, our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2019 Annual Report on Form 10-K, as filed with the SEC on March 19, 2020. |
Use of Estimates | Use of Estimates The preparation of our accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions, revenues and grant income, allowance for credit losses, impairment of long-lived assets and contingencies. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. |
Government Grants | Government GrantsWe have been granted stimulus funds through various federal and state government programs, such as through the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, passed by the federal government on March 27, 2020, which were established for eligible healthcare providers to preserve liquidity in response to lost revenues and/or increased healthcare expenses (as such terms are defined in the applicable regulatory guidance) associated with the coronavirus, or COVID-19, pandemic. Such grants are not loans and, as such, are not required to be repaid, subject to certain conditions. We recognize government grants as grant income or as a reduction of property operating expenses, as applicable, in our accompanying condensed consolidated statements of operations when there is reasonable assurance that the grants will be received and all conditions to retain the funds will be met. We adjust our estimates and assumptions based on the applicable guidance provided by the government and the best available information that we have. Any stimulus or other relief funds received that are not expected to be used in accordance with such terms and conditions will be returned to the government. |
Tenant and Resident Receivables and Allowances | Tenant and Resident Receivables and Allowances On January 1, 2020, we adopted Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 326, Financial Instruments Credit Losses , or ASC Topic 326. We adopted ASC Topic 326 using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2020. Resident receivables are carried net of an allowance for credit losses. An allowance is maintained for estimated losses resulting from the inability of residents and payors to meet the contractual obligations under their lease or service agreements. Substantially all of such allowances are recorded as direct reductions of resident fees and services revenue as contractual adjustments provided to third-party payors or implicit price concessions in our accompanying condensed consolidated statements of operations. Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the residents’ financial condition, security deposits, cash collection patterns by payor and by state, current economic conditions, future expectations in estimating credit losses and other relevant factors. Tenant receivables and unbilled deferred rent receivables are reduced for uncollectible amounts, which are recognized as direct reductions of real estate revenue in our accompanying condensed consolidated statements of operations. |
Income Taxes | Income Taxes We qualified, and elected to be taxed, as a REIT under the Code for federal income tax purposes beginning with our taxable year ended December 31, 2016, and we intend to continue to qualify to be taxed as a REIT. To maintain our qualification as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute to our stockholders a minimum of 90.0% of our annual taxable income, excluding net capital gains. Such distributions are required to be paid at least 20.0% in cash and 80.0% in stock. In May 2020, in response to the COVID-19 pandemic, the Internal Revenue Service, or IRS, temporarily reduced the cash distribution requirement to a minimum of 10.0%, which is applicable with respect to the aggregate distributions declared on or after April 1, 2020 until December 31, 2020. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to maintain our qualification as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could have a material adverse effect on our net income and net cash available for distribution to our stockholders. We may be subject to certain state and local income taxes on our income, property or net worth in some jurisdictions, and in certain circumstances we may also be subject to federal excise taxes on undistributed income. In addition, certain activities that we undertake are conducted by subsidiaries, which we elected to be treated as taxable REIT subsidiaries, or TRS, to allow us to provide services that would otherwise be considered impermissible for REITs. Accordingly, we recognize income tax benefit or expense for the federal, state and local income taxes incurred by our TRS. We follow ASC Topic 740, Income Taxes , to recognize, measure, present and disclose in our accompanying condensed consolidated financial statements uncertain tax positions that we have taken or expect to take on a tax return. As of and for the nine months ended September 30, 2020 and 2019, we did not have any tax benefits or liabilities for uncertain tax positions that we believe should be recognized in our accompanying condensed consolidated financial statements. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets reflect the impact of the future deductibility of operating loss carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in income tax benefit or expense in our accompanying condensed consolidated statements of operations when such changes occur. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is recorded in income tax benefit or expense in our accompanying condensed consolidated statements of operations. Deferred tax assets are included in other assets, net, and deferred tax liabilities are included in security deposits, prepaid rent and other liabilities, in our accompanying condensed consolidated balance sheets. See Note 15, Income Taxes, for a further discussion. |
Recently Issued Accounting Pronouncement | Recently Issued Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update, or ASU, 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, or ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Inter-bank Offered Rate, or LIBOR, or another reference rate expected to be discontinued. ASU 2020-04 is effective for fiscal years and interim periods beginning after March 12, 2020 through December 31, 2022. We are currently evaluating this guidance to determine the impact on our disclosures. In April 2020, the FASB issued a question and answer document, or the Lease Modification Q&A, to provide guidance for the application of lease accounting modifications within ASC Topic 842, Leases , or ASC Topic 842, to lease concessions granted by lessors related to the effects of the COVID-19 pandemic. Lease accounting modification guidance in ASC Topic 842 addresses routine changes or enforceable rights and obligations to lease terms as a result of negotiations between the lessor and the lessee; however, the guidance does not take into consideration concessions granted to address sudden liquidity constraints of lessees arising from the COVID-19 pandemic. The underlying premise of ASC Topic 842 requires a modified lease to be accounted for as a new lease if the modified terms and conditions affect the economics of the lease for the remainder of the lease term. Further, a lease modification resulting from lease concessions would require the application of the modification framework pursuant to ASC Topic 842 on a lease-by-lease basis. The potential large volume of contracts to be assessed due to the COVID-19 pandemic may be burdensome and complex for entities to evaluate the lease modification accounting for each lease. Therefore, the Lease Modification Q&A allows entities to elect to account for lease concessions related to the effects of the COVID-19 pandemic as if they were granted under the enforceable rights included in the original contract and are outside of the lease modification framework pursuant to ASC Topic 842. Such election is available for lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee (e.g., total payments required by the modified contract being substantially the same as or less than total payments required by the original contract) and is to be applied consistently to leases with similar characteristics and circumstances. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Disaggregation of Resident Fees and Services Revenue | The following tables disaggregate our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time: Three Months Ended September 30, 2020 2019 Point in Time Over Time Total Point in Time Over Time Total Senior housing — RIDEA $ 174,000 $ 18,774,000 $ 18,948,000 $ 144,000 $ 11,721,000 $ 11,865,000 Nine Months Ended September 30, 2020 2019 Point in Time Over Time Total Point in Time Over Time Total Senior housing — RIDEA $ 746,000 $ 51,117,000 $ 51,863,000 $ 501,000 $ 33,552,000 $ 34,053,000 The following tables disaggregate our resident fees and services revenue by payor class: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Private and other payors $ 17,300,000 $ 10,451,000 $ 46,766,000 $ 29,553,000 Medicaid 1,648,000 1,414,000 5,097,000 4,500,000 Total resident fees and services $ 18,948,000 $ 11,865,000 $ 51,863,000 $ 34,053,000 |
Accounts Receivable, Net- Resident Fees and Services | Accounts Receivable, Net — Resident Fees and Services The beginning and ending balances of accounts receivable, net — resident fees and services are as follows: Medicaid Private Total Beginning balance — January 1, 2020 $ 3,154,000 $ 650,000 $ 3,804,000 Ending balance — September 30, 2020 2,317,000 1,234,000 3,551,000 (Decrease)/increase $ (837,000) $ 584,000 $ (253,000) |
Real Estate Investments, Net (T
Real Estate Investments, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Real Estate [Abstract] | |
Schedule Of Real Estate Investments Table | Our real estate investments, net consisted of the following as of September 30, 2020 and December 31, 2019: September 30, December 31, Building and improvements $ 883,849,000 $ 836,091,000 Land 109,420,000 103,371,000 Furniture, fixtures and equipment 8,241,000 6,656,000 1,001,510,000 946,118,000 Less: accumulated depreciation (73,444,000) (51,058,000) Total $ 928,066,000 $ 895,060,000 |
Schedule Of Acquisitions Of Properties Table | Acquisitions in 2020 For the nine months ended September 30, 2020, using cash on hand and debt financing, we completed the acquisition of seven buildings from unaffiliated third parties. The following is a summary of our property acquisitions for the nine months ended September 30, 2020: Acquisition Location Type Date Contract Total Catalina West Haven ALF(3) West Haven, UT Senior Housing — RIDEA 01/01/20 $ 12,799,000 $ 12,700,000 $ 278,000 Louisiana Senior Housing Portfolio(4) Gonzales, Monroe, New Iberia, Shreveport and Slidell, LA Senior Housing — RIDEA 01/03/20 34,000,000 32,700,000 737,000 Catalina Madera ALF(3) Madera, CA Senior Housing — RIDEA 01/31/20 17,900,000 17,300,000 389,000 Total $ 64,699,000 $ 62,700,000 $ 1,404,000 ___________ (1) Represents a borrowing under the 2018 Credit Facility, as defined in Note 7, Line of Credit and Term Loans, at the time of acquisition. (2) Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee, as defined in Note 13, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, of 2.25% of the contract purchase price paid by us. (3) On January 1, 2020 and January 31, 2020, we completed the acquisitions of Catalina West Haven ALF and Catalina Madera ALF, respectively, pursuant to a joint venture with an affiliate of Avalon Health Care, Inc., or Avalon, an unaffiliated third party. Our ownership of the joint venture is approximately 90.0%. (4) On January 3, 2020, we completed the acquisition of Louisiana Senior Housing Portfolio pursuant to a joint venture with an affiliate of Senior Solutions Management Group, or SSMG, an unaffiliated third party. Our ownership of the joint venture is approximately 90.0%. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price of the assets acquired at the time of acquisition from our property acquisitions in 2020 based on their relative fair values: 2020 Building and improvements $ 49,792,000 Land 7,632,000 In-place leases 8,974,000 Furniture, fixtures and equipment 854,000 Total assets acquired $ 67,252,000 |
Identified Intangible Assets,_2
Identified Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Identified intangible assets, net consisted of the following as of September 30, 2020 and December 31, 2019: September 30, December 31, Amortized intangible assets: In-place leases, net of accumulated amortization of $28,935,000 and $18,273,000 as of September 30, 2020 and December 31, 2019, respectively (with a weighted average remaining life of 8.8 years and 9.5 years as of September 30, 2020 and December 31, 2019, respectively) $ 65,593,000 $ 70,650,000 Above-market leases, net of accumulated amortization of $938,000 and $609,000 as of September 30, 2020 and December 31, 2019, respectively (with a weighted average remaining life of 9.1 years and 9.5 years as of September 30, 2020 and December 31, 2019, respectively) 2,695,000 3,025,000 Unamortized intangible assets: Certificates of need 348,000 348,000 Total $ 68,636,000 $ 74,023,000 |
Amortization expense on identified intangible assets | As of September 30, 2020, estimated amortization expense on the identified intangible assets for the three months ending December 31, 2020 and for each of the next four years ending December 31 and thereafter was as follows: Year Amount 2020 $ 4,535,000 2021 11,920,000 2022 8,648,000 2023 7,384,000 2024 6,155,000 Thereafter 29,646,000 Total $ 68,288,000 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Assets, Net [Abstract] | |
Other Assets | Other assets, net consisted of the following as of September 30, 2020 and December 31, 2019: September 30, December 31, Investment in unconsolidated entity $ 47,968,000 $ 47,016,000 Deferred rent receivables 11,458,000 8,018,000 Prepaid expenses, deposits and other assets 10,007,000 2,380,000 Lease commissions, net of accumulated amortization of $336,000 and $174,000 as of September 30, 2020 and December 31, 2019, respectively 2,340,000 1,623,000 Deferred financing costs, net of accumulated amortization of $2,927,000 and $1,517,000 as of September 30, 2020 and December 31, 2019, respectively(1) 2,194,000 3,583,000 Total $ 73,967,000 $ 62,620,000 ___________ (1) Deferred financing costs only include costs related to our line of credit and term loans. See Note 7, Line of Credit and Term Loans, for a further discussion. |
Mortgage Loans Payable, Net (Ta
Mortgage Loans Payable, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Mortgage Loans Payable, Net [Abstract] | |
Schedule of Activity Related to Mortgage Notes Payable | The following table reflects the changes in the carrying amount of mortgage loans payable, net for the nine months ended September 30, 2020 and 2019: Nine Months Ended September 30, 2020 2019 Beginning balance $ 26,070,000 $ 16,892,000 Additions: Assumption of mortgage loan payable, net — 9,735,000 Amortization of deferred financing costs 33,000 58,000 Amortization of discount/premium on mortgage loans payable 37,000 29,000 Deductions: Scheduled principal payments on mortgage loans payable (8,166,000) (459,000) Deferred financing costs — (26,000) Ending balance $ 17,974,000 $ 26,229,000 |
Schedule of Maturities of Long-term Debt | As of September 30, 2020, the principal payments due on our mortgage loans payable for the three months ending December 31, 2020 and for each of the next four years ending December 31 and thereafter were as follows: Year Amount 2020 $ 151,000 2021 622,000 2022 651,000 2023 680,000 2024 711,000 Thereafter 16,118,000 Total $ 18,933,000 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Financial Instruments [Abstract] | |
Schedule of Derivative Instruments | The following table lists the derivative financial instruments held by us as of September 30, 2020 and December 31, 2019, which are included in security deposits, prepaid rent and other liabilities in our accompanying condensed consolidated balance sheets: Fair Value Instrument Notional Amount Index Interest Rate Maturity Date September 30, December 31, Swap $ 139,500,000 one month LIBOR 2.49% 11/19/21 $ (3,713,000) $ (2,441,000) Swap 58,800,000 one month LIBOR 2.49% 11/19/21 (1,565,000) (1,029,000) Swap 45,000,000 one month LIBOR 0.20% 11/19/21 (27,000) — Swap 36,700,000 one month LIBOR 2.49% 11/19/21 (977,000) (642,000) Swap 15,000,000 one month LIBOR 2.53% 11/19/21 (405,000) (273,000) $ 295,000,000 $ (6,687,000) $ (4,385,000) |
Identified Intangible Liabili_2
Identified Intangible Liabilities, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Identified Intangible Liabilities [Abstract] | |
Schedule Of Expected Amortization Expense Intangible Liabilities Table | As of September 30, 2020, estimated amortization expense on below-market leases for the three months ending December 31, 2020 and for each of the next four years ending December 31 and thereafter was as follows: Year Amount 2020 $ 66,000 2021 236,000 2022 217,000 2023 207,000 2024 161,000 Thereafter 475,000 Total $ 1,362,000 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Redeemable Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | The changes in the carrying amount of redeemable noncontrolling interests consisted of the following for the nine months ended September 30, 2020 and 2019: Nine Months Ended September 30, 2020 2019 Beginning balance $ 1,462,000 $ 1,371,000 Additions 1,118,000 151,000 Distributions (81,000) — Fair value adjustment to redemption value 530,000 65,000 Net loss attributable to redeemable noncontrolling interests (332,000) (76,000) Ending balance $ 2,697,000 $ 1,511,000 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of historical and current estimated per share NAV | The following is a summary of our historical and current estimated per share NAV of our Class T and Class I common stock: Approval Date by our Board Established Per 04/06/18 $ 9.65 04/04/19 $ 9.54 04/02/20 $ 9.54 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transaction [Line Items] | |
Schedule of limitation on affiliate reimbursement | The following table reflects our operating expenses as a percentage of average invested assets and as a percentage of net income for the 12 month periods then ended: 12 months ended September 30, 2020 2019 Operating expenses as a percentage of average invested assets 1.1 % 1.2 % Operating expenses as a percentage of net income 32.7 % 42.0 % |
Schedule of Related Party Transactions | For the nine months ended September 30, 2019, our officers invested the following amounts and we issued the following shares of our Class I common stock pursuant to the 2018 Stock Purchase Plans: Nine Months Ended September 30, 2019 Officer’s Name Title Amount Shares Jeffrey T. Hanson Chief Executive Officer and Chairman of the Board of Directors $ 10,000 995 Danny Prosky President and Chief Operating Officer 11,000 1,103 Mathieu B. Streiff Executive Vice President and General Counsel 10,000 999 Brian S. Peay Chief Financial Officer 1,000 88 Stefan K.L. Oh Executive Vice President of Acquisitions 1,000 127 Christopher M. Belford Vice President of Asset Management 1,000 102 Wendie Newman Vice President of Asset Management 1,000 34 Total $ 35,000 3,448 |
Schedule Of Amount Outstanding To Affiliates Table | The following amounts were outstanding to our affiliates as of September 30, 2020 and December 31, 2019: Fee September 30, December 31, Asset management fees $ 815,000 $ 768,000 Property management fees 128,000 145,000 Construction management fees 31,000 65,000 Operating expenses 11,000 12,000 Acquisition and development fees 2,000 5,000 Lease commissions — 21,000 Total $ 987,000 $ 1,016,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value | The table below presents our assets and liabilities measured at fair value on a recurring basis as of September 30, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Other Significant Total Liabilities: Derivative financial instruments $ — $ 6,687,000 $ — $ 6,687,000 The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2019, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Other Significant Total Liabilities: Derivative financial instruments $ — $ 4,385,000 $ — $ 4,385,000 |
Schedule of carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of such financial instruments as of September 30, 2020 and December 31, 2019 were as follows: September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Financial Liabilities: Mortgage loans payable $ 17,974,000 $ 21,944,000 $ 26,070,000 $ 26,677,000 Line of credit and term loans $ 477,306,000 $ 480,348,000 $ 393,217,000 $ 396,891,000 ___________ (1) Carrying amount is net of any discount/premium and deferred financing costs. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax (benefit) expense for the three and nine months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Federal deferred $ (863,000) $ (290,000) $ (2,134,000) $ (958,000) State deferred (327,000) (68,000) (721,000) (250,000) Federal current (37,000) — — — State current (2,000) 16,000 — 26,000 Valuation allowance 1,190,000 349,000 2,855,000 1,199,000 Total income tax (benefit) expense $ (39,000) $ 7,000 $ — $ 17,000 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of operating lease payments to be received | As of September 30, 2020, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for the three months ended December 31, 2020 and for each of the next four years ending December 31 and thereafter for the properties that we wholly own: Year Amount 2020 $ 16,049,000 2021 64,178,000 2022 61,520,000 2023 57,017,000 2024 51,410,000 Thereafter 310,613,000 Total $ 560,787,000 |
Schedule of lease cost | Additional information related to our operating leases for the periods presented below was as follows: September 30, December 31, Weighted average remaining lease term (in years) 79.7 80.4 Weighted average discount rate 5.74 % 5.74 % Nine Months Ended September 30, 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash outflows related to operating leases $ 306,000 $ 252,000 Right-of-use assets obtained in exchange for operating lease liabilities $ — $ 4,489,000 |
Schedule of operating lease liability | As of September 30, 2020, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the three months ended December 31, 2020 and for each of the next four years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying condensed consolidated balance sheet: Year Amount 2020 $ 212,000 2021 523,000 2022 526,000 2023 530,000 2024 534,000 Thereafter 47,103,000 Total operating lease payments 49,428,000 Less: interest 39,453,000 Present value of operating lease liabilities $ 9,975,000 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Summary Information by Reportable Segment | Summary information for the reportable segments during the three and nine months ended September 30, 2020 and 2019 was as follows: Medical Senior Skilled Senior Three Months Revenues and grant income: Real estate revenue $ 16,338,000 $ — $ 2,979,000 $ 2,202,000 $ 21,519,000 Resident fees and services — 18,948,000 — — 18,948,000 Grant income — 864,000 — — 864,000 Total revenues and grant income 16,338,000 19,812,000 2,979,000 2,202,000 41,331,000 Expenses: Rental expenses 5,607,000 — 125,000 173,000 5,905,000 Property operating expenses — 17,397,000 — — 17,397,000 Segment net operating income $ 10,731,000 $ 2,415,000 $ 2,854,000 $ 2,029,000 $ 18,029,000 Expenses: General and administrative $ 3,672,000 Acquisition related expenses 57,000 Depreciation and amortization 12,669,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (4,839,000) Gain in fair value of derivative financial instruments 1,450,000 Impairment of real estate investments (3,064,000) Loss from unconsolidated entity (377,000) Other income 8,000 Loss before income taxes (5,191,000) Income tax benefit 39,000 Net loss $ (5,152,000) Medical Senior Skilled Senior Three Months Revenues: Real estate revenue $ 14,144,000 $ — $ 2,929,000 $ 2,180,000 $ 19,253,000 Resident fees and services — 11,865,000 — — 11,865,000 Total revenues 14,144,000 11,865,000 2,929,000 2,180,000 31,118,000 Expenses: Rental expenses 4,581,000 — 135,000 213,000 4,929,000 Property operating expenses — 9,884,000 — — 9,884,000 Segment net operating income $ 9,563,000 $ 1,981,000 $ 2,794,000 $ 1,967,000 $ 16,305,000 Expenses: General and administrative $ 3,982,000 Acquisition related expenses 74,000 Depreciation and amortization 9,552,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (4,140,000) Loss in fair value of derivative financial instruments (402,000) Loss from unconsolidated entity (79,000) Other income 13,000 Loss before income taxes (1,911,000) Income tax expense (7,000) Net loss $ (1,918,000) Medical Senior Skilled Senior Nine Months Revenues and grant income: Real estate revenue $ 49,184,000 $ — $ 8,984,000 $ 6,656,000 $ 64,824,000 Resident fees and services — 51,863,000 — — 51,863,000 Grant income — 864,000 — — 864,000 Total revenues and grant income 49,184,000 52,727,000 8,984,000 6,656,000 117,551,000 Expenses: Rental expenses 16,616,000 — 459,000 648,000 17,723,000 Property operating expenses — 44,856,000 — — 44,856,000 Segment net operating income $ 32,568,000 $ 7,871,000 $ 8,525,000 $ 6,008,000 $ 54,972,000 Expenses: General and administrative $ 11,960,000 Acquisition related expenses 74,000 Depreciation and amortization 37,919,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (15,123,000) Loss in fair value of derivative financial instruments (2,302,000) Impairment of real estate investments (3,064,000) Income from unconsolidated entity 952,000 Other income 278,000 Net loss $ (14,240,000) Medical Senior Skilled Senior Nine Months Revenues: Real estate revenue $ 38,802,000 $ — $ 8,732,000 $ 5,746,000 $ 53,280,000 Resident fees and services — 34,053,000 — — 34,053,000 Total revenues 38,802,000 34,053,000 8,732,000 5,746,000 87,333,000 Expenses: Rental expenses 12,814,000 — 435,000 989,000 14,238,000 Property operating expenses — 28,194,000 — — 28,194,000 Segment net operating income $ 25,988,000 $ 5,859,000 $ 8,297,000 $ 4,757,000 $ 44,901,000 Expenses: General and administrative $ 11,413,000 Acquisition related expenses 1,492,000 Depreciation and amortization 35,561,000 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs and debt discount/premium) (11,532,000) Loss in fair value of derivative financial instruments (5,401,000) Income from unconsolidated entity 185,000 Other income 162,000 Loss before income taxes (20,151,000) Income tax expense (17,000) Net loss $ (20,168,000) |
Assets by Reportable Segment | Assets by reportable segment as of September 30, 2020 and December 31, 2019 were as follows: September 30, December 31, Medical office buildings $ 590,075,000 $ 600,048,000 Senior housing — RIDEA 247,972,000 149,055,000 Skilled nursing facilities 120,219,000 121,749,000 Senior housing 101,225,000 142,982,000 Other 51,999,000 54,493,000 Total assets $ 1,111,490,000 $ 1,068,327,000 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Concentration of Credit Risk [Abstract] | |
Schedules of concentration risk | As of September 30, 2020, we had one tenant that accounted for 10.0% or more of our total property portfolio’s annualized base rent or annualized net operating income, as follows: Tenant Annualized Percentage of Acquisition Reportable GLA Lease Expiration RC Tier Properties, LLC $ 7,782,000 10.4% Missouri SNF Portfolio Skilled Nursing 385,000 09/30/33 ___________ (1) Annualized base rent is based on contractual base rent from leases in effect as of September 30, 2020, inclusive of our senior housing — RIDEA facilities. The loss of this tenant or its inability to pay rent could have a material adverse effect on our business and results of operations. |
Organization and Description _2
Organization and Description of Business (Detail) | Sep. 30, 2020ft²segment | Sep. 30, 2020USD ($)ft² | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)ft²segment | Sep. 30, 2019USD ($) | Feb. 16, 2017 | Sep. 30, 2020USD ($)ft²shares | Feb. 15, 2019USD ($)shares | Dec. 31, 2019shares | Sep. 30, 2020ft²shares | Sep. 30, 2020USD ($)ft²PropertyAcquisitionBuilding | Sep. 30, 2020ft² | Jan. 18, 2019USD ($) | Jun. 17, 2016USD ($) | Feb. 16, 2016USD ($) | Mar. 01, 2015 |
Date of incorporation | Jan. 23, 2015 | |||||||||||||||
Date of capitalization | Feb. 6, 2015 | |||||||||||||||
Maximum amount of common stock issuable under public offering | $ 3,150,000,000 | |||||||||||||||
Aggregate reallocated maximum amount of common stock issuable under primary public offering | $ 3,150,000,000 | |||||||||||||||
Issuance of common stock under the DRIP | $ 4,247,000 | $ 6,599,000 | $ 15,681,000 | $ 19,056,000 | $ 31,021,000 | |||||||||||
Issuance of common stock under the DRIP, shares | shares | 3,253,535 | 5,513,699 | 7,157,430 | |||||||||||||
Advisory agreement term | 1 year | |||||||||||||||
Number of reportable segments | segment | 4 | 4 | ||||||||||||||
Number of acquisitions completed from unaffiliated parties | Acquisition | 46 | |||||||||||||||
Number of properties acquired from unaffiliated parties | Property | 89 | |||||||||||||||
Number of buildings acquired from unaffiliated parties | Building | 94 | |||||||||||||||
GLA (Sq Ft) | ft² | 4,863,000 | 4,863,000 | 4,863,000 | 4,863,000 | 4,863,000 | 4,863,000 | 4,863,000 | |||||||||
Contract Purchase Price | $ 1,089,071,000 | |||||||||||||||
Class T and Class I Common Stock | ||||||||||||||||
Subscriptions in offering of common stock received and accepted shares | shares | 75,639,681 | 75,639,681 | ||||||||||||||
Subscriptions in offering of common stock received and accepted value | $ 754,118,000 | |||||||||||||||
Common Class T | ||||||||||||||||
Reallocated maximum amount of common stock issuable under primary public offering | 2,800,000,000 | |||||||||||||||
Common Class I | ||||||||||||||||
Reallocated maximum amount of common stock issuable under primary public offering | 200,000,000 | |||||||||||||||
Distribution Reinvestment Plan | ||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 150,000,000 | $ 150,000,000 | ||||||||||||||
American Healthcare Investors | ||||||||||||||||
Ownership percentage in affiliate | 75.00% | |||||||||||||||
Griffin Capital Corporation | ||||||||||||||||
Ownership percentage in affiliate | 25.00% | |||||||||||||||
AHI Group Holdings, LLC | ||||||||||||||||
Ownership percentage in affiliate | 47.10% | |||||||||||||||
Colony Capital Inc. | ||||||||||||||||
Ownership percentage in affiliate | 45.10% | |||||||||||||||
James F. Flaherty III | ||||||||||||||||
Ownership percentage in affiliate | 7.80% | |||||||||||||||
DRIP S-3 Public Offering | ||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 100,000,000 | |||||||||||||||
Issuance of common stock under the DRIP | $ 37,290,000 | |||||||||||||||
Issuance of common stock under the DRIP, shares | shares | 3,903,895 | |||||||||||||||
Class T and Class I Common Stock | ||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 3,000,000,000 | |||||||||||||||
Distribution Reinvestment Plan | ||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 150,000,000 | |||||||||||||||
Griffin-American Healthcare REIT IV, Inc. | ||||||||||||||||
Joint venture ownership interest | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% |
Summary of Accounting Policies
Summary of Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2021 | Dec. 31, 2019 | |
Grant income | $ 864,000 | $ 0 | $ 864,000 | $ 0 | ||
Allowance for credit losses | $ 1,653,000 | 1,653,000 | $ 902,000 | |||
Increase (decrease) in allowance for credit losses | 937,000 | 1,776,000 | ||||
Reduction in allowances from collections or adjustments | 126,000 | 766,000 | ||||
Write-offs of allowance | $ 60,000 | $ 346,000 | ||||
General Partnership | ||||||
Percentage of ownership in operating partnership | 99.99% | 99.99% | ||||
Limited Partnership | ||||||
Percentage of limited partnership interest | 0.01% | 0.01% | ||||
Forecast | ||||||
Deferral and extension term | 1 year |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Disaggregation of Revenues (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Resident fees and services | $ 18,948,000 | $ 11,865,000 | $ 51,863,000 | $ 34,053,000 |
Senior Housing-RIDEA | ||||
Resident fees and services | 18,948,000 | 11,865,000 | 51,863,000 | 34,053,000 |
Senior Housing-RIDEA | Transferred at Point in Time | ||||
Resident fees and services | 174,000 | 144,000 | 746,000 | 501,000 |
Senior Housing-RIDEA | Transferred over Time | ||||
Resident fees and services | 18,774,000 | 11,721,000 | 51,117,000 | 33,552,000 |
Resident Fees and Services | ||||
Resident fees and services | 18,948,000 | 11,865,000 | 51,863,000 | 34,053,000 |
Private and Other Payors | Resident Fees and Services | ||||
Resident fees and services | 17,300,000 | 10,451,000 | 46,766,000 | 29,553,000 |
Medicaid | Resident Fees and Services | ||||
Resident fees and services | $ 1,648,000 | $ 1,414,000 | $ 5,097,000 | $ 4,500,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Accounts Receivable and Deferred Revenue (Details) - Resident Fees and Services - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Jan. 01, 2020 | |
Resident fees and services | $ 3,551,000 | $ 3,804,000 |
Contract with customer, asset, increase (decrease) | (253,000) | |
Medicaid | ||
Resident fees and services | 2,317,000 | 3,154,000 |
Contract with customer, asset, increase (decrease) | (837,000) | |
Private and Other Payors | ||
Resident fees and services | 1,234,000 | $ 650,000 |
Contract with customer, asset, increase (decrease) | $ 584,000 |
Real Estate Investments, Net -
Real Estate Investments, Net - Investments in Consolidated Properties (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Real Estate Properties [Line Items] | ||
Real estate investment, at cost | $ 1,001,510,000 | $ 946,118,000 |
Less: accumulated depreciation | (73,444,000) | (51,058,000) |
Real estate investments, net | 928,066,000 | 895,060,000 |
Building and Building Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, at cost | 883,849,000 | 836,091,000 |
Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, at cost | 109,420,000 | 103,371,000 |
Furniture, fixtures, and equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, at cost | $ 8,241,000 | $ 6,656,000 |
Real Estate Investments, Net _2
Real Estate Investments, Net - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 32 Months Ended | 68 Months Ended | ||
Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($)facility | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)facilityBuilding | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($)AcquisitionBuilding | |
Real Estate Properties [Line Items] | |||||||
Depreciation | $ 7,966,000 | $ 6,806,000 | $ 23,698,000 | $ 20,256,000 | |||
Impairment of real estate investments | $ 3,064,000 | 0 | $ 3,064,000 | $ 0 | |||
Payments of earn-out | $ 1,483,000 | ||||||
Number of buildings acquired from unaffiliated parties | Building | 94 | ||||||
Maximum percentage of fees and expenses associated with the acquisition | 6.00% | 6.00% | 6.00% | ||||
Number of acquisitions completed from unaffiliated parties | Acquisition | 46 | ||||||
Capitalized acquisition costs and fees additions | $ 2,538,000 | ||||||
Long Lived Assets Held-for-sale | |||||||
Real Estate Properties [Line Items] | |||||||
Number of senior housing - RIDEA facilities | facility | 2 | 2 | |||||
Impairment of real estate investments | $ 3,064,000 | $ 0 | $ 3,064,000 | $ 0 | |||
Aggregate carrying value of assets | 6,993,000 | 6,993,000 | $ 6,993,000 | $ 6,993,000 | |||
Medical Office Building | |||||||
Real Estate Properties [Line Items] | |||||||
Capital expenditures incurred | 1,681,000 | 4,628,000 | |||||
Skilled Nursing Facilities | |||||||
Real Estate Properties [Line Items] | |||||||
Capital expenditures incurred | 0 | 657,000 | |||||
Senior Housing-RIDEA | |||||||
Real Estate Properties [Line Items] | |||||||
Capital expenditures incurred | 316,000 | 1,682,000 | |||||
Senior Housing | |||||||
Real Estate Properties [Line Items] | |||||||
Capital expenditures incurred | $ 0 | $ 0 | |||||
Advisor | |||||||
Real Estate Properties [Line Items] | |||||||
Acquisition fee of earn-out amount paid | $ 34,000 | ||||||
Acquisition fee (as a percent of earn-out amount) | 2.25% | ||||||
Base acquisition fee for property acquired | 2.25% | ||||||
2020 Acquisitions | |||||||
Real Estate Properties [Line Items] | |||||||
Number of buildings acquired from unaffiliated parties | Building | 7 |
Real Estate Investments, Net _3
Real Estate Investments, Net - Summary of Acquisitions (Details) | 9 Months Ended | 68 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Real Estate Properties [Line Items] | ||
Contract Purchase Price | $ 1,089,071,000 | |
Catalina West Haven ALF | ||
Real Estate Properties [Line Items] | ||
Type | Senior Housing — RIDEA | |
Date Acquired | Jan. 1, 2020 | |
Contract Purchase Price | $ 12,799,000 | |
Line of Credit | 12,700,000 | |
Total Acquisition Fee | $ 278,000 | |
Louisiana Senior Housing Portfolio | ||
Real Estate Properties [Line Items] | ||
Type | Senior Housing — RIDEA | |
Date Acquired | Jan. 3, 2020 | |
Contract Purchase Price | $ 34,000,000 | |
Line of Credit | 32,700,000 | |
Total Acquisition Fee | $ 737,000 | |
Joint venture ownership interest | 90.00% | 90.00% |
Catalina Madera ALF | ||
Real Estate Properties [Line Items] | ||
Type | Senior Housing — RIDEA | |
Date Acquired | Jan. 31, 2020 | |
Contract Purchase Price | $ 17,900,000 | |
Line of Credit | 17,300,000 | |
Total Acquisition Fee | $ 389,000 | |
Catalina West Haven ALF and Catalina Madera ALF | ||
Real Estate Properties [Line Items] | ||
Joint venture ownership interest | 90.00% | 90.00% |
Advisor | ||
Real Estate Properties [Line Items] | ||
Base acquisition fee for property acquired | 2.25% | |
2020 Acquisitions | ||
Real Estate Properties [Line Items] | ||
Contract Purchase Price | $ 64,699,000 | |
Line of Credit | 62,700,000 | |
Total Acquisition Fee | $ 1,404,000 |
Real Estate Investments, Net _4
Real Estate Investments, Net - Assets and Liabilities Acquired (Details) - 2020 Acquisitions | Sep. 30, 2020USD ($) |
Building and improvements | $ 49,792,000 |
Land | 7,632,000 |
In-place leases | 8,974,000 |
Furniture, fixtures and equipment | 854,000 |
Total assets acquired | $ 67,252,000 |
Identified Intangible Assets -
Identified Intangible Assets - Summary of Identified Intangibles (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets, net | $ 68,636,000 | $ 74,023,000 |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 65,593,000 | 70,650,000 |
Above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 2,695,000 | 3,025,000 |
Certificates of need | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 348,000 | $ 348,000 |
Identified Intangible Assets _2
Identified Intangible Assets - Summary of Amortization Expense on Identified Intangible Assets, Net (Detail) | Sep. 30, 2020USD ($) |
Intangible Asset Net [Abstract] | |
2020 | $ 4,535,000 |
2021 | 11,920,000 |
2022 | 8,648,000 |
2023 | 7,384,000 |
2024 | 6,155,000 |
Thereafter | 29,646,000 |
Total | $ 68,288,000 |
Identified Intangible Assets,_3
Identified Intangible Assets, Net Identified Intangible Assets, Net (Phantom) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 4,728,000 | $ 2,807,000 | $ 14,361,000 | $ 15,429,000 | |
Finite lived intangible asset, useful life | 8 years 9 months 18 days | 9 years 6 months | |||
In-place leases | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, accumulated amortization | 28,935,000 | $ 28,935,000 | $ 18,273,000 | ||
Finite lived intangible asset, useful life | 8 years 9 months 18 days | 9 years 6 months | |||
Above-market leases | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 109,000 | $ 90,000 | $ 329,000 | $ 205,000 | |
Intangible assets, accumulated amortization | $ 938,000 | $ 938,000 | $ 609,000 | ||
Finite lived intangible asset, useful life | 9 years 1 month 6 days | 9 years 6 months |
Other Assets, Net - Other Asset
Other Assets, Net - Other Assets, Net (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Other Assets [Abstract] | ||
Investment in unconsolidated entity | $ 47,968,000 | $ 47,016,000 |
Deferred rent receivables | 11,458,000 | 8,018,000 |
Deferred financing costs, net of accumulated amortization of $2,927,000 and $1,517,000 as of September 30, 2020 and December 31, 2019, respectively(1) | 2,194,000 | 3,583,000 |
Prepaid expenses, deposits and other assets | 10,007,000 | 2,380,000 |
Lease commissions, net of accumulated amortization of $336,000 and $174,000 as of September 30, 2020 and December 31, 2019, respectively | 2,340,000 | 1,623,000 |
Other assets, net | $ 73,967,000 | $ 62,620,000 |
Other Assets, Net - Additional
Other Assets, Net - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Other Assets [Abstract] | |||||
Amortization of debt issuance costs | $ 471,000 | $ 484,000 | $ 1,410,000 | $ 1,606,000 | |
Amortization expense on lease commissions | 84,000 | $ 29,000 | 189,000 | $ 81,000 | |
Joint Venture unamortized basis difference | $ 16,905,000 | $ 16,905,000 | $ 17,248,000 |
Other Assets, Net Other Assets,
Other Assets, Net Other Assets, Net (Phantom) (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Other Assets, Net (Phantom) [Abstract] | ||
Accumulated amortization, debt issuance costs | $ 2,927,000 | $ 1,517,000 |
Deferred Costs, Leasing, Accumulated Amortization | $ 336,000 | $ 174,000 |
Mortgage Loans Payable, Net - A
Mortgage Loans Payable, Net - Additional Information (Detail) | 9 Months Ended | |||||
Sep. 30, 2020USD ($)MortgageLoan | Dec. 31, 2019USD ($)MortgageLoan | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage loans payable, gross | $ 18,933,000 | $ 27,099,000 | ||||
Mortgage loans payable, net | $ 17,974,000 | [1] | $ 26,070,000 | [1] | $ 26,229,000 | $ 16,892,000 |
Number Of fixed rate mortgage loans payable | MortgageLoan | 3 | 4 | ||||
Payoff of mortgage loan payable | $ 7,738,000 | |||||
Minimum | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Effective interest rate | 3.67% | 3.67% | ||||
Maximum | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Effective interest rate | 5.25% | 5.25% | ||||
Mortgage loan payable | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Weighted average interest rate | 3.94% | 4.18% | ||||
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of September 30, 2020 and December 31, 2019 represented liabilities of Griffin American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $479,500,000 and $396,800,000 as of September 30, 2020 and December 31, 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Mortgage Loans Payable, Net - M
Mortgage Loans Payable, Net - Mortgage Loans Payable (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Change in Carrying Amount of Mortgage Loans Payable [Roll Forward] | |||
Beginning balance | $ 26,070,000 | [1] | $ 16,892,000 |
Assumption of mortgage loan payable, net | 0 | 9,735,000 | |
Amortization of deferred financing costs | 33,000 | 58,000 | |
Amortization of discount/premium on mortgage loans payable | 37,000 | 29,000 | |
Scheduled principal payments on mortgage loans payable | (8,166,000) | (459,000) | |
Deferred financing costs | 0 | (26,000) | |
Ending balance | $ 17,974,000 | [1] | $ 26,229,000 |
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of September 30, 2020 and December 31, 2019 represented liabilities of Griffin American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $479,500,000 and $396,800,000 as of September 30, 2020 and December 31, 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Mortgage Loans Payable - Princi
Mortgage Loans Payable - Principal Payments Due on Mortgage Loans Payable (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | ||
2020 | $ 151,000 | |
2021 | 622,000 | |
2022 | 651,000 | |
2023 | 680,000 | |
2024 | 711,000 | |
Thereafter | 16,118,000 | |
Total | $ 18,933,000 | $ 27,099,000 |
Line of Credit and Term Loan (D
Line of Credit and Term Loan (Detail) - USD ($) | Nov. 01, 2019 | Nov. 20, 2018 | Sep. 30, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 530,000,000 | $ 530,000,000 | |||
Line of credit and term loans | [1] | $ 479,500,000 | $ 396,800,000 | ||
Swing line loan | $ 50,000,000 | ||||
Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Weighted average interest rate | 2.12% | 3.50% | |||
Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Increase in credit facility | $ 45,000,000 | ||||
2018 Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 530,000,000 | 400,000,000 | |||
Potential increase to borrowing capacity | 120,000,000 | ||||
Letters of credit outstanding | 20,000,000 | ||||
Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Potential increase to borrowing capacity | 150,000,000 | ||||
Increase in credit facility | $ 85,000,000 | ||||
Term Loan Facility | |||||
Line of Credit Facility [Line Items] | |||||
Potential increase to borrowing capacity | $ 250,000,000 | ||||
Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Commitment fee percentage condition one | 0.20% | ||||
Average daily used amount percentage condition one | 50.00% | ||||
Commitment fee percentage condition two | 0.25% | ||||
Average daily used amount percentage condition two | 50.00% | ||||
Line of Credit | 2018 Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Potential maximum borrowing capacity | $ 650,000,000 | ||||
Line of Credit | Federal Funds Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
Line of Credit | One-Month Eurodollar | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
Line of Credit | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Base rate | 0.00% | ||||
Minimum | Line of Credit | Eurodollar | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.70% | ||||
Minimum | Line of Credit | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.70% | ||||
Maximum | Line of Credit | Eurodollar | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2.20% | ||||
Maximum | Line of Credit | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.20% | ||||
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of September 30, 2020 and December 31, 2019 represented liabilities of Griffin American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $479,500,000 and $396,800,000 as of September 30, 2020 and December 31, 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Gain (loss) in fair value of derivative financial instruments | $ 1,450,000 | $ (402,000) | $ (2,302,000) | $ (5,401,000) |
Derivative Financial Instrume_4
Derivative Financial Instruments (Detail) - Not Designated as Hedging Instrument - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Notional Amount | $ 295,000,000 | |
Fair Value | $ (6,687,000) | $ (4,385,000) |
Notional Amount, 139.5 | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 139,500,000 | |
Index | one month LIBOR | |
Maturity Date | Nov. 19, 2021 | |
Fair Value | $ (3,713,000) | (2,441,000) |
Notional Amount, 58.8 | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 58,800,000 | |
Index | one month LIBOR | |
Maturity Date | Nov. 19, 2021 | |
Fair Value | $ (1,565,000) | (1,029,000) |
Notional Amount, 45.0 | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 45,000,000 | |
Index | one month LIBOR | |
Maturity Date | Nov. 19, 2021 | |
Fair Value | $ (27,000) | 0 |
Notional Amount, 36.7 | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 36,700,000 | |
Index | one month LIBOR | |
Maturity Date | Nov. 19, 2021 | |
Fair Value | $ (977,000) | (642,000) |
Notional Amount, 15.0 | ||
Derivative [Line Items] | ||
Instrument | Swap | |
Notional Amount | $ 15,000,000 | |
Index | one month LIBOR | |
Maturity Date | Nov. 19, 2021 | |
Fair Value | $ (405,000) | $ (273,000) |
Swap, 2.53% Interest Rate | Notional Amount, 15.0 | ||
Derivative [Line Items] | ||
Interest Rate | 2.53% | |
Swap, 2.49% Interest Rate | Notional Amount, 139.5 | ||
Derivative [Line Items] | ||
Interest Rate | 2.49% | |
Swap, 2.49% Interest Rate | Notional Amount, 58.8 | ||
Derivative [Line Items] | ||
Interest Rate | 2.49% | |
Swap, 2.49% Interest Rate | Notional Amount, 36.7 | ||
Derivative [Line Items] | ||
Interest Rate | 2.49% | |
Swap, 0.20% Interest Rate Member | Notional Amount, 45.0 | ||
Derivative [Line Items] | ||
Interest Rate | 0.20% |
Identified Intangible Liabili_3
Identified Intangible Liabilities, Net - Summary of Amortization Expense on Below Market Leases (Detail) | Sep. 30, 2020USD ($) |
Intangible Liabilities [Abstract] | |
2020 | $ 66,000 |
2021 | 236,000 |
2022 | 217,000 |
2023 | 207,000 |
2024 | 161,000 |
Thereafter | 475,000 |
Total | $ 1,362,000 |
Identified Intangible Liabili_4
Identified Intangible Liabilities, Net Identified Intangible Liabilities, Net - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Identified intangible liabilities, net | $ 1,362,000 | $ 1,362,000 | $ 1,601,000 | ||
Amortization of identified intangible liabilities | 78,000 | $ 212,000 | $ 239,000 | $ 421,000 | |
Finite lived intangible liabilities useful life | 11 years 7 months 6 days | 11 years 3 months 18 days | |||
Below-market leases | |||||
Identified intangible liabilities, net | 1,362,000 | $ 1,362,000 | $ 1,601,000 | ||
Finite lived intangible liabilities accumulated amortization | $ 586,000 | $ 586,000 | $ 702,000 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Changes in the carrying amount of redeemable noncontrolling interest [Roll Forward] | |||||
Beginning balance | $ 1,462,000 | $ 1,371,000 | $ 1,371,000 | ||
Proceeds from redeemable noncontrolling interest | 1,118,000 | 151,000 | |||
Payments to Redeemable Noncontrolling Interest | (81,000) | 0 | |||
Fair value adjustment to redeemable noncontrolling interests | $ 208,000 | $ 23,000 | 530,000 | 65,000 | |
Net Loss Attributable to Redeemable Noncontrolling Interests | 127,000 | 19,000 | 332,000 | 76,000 | |
Ending balance | $ 2,697,000 | 1,511,000 | $ 2,697,000 | 1,511,000 | $ 1,462,000 |
Meridian | |||||
Redeemable Noncontrolling Interests [Line Items] | |||||
Joint venture ownership interest | 98.00% | 98.00% | |||
Changes in the carrying amount of redeemable noncontrolling interest [Roll Forward] | |||||
Joint venture ownership interest | 98.00% | 98.00% | |||
Avalon | |||||
Redeemable Noncontrolling Interests [Line Items] | |||||
Joint venture ownership interest | 90.00% | 90.00% | |||
Changes in the carrying amount of redeemable noncontrolling interest [Roll Forward] | |||||
Joint venture ownership interest | 90.00% | 90.00% | |||
Limited Partner | |||||
Redeemable Noncontrolling Interests [Line Items] | |||||
Stock issued during period, stock splits | 208 | 208 | |||
General Partnership | |||||
Redeemable Noncontrolling Interests [Line Items] | |||||
Noncontrolling interest, ownership percentage by parent | 99.99% | 99.99% | 99.99% | ||
Limited Partnership | |||||
Redeemable Noncontrolling Interests [Line Items] | |||||
Noncontrolling limited partnership interest in operating partnership | 0.01% | 0.01% | 0.01% | ||
Additional Paid-In Capital | |||||
Changes in the carrying amount of redeemable noncontrolling interest [Roll Forward] | |||||
Fair value adjustment to redeemable noncontrolling interests | $ 208,000 | $ 23,000 | $ 530,000 | $ 65,000 | |
Total Stockholders’ Equity | |||||
Changes in the carrying amount of redeemable noncontrolling interest [Roll Forward] | |||||
Fair value adjustment to redeemable noncontrolling interests | $ 208,000 | $ 530,000 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interest (Phantom) (Details) | Sep. 30, 2020 | Dec. 31, 2019 |
General Partnership | ||
Redeemable Noncontrolling Interests [Line Items] | ||
Noncontrolling interest, ownership percentage by parent | 99.99% | 99.99% |
Limited Partnership | ||
Redeemable Noncontrolling Interests [Line Items] | ||
Noncontrolling limited partnership interest in operating partnership | 0.01% | 0.01% |
Equity (Detail)
Equity (Detail) - USD ($) | Oct. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Feb. 28, 2017 | Sep. 30, 2020 | Sep. 30, 2020 | Feb. 15, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Apr. 02, 2020 | Jun. 30, 2019 | Apr. 04, 2019 | Jan. 18, 2019 | Dec. 31, 2018 | Apr. 11, 2018 | Apr. 06, 2018 | Jun. 17, 2016 | Apr. 13, 2016 | Feb. 16, 2016 | Feb. 12, 2016 | Feb. 06, 2015 |
Preferred Stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||||||||||||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Number of shares of common stock, authorized to be issued | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||
Par value of common stock to be offered and sold to the public | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Maximum amount of common stock issuable under public offering | $ 3,150,000,000 | |||||||||||||||||||||||||
Maximum percentage of common stock repurchased during period | 5.00% | |||||||||||||||||||||||||
Share repurchase plan holding period | 1 year | |||||||||||||||||||||||||
Share repurchase plan percentage of price per-share condition one | 92.50% | 92.50% | 92.50% | 92.50% | 92.50% | 92.50% | ||||||||||||||||||||
Share repurchase plan percentage of price per-share condition two | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||
Issuance of common stock under the DRIP | $ 4,247,000 | $ 6,599,000 | $ 15,681,000 | $ 19,056,000 | $ 31,021,000 | |||||||||||||||||||||
Stock based compensation | $ 171,000 | $ 164,000 | ||||||||||||||||||||||||
Issuance of vested and nonvested restricted common stock, shares | 105,000 | |||||||||||||||||||||||||
Common stock repurchased during period under share repurchase plan shares | 71,551 | 308,837 | 578,111 | 668,646 | 1,356,839 | 1,934,950 | ||||||||||||||||||||
Issuance of common stock under the DRIP, shares | 3,253,535 | 5,513,699 | 7,157,430 | |||||||||||||||||||||||
Proceeds from issuance of common stock, dividend reinvestment plan | $ 52,630,000 | $ 68,311,000 | ||||||||||||||||||||||||
Selling commissions percentage | 3.00% | |||||||||||||||||||||||||
Selling commissions expenses | $ 2,241,000 | |||||||||||||||||||||||||
Maximum percentage of dealer manager fee | 3.00% | 3.00% | ||||||||||||||||||||||||
Percentage of dealer manager fee | 1.00% | 1.00% | ||||||||||||||||||||||||
Dealer manager fees | 759,000 | |||||||||||||||||||||||||
Stockholder daily servicing fee percentage | 1.00% | |||||||||||||||||||||||||
Maximum percentage of stockholder servicing fee | 4.00% | |||||||||||||||||||||||||
Stockholder servicing fee incurred | $ 2,536,000 | |||||||||||||||||||||||||
Accrued stockholder servicing fee | $ 7,667,000 | $ 14,241,000 | $ 7,667,000 | $ 14,241,000 | $ 7,667,000 | $ 7,667,000 | $ 7,667,000 | $ 7,667,000 | ||||||||||||||||||
Stock acquired, average cost per share | $ 9.87 | $ 9.14 | $ 9.25 | $ 9.26 | $ 9.33 | $ 9.31 | ||||||||||||||||||||
Stock repurchased during period, value under the share repurchase plan, value | $ 706,000 | $ 2,823,000 | $ 5,349,000 | $ 6,192,000 | $ 12,656,000 | $ 18,005,000 | ||||||||||||||||||||
Stockholder servicing fee payable | $ 7,667,000 | $ 7,667,000 | $ 12,610,000 | $ 7,667,000 | $ 7,667,000 | $ 7,667,000 | $ 12,610,000 | $ 7,667,000 | ||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||
Common stock repurchased during period under share repurchase plan shares | 86,821 | |||||||||||||||||||||||||
Stock acquired, average cost per share | $ 9.95 | |||||||||||||||||||||||||
Stock repurchased during period, value under the share repurchase plan, value | $ 865,000 | |||||||||||||||||||||||||
Common Class T | ||||||||||||||||||||||||||
Number of shares of common stock, authorized to be issued | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | ||||||||||||||||||
Par value of common stock to be offered and sold to the public | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Reallocated maximum amount of common stock issuable under primary public offering | $ 2,800,000,000 | |||||||||||||||||||||||||
Common stock, shares, issued | 75,357,680 | 75,357,680 | 74,244,823 | 75,357,680 | 75,357,680 | 75,357,680 | 74,244,823 | 75,357,680 | ||||||||||||||||||
Common stock, shares outstanding | 75,357,680 | 75,357,680 | 74,244,823 | 75,357,680 | 75,357,680 | 75,357,680 | 74,244,823 | 75,357,680 | ||||||||||||||||||
Shares issued | 20,833 | 20,833 | 20,833 | 20,833 | 20,833 | 20,833 | 20,833 | 20,833 | ||||||||||||||||||
Distribution Reinvestment Plan | ||||||||||||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | 150,000,000 | 150,000,000 | ||||||||||||||||||||||||
Class T and Class I Common Stock | ||||||||||||||||||||||||||
Subscriptions in offering of common stock received and accepted shares | 75,639,681 | 75,639,681 | ||||||||||||||||||||||||
Common Class I | ||||||||||||||||||||||||||
Number of shares of common stock, authorized to be issued | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||||||||
Par value of common stock to be offered and sold to the public | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Reallocated maximum amount of common stock issuable under primary public offering | $ 200,000,000 | |||||||||||||||||||||||||
Share price | $ 9.65 | |||||||||||||||||||||||||
Common stock, shares, issued | 5,630,314 | 5,630,314 | 5,655,051 | 5,630,314 | 5,630,314 | 5,630,314 | 5,655,051 | 5,630,314 | ||||||||||||||||||
Common stock, shares outstanding | 5,630,314 | 5,630,314 | 5,655,051 | 5,630,314 | 5,630,314 | 5,630,314 | 5,655,051 | 5,630,314 | ||||||||||||||||||
Maximum percentage of dealer manager fee | 1.50% | |||||||||||||||||||||||||
Griffin American Advisor | Common Class T | ||||||||||||||||||||||||||
Value of stock purchased | $ 200,000 | |||||||||||||||||||||||||
Advisor | ||||||||||||||||||||||||||
Percentage of dealer manager fee | 2.00% | 2.00% | ||||||||||||||||||||||||
Two Thousand Fifteen Incentive Plan | Class T and Class I Common Stock | ||||||||||||||||||||||||||
Share price | $ 9.54 | $ 9.54 | $ 9.54 | $ 9.54 | $ 9.54 | $ 9.54 | $ 9.54 | $ 9.54 | ||||||||||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 4,000,000 | |||||||||||||||||||||||||
Two Thousand Fifteen Incentive Plan | Restricted Stock | ||||||||||||||||||||||||||
Share-based payment arrangement expense | $ 73,000 | $ 72,000 | $ 171,000 | $ 164,000 | ||||||||||||||||||||||
Limited Partner | ||||||||||||||||||||||||||
Stock issued during period, stock splits | 208 | 208 | ||||||||||||||||||||||||
Total Stockholders’ Equity | ||||||||||||||||||||||||||
Issuance of common stock under the DRIP | 4,247,000 | 6,599,000 | 19,056,000 | |||||||||||||||||||||||
Class T and Class I Common Stock | ||||||||||||||||||||||||||
Issuance of common stock under the DRIP | $ 4,000 | $ 7,000 | $ 16,000 | $ 20,000 | ||||||||||||||||||||||
Issuance of common stock, shares | (1,393) | 8,884,165 | ||||||||||||||||||||||||
Issuance of common stock under the DRIP, shares | 445,239 | 691,703 | 1,643,731 | 1,987,822 | ||||||||||||||||||||||
Shares issued | 80,987,994 | 79,480,812 | 80,987,994 | 79,480,812 | 79,899,874 | 80,987,994 | 80,987,994 | 80,987,994 | 79,899,874 | 80,987,994 | 80,599,306 | 79,084,339 | 69,254,971 | |||||||||||||
Distribution Reinvestment Plan | ||||||||||||||||||||||||||
Share price | $ 9.54 | $ 9.54 | $ 9.65 | |||||||||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | 150,000,000 | |||||||||||||||||||||||||
Class T and Class I Common Stock | ||||||||||||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 3,000,000,000 | |||||||||||||||||||||||||
DRIP S-3 Public Offering | ||||||||||||||||||||||||||
Issuance of common stock under the DRIP | $ 37,290,000 | |||||||||||||||||||||||||
Issuance of common stock under the DRIP, shares | 3,903,895 | |||||||||||||||||||||||||
Maximum dollar amount of common stock issuable under public offering | $ 100,000,000 | |||||||||||||||||||||||||
Louisiana Senior Housing Portfolio | ||||||||||||||||||||||||||
Joint venture ownership interest | 90.00% | 90.00% | 90.00% | 90.00% | 90.00% | 90.00% | ||||||||||||||||||||
Net earning of joint venture allocated to noncontrolling interest | 10.00% | |||||||||||||||||||||||||
Re-elected or Newly Elected Independent Directors [Member] | Two Thousand Fifteen Incentive Plan | Restricted Stock | ||||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vesting Percentage | 20.00% | |||||||||||||||||||||||||
Issuance of vested and nonvested restricted common stock, shares | 22,500 | 22,500 |
Equity Phantom (Details)
Equity Phantom (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 45 Months Ended | 54 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2020 | |
Preferred Stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Selling commissions expenses | $ 2,241,000 | ||||||
Common stock repurchased during period under share repurchase plan shares | 71,551 | 308,837 | 578,111 | 668,646 | 1,356,839 | 1,934,950 | |
Common Class T | |||||||
Common stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Shares issued | 20,833 | 20,833 | 20,833 | 20,833 | 20,833 | ||
Limited Partner | |||||||
Stock issued during period, stock splits | 208 | 208 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | 32 Months Ended | 43 Months Ended | 56 Months Ended | ||||||||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019 | Feb. 28, 2017 | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($)Quarter | Apr. 11, 2018$ / shares | Dec. 31, 2017 | Feb. 29, 2016 | Feb. 16, 2016USD ($) | |
Related Party Transaction [Line Items] | |||||||||||||||
Due to affiliate | $ 3,045,000 | $ 4,478,000 | $ 10,344,000 | $ 12,626,000 | |||||||||||
Maximum percentage of fees and expenses associated with the acquisition | 6.00% | 6.00% | 6.00% | ||||||||||||
Maximum percentage of dealer manager fee | 3.00% | 3.00% | |||||||||||||
Percentage of dealer manager fee | 1.00% | 1.00% | |||||||||||||
Resident fees and services | 18,948,000 | 11,865,000 | $ 51,863,000 | $ 34,053,000 | |||||||||||
Minimum Investment Rate By Officer EVP | 5.00% | ||||||||||||||
Maximum Investment Rate By Officer EVP | 15.00% | ||||||||||||||
Due to Affiliate | 987,000 | 987,000 | $ 987,000 | $ 1,016,000 | $ 987,000 | $ 987,000 | $ 987,000 | ||||||||
Participating securities, distributed and undistributed earnings (loss), basic | 4,000 | 7,000 | 15,000 | 18,000 | |||||||||||
Base Acquisition Fee Paid | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Due to affiliate | 35,000 | 1,922,000 | 1,475,000 | 3,663,000 | |||||||||||
Contingent Advisor Payment Incurred | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Due to affiliate | 20,982,000 | 20,982,000 | |||||||||||||
Operating Expense [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Due to affiliate | 37,000 | 24,000 | 122,000 | 97,000 | |||||||||||
Due to Affiliate | 11,000 | 11,000 | 11,000 | 12,000 | 11,000 | 11,000 | $ 11,000 | ||||||||
Subordinated Distribution Of Net Sales Proceeds [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Percentage of distribution of net proceeds from sale of properties | 15.00% | ||||||||||||||
Annual cumulative non compounded return on gross proceeds from sale of shares of our common stock | 6.00% | ||||||||||||||
Subordinated DistributionUpon Listing [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Distribution rate of common stock capital to advisor | 15.00% | ||||||||||||||
Annual cumulative non compounded return upon listing from sale of shares of common stock | 6.00% | ||||||||||||||
Subordinated Distribution Upon Termination [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Distribution rate of common stock capital to advisor | 15.00% | ||||||||||||||
Annual cumulative non compounded return upon listing from sale of shares of common stock | 6.00% | ||||||||||||||
Lease Commissions [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Due to Affiliate | 0 | $ 0 | $ 0 | $ 21,000 | $ 0 | $ 0 | $ 0 | ||||||||
Advisor | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Maximum Percentage Of Construction Management Fees | 5.00% | ||||||||||||||
Number Of Consecutive Fiscal Quarter For Reimbursement Measurement | Quarter | 4 | ||||||||||||||
Condition One: Percentage Of Operating Expenses Of Average Invested Asset | 2.00% | ||||||||||||||
Condition Two: Percentage Of Operating Expense Of Net Income | 25.00% | ||||||||||||||
Percentage of dealer manager fee | 2.00% | 2.00% | |||||||||||||
Maximum acquisition fee of contract purchase price for property we acquire | 4.50% | ||||||||||||||
Maximum acquisition fee of real estate-related investment purchase price we originate or acquire | 4.25% | ||||||||||||||
Base acquisition fee for property acquired | 2.25% | ||||||||||||||
Base acquisition fee for real estate related investment we acquire | 2.00% | ||||||||||||||
Contingent advisor payment fee | 2.25% | ||||||||||||||
Contingent Advisor Payment Holdback | $ 7,500,000 | ||||||||||||||
Imputed leverage on equity raise percentage as basis of acquisition fee | 50.00% | ||||||||||||||
Asset management fee percentage | 0.80% | ||||||||||||||
Percentage of property management oversight fee | 1.00% | ||||||||||||||
Percentage of property management oversight fee - gross monthly cash receipts | 1.50% | ||||||||||||||
Percentage of property management oversight fee - multiple tenants | 1.50% | ||||||||||||||
Minimum percentage of lease fee | 3.00% | ||||||||||||||
Maximum percentage of lease fee | 6.00% | ||||||||||||||
Disposition fees as percentage of contract sales price | 2.00% | ||||||||||||||
Disposition fees as percentage of customary competitive real estate commission | 50.00% | ||||||||||||||
Maximum percentage of disposition fee | 6.00% | ||||||||||||||
Development Fees [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Due to affiliate | 22,000 | 0 | $ 24,000 | 14,000 | |||||||||||
Reimbursement of acquisition expenses [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Due to affiliate | 1,000 | 0 | 0 | 0 | |||||||||||
Asset Management [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Due to affiliate | 2,446,000 | 2,120,000 | 7,292,000 | 6,012,000 | |||||||||||
Construction Management Fee [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Due to affiliate | 12,000 | 73,000 | 76,000 | 99,000 | |||||||||||
Operating Expense [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Percentage Of Operating Expenses Of Average Invested Assets | 1.10% | 1.20% | |||||||||||||
Percentage Of Operating Expenses Of Net Income | 32.70% | 42.00% | |||||||||||||
Lease Commissions [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Due to affiliate | 117,000 | 21,000 | 254,000 | 71,000 | |||||||||||
Property Management Fee [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Due to affiliate | $ 376,000 | $ 318,000 | $ 1,100,000 | 871,000 | |||||||||||
Jeffrey T. Hanson, Danny Prosky, and Mathieu B. Streiff [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Investment Rate By Officer | 100.00% | ||||||||||||||
Dealer manager fees | Contingent Advisor Payment Incurred | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Related Party Transaction, Amounts of Transaction | 1,687,000 | ||||||||||||||
Other organizational and offering expenses | Contingent Advisor Payment Incurred | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 112,000 | ||||||||||||||
Common Class I | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Maximum percentage of dealer manager fee | 1.50% | ||||||||||||||
Share price | $ / shares | $ 9.65 |
Related Party Transactions - Re
Related Party Transactions - Related Party Description (Detail) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ (14,000) | $ 88,715,000 |
Board of Directors Chairman [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 10,000 | |
Issuance of common stock, shares | 995 | |
President [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 11,000 | |
Issuance of common stock, shares | 1,103 | |
Executive Vice President [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 10,000 | |
Issuance of common stock, shares | 999 | |
Chief Financial Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 1,000 | |
Issuance of common stock, shares | 88 | |
Executive Vice President, Acquisitions [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 1,000 | |
Issuance of common stock, shares | 127 | |
Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 35,000 | |
Issuance of common stock, shares | 3,448 | |
Christopher M. Belford [Member] | Executive Vice President, Asset Management [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 1,000 | |
Issuance of common stock, shares | 102 | |
Wendie Newman [Member] | Executive Vice President, Asset Management [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of common stock | $ 1,000 | |
Issuance of common stock, shares | 34 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amount Outstanding to Affiliates (Detail) - USD ($) | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Due to Affiliate | $ 987,000 | $ 1,016,000 | |
Operating Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage Of Operating Expenses Of Average Invested Assets | 1.10% | 1.20% | |
Percentage Of Operating Expenses Of Net Income | 32.70% | 42.00% | |
Asset Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Affiliate | $ 815,000 | 768,000 | |
Property Management Fee [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Affiliate | 128,000 | 145,000 | |
Construction Management Fee [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Affiliate | 31,000 | 65,000 | |
Operating Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Affiliate | 11,000 | 12,000 | |
Lease Commissions [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Affiliate | 0 | 21,000 | |
Acquisition and development fees [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Affiliate | $ 2,000 | $ 5,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | $ 6,687,000 | $ 4,385,000 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 6,687,000 | 4,385,000 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | $ 0 | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value by Balance Sheet Grouping (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | ||
Carrying Amount(1) | ||||||
Mortgage loans payable | $ 17,974,000 | [1] | $ 26,070,000 | [1] | $ 26,229,000 | $ 16,892,000 |
Line of credit and term loans | 477,306,000 | 393,217,000 | ||||
Fair Value | ||||||
Mortgage loans payable | 21,944,000 | 26,677,000 | ||||
Line of credit and term loans | $ 480,348,000 | $ 396,891,000 | ||||
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of September 30, 2020 and December 31, 2019 represented liabilities of Griffin American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $479,500,000 and $396,800,000 as of September 30, 2020 and December 31, 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Federal deferred | $ (863,000) | $ (290,000) | $ (2,134,000) | $ (958,000) |
State deferred | (327,000) | (68,000) | (721,000) | (250,000) |
Federal current | (37,000) | 0 | 0 | 0 |
State current | (2,000) | 16,000 | 0 | 26,000 |
Valuation allowance | 1,190,000 | 349,000 | 2,855,000 | 1,199,000 |
Total income tax (benefit) expense | $ (39,000) | $ 7,000 | $ 0 | $ 17,000 |
Leases Additional Information (
Leases Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Real estate revenue | $ 21,519,000 | $ 19,253,000 | $ 64,824,000 | $ 53,280,000 |
Variable lease payments | $ 4,592,000 | $ 3,718,000 | $ 13,861,000 | $ 10,426,000 |
Leases Lessor, Future Minimum R
Leases Lessor, Future Minimum Rents Due (Details) | Sep. 30, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 16,049,000 |
2021 | 64,178,000 |
2022 | 61,520,000 |
2023 | 57,017,000 |
2024 | 51,410,000 |
Thereafter | 310,613,000 |
Total | $ 560,787,000 |
Leases Components of Lease Cost
Leases Components of Lease Cost (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 206,000 | $ 177,000 | $ 643,000 | $ 478,000 |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 0 | $ 4,489,000 | |
Weighted average remaining lease term (in years) | 79 years 8 months 12 days | 80 years 4 months 24 days | |
Weighted average discount rate | 5.74% | 5.74% | |
Operating cash outflows related to operating leases | $ 306,000 | $ 252,000 |
Leases Future Minimum Rent Paym
Leases Future Minimum Rent Payments, Operating Leases (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
Lessee, Operating Lease, Description [Abstract] | |||
2020 | $ 212,000 | ||
2021 | 523,000 | ||
2022 | 526,000 | ||
2023 | 530,000 | ||
2024 | 534,000 | ||
Thereafter | 47,103,000 | ||
Total operating lease payments | 49,428,000 | ||
Less: interest | 39,453,000 | ||
Present value of operating lease liabilities | [1] | $ 9,975,000 | $ 9,858,000 |
[1] | Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of September 30, 2020 and December 31, 2019 represented liabilities of Griffin American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $479,500,000 and $396,800,000 as of September 30, 2020 and December 31, 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc. |
Segment Reporting - Summary Inf
Segment Reporting - Summary Information for Reportable Segments (Detail) | Sep. 30, 2020USD ($)segment | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)segment | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Segment Reporting Information Line Items | ||||||
Number of reportable segments | segment | 4 | 4 | ||||
Assets by Reportable Segment | ||||||
Total assets | $ 1,111,490,000 | $ 1,111,490,000 | $ 1,111,490,000 | $ 1,068,327,000 | ||
Revenues: | ||||||
Real estate revenue | 21,519,000 | $ 19,253,000 | 64,824,000 | $ 53,280,000 | ||
Resident fees and services | 18,948,000 | 11,865,000 | 51,863,000 | 34,053,000 | ||
Grant income | 864,000 | 0 | 864,000 | 0 | ||
Total revenues and grant income | 41,331,000 | 31,118,000 | 117,551,000 | 87,333,000 | ||
Expenses: | ||||||
Rental expenses | 5,905,000 | 4,929,000 | 17,723,000 | 14,238,000 | ||
Property operating expenses | 17,397,000 | 9,884,000 | 44,856,000 | 28,194,000 | ||
Segment net operating income | 18,029,000 | 16,305,000 | 54,972,000 | 44,901,000 | ||
Operating Expenses | ||||||
General and administrative | 3,672,000 | 3,982,000 | 11,960,000 | 11,413,000 | ||
Acquisition related expenses | 57,000 | 74,000 | 74,000 | 1,492,000 | ||
Depreciation and amortization | 12,669,000 | 9,552,000 | 37,919,000 | 35,561,000 | ||
Other income (expense): | ||||||
Interest expense (including amortization of deferred financing costs and debt discount/premium) | (4,839,000) | (4,140,000) | (15,123,000) | (11,532,000) | ||
Gain (loss) in fair value of derivative financial instruments | 1,450,000 | (402,000) | (2,302,000) | (5,401,000) | ||
Impairment of real estate investments | (3,064,000) | 0 | (3,064,000) | 0 | ||
(Loss) income from unconsolidated entity | (377,000) | (79,000) | 952,000 | 185,000 | ||
Other income | 8,000 | 13,000 | 278,000 | 162,000 | ||
Loss before income taxes | (5,191,000) | (1,911,000) | (14,240,000) | (20,151,000) | ||
Income tax benefit (expense) | 39,000 | (7,000) | 0 | (17,000) | ||
Net loss | (5,152,000) | (1,918,000) | (14,240,000) | (20,168,000) | ||
Medical Office Building | ||||||
Assets by Reportable Segment | ||||||
Total assets | 590,075,000 | 590,075,000 | 590,075,000 | 600,048,000 | ||
Revenues: | ||||||
Real estate revenue | 16,338,000 | 14,144,000 | 49,184,000 | 38,802,000 | ||
Total revenues and grant income | 16,338,000 | 14,144,000 | 49,184,000 | 38,802,000 | ||
Expenses: | ||||||
Rental expenses | 5,607,000 | 4,581,000 | 16,616,000 | 12,814,000 | ||
Segment net operating income | 10,731,000 | 9,563,000 | 32,568,000 | 25,988,000 | ||
Senior Housing-RIDEA | ||||||
Assets by Reportable Segment | ||||||
Total assets | 247,972,000 | 247,972,000 | 247,972,000 | 149,055,000 | ||
Revenues: | ||||||
Resident fees and services | 18,948,000 | 11,865,000 | 51,863,000 | 34,053,000 | ||
Grant income | 864,000 | 864,000 | ||||
Total revenues and grant income | 19,812,000 | 11,865,000 | 52,727,000 | 34,053,000 | ||
Expenses: | ||||||
Property operating expenses | 17,397,000 | 9,884,000 | 44,856,000 | 28,194,000 | ||
Segment net operating income | 2,415,000 | 1,981,000 | 7,871,000 | 5,859,000 | ||
Skilled Nursing Facilities | ||||||
Assets by Reportable Segment | ||||||
Total assets | 120,219,000 | 120,219,000 | 120,219,000 | 121,749,000 | ||
Revenues: | ||||||
Real estate revenue | 2,979,000 | 2,929,000 | 8,984,000 | 8,732,000 | ||
Total revenues and grant income | 2,979,000 | 2,929,000 | 8,984,000 | 8,732,000 | ||
Expenses: | ||||||
Rental expenses | 125,000 | 135,000 | 459,000 | 435,000 | ||
Segment net operating income | 2,854,000 | 2,794,000 | 8,525,000 | 8,297,000 | ||
Senior Housing | ||||||
Assets by Reportable Segment | ||||||
Total assets | 101,225,000 | 101,225,000 | 101,225,000 | 142,982,000 | ||
Revenues: | ||||||
Real estate revenue | 2,202,000 | 2,180,000 | 6,656,000 | 5,746,000 | ||
Total revenues and grant income | 2,202,000 | 2,180,000 | 6,656,000 | 5,746,000 | ||
Expenses: | ||||||
Rental expenses | 173,000 | 213,000 | 648,000 | 989,000 | ||
Segment net operating income | 2,029,000 | $ 1,967,000 | 6,008,000 | $ 4,757,000 | ||
Other | ||||||
Assets by Reportable Segment | ||||||
Total assets | $ 51,999,000 | $ 51,999,000 | $ 51,999,000 | $ 54,493,000 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) | Sep. 30, 2020tenantStatesegment | Sep. 30, 2020tenantStatesegment |
Concentration of Credit Risk | ||
Number of states with more than ten percent of tenant annual base rent | State | 1 | 1 |
Minimum percent share of each state annualized base rent | 10.00% | 10.00% |
Number of reportable segments | segment | 4 | 4 |
Number of tenants with more than ten percent of annual base rent | tenant | 1 | 1 |
Minimum Percent Share Of Annualized Base Rent Accounted By Tenants | 10.00% | 10.00% |
Medical Office Building | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 62.60% | 62.60% |
Senior Housing-RIDEA | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 14.00% | 14.00% |
Skilled Nursing Facilities | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 13.70% | 13.70% |
Senior Housing | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 9.70% | 9.70% |
MISSOURI | ||
Concentration of Credit Risk | ||
Percentage of annual base rent | 11.40% | 11.40% |
Concentration of Credit Risk _2
Concentration of Credit Risk - Schedule of Annualized Base Rent from Tenants at Consolidated Properties (Detail) - RC Tier Properties LLC | 9 Months Ended |
Sep. 30, 2020USD ($)ft² | |
Annual Base Rent | $ | $ 7,782,000 |
Percentage of Annualized Base Rent | 10.40% |
Type | Skilled Nursing |
GLA (Sq Ft) | ft² | 385,000 |
Lease Expiration Date | Sep. 30, 2033 |
Per Share Data (Detail)
Per Share Data (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Participating securities, distributed and undistributed earnings (loss), basic | $ 4,000 | $ 7,000 | $ 15,000 | $ 18,000 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 45,000 | 43,500 | ||
Redeemable Limited Partnership Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 208 | 208 |