NATIONAL HEALTHCARE PROPERTIES, INC., 10-K filed on 2/20/2026
Annual Report
v3.25.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 12, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-39153    
Entity Registrant Name National Healthcare Properties, Inc.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 38-3888962    
Entity Address, Address Line One 540 Madison Ave.    
Entity Address, Address Line Two 27th Floor    
Entity Address, City or Town New York    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10022    
City Area Code 332    
Local Phone Number 258-8770    
Title of 12(g) Security Common stock, $0.01 par value per share    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 0
Entity Common Stock, Shares Outstanding   28,412,183  
Documents Incorporated by Reference
Portions of the registrant’s definitive proxy statement to be delivered to stockholders in connection with the registrant’s 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. The registrant intends to file its proxy statement within 120 days after its fiscal year end.
    
Entity Central Index Key 0001561032    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Series A Preferred Stock      
Document Information [Line Items]      
Title of 12(b) Security 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share    
Trading Symbol NHPAP    
Security Exchange Name NASDAQ    
Series B Preferred Stock      
Document Information [Line Items]      
Title of 12(b) Security 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share    
Trading Symbol NHPAB    
Security Exchange Name NASDAQ    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location New York, New York
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate investments, at cost:    
Land $ 174,535 $ 190,082
Buildings, fixtures and improvements 1,785,952 2,012,401
Acquired intangible assets 246,544 284,447
Construction in progress 2,994 7,867
Total real estate investments, at cost 2,210,025 2,494,797
Less: accumulated depreciation and amortization (691,200) (725,831)
Total real estate investments, net 1,518,825 1,768,966
Cash and cash equivalents 57,620 21,652
Restricted cash 50,832 52,443
Derivative assets, at fair value 569 19,206
Straight-line rent receivable, net 21,486 22,841
Operating lease right-of-use assets 7,377 7,480
Prepaid expenses and other assets, net 23,019 26,316
Accounts receivable, net 9,252 5,850
Deferred costs, net 22,792 21,269
Total assets 1,711,772 1,946,023
Liabilities    
Mortgage notes payable, net 367,629 779,160
Market lease intangible liabilities, net 4,851 6,125
Derivative liabilities, at fair value 188 0
Accounts payable and accrued expenses 44,381 89,575
Operating lease liabilities 8,467 8,109
Deferred rent 9,247 7,217
Distributions payable 3,340 3,496
Total liabilities 1,107,247 1,255,898
Commitments and Contingencies
Equity    
Common stock, 0.01 par value, 300,000,000 shares authorized; 28,426,694 and 28,296,439 shares issued and outstanding as of December 31, 2025 and 2024, respectively 1,132 1,132
Additional paid-in capital 2,531,315 2,533,706
Accumulated other comprehensive income 5,604 16,640
Distributions in excess of accumulated earnings (1,938,060) (1,866,994)
Total stockholders’ equity 600,064 684,560
Non-controlling interests 4,461 5,565
Total equity 604,525 690,125
Total liabilities and equity 1,711,772 1,946,023
Fannie Mae and other secured debt | Secured Debt    
Liabilities    
Fannie Mae and other secured debt/ Revolving credit facility / Term Loan, net 334,739 362,216
Credit Agreement | Revolving Credit Facility    
Liabilities    
Fannie Mae and other secured debt/ Revolving credit facility / Term Loan, net 186,000 0
Credit Agreement | Secured Debt    
Liabilities    
Fannie Mae and other secured debt/ Revolving credit facility / Term Loan, net 148,405 0
Series A Preferred Stock    
Equity    
Preferred stock 38 40
Series B Preferred Stock    
Equity    
Preferred stock $ 35 $ 36
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Dec. 31, 2024
$ / shares
shares
Common stock, par value (in usd per share) | $ / shares $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares issued (in shares) 28,426,694 28,296,439
Common stock, shares outstanding (in shares) 28,426,694 28,296,439
Series A Preferred Stock    
Preferred stock, dividend rate, percentage 7.375% 7.375%
Preferred stock, par value (in usd per share) | $ / shares $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 4,608,371 4,740,000
Preferred stock, shares issued (in shares) 3,845,515 3,977,144
Preferred stock, shares outstanding (in shares) 3,845,515 3,977,144
Series B Preferred Stock    
Preferred stock, dividend rate, percentage 7.125% 7.125%
Preferred stock, par value (in usd per share) | $ / shares $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 3,466,656 3,680,000
Preferred stock, shares issued (in shares) 3,416,656 3,630,000
Preferred stock, shares outstanding (in shares) 3,416,656 3,630,000
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue from tenants $ 342,279 $ 353,794 $ 345,925
Operating expenses:      
Property operating and maintenance 218,898 221,452 217,792
Impairment charges 44,914 24,881 4,676
Termination fees to related parties 0 106,650 0
Operating fees to related parties 0 19,203 25,527
Acquisition and transaction related 516 7,949 545
General and administrative 24,190 22,440 18,928
Depreciation and amortization 78,261 84,067 82,873
Total expenses 366,779 486,642 350,341
Operating loss before gain (loss) on sale of real estate investments (24,500) (132,848) (4,416)
Gain (loss) on sale of real estate investments 27,800 9,307 (322)
Operating income (loss) 3,300 (123,541) (4,738)
Other (expense) income:      
Interest expense (61,281) (69,447) (66,078)
Interest and other income, net 272 1,051 734
Gain on extinguishment of debt 257 392 0
(Loss) gain on non-designated derivatives (72) 1,544 (1,995)
Total other expense, net (60,824) (66,460) (67,339)
Loss before income taxes (57,524) (190,001) (72,077)
Income tax expense (161) (262) (303)
Net loss (57,685) (190,263) (72,380)
Net loss attributable to non-controlling interests 64 567 82
Allocation for preferred stock (13,446) (13,799) (13,799)
Net loss attributable to common stockholders (71,067) (203,495) (86,097)
Other comprehensive loss:      
Unrealized loss on designated derivatives (11,036) (6,824) (13,446)
Comprehensive loss attributable to common stockholders $ (82,103) $ (210,319) $ (99,543)
Weighted-average common shares outstanding - Basic (in shares) [1] 28,304 28,286 28,280
Weighted-average common shares outstanding - Diluted (in shares) [1] 28,304 28,286 28,280
Net loss attributable to common stockholders per common share — Basic (in usd per share) [1] $ (2.51) $ (7.19) $ (3.04)
Net loss attributable to common stockholders per common share - Diluted (in usd per share) [1] $ (2.51) $ (7.19) $ (3.04)
[1] Retroactively adjusted for the effects of previous stock dividends (see Note 1 — Organization ). Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a net loss exists as the effect would be an antidilutive per share amount.
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical)
Sep. 30, 2024
Income Statement [Abstract]  
Stockholders' equity, reverse stock split 0.25
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Series A Preferred Stock
Series B Preferred Stock
Total Stockholders’ Equity
Total Stockholders’ Equity
Series A Preferred Stock
Total Stockholders’ Equity
Series B Preferred Stock
Preferred Stock
Series A Preferred Stock
Preferred Stock
Series B Preferred Stock
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Series A Preferred Stock
Additional Paid-in Capital
Series B Preferred Stock
Accumulated Other Comprehensive Income (Loss)
Distributions in Excess of Accumulated Earnings
Distributions in Excess of Accumulated Earnings
Series A Preferred Stock
Distributions in Excess of Accumulated Earnings
Series B Preferred Stock
Non-controlling Interests
Preferred stock, shares outstanding beginning balance (in shares) at Dec. 31, 2022             3,977,000 3,630,000                  
Beginning balance at Dec. 31, 2022 $ 999,190     $ 992,639     $ 40 $ 36 $ 1,051 $ 2,417,059     $ 36,910 $ (1,462,457)     $ 6,551
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2022                 26,270,000                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation, net 919     919           919              
Distributions declared in common stock (in shares)                 1,616,000                
Distributions declared in common stock 0     0         $ 64 91,186       (91,250)      
Distributions declared on preferred stock (13,799) $ (7,333) $ (6,466)   $ (7,333) $ (6,466)                 $ (7,333) $ (6,466)  
Distributions to non-controlling interest holders (185)                               (185)
Contributions from non-controlling interest holders 284                               284
Net loss (72,380)     (72,298)                   (72,298)     (82)
Unrealized loss on designated derivative (13,446)     (13,446)                 (13,446)        
Rebalancing of ownership percentage 0     139           139             (139)
Preferred stock, shares outstanding ending balance (in shares) at Dec. 31, 2023             3,977,000 3,630,000                  
Ending balance at Dec. 31, 2023 900,583     894,154     $ 40 $ 36 $ 1,115 2,509,303     23,464 (1,639,804)     6,429
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2023                 27,886,000                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation, net 613     613           613              
Distributions declared in common stock (in shares)                 410,000                
Distributions declared in common stock $ 0     0         $ 17 23,678       (23,695)      
Common stock issuance, net of tax withholdings (in shares) 0                                
Distributions declared on preferred stock $ (13,799) $ (7,333) $ (6,466)   (7,333) (6,466)                 (7,333) (6,466)  
Distributions to non-controlling interest holders (185)                               (185)
Net loss (190,263)     (189,696)                   (189,696)     (567)
Unrealized loss on designated derivative (6,824)     (6,824)                 (6,824)        
Rebalancing of ownership percentage 0     112           112             (112)
Preferred stock, shares outstanding ending balance (in shares) at Dec. 31, 2024   3,977,144 3,630,000       3,977,000 3,630,000                  
Ending balance at Dec. 31, 2024 $ 690,125     684,560     $ 40 $ 36 $ 1,132 2,533,706     16,640 (1,866,994)     5,565
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2024 28,296,439               28,296,000                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation, net $ 3,766     3,766           3,766              
Common stock issuance, net of tax withholdings (in shares) 0               11,000                
Common stock issuance, net of tax withholdings $ (612)     (612)           (612)              
Distributions declared on preferred stock (13,446) $ (7,181) $ (6,264)   (7,181) (6,264)                 (7,181) $ (6,264)  
Repurchase of Preferred Stock (in shares)             (132,000) (213,000)                  
Repurchase of Preferred Stock   $ (2,026) $ (3,399)   $ (2,026) $ (3,399) $ (2) $ (1)     $ (2,024) $ (3,398)          
Distributions to non-controlling interest holders (184)                               (184)
Contributions from non-controlling interest holders 0     (123)           (123)             123
Net loss (57,685)     (57,621)                     $ (57,621)   (64)
Unrealized loss on designated derivative (11,036)     (11,036)                 (11,036)        
Rebalancing of ownership percentage (979)                               (979)
Preferred stock, shares outstanding ending balance (in shares) at Dec. 31, 2025   3,845,515 3,416,656       3,845,000 3,417,000                  
Ending balance at Dec. 31, 2025 $ 604,525     $ 600,064     $ 38 $ 35 $ 1,132 $ 2,531,315     $ 5,604 $ (1,938,060)     $ 4,461
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2025 28,426,694               28,307,000                
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)
 12 Months Ended
Mar. 01, 2018
$ / shares
Dec. 31, 2025
$ / shares
Dec. 31, 2024
$ / shares
Dec. 31, 2023
$ / shares
Distributions declared per share (in usd per share) $ 3.40   $ 0.85 $ 0.85
Series A Preferred Stock        
Preferred stock distributions declared per share (in usd per share)   $ 1.84 1.84 1.84
Series B Preferred Stock        
Preferred stock distributions declared per share (in usd per share)   $ 1.78 $ 1.78 $ 1.78
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (57,685) $ (190,263) $ (72,380)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 78,261 84,067 82,873
Amortization of deferred financing costs and mortgage discounts (premiums) 4,753 3,465 6,793
Accretion of terminated swap (344) (1,218) (4,195)
Amortization (accretion) of market lease and other intangibles, net 1,891 (1,428) (890)
Stock-based compensation amortization expense 3,766 613 919
Loss (gain) on non-designated derivative instruments 72 (1,544) 1,995
Cash received from non-designated derivative instruments 3,292 6,810 5,580
(Gain) loss on sale of real estate investments (27,800) (9,307) 322
Gain on extinguishment of debt (257) (392) 0
Impairment charges 44,914 24,881 4,676
Deferred tax valuation allowance 1,711 2,397 1,165
Changes in assets and liabilities:      
Straight-line rent receivable, net 1,355 (794) (1,049)
Prepaid expenses and other assets, net 3,692 (6,021) (5,549)
Accounts receivable, net (3,399) 3,093 705
Deferred leasing costs (8,081) (11,266) (3,134)
Accounts payable, accrued expenses and other liabilities (41,220) 15,925 3,217
Deferred rent 2,030 1,136 576
Net cash provided by (used in) operating activities 6,951 (79,846) 21,624
Cash flows from investing activities:      
Acquisitions of real estate (250) (5,606) (35,261)
Capital expenditures (28,726) (21,908) (22,397)
Investments in non-designated interest rate caps, net (1,379) (1,709) (9,962)
Proceeds from sales of real estate, net 100,161 93,195 4,803
Net cash provided by (used in) investing activities 69,806 63,972 (62,817)
Cash flows from financing activities:      
Repayments of Fannie Mae and other secured debt (27,476) (5,769) (200,602)
Proceeds from mortgage notes payable 0 0 240,000
Repayments of mortgage notes payable (331,113) (18,822) (1,139)
Proceeds from interest rate swap terminations 8,259 0 5,413
Payments of deferred financing costs (6,211) 0 (8,748)
Proceeds from promissory note 0 30,267 0
Taxes paid for net settlement of equity-based awards (612) 0 0
Payment of offering costs (1,217) 0 0
Repurchase of Preferred Stock (5,423) 0 0
Purchase of non-controlling interest (978) 0 0
Contributions from non-controlling interest holders 0 0 284
Distributions to non-controlling interest holders (184) (184) (185)
Net cash (used in) provided by financing activities (42,400) (1,347) 55,971
Net change in cash, cash equivalents and restricted cash 34,357 (17,221) 14,778
Cash, cash equivalents and restricted cash, beginning of year 74,095 91,316 76,538
Cash, cash equivalents and restricted cash, end of year 108,452 74,095 91,316
Cash and cash equivalents 57,620 21,652 46,409
Restricted cash 50,832 52,443 44,907
Cash, cash equivalents and restricted cash, end of period 108,452 74,095 91,316
Supplemental disclosures of cash flow information:      
Cash paid for interest (54,018) (61,038) (63,720)
Cash (received) paid for income and franchise taxes [1] 10 (416) (454)
Non-cash investing and financing activities:      
Common stock issued through stock dividends 0 23,695 91,250
Preferred stock dividend declared (3,340) (3,496) (3,496)
Mortgages issued with acquisition of real estate investments 0 7,500 0
Accrued capital expenditures 598 455 2,902
Accrued offering costs on Series B Preferred Stock 0 0 0
Proceeds from real estate sales used to repay mortgage notes payable 82,797 20,370 2,663
Mortgage notes payable repaid with proceeds from real estate sales (82,797) (20,370) (2,663)
Proceeds from real estate sales used to repay amounts outstanding under the Prior Credit Facility 0 0 5,167
Amounts outstanding under the Prior Credit Facility repaid with proceeds from real estate sales 0 0 (5,167)
Fannie Mae and other secured debt      
Cash flows from financing activities:      
Borrowings/Proceeds from credit facility 0 6,960 34,748
Credit Agreement      
Cash flows from financing activities:      
Borrowings/Proceeds from credit facility 336,000 0 0
Series A Preferred Stock      
Cash flows from financing activities:      
Dividend paid on Preferred stock (7,181) (7,333) (7,334)
Series B Preferred Stock      
Cash flows from financing activities:      
Dividend paid on Preferred stock $ (6,264) $ (6,466) $ (6,466)
[1] For the year ended December 31, 2025, relates to cash received for income tax refunds. For the years ended December 31, 2024 and 2023, relates to cash paid for income and franchise taxes.
v3.25.4
Organization
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
National Healthcare Properties, Inc. (including, as required by context, National Healthcare Properties Operating Partnership, L.P. (the “OP”) and its subsidiaries, the “Company”) is a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company acquires, owns and manages a diversified portfolio of healthcare-related real estate focused on senior housing operating properties (“SHOPs”) and outpatient medical facilities (“OMFs”).
As of December 31, 2025, the Company owned 167 properties and a land parcel located in 29 states, consisted of 37 senior housing communities, with 3,615 units, in the SHOP segment and 130 outpatient medical facilities, with approximately 3.7 million square feet of gross leasable area, in the OMF segment.
Substantially all of the Company’s business is conducted through the OP and its wholly owned subsidiaries, including its taxable REIT subsidiary (“TRS”). Prior to the consummation of the Internalization (as defined below) on September 27, 2024, the Company’s former advisor, Healthcare Trust Advisors, LLC (the “Advisor”), and its related affiliates managed the Company’s day-to-day business and received compensation and fees for providing services to the Company. See the “Internalization” section in this Note for additional information.
The Company has two operating and reportable segments: SHOP and OMF. All of the Company’s properties across both business segments are located throughout the United States. In the SHOP segment, the Company invests in senior housing properties through the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) structure. Under RIDEA, a REIT may lease “qualified healthcare properties” on an arm’s length basis to a TRS if the property is operated on behalf of such subsidiary by a person who qualifies as an “eligible independent contractor.” As of December 31, 2025, the Company engaged three eligible independent contractors to operate 37 SHOPs. In the OMF segment, the Company owns, manages and leases single and multi-tenant OMFs where tenants are required to pay their pro rata share of property operating expenses and certain capital expenditures, which may be subject to expense exclusions and floors, in addition to base rent. The Company or third-party managers manage the Company’s OMFs.
From October 2020 through January 2024, the Company declared and issued quarterly dividends entirely in shares of its common stock, par value $0.01 per share (the “common stock”), in an aggregate of approximately 5.2 million shares (as adjusted to reflect the Reverse Stock Split (as defined below)).
On March 26, 2025, the Company published a new estimate of per-share net asset value (“Estimated Per-Share NAV”) as of December 31, 2024. The Estimated Per-Share NAV published on March 26, 2025 has not been adjusted since publication and will not be adjusted until the Company’s board of directors (the “Board”) determines a new Estimated Per-Share NAV. The Company intends to publish Estimated Per-Share NAV periodically at the discretion of the Board, provided that such estimates will be made at least once annually unless the Company lists its common stock.
Internalization
On September 27, 2024, the Company consummated the transactions (the “Internalization”) contemplated by that certain merger agreement dated August 6, 2024 (the “Internalization Agreement”) with the former Advisor, resulting in the internalization of the Company’s management and termination of the prior advisory agreement. Pursuant to the Internalization Agreement, on the closing date, (i) the outstanding membership interests of the former Advisor were converted into the right to receive from the Company an internalization fee of $98.2 million and (ii) the former Advisor’s parent entity received (x) an asset management fee of $5.5 million, representing the aggregate base management fee that the Company would have been required to pay to the Advisor during the remaining three month notice period required to terminate the prior advisory agreement, and (y) a property management fee of $2.9 million, representing the aggregate management fees that the Company would have been required to pay to the former Advisor through the then-current term of the property management agreement, in each case subject to certain other adjustments (collectively, the “Closing Payments” in an aggregate amount of $106.6 million). Because the Closing Payments exceeded the Company’s available cash on the closing date, the Company paid an aggregate cash consideration of $75.0 million and issued an unsecured promissory note (the “Promissory Note”) in a principal amount of $30.3 million to the former Advisor’s parent entity. In January 2025, the Company repaid the Promissory Note in full.
Reverse Stock Split
On September 26, 2024, the Company effected a reverse stock split of the Company’s common stock at a ratio of one-for-four, which became effective on September 30, 2024 (the “Reverse Stock Split”). All share and per share data in this Annual Report on Form 10-K have been adjusted for all periods presented to reflect the Reverse Stock Split.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Accounting
The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”).
Principles of Consolidation and Basis of Presentation
The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, fair value measurements and income taxes, as applicable.
Revenue Recognition
The Company’s revenues consist primarily of resident services and fee income from lease contracts with residents in the SHOP segment and rents from lease contracts with tenants in the OMF segment. The Company recognizes resident services and fee income from residents in the SHOP segment and rental revenues from tenants in the OMF segment in accordance with Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”).
Rental income from residents in the SHOP segment is recognized as earned when services are provided. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the leases are short term in nature, primarily month-to-month.
Rent from tenants in the OMF segment is recognized on a straight-line basis over the initial term of the lease when collectability is probable. Because many of the leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants on a straight-line basis, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease.
When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates.
In addition to base rent, dependent on the specific lease, tenants are generally required to pay either (i) their pro rata share of property operating and maintenance expenses and certain capital expenditures, which may be subject to expense exclusions and floors, or (ii) their share of increases in property operating and maintenance expenses to the extent they exceed the properties’ expenses for the base year of the respective leases. Tenant reimbursements generally relate to the reimbursement of real estate taxes, insurance and repair and maintenance expense, and are recognized as both revenue (in revenue from tenants) and expense (in property operating and maintenance expense) in the period the expense is incurred. Under certain other lease agreements, tenants are directly responsible for all operating and maintenance costs of the respective properties. Expenses paid directly by the tenant are reflected on a net basis.
The Company continually reviews receivables related to rent and unbilled rent and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under ASC 842, the Company is required to assess, based on credit risk only, if it is probable that the Company will collect virtually all of the lease payments at lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances
affecting the credit risk of the tenant. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e., straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and a full reserve would be recorded on previously accrued amounts in cases where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in operating revenue from tenants, in accordance with current accounting rules, in the consolidated statements of operations and comprehensive loss in the period the related costs are incurred, as applicable.
Real Estate Investments
Real estate investments are recorded at cost. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred.
Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings and building improvements, 15 years for land improvements and fixtures and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests.
Construction in progress is not depreciated until the project has reached substantial completion. The value of certain other intangibles such as certificates of need in certain jurisdictions are amortized over the expected period of benefit (generally the life of the related building).
The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense.
Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages.
Capitalized above-market lease values are amortized as a decrease to revenue from tenants over the remaining terms of the respective leases and capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time.
Capitalized above-market ground lease values are amortized as a reduction of property operating and maintenance expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating and maintenance expense over the remaining terms of the respective leases and expected below-market renewal option periods.
Purchase Price Allocation
At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets.
In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases and above- and below-market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In allocating the fair value to any assumed or issued non-controlling interests, amounts are recorded at their fair value at the close of business on the acquisition date. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets.
For acquired properties with leases classified as operating leases, the Company allocates the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that
may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed.
The Company utilizes various estimates, processes and information to determine the as-if vacant property value. The Company estimates the fair value using data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, market rental rates, discount rates and land values per square foot.
Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period. The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses.
Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of market rental rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases.
Accounting for Leases
Lessor Accounting
The Company evaluates new leases pursuant to ASC 842 to determine lease classification. A lease is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than a major part of the remaining economic useful life of the asset (e.g., equal to or greater than 75%), the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or the asset is so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor.
As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating and maintenance expenses) as a single lease component in an operating lease because (i) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company capitalizes incremental direct leasing costs and expenses indirect leasing costs in connection with new or extended tenant leases.
Lessee Accounting
The Company is the lessee under certain land leases which are classified as operating leases. These leases are reflected on the consolidated balance sheets as operating lease right-of-use assets and operating lease liabilities, and the rent expense is reflected on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss.
Impairment of Long-Lived Assets
Management assesses on a continuous basis whether there are indicators that the carrying value of the Company’s real estate properties may be impaired. Such indicators include significant declines in market value, changes in property use or condition, legal or business developments, costs that significantly exceed management’s expectations, ongoing operating losses and changes in anticipated holding period. If any of these indicators are present, management evaluates whether the property’s carrying value may not be recoverable based on an estimate of future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. If an impairment exists due to the inability to recover the carrying value, the Company will recognize an impairment loss in the consolidated statements of operations and comprehensive loss to the extent that the carrying value exceeds the estimated fair value of real estate properties which are held for use. The Company’s estimated fair value is primarily based upon (i) estimated sales prices from signed contracts or letters of intent from third-party offers or (ii) discounted cash flow models of the property over its anticipated hold period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market
rates. In addition, such cash flow models consider factors such as expected future operating income, market and other applicable trends, residual value, leasing demand, competition, and other relevant factors.
Assets Held for Sale
The Company classifies a real estate property as held for sale when: (i) management has approved the disposal, (ii) the property is available for sale in its present condition, (iii) an active program to locate a buyer has been initiated, (iv) it is probable that the property will be disposed of within one year, (v) the property is being marketed at a reasonable price relative to its fair value and (vi) it is unlikely that the disposal plan will significantly change or be withdrawn. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. When a real estate property is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. If the carrying amount of the asset classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the asset exceeds the estimated net sales price of the asset. For held-for-sale properties, the Company predominately uses the contract sales price as fair market value. There were no real estate investments held for sale as of December 31, 2025 or 2024.
Gain on Sale of Real Estate Investments
The Company recognizes a gain (loss) on sale of real estate when the criteria for an asset to be derecognized are met, which include when: (i) a contract exists, (ii) the buyer obtains control of the asset and (iii) it is probable that the Company will receive substantially all of the consideration to which it is entitled. These criteria are generally satisfied at the time of sale.
Derivative Instruments
The Company may use derivative financial instruments, including interest rate swaps, caps, collars, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such agreements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. Additionally, in using interest rate derivatives, the Company aims to add stability to interest expense and to manage its exposure to interest rate movements. The Company does not intend to utilize derivatives for speculative purposes or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company, and its affiliates, may also have other financial relationships. The Company does not anticipate that any of its counterparties will fail to meet their obligations.
The Company records all derivatives on the consolidated balance sheets at fair value. For derivative instruments designated and qualify as cash flow hedges, changes in fair value are recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. For derivative instruments not designated as hedges under a qualifying hedging relationship, changes in fair value are recorded in gain (loss) on non-designated derivatives in the Company’s consolidated statements of operations and comprehensive loss.
Cash and Cash Equivalents
Cash and cash equivalents includes cash in bank accounts as well as investments in highly liquid money market funds with original maturities of three months or less.
The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit. As the account balances at each institution periodically exceed the FDIC insured amount, there is a concentration of credit risk related to amounts in excess of such coverage. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result.
Restricted Cash
Restricted cash consists of amounts held by the Company or its lenders to provide for future real estate tax, insurance expenditures, capital expenditures and tenant improvements related to its properties and operations.
Deferred Costs
Deferred costs, net, consists of: (i) deferred financing costs related to the Revolving Facility and Fannie Mae Secured Debt (each as defined below), (ii) deferred leasing costs and (iii) costs incurred directly attributable to a proposed offering of securities.
Deferred financing costs related to mortgage notes payable and the Term Loan (as defined below) are reflected as a reduction to the related borrowings on the Company’s consolidated balance sheets. Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized using the effective interest method over the term of the applicable financing agreements for the Revolving Facility, Term Loan and Fannie Mae Secured Debt and over the expected term for mortgage notes payable. Unamortized deferred financing costs are expensed if the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred in connection with new leases, are deferred and amortized over the term of the lease.
Stock-Based Compensation
The Company’s stock-based compensation for employees and directors is accounted for under the guidance of stock-based payments. The cost of services received in exchange for these stock-based compensation is measured at the grant date fair value of the equity award. The compensation expense for such awards is recognized on a straight-line basis over the requisite service period (i.e., vesting) or when the requirements for exercise of the award have been met in general and administrative expenses in the consolidated statements of operations and comprehensive loss. Forfeitures of stock-based compensation are recognized as they occur.
Income Taxes
The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax. Subsidiaries that elect to be treated as TRS are subject to U.S. federal, state and local income taxes. The Company recognizes tax penalties and interest as additional income tax expense.
The Company accounts for deferred income taxes using the asset and liability method and records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies (including modifying intercompany leases with the TRS) and recent financial operations. In the event the Company determines that it would not be able to realize the deferred income tax assets in the future in excess of the net recorded amount, the Company establishes a valuation allowance which offsets the previously recognized income tax asset.
Non-controlling Interests
The non-controlling interests represent the portion of the common and preferred equity in the OP that is not owned by the Company. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and presented as net loss attributable to non-controlling interests in the consolidated statements of operations and comprehensive loss. Non-controlling interests are allocated a share of net income or loss based on their share of equity ownership, including any preferential amounts.
Fair Value Measurement
The Company measures and discloses the fair value of financial instruments utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the hierarchy are described below:
•Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.
•Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.
•Level 3 — Unobservable inputs that reflect the entity’s own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.
The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement
falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Per Share Data
Net loss per basic share of common stock is calculated by dividing net loss by the weighted-average number of shares (retroactively adjusted for the stock dividends and the Reverse Stock Split) of common stock issued and outstanding during such period. Diluted net loss per share of common stock considers the effect of potentially dilutive shares of common stock outstanding during the period.
Reportable Business Segments
The Company’s reportable business segments, based on how the chief operating decision maker (“CODM”) evaluates the Company’s business and allocates resources, are as follows: (i) OMF and (ii) SHOP.
Reclassifications
To conform to the current year presentation, amounts related to “construction in progress” and “accounts receivable, net” for the comparative periods have been reclassified from “prepaid expenses and other assets” and presented separately on the Company’s consolidated balance sheets, and certain 2024 amounts have been reclassified from general and administrative to property operating and maintenance on the Company’s consolidated statements of operations and comprehensive loss to align with the current period presentation.
Recent Accounting Pronouncements
Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities on an annual basis to (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). During the year ended December 31, 2025, the Company adopted ASU 2023-09 prospectively and disclosed a new rate reconciliation table and an income tax payment schedule. The adoption did not have an impact on the Company’s consolidated financial position, results of operations or cash flows.
Not Yet Adopted
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires public business entities (PBEs) to provide disaggregated disclosure in tabular format in the notes to financial statements of specific expenses, including but not limited to: (i) employee compensation, (ii) depreciation, and (iii) intangible asset amortization. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact these ASUs will have on its disclosures.
v3.25.4
Real Estate Investments, Net
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate Investments, Net Real Estate Investments, Net
Property Acquisitions
The Company invests in healthcare-related facilities, primarily SHOPs and OMFs, which expand and diversify its portfolio and revenue base. During the year ended December 31, 2025, the Company did not acquire any significant assets. During the year ended December 31, 2024, the Company acquired four single-tenant OMFs for an aggregate contract purchase price of $12.6 million. The acquisitions were accounted for as asset acquisitions.
The following table presents the allocation of the assets acquired and liabilities assumed during the year ended December 31, 2024 (dollars in thousands):
Year ended December 31, 2024
Real estate investments, at cost:
Land$1,266 
Buildings, fixtures and improvements9,302 
Total tangible assets10,568 
Acquired intangibles:
In-place leases and other intangible assets (1)
2,388 
Market lease and other intangible assets (1)
150 
Total intangible assets and liabilities2,538 
Mortgage notes payable assumed, net(7,500)
Cash paid for real estate investments, including acquisitions$5,606 
__________
(1)Weighted-average remaining amortization periods for in-place leases and above-market leases acquired were both 13.6 years as of December 31, 2024.
Significant Tenants
As of December 31, 2025, 2024 and 2023, the Company had one tenant (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income on a straight-line basis for the portfolio. Annualized rental income consists of: (i) for the OMF segment, annualized December 2025 rental income on a straight-line basis for the leases in place as of December 31, 2025, which includes tenant concessions such as free rent, as applicable, and (ii) for the SHOP segment, annualized gross revenue for the fourth quarter of 2025. The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2025, 2024 and 2023:
December 31,
State202520242023
Florida22.3%21.2%19.9%
Pennsylvania11.2%11.6%10.6%
Iowa
11.0%**
Georgia
10.6%10.4%*
__________
*    Not greater than 10%.
Intangible Assets and Liabilities
Acquired intangible assets and liabilities consisted of the following as of the periods presented (dollars in thousands):
December 31, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted Average Remaining Amortization Period
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted Average Remaining Amortization Period
Intangible assets:
In-place lease intangible assets
$228,208 $194,822 $33,386 5.1 years$260,534 $214,961 $45,573 5.3 years
Above-market lease intangible assets
11,235 10,250 985 4.5 years14,446 12,819 1,627 5.0 years
Other intangible assets7,101 1,087 6,014 63.8 years9,467 1,293 8,174 66.3 years
Total acquired intangible assets$246,544 $206,159 $40,385 6.7 years$284,447 $229,073 $55,374 7.3 years
Intangible liabilities:
Below-market lease intangible liabilities
$19,626 $14,775 $4,851 6.4 years$22,789 $16,664 $6,125 6.9 years
The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place lease intangible and other intangible assets, amortization and accretion of above- and below-market lease intangible assets and liabilities, net and the amortization of above- and below-market ground leases, for the periods presented (dollars in thousands):
Year ended December 31,
202520242023
Amortization of in-place lease intangible and other intangible assets (1)
$8,940 $12,258 $13,080 
Accretion of above- and below-market lease intangibles, net (2)
(582)(1,420)(1,050)
Amortization of above- and below-market ground leases, net (3)
2,473 176 159 
__________
(1)Reflected within depreciation and amortization expense.
(2)Reflected within revenue from tenants.
(3)Reflected within property operating and maintenance expense.
The following table provides the projected amortization and adjustments to revenue from tenants for the next five years (dollars in thousands):
20262027202820292030
In-place lease intangible assets
$7,295 $5,009 $3,701 $3,256 $2,605 
Other intangible assets1 1 1 1 — 
Total to be added to amortization expense$7,296 $5,010 $3,702 $3,257 $2,605 
Above-market lease intangible assets
$(239)$(176)$(138)$(73)$(69)
Below-market lease intangible liabilities
925 650 586 545 419 
Total to be added to revenue from tenants$686 $474 $448 $472 $350 
Dispositions
Year Ended December 31, 2025
During the year ended December 31, 2025, the Company disposed of seven SHOPs and 18 OMFs for an aggregate contract sales price of $202.5 million, which resulted in an aggregate net gain on sale of $27.8 million.
Year Ended December 31, 2024
During the year ended December 31, 2024, the Company disposed of two SHOPs, 12 OMFs and one land parcel for an aggregate contract sales price of $118.1 million, which resulted in an aggregate net gain on sale of $9.3 million.
Year Ended December 31, 2023
During the year ended December 31, 2023, the Company disposed of four SHOPs and one OMF for an aggregate contract sales price of $13.8 million, which resulted in an aggregate net loss on sale of $0.3 million.
Impairment Charges
The following table presents impairment charges by segment for the periods presented (dollars in thousands):
Year ended December 31,
202520242023
SHOP
$37,882 $13,643 $2,122 
OMF
7,032 11,238 2,554 
Total impairment charges$44,914 $24,881 $4,676 
For the year ended December 31, 2025, the $44.9 million impairment consisted of: (i) $33.7 million impairment charges on properties that were impaired to their contractual sales price as determined by purchase and sale agreements or estimated fair value prior to being sold and (ii) $11.2 million impairment charges on properties that were impaired to their estimated fair value due to a change in their expected future cash flows.
For the year ended December 31, 2024, the impairment charges relate to properties that were impaired to their contractual sales price as determined by purchase and sale agreements prior to being sold.
For the year ended December 31, 2023, the impairment charges relate to properties that were actively marketed for sale and impaired to their estimated fair values.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Lessor Accounting
The following table summarizes the Company’s lease income (dollars in thousands). Rental income from the OMF operating leases consists of fixed and variable lease payments. The variable payments primarily represent reimbursements of various property-level operating and maintenance expenses that the Company pays on behalf of its tenants. These amounts exclude SHOP leases which are short-term in nature.
Year ended December 31,
202520242023
Fixed income from operating leases
$94,328 $111,843 $111,447 
Variable income from operating leases
22,415 25,441 24,003 
The following table presents future base rent payments on a cash basis due to the Company as of December 31, 2025 over the next five years and thereafter (dollars in thousands). These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. These amounts also exclude SHOP leases which are short-term in nature.
Future Base Rent
Payments
2026$89,638 
202782,049 
202871,094 
202962,817 
203057,680 
Thereafter229,283 
$592,561 
During the years ended December 31, 2025, 2024 and 2023, the Company recorded reductions in revenue of $0.7 million, $1.5 million and $1.2 million, respectively, related to uncollectible accounts.
As of December 31, 2025, the OMF leases had a weighted average remaining lease term of 5.6 years.
Lessee Accounting
The Company leases land and corporate office spaces. At inception, the Company establishes an operating lease right-of-use asset and operating lease liability, which represented the present value of future minimum lease payments. In determining operating right-of-use assets and lease liabilities for the Company’s operating leases, the Company was required to estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Because the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment. Certain operating leases include renewal options to extend the term for one year or more. Renewal options that are not reasonably certain to be exercised are excluded from the operating lease assets and liabilities.
As of December 31, 2025, the Company had eight operating and five direct financing lease agreements. The eight operating leases consist of ground and corporate office leases, which have durations, including assumed renewals, ranging from 2.2 years to 35.8 years, excluding an adjacent parking lot lease with a term of 0.7 years. The Company’s operating leases have a weighted-average remaining lease term, including assumed renewals, of 26.4 years and a weighted-average discount rate of 7.42% as of December 31, 2025. For each of the years ended December 31, 2025, 2024 and 2023, the Company paid cash of $1.0 million,
$0.7 million and $0.7 million, respectively, for amounts included in the measurement of lease liabilities. For each of the years ended December 31, 2025, 2024 and 2023, the Company recorded lease expense of $1.1 million, $0.7 million and $0.8 million, respectively.
The following table presents future minimum lease payments under non-cancelable ground and corporate operating leases as well as direct financing leases included in the Company’s operating lease liability as of December 31, 2025 (dollars in thousands):
Future Base Rent Payments
Operating Leases
Direct Financing Leases (1)
2026$971 $79 
2027941 81 
2028668 83 
2029599 85 
2030602 87 
Thereafter18,440 5,759 
Total minimum lease payments22,221 6,174 
Less: amounts representing interest(13,754)(2,158)
Total present value of minimum lease payments$8,467 $4,016 
__________
(1)The direct financing lease liability is included in accounts payable and accrued expenses on the Company’s consolidated balance sheets. The direct financing lease asset is included as part of building, fixtures and improvements as the land component was not required to be bifurcated.
v3.25.4
Mortgage Notes Payable and Other Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Mortgage Notes Payable and Other Debt Mortgage Notes Payable and Other Debt
The following table reflects the Company’s mortgage notes payable and other debt as of December 31, 2025 and 2024 (dollars in thousands):
Encumbered properties at December 31, 2025
Outstanding balance as of December 31,
Effective interest rate as of December 31(1),
Interest Rate
Formerly known as:
2025202420252024Maturity
Secured Term Loan 1 due 2028
15$85,771 $116,037 4.60 %4.60%FixedMay 2028Multi-Property CMBS Loan
Secured Term Loan 2 due 2026 (2)
—— 363,957 — %3.63%FixedDec 2026Capital One OMF Loan
Secured Term Loan 3 due 2031
733,066 37,472 2.93 %2.93%FixedDec 2031BMO CMBS Loan
Secured Term Loan 4 due 203356219,500 234,173 6.54 %6.54%FixedJun 2033Barclays OMF Loan
Single Property Mortgage 1 due 204716,289 6,471 4.04 %4.04%FixedMay 2047Fox Ridge Bryant
Single Property Mortgage 2 due 2049114,412 14,833 2.99 %2.99%FixedMay 2049Fox Ridge Chenal
Single Property Mortgage 3 due 204918,942 9,204 2.99 %2.99%FixedMay 2049Fox Ridge North Little Rock
Multi Property Mortgage 1 due 203447,500 7,500 6.94 %6.94%FixedMar 2034BMO CPC Mortgage
Gross mortgage notes payable85375,480 789,647 5.52 %4.62%
Deferred financing costs, net
(6,753)(9,304)
Mortgage premiums and discounts, net(1,098)(1,183)
Mortgage notes payable, net$367,629 $779,160 
Secured Fannie Mae Loan 1 due 202611$199,866 $203,405 6.63 %7.29%VariableNov 2026
Capital One Secured Debt
Secured Fannie Mae Loan 2 due 202610134,873 137,103 6.68 %7.34%VariableNov 2026
KeyBank Secured Debt
Total Secured Fannie Mae Loan (3)
21334,739 340,508 6.65 %7.31%
OMF Warehouse Facility (4)
—— 21,708 — 7.66%VariableDec 2026
Fannie Mae and other secured debt
21$334,739 $362,216 6.65 %7.33%
Term loan due 2028 (5)
—$150,000 $— 5.51 %—%VariableDec 2028
Deferred financing costs, net
(1,595)— 
Unsecured term loan, net
$148,405 $— 
Unsecured revolving credit facility
59$186,000 $— 5.94 %—%VariableDec 2028
__________
(1)Calculated on a weighted average basis over 365 days for all mortgages outstanding as of December 31, 2025 and 2024.
(2)In December 2025, the Company repaid in full and terminated the Secured Term Loan 2 due 2026 in connection with the closing of the Credit Facilities (as defined below).
(3)The Secured Fannie Mae Loan has interest rate caps that limit one-month SOFR at 3.50%.
(4)In April 2025, the Company repaid in full and terminated the OMF Warehouse Facility.
(5)The Term loan due 2028 has interest rate swaps that convert variable interest rates to fixed interest rates.
Mortgage Notes Payable
As of December 31, 2025, the Company had pledged $683.4 million in real estate investments, at cost, as collateral for its $375.5 million of gross mortgage notes payable. As of December 31, 2024, the Company had pledged $1.3 billion in real estate investments, at cost, as collateral for its $789.6 million of gross mortgage notes payable. The real estate is not available to satisfy other debts and obligations unless first satisfying the mortgage notes payable secured by these properties. The Company makes payments of principal and interest, or interest only, depending upon the specific requirements of each mortgage note, on a monthly basis. During the years ended December 31, 2025, 2024 and 2023, the Company made aggregate principal repayments of mortgage debt of $414.0 million, $39.2 million and $3.8 million, respectively.
Some of the Company’s mortgage note agreements require compliance with certain property-level financial covenants, including debt service coverage ratios. Notably, the Secured Term Loan 4 due 2033 loan agreement requires the OP to comply with certain covenants, including, maintaining combined cash and cash equivalents totaling at least $12.5 million at all times. As of December 31, 2025, the Company was in compliance with these financial covenants.
Fannie Mae Secured Debt
On October 31, 2016, the Company, through wholly-owned subsidiaries of the OP, entered into a master secured debt agreement with KeyBank (the “KeyBank Secured Debt”) and a master secured debt agreement with Capital One Multifamily Finance LLC, an affiliate of Capital One (the “Capital One Secured Debt” and, together with the KeyBank Secured Debt, “Fannie Mae Secured Debt”). Advances made under these agreements were assigned by Capital One and KeyBank to Fannie Mae at closing for inclusion in Fannie Mae’s Multifamily MBS program.
The Company may request future advances under the Fannie Mae Secured Debt by adding eligible properties to the collateral pool subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. Borrowings under the Fannie Mae Secured Debt bore monthly interest equal to the sum of the current SOFR for one-month denominated deposits and a spread of 2.41% and 2.46% for the Secured Fannie Mae Loan 1 due 2026 and the Secured Fannie Mae Loan 2 due 2026, respectively. The Company has interest rate caps that limit one-month SOFR at 3.50%. The Fannie Mae Secured Debt matures on November 1, 2026.
Through December 31, 2025, the Company had provided cash deposits totaling $15.4 million to Fannie Mae because the debt service coverage ratios of the underlying properties of each facility were below the minimum required amounts per the debt agreements. These deposits are recorded as restricted cash on the consolidated balance sheets and are pledged as additional collateral for the Fannie Mae Secured Debt. These deposits will be refunded upon the earlier of the Company’s achievement of a debt service coverage ratio above the minimum required amount of 1.40 or the maturity of the Fannie Mae Secured Debt.
As of December 31, 2025, the Company had pledged $614.5 million in total real estate investments, at cost, as collateral under its Fannie Mae Secured Debt and other secured debt. All of the real estate assets pledged to secure borrowings under the Company’s Fannie Mae Secured Debt and other secured debt are not available to satisfy other debts and obligations, or to serve as collateral with respect to new indebtedness, unless, as applicable, the existing indebtedness associated with the property is satisfied or the property is removed from the pledged collateral.
Unsecured Credit Facilities
On December 11, 2025, the Company, as guarantor, the OP, as borrower, and certain indirect subsidiaries of the Company entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and certain lenders party thereto. In connection with entering into the Credit Agreement, the Company terminated the amended and restated loan agreement, dated as of December 20, 2019, as amended, by and among the borrower entities party thereto, Capital One, National Association and the other lenders party thereto and paid off the outstanding Secured Term Loan 2 due 2026 thereunder.
The Credit Agreement provides for (i) a $400 million senior unsecured revolving credit facility (the “Revolving Facility”) and (ii) a $150 million senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Facility, the “Credit Facilities”). The Credit Agreement also provides that, subject to customary conditions, including obtaining lender commitments and compliance with its financial maintenance covenants under the Credit Agreement, the OP may seek to increase the lending commitments under the Credit Agreement by up to $450 million of the Revolving Facility and/or the Term Loan.
The Revolving Facility and the Term Loan have a maturity date of December 11, 2028, which, in each case, may be extended for two one-year periods subject to customary conditions under the Credit Agreement. The OP may elect at any time and from time to time to prepay all or any portion of the loans under the Credit Facilities prior to maturity without premium or penalty, subject to payment of usual and customary breakage costs.
The interest rates applicable to loans under the Credit Facilities are, at the OP’s option, equal to either a base rate plus a margin ranging from 0.55% to 1.10% per annum or Daily Simple SOFR or Term SOFR plus a margin ranging from 1.55% to 2.10% per annum, in each case based on the Company’s consolidated leverage ratio. In addition, with respect to the Revolving Facility, the OP will pay, if the usage is equal to or less than 50%, an unused facility fee of 0.20% per annum, or if the usage is greater than 50%, an unused facility fee of 0.15% per annum, in each case on the average daily unused commitments under the Revolving Facility.
The Credit Facilities are guaranteed, jointly and severally, by the Company and certain indirect subsidiaries of the Company. The Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company, the OP and certain indirect subsidiaries of the Company to incur indebtedness, grant liens on their assets, make certain types of investments, engage in acquisitions, mergers or consolidations, sell assets, enter into certain transactions with affiliates and pay dividends or make distributions. The Credit Agreement also requires the Company to comply with consolidated financial maintenance covenants to be tested quarterly, including a minimum fixed charge coverage ratio, maximum leverage
ratio, minimum tangible net worth, maximum secured leverage ratio, maximum unencumbered leverage ratio, minimum unsecured interest coverage ratio and minimum liquidity requirement.
The Credit Agreement also contains customary events of default, including the failure to make timely payments under the Credit Facilities, any event or condition that makes other material indebtedness due prior to its scheduled maturity, the failure to satisfy certain covenants and specified events of bankruptcy and insolvency. The occurrence of an event of default under the Credit Agreement may result in all loans and other obligations becoming immediately due and payable and the Credit Facilities being terminated and allow the lenders to exercise all rights and remedies available to them.
As of December 31, 2025, the Company added $867.3 million in total real estate investments, at cost to the borrowing base under the Credit Facilities. All of the real estate assets added to the borrowing base under the Credit Facilities are not available to satisfy other debts and obligations, or to serve as collateral with respect to new indebtedness, unless, as applicable, the existing indebtedness associated with the property is satisfied or the property is removed from the pledged collateral.
Debt Maturities
As of December 31, 2025, the Company’s indebtedness had the following maturities (dollars in thousands):
Mortgage notes payable
Fannie Mae and other secured debt
 Term Loan
Revolving Facility
Total
2026
$893 $334,739 $— $— $335,632 
2027922 — — — 922 
202886,722 — 150,000 186,000 422,722 
2029982 — — — 982 
20301,013 — — — 1,013 
Thereafter284,948 — — — 284,948 
Total$375,480 $334,739 $150,000 $186,000 $1,046,219 
The Company’s existing principal demands for cash are to fund acquisitions, capital expenditures, the payment of its operating and administrative expenses, debt service obligations (including principal repayment) and distributions to holders of its Series A Preferred Stock and Series B Preferred Stock. The Company closely monitors its current and anticipated liquidity position relative to its current and anticipated demands for cash and believes that it has sufficient current liquidity to meet its financial obligations for at least the next 12 months. The Company expects to fund its future short-term operating liquidity requirements, including distributions to holders of Series A Preferred Stock and Series B Preferred Stock, through a combination of current cash on hand, net cash provided by its operating activities and property dispositions, future takedowns under the Revolving Facility and potential new financings utilizing certain of its unencumbered properties.
v3.25.4
Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities Derivatives and Hedging Activities
Cash Flow Hedges of Interest Rate Risk
2025 New Swaps
In connection with entering into the Credit Agreement in December 2025, the Company entered into 10 interest rate swaps on the $150.0 million Term Loan, which hedge fluctuations in interest payments by converting variable interest rates to fixed interest rates. The interest rate swap instruments are designated as cash flow hedges.
2025 Swap Terminations
In February 2025, in conjunction with the repayment of the underlying hedged loan agreements, the Company received $1.5 million in connection with the partial unwind of an interest rate swap designated as a cash flow hedge. In conjunction with the partial unwind, the Company accelerated the reclassification of gains of $1.5 million from other comprehensive income to earnings as a result of the hedged forecasted transactions becoming probable not to occur. The gains were recorded as a reduction to interest expense in the consolidated statements of operations and comprehensive loss.
In December 2025, in connection with the closing of the Credit Facilities and the repayment of $330.2 million under the Secured Term Loan 2 due 2026, the Company terminated and settled in cash the interest rate swap with $330.2 million in notional value maturing in December 2026 and received $6.1 million from its counterparty. Because the original forecasted transaction underlying the interest rate swap contemplated cash flows from SOFR-based debt until such debt’s maturity and the Company
currently has sufficient other SOFR-based rate debt remaining in lieu of the repaid SOFR-based debt, management determined that the original forecasted transaction is still probable to occur by the end of the originally specified time period. As such, the $6.1 million gain related to the terminated swap will continue to be recorded in accumulated other comprehensive income and amortized over the remaining life of the terminated swap in earnings. During the fourth quarter of 2025, the Company recognized $0.3 million of gain in earnings, which was recorded as a reduction to interest expense in the consolidated statements of operations and comprehensive loss.
The Company estimates that approximately $5.9 million of unrealized gains, which are included in accumulated other comprehensive income as of December 31, 2025, are expected to be reclassified into earnings as a decrease to interest expense within the next 12 months.
As of December 31, 2025, the Company had 10 interest rate swaps, designated as cash flow hedge(s) of interest rate risk (dollars in thousands):
Notional Amount
Index
Pay Rate
Effective Date
Maturity Date
Fair value as of
December 31, 2025
Derivative liabilities, at fair value:
Interest rate “pay-fixed” swaps$150,000USD-SOFR with -5 Day Lookback3.34%12/11/202512/11/2028$(188)
The table below details the location in the financial statements of the gain (loss) recognized on interest rate derivatives designated as cash flow hedges for the periods presented (dollars in thousands):
Year ended December 31,
202520242023
(Loss) gain recognized in accumulated other comprehensive income on interest rate derivatives
$(665)$8,716 $5,324 
Gain (loss) reclassified from accumulated other comprehensive income into earnings as reductions to (increases in) interest expense
$10,371 $15,540 $18,770 
Total interest expense presented in the consolidated statements of operations and comprehensive loss
$61,281 $69,447 $66,078 
Non-Designated Derivatives
The Company had the following derivatives that were not designated as hedges in qualifying hedging relationships as of December 31, 2025 and 2024 (dollars in thousands):
December 31, 2025December 31, 2024
Number of Instruments
Notional Amount (1)
Fair Value
Number of Instruments
Notional Amount (1)
Fair Value
Interest rate caps (2)
6$337,999 $569 8$369,218 $2,554 
__________
(1)Notional amount represents active interest rate cap contracts.
(2)Recorded at fair value in derivative assets, at fair value on the consolidated balance sheets. All of the Company’s interest rate cap agreements limited one-month SOFR to 3.50% with terms through November 2026. The actual one-month SOFR rates during the year ended December 31, 2025 exceeded the strike price rate of 3.50% and the Company received payments under these agreements. While the Company does not apply hedge accounting for these interest rate caps, they are economically hedging the Fannie Mae Secured Debt and other secured debt. Changes in the fair value of, and any cash received from, derivatives not designated as hedges under a qualifying hedging relationship are recorded directly to earnings and are presented within gain (loss) on non-designated derivatives in the consolidated statements of operations and comprehensive loss.
As SOFR has increased beyond 3.50%, the Company received cash payments of $3.3 million and $6.8 million in the years ended December 31, 2025 and 2024, respectively.
In April 2025, the Company terminated two interest rate caps with a notional of $21.7 million related to the OMF Warehouse Facility upon the facility’s full repayment.
In June 2025, the Company purchased three interest rate caps with a notional of $133.8 million for $1.1 million that limit one-month SOFR to 3.50% and mature in November 2026 related to the Fannie Mae Secured Debt. These interest rate caps were purchased in advance of interest rate caps set to expire in July 2025.
In October 2025, the Company purchased two interest rate caps with a notional of $146.1 million for $0.4 million that limit one month SOFR to 3.50% and mature in November 2026 related to the Fannie Mae Secured debt. These interest rate caps were purchased in advance of interest rate caps set to expire in November 2025.
Credit-Risk-Related Contingent Features
The Company has agreements in place with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company is not required to post any collateral related to these agreements and was not in breach of any agreement provisions.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock
As of December 31, 2025 and 2024, the Company had 28,426,694 and 28,296,439 shares of common stock outstanding, respectively, including 119,231 shares of unvested restricted stock outstanding as of December 31, 2025, shares previously issued pursuant to the Company’s distribution reinvestment plan (“DRIP”), net of share repurchases, and 5.2 million shares previously issued as stock dividends from October 2020 to January 2024. Except for shares of restricted stock awarded under the Plan, no other shares of common stock were issued during the year ended December 31, 2025, and, except for shares issued as stock dividends in January 2024, no other shares of common stock were issued during the year ended December 31, 2024.
Preferred Stock and Preferred Units
The Company is authorized to issue up to 50,000,000 shares of preferred stock, of which 4,608,371 shares and 3,466,656 shares are authorized and classified as Series A Preferred Stock and Series B Preferred Stock, respectively. The Company also had 100,000 Series A Preferred Units outstanding as of December 31, 2025 and 2024, which were accounted for as a component of non-controlling interests. During the year ended December 31, 2025, the Company repurchased and retired 131,629 shares of its Series A Preferred Stock at an average price of $15.39 and 213,344 shares of its Series B Preferred Stock at an average price of $15.94, inclusive of commissions. For both Series A Preferred Stock and Series B Preferred Stock repurchases in 2025, the Company paid $5.4 million in cash.
Series A Preferred Stock
Holders of Series A Preferred Stock are entitled to cumulative dividends in the amount of $1.84375 per share each year, which is equivalent to the rate of 7.375% of the $25.00 liquidation preference per share per annum. The Series A Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed, converted or otherwise repurchased. The Series A Preferred Stock may be redeemed, in whole or in part, at the Company’s option, at any time and from time to time, at a cash redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. The Series A Preferred Stock ranks senior to common stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up.
Series A Preferred Units
In September 2021, the Company partially funded the purchase of an OMF from an unaffiliated third party by causing the OP to issue 100,000 partnership units in the OP designated as “Series A Preferred Units”. These were recorded at fair value on the date of the acquisition at $2.6 million and were included as part of the consideration paid for the acquisition. Additionally, these are considered a non-controlling interest for the Company and were recorded as an increase in non-controlling interests on the consolidated balance sheets.
Series B Preferred Stock
Holders of Series B Preferred Stock are entitled to cumulative dividends in the amount of $1.78125 per share each year, which is equivalent to the rate of 7.125% of the $25.00 liquidation preference per share per annum. The Series B Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed, converted or otherwise repurchased. On and after October 6, 2026, at any time and from time to time, the Series B Preferred Stock will be redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. The Series B Preferred Stock ranks on parity with the Company’s Series A Preferred Stock, and senior to its common stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up.
Distributions and Dividends
Common Stock
From March 1, 2018 until June 30, 2020, the Company paid monthly cash distributions to stockholders at a rate equivalent to $3.40 (as adjusted to reflect the Reverse Stock Split) per annum per share of common stock.
On August 13, 2020, the Board changed the Company’s common stock distribution policy to preserve the Company’s liquidity and maintain additional financial flexibility. Under the policy, distributions authorized by the Board on the Company’s shares of common stock were issued on a quarterly basis in arrears in shares of the Company’s common stock valued at the Company’s Estimated Per-Share NAV of common stock in effect on the applicable date. From October 2020 through January 2024, the Company issued an aggregate of approximately 5.2 million shares as stock dividends (as adjusted to reflect the Reverse Stock Split).
Stock Dividend Declaration DateStock Dividend Issue DateQuarterly Stock Dividend Rate (per share)
January 3, 2023January 18, 20230.014167
April 3, 2023April 17, 20230.015179
July 3, 2023July 17, 20230.015179
October 2, 2023October 16, 20230.015179
January 3, 2024
January 16, 2024
0.015179
The Company has not declared any stock dividend since January 2024.
v3.25.4
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
The following table illustrates the changes in accumulated other comprehensive income as of and for the periods presented (dollars in thousands):
Unrealized gain (loss) on designated derivatives
Balance, December 31, 2023
23,464 
Other comprehensive income, before reclassifications8,716 
Gain reclassified from accumulated other comprehensive income
(15,540)
Balance, December 31, 2024
16,640 
Other comprehensive income, before reclassifications(665)
Gain reclassified from accumulated other comprehensive income
(10,371)
Balance, December 31, 2025
$5,604 
v3.25.4
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Financial Instruments Measured at Fair Value on a Recurring Basis
Derivative Instruments
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2025 and 2024, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
The valuation of derivative instruments is determined using 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, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties.
The following table presents information about the Company’s financial instruments measured at fair value as of December 31, 2025 and 2024, aggregated by the level in the fair value hierarchy within which those instruments fall.
(In thousands)Quoted Prices in Active Markets
Level 1
Significant Other Observable Inputs
Level 2
Significant Unobservable Inputs
Level 3		Total
December 31, 2025
Derivative assets, at fair value (non-designated)$— $569 $— $569 
Derivative liabilities, at fair value— (188)— (188)
Total$— $381 $— $381 
December 31, 2024
Derivative assets, at fair value (non-designated)$— $2,554 $— $2,554 
Derivative assets, at fair value (designated)16,652 16,652 
Total$— $19,206 $— $19,206 
There has been no transfer into or out of Level 3 financial instruments during the periods presented.
Real Estate Investments Measured at Fair Value on a Non-Recurring Basis
Real Estate Investments Held for Use
Real estate impairment charges recorded due to the Company’s evaluation of recoverability when events or changes in circumstances indicate the carrying amount may not be recoverable are based on (i) estimated sales prices from signed contracts or letters of intent from third-party offers or (ii) the income approach using discounted cash flow models of the property over its anticipated hold period, both of which generally reside within Level 3 of the fair value hierarchy, and unobservable data such as net operating income and estimated capitalization and discount rates, and giving consideration to local and national industry market data including comparable sales.
The following table presents quantitative information about significant unobservable inputs used to determine the fair value of our real estate assets impaired as of December 31, 2025:
Description
Valuation Technique
Unobservable Inputs
Range
Impairment of real estate assets
Discounted cash flow
Discount rate
10.25%-10.50%
Terminal capitalization rate
8.00%-8.25%
Real Estate Investments Held for Sale
Real estate recorded as held for sale and any associated real estate impairment recorded due to the shortening of the expected hold period due to the Company’s change in intent to hold the asset are measured at fair value on a nonrecurring basis. The Company estimates the fair value of assets held for sale and any associated impairment charges based primarily on sales price expectations, which reside within Level 2 of the fair value hierarchy. The Company did not have any real estate investments classified as held for sale as of December 31, 2025 and 2024.
Financial Instruments Not Measured at Fair Value
The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair values of short-term financial instruments such as cash and cash equivalents, restricted cash, straight-line rent receivable, net, prepaid expenses and other assets, deferred costs, net, accounts payable and accrued expenses, deferred rent and distributions payable approximate their carrying value on the consolidated balance sheets due to their short-term nature.
The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are as follows (dollars in thousands):
December 31, 2025December 31, 2024
Level
Carrying Amount 
Fair Value
Carrying Amount 
Fair Value
Gross mortgage notes payable and mortgage premium and discounts
3$374,382 $362,947 $788,464 $747,542 
Fannie Mae and other secured debt
3334,739 335,158 362,216 362,974 
Unsecured term loan
3150,000 148,496 — — 
Unsecured revolving credit facility
3186,000 184,135 — — 
Total debt
3$1,045,121 $1,030,736 $1,150,680 $1,110,516 
The fair value of the the Company’s indebtedness above is estimated using a discounted cash flow analysis, based on the Company’s experience with similar types of borrowing arrangements, excluding the value of derivatives.
v3.25.4
Related Party Transactions and Arrangements
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions and Arrangements Related Party Transactions and Arrangements
As of December 31, 2025 and 2024, Healthcare Trust Special Limited Partner, LLC, an affiliate of the former Advisor, owned 2,718 shares of the Company’s outstanding common stock and the former Advisor and its parent entity separately held 90 partnership units in the OP designated as “Common OP Units”.
Fees Incurred in Connection with the Operations of the Company
Pursuant to the Company’s advisory agreement with the former Advisor, until the termination of such agreement in connection with the Internalization, the former Advisor managed the Company’s day-to-day operations. Under the previous advisory agreement, the Company was required to pay the former Advisor and its other affiliates a base management fee, a variable management / incentive fee if certain thresholds were met and a property management fee, along with reimbursement for certain property level expenses. Upon termination of the advisory agreement, the Company is no longer obligated to pay these fees and expenses.
With respect to periods ending prior to April 1, 2015, pursuant to the then effective advisory agreement and the limited partnership agreement of the OP, the Company issued to the former Advisor an asset management subordinated participation in the form of partnership units of the OP designated as “Class B Units” (“Class B Units”). During these periods, the Company issued 359,250 Class B Units to the former Advisor, all of which have vested.
The Company also reimbursed the former Advisor for services provided for which it incurred investment-related expenses and the former Advisor’s costs of providing administrative services, including personnel costs, and certain transitional services following the closing of the Internalization.
Promissory Note
In connection with the consideration payable under the Internalization Agreement, the Company issued the Promissory Note in a principal amount of $30.3 million to the former Advisor’s parent entity on the Closing Date, which was included in accounts payable and accrued expenses on the consolidated balance sheets as of December 31, 2024. In January 2025, the Company repaid the Promissory Note in full.
Summary of fees, expenses and related payables
No amounts were incurred or payable to the former Advisor and its other affiliates during and as of the year ended December 31, 2025. The following table details the previous amounts incurred and payable to the former Advisor and its other affiliates in connection with the Company’s operations-related services described above as of and for the periods presented (dollars in thousands):
Year ended December 31,
Payable as of
 20242023December 31,
Incurred
Incurred2024
Non-recurring fees and reimbursements:
Acquisition cost reimbursements$20 $32 $— 
Ongoing fees and reimbursements:
Asset management fees 16,374 21,831 — 
Professional fees and other reimbursements (1)
10,589 10,595 — 
Property management fees
3,584 4,135 — 
Termination fees (including the Promissory Note) (2)
106,650 — 30,267 
Total related party operation fees and reimbursements$137,217 $36,593 $30,267 
__________
(1)Included in general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss. For the year ended December 31, 2024, includes amount related to the purchase of tail directors and officers liability insurance policy covering the former Advisor and the Company in connection with the Internalization.
(2)For the year ended December 31, 2024, includes the Closing Payments payable to the former Advisor pursuant to the terms of the Internalization and the Promissory Note issued in connection with the Internalization, which was paid in full in January 2025.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
On May 22, 2025, the Company’s stockholders approved the 2025 Omnibus Incentive Compensation Plan of National Healthcare Properties, Inc. (the “Plan”). The Plan provides for the granting of stock-based compensation to employees and directors, including restricted shares of common stock, restricted stock units (“RSUs”) and long-term incentive partnership units in the OP. The maximum number of shares of common stock reserved for awards under the Plan is 1.9 million shares plus 6.5% of any shares issued and sold by the Company in any private or public offering that occurs following the approval of the Plan through, and including, an initial public offering of the Company’s common stock pursuant to an effective registration statement filed with the SEC. As of December 31, 2025, 1.7 million of the reserve shares are available under the Plan for future equity rewards.
Under the Plan, the fair market value of restricted shares of common stock is expensed over the vesting period. Time-based restricted shares granted to the Board, executive officers and employees, which vest based solely upon passage of time, generally vest on a graded schedule over a period of one to three years. The fair value of time-based restricted shares is generally based on the Company’s most recently published Estimated Per-Share NAV.
Performance-based RSUs granted to executive officers and certain other employees may be earned and vest, if at all, at the end of a three-year performance period subject to continued employment through the performance period and the achievement of performance goals set forth in the related award agreements. The number of shares that ultimately vest based on performance can be either 0% or vary from 50% to 200% of target depending on the level of achievement of the performance criteria. The fair value of performance-based RSUs is determined based on the Company’s most recently published Estimated Per-Share NAV and management’s expectation of the amount of RSUs to be earned and vested at the end of the performance period.
The total grant date fair value of time-based restricted shares and performance-based RSUs granted during the year ended December 31, 2025 was $6.1 million, net of forfeitures. There were no grants of stock-based compensation awards in 2024 or 2023.
Upon vesting of restricted shares and RSUs, the participant is required to pay the related tax withholding obligation, as applicable. The Company generally reduces the number of shares of common stock delivered to pay the employee tax withholding obligation. The value of the shares withheld is dependent on the Company’s most recently published Estimated Per-Share NAV.
The following table summarizes stock-based compensation activity for the year ended December 31, 2025 (share and units in thousands):
Number of Restricted Shares or RSUsWeighted-Average Issue Price
Unvested, January 1, 2025
— $— 
Granted202 32.15 
Vested(30)32.15 
Forfeitures(12)32.15 
Unvested, December 31, 2025
160 $32.15 
Total stock-based compensation cost was $3.8 million for the year ended December 31, 2025, which was recognized in general and administrative expense in the consolidated statements of operations and comprehensive loss, including $1.2 million of severance-related charges resulting from the accelerated vesting of restricted stock awards and forfeiture of certain performance-based RSUs in connection with the transition of the Company’s chief financial officer role. As of December 31, 2025, there were $3.7 million of future expenses related to unvested stock-based compensation arrangements granted under the Plan, which is expected to be recognized over a weighted average period of 1.8 years associated with future employee service. Stock-based compensation cost recognized for all awards is net of actual forfeitures.
Previous Restricted Share Plan
The Company previously adopted an employee and director incentive restricted share plan (the “RSP”), which provided the Company with the ability to grant awards of restricted shares of common stock. The RSP expired in February 2023. As of December 31, 2024, there were no unvested shares under the RSP and the Company did not have any remaining unrecognized compensation cost related to unvested restricted shares granted under the RSP. Stock-based compensation cost related to the RSP was $0.6 million and $0.9 million for the years ended December 31, 2024 and 2023, respectively.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the year ended December 31, 2025, the Company elected to prospectively adopt ASU 2023-09. The following table is a reconciliation of the U.S. federal statutory rate of 21% on the income (loss) before income taxes to the Company’s effective income tax rate for the year ended December 31, 2025 in accordance with ASU 2023-09 (dollars in thousands):
Year ended December 31, 2025
$
%
US federal statutory income tax rate$(12,100)21.0 %
Domestic federal
Nontaxable and nondeductible items
REIT and OP taxable income not subject to tax10,692 (18.6)%
Other(179)0.3 %
Changes in valuation allowances1,874 (3.3)%
Other(126)0.2 %
Domestic state and local income taxes, net of federal effect163 (0.3)%
Increase in state valuation allowance(163)0.3 %
Total$161 (0.3)%
In 2025, 2024 and 2023, state and local income taxes in California, Tennessee and Texas comprised the majority of the state and local income taxes, net of federal effect category.
Significant components of the provision (benefit) for income taxes are as follows (dollars in thousands):
Year ended December 31,
202520242023
CurrentDeferredCurrentDeferredCurrentDeferred
Federal benefit expense
$— $1,874 $— $1,936 $— $1,023 
State (expense) benefit(162)(163)(262)461 (303)142 
Deferred tax asset valuation allowance— (1,711)— (2,397)— (1,165)
Total income tax expense
$(162)$— $(262)$— $(303)$— 
Significant components of the Company’s deferred tax assets and liabilities are as follows (dollars in thousands):
Year ended December 31,
202520242023
Deferred tax assets:
Net operating loss carryforwards$11,930 $10,078 $7,555 
Allowance for doubtful accounts
187 390 470 
Deferred rent
297 330 229 
Other5 — — 
Total deferred tax assets12,419 10,798 8,254 
Less: Valuation allowance for deferred tax assets(12,182)(10,471)(8,074)
Net deferred tax assets
237 327 180 
Deferred tax liabilities:
Depreciation(234)(327)(180)
Other(3)— — 
Total deferred tax liabilities(237)(327)(180)
Net deferred tax assets (liabilities)$— $— $— 
Net deferred tax assets are included in prepaid expenses and other assets, net on the Company’s consolidated balance sheets.
As of December 31, 2025 and 2024, the Company had no material uncertain income tax positions.
Valuation Allowance
Because of the TRS’ historical operating losses and the adverse economic impacts from increases in the rate of inflation in recent years on the results of operations of the Company’s SHOPs, the Company is not able to conclude that it is more likely than not it will realize the future benefit of its deferred tax assets; thus, the Company has provided a 100% valuation allowance of $12.2 million and $10.5 million as of December 31, 2025 and 2024, respectively.
Net Operating Losses
As of December 31, 2025, the Company’s consolidated TRS had net operating loss carryforwards for federal income tax purposes of approximately $47.5 million (of which $6.8 million were incurred prior to January 1, 2018). Carryforwards from losses incurred prior to January 1, 2018, if unused, these will begin to expire in 2036. For net operating losses incurred subsequent to December 31, 2017, there is no expiration date. As of December 31, 2025, the Company had a deferred tax asset of $12.4 million with a full valuation allowance.
Income Taxes Paid
Income taxes refunded (paid) for the year ended December 31, 2025 are as follows (dollars in thousands):
Year ended December 31, 2025
Federal
$— 
State and local
10 
Total income taxes refunded (paid) $10 
The amount of income taxes refunded (paid) during the year ended December 31, 2025 does not meet the 5% disaggregation
by jurisdiction threshold, and, as such, no further disaggregation is disclosed.
Tax Filings
The Company files income tax returns in the federal, state and local jurisdictions. These tax returns are generally open to examination by the relevant tax authorities for three years from the date they are filed. The Company’s 2022 through 2024 tax returns are currently open to exam. However, the Company has significant net operating loss carryforwards from years before 2022. These years may be subject to exam when the net operating losses are carried forward and used in future years.
v3.25.4
Non-Controlling Interests
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Non-Controlling Interests Non-Controlling Interests
Non-controlling interests on the Company’s consolidated balance sheets is comprised of the following (dollars in thousands):
Balance as of December 31,
20252024
Series A Preferred Units held by third parties$2,578 $2,578 
Common OP Units held by third parties1,883 2,212 
Total Non-controlling Interests in the OP4,461 4,790 
Non-controlling interests in property owning subsidiaries— 775 
Total Non-controlling Interests$4,461 $5,565 
Net loss attributable to non-controlling interests on the Company’s consolidated statement of operations is comprised of the following (dollars in thousands):
Year ended December 31,
202520242023
Income attributable to Series A Preferred Units held by third parties$(184)$(184)$(185)
Loss attributable to Common OP Units held by third parties248 837 317 
Net loss attributable to non-controlling interests in the OP64 653 132 
Income attributable to non-controlling interests in property-owning subsidiaries— (86)(50)
Net loss attributable to non-controlling interests$64 $567 $82 
Non-Controlling Interests in the OP
For preferred and common shares issued by the Company, the Company typically issues mirror securities with substantially equivalent economic rights between the Company and the OP. The securities held by the Company are eliminated in consolidation.
Series A Preferred Units
The Company is the sole general partner and holds substantially all of the Series A Preferred Units (except as discussed below). All common and preferred units in the OP held by the Company are eliminated in consolidation.
In September 2021, the Company partially funded the purchase of an OMF from an unaffiliated third party by causing the OP to issue 100,000 Series A Preferred Units to the unaffiliated third party, with a face value of $25.00 per unit, which were recorded at issuance at a then fair value of $2.6 million, or $25.78 per unit, to the unaffiliated third party.
A holder of Series A Preferred Units has the right to receive cash distributions equivalent to the cash distributions, if any, on the Company’s Series A Preferred Stock, which earn dividends at a rate equal to 7.375% of its face value. After holding the Series A Preferred Units for a period of one year, a holder of Series A Preferred Units has the right to redeem Series A Preferred Units for, at the option of the OP, the corresponding number of shares of the Company’s Series A Preferred Stock, or the cash equivalent. The remaining rights of the limited partners in the OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets. During both years ended December 31, 2025 and 2024, Series A Preferred Unit holders were paid distributions of $0.2 million.
Common OP Units
The Company is the sole general partner and holds substantially all of the Common OP Units. In November 2014, the Company partially funded the purchase of an OMF from an unaffiliated third party by causing the OP to issue 405,908 Common
OP Units, with a value of $10.1 million, or $25.00 per unit, to the unaffiliated third party. In addition, as of December 31, 2025, the former Advisor’s parent entity held 90 Common OP Units.
A holder of Common OP Units has the right to receive cash distributions equivalent to the cash distributions, if any, on the Company’s common stock in an amount retroactively adjusted to reflect the stock dividends, other stock dividends and other similar events. After holding the Common OP Units for a period of one year, a holder of Common OP Units has the right to redeem Common OP Units for, at the option of the OP, the corresponding number of shares of the Company’s common stock, as retroactively adjusted for the stock dividends, other stock dividends and other similar events, or the cash equivalent. The remaining rights of the limited partners in the OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets. During the years ended December 31, 2025 and 2024, Common OP Unit non-controlling interest holders were not paid any cash distributions.
Stock dividends do not cause the OP to issue additional Common OP Units, rather, the redemption ratio to common stock is adjusted. The 405,998 Common OP Units outstanding as of December 31, 2025 would be redeemable for 124,161 shares of common stock, giving effect to adjustments for the impact of the stock dividends through January 2024 and the Reverse Stock Split.
Non-Controlling Interests in Property Owning Subsidiaries
The Company had investment arrangements with other unaffiliated third parties whereby such investors receive an ownership interest in certain of the Company’s property-owning subsidiaries and are entitled to receive a proportionate share of the net operating cash flow derived from the subsidiaries’ property. Upon disposition of a property subject to non-controlling interest, the investor would receive a proportionate share of the net proceeds from the sale of the property. The investor had no recourse to any other assets of the Company. Due to the nature of the Company’s involvement with these arrangements and the significance of its investment in relation to the investment of the third party, the Company had determined that it controlled each entity in these arrangements and therefore the entities related to these arrangements were consolidated within the Company’s financial statements. A non-controlling interest was recorded for the investor’s ownership interest in the properties.
In November 2025, the Company exercised its option to purchase its joint venture partner’s approximately 4.7% interest in a consolidated joint venture that owned the Plaza Del Rio Medical Office Campus Portfolio, which consisted of four properties. As of December 31, 2025, the Company had 100% ownership of these properties.
v3.25.4
Net Loss Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
The following is a summary of the net loss per basic and diluted share computation for the years ended December 31, 2025, 2024 and 2023 and has been retroactively adjusted to reflect the stock dividends and the Reverse Stock Split (amount in thousands, except shares and per share data):
Year ended December 31,
202520242023
Numerator:
Net loss attributable to common stockholders
$(71,067)$(203,495)$(86,097)
Denominator:
Denominator for basic net loss per share — weighted-average shares
28,304 28,286 28,280 
Effect of dilutive securities:
Unvested restricted shares (1)
16 — 21 
Common OP Units (2)
124 124 124 
Class B Units (3)
110 110 110 
Denominator for diluted net loss per share — weighted-average shares (4)
28,554 28,520 28,535 
Basic and diluted net loss per share$(2.51)$(7.19)$(3.04)
________
(1)Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 160,199, nil and 12,911 unvested restricted shares outstanding as of December 31, 2025, 2024 and 2023, respectively.
(2)Weighted average number of antidilutive Common OP Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effects of the stock dividends. There were 405,998 Common OP Units outstanding as of December 31, 2025, 2024 and 2023.
(3)Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effects of the stock dividends. There were 359,250 Class B Units outstanding as of December 31, 2025, 2024 and 2023.
(4)Potential common stock equivalents were excluded from the calculation of diluted net loss per share attributable to stockholders when a net loss exists as the effect would be an antidilutive per share amount.
Diluted net loss per share assumes the conversion of all common stock equivalents into an equivalent number of shares of common stock, unless the effect is antidilutive. The Company considers unvested restricted shares, Common OP Units and Class B Units to be common stock equivalents. Series A Preferred Units are non-participating.
v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has two operating and reportable business segments: SHOP and OMF.
The SHOP segment consists of direct investments in senior housing properties, primarily providing assisted living, independent living and memory care services, which are operated through engaging independent third-party operators. The OMF segment primarily consists of facilities leased to healthcare-related tenants under long-term leases, which may require such tenants to pay a pro rata share of property-related expenses as well as senior housing properties, hospitals, inpatient rehabilitation facilities and skilled nursing facilities under long-term leases, under which tenants are generally responsible to directly pay property-related expenses. The accounting policies for the segments are the same as those described in the summary of significant accounting policies (see Note 2 — Summary of Significant Accounting Policies). Total assets by reportable business segment is not disclosed as the CODM does not review such information to evaluate business performance and allocate resources.
The Company’s CODM is its Chief Executive Officer. The CODM evaluates performance of the combined properties in each reportable business segment using net operating income (“NOI”), which is defined as total revenues from tenants, less property operating and maintenance expense. The CODM uses NOI to assess and compare property level performance and to make decisions concerning the operation of the properties. The Company believes that NOI is useful as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from consolidated income (loss) before income taxes.
NOI excludes certain components from consolidated income (loss) before income taxes in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs that define NOI differently.
Reconciliation to Consolidated Financial Information
Summary information by reportable business segment is presented below (dollars in thousands):
Year ended December 31, 2025
SHOPOMFTotal
Revenue from tenants$225,221 $117,058 $342,279 
Less:
Compensation related expenses (1)
107,589 — 107,589 
Other segment expenses (2)
75,051 36,258 111,309 
Property operating and maintenance182,640 36,258 218,898 
NOI$42,581 $80,800 123,381 
Impairment charges(44,914)
Acquisition and transaction related(516)
General and administrative(24,190)
Depreciation and amortization(78,261)
Gain on sale of real estate investments
27,800 
Interest expense(61,281)
Interest and other income272 
Loss on non-designated derivatives
(72)
Gain on extinguishment of debt257 
Loss before income taxes(57,524)
Income tax expense(161)
Net loss(57,685)
Net loss attributable to non-controlling interests64 
Allocation for preferred stock(13,446)
Net loss attributable to common stockholders$(71,067)
__________
(1)     For SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from our tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
Year ended December 31, 2024
SHOPOMFTotal
Revenue from tenants$216,477 $137,317 $353,794 
Less:
Compensation related expenses (1)
110,389 — 110,389 
Other segment expenses (2)
71,558 39,505 111,063 
Property operating and maintenance181,947 39,505 221,452 
NOI$34,530 $97,812 132,342 
Impairment charges(24,881)
Operating fees to related parties(19,203)
Termination fees to related parties(106,650)
Acquisition and transaction related(7,949)
General and administrative(22,440)
Depreciation and amortization(84,067)
Gain on sale of real estate investments
9,307 
Interest expense(69,447)
Interest and other income1,051 
Gain on non-designated derivatives
1,544 
Gain on extinguishment of debt392 
Loss before income taxes(190,001)
Income tax expense(262)
Net loss(190,263)
Net loss attributable to non-controlling interests567 
Allocation for preferred stock(13,799)
Net loss attributable to common stockholders$(203,495)
__________
(1)     For SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from our tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
Year ended December 31, 2023
SHOPOMFTotal
Revenue from tenants$210,476 $135,449 $345,925 
Less: Property operating and maintenance
Less:
Compensation related expenses (1)
109,281 — 109,281 
Other segment expenses (2)
70,557 37,954 108,511 
Property operating and maintenance179,838 37,954 217,792 
NOI$30,638 $97,495 128,133 
Impairment charges(4,676)
Operating fees to related parties(25,527)
Termination fees to related parties— 
Acquisition and transaction related(545)
General and administrative(18,928)
Depreciation and amortization(82,873)
Loss on sale of real estate investments
(322)
Interest expense(66,078)
Interest and other income734 
Loss on non-designated derivatives
(1,995)
Loss before income taxes(72,077)
Income tax expense(303)
Net loss(72,380)
Net loss attributable to non-controlling interests82 
Allocation for preferred stock(13,799)
Net loss attributable to common stockholders$(86,097)
__________
(1)     For SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from our tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.


The following table reconciles capital expenditures paid by reportable business segments, excluding corporate non-real estate expenditures, for the periods presented (in thousands):
Year ended December 31,
202520242023
OMF
$16,495 $8,967 $10,467 
SHOP
12,231 12,941 14,832 
Total capital expenditures$28,726 $21,908 $25,299 
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation and Regulatory Matters
In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company, which, if determined unfavorably to the Company, would have a material adverse effect on its consolidated financial position, results of operations or cash flows.
Environmental Matters
In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of December 31, 2025, the Company had not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsThe Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that there have not been any events that have occurred that would require adjustments to disclosures in the Company’s consolidated financial statements
v3.25.4
Real Estate and Accumulated Depreciation Schedule III
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Real Estate and Accumulated Depreciation Schedule III
   Initial CostsSubsequent to Acquisition  
Property
Segment
StateAcquisition
Date
Encumbrances
LandBuilding and
Improvements		Land
Building and Improvements (8)
Gross Amount (1)(2)
Accumulated Depreciation (3)(4)
Adena Health Center - Jackson, OH(7)OMFOHJun-13$— $242 $4,494 $— $576 $5,312 $1,449 
CareMeridian - Littleton, CO(7)OMFCOAug-13— 976 8,900 — 111 9,987 3,749 
Surgery Center of Temple - Temple, TXOMFTXAug-132,934 225 5,208 — 432 5,865 1,960 
Greenville Health System - Greenville, SCOMFSCOct-133,459 720 3,045 — 713 4,478 1,156 
Stockbridge Family Medical - Stockbridge, GAOMFGAFeb-141,702 823 1,799 — 336 2,958 786 
Village Center Parkway - Stockbridge, GAOMFGAFeb-142,326 1,135 2,299 — 550 3,984 1,124 
Creekside OMF - Douglasville, GA(7)OMFGAApr-14— 2,709 5,320 — 1,737 9,766 2,673 
Bowie Gateway Medical Center - Bowie, MD(7)OMFMDMay-14— 983 10,321 — 426 11,730 3,434 
Campus at Crooks & Auburn Building D - Rochester Mills, MI(7)OMFMIMay-14— 640 4,166 — 265 5,071 1,541 
Berwyn Medical Center - Berwyn, ILOMFILMay-14— 1,305 7,559 — 543 9,407 2,406 
Countryside Medical Arts - Safety Harbor, FLOMFFLMay-14— 915 7,663 — 956 9,534 2,661 
St. Andrews Medical Park - Venice, FL(7)OMFFLMay-14— 1,668 10,005 — 2,205 13,878 4,437 
Campus at Crooks & Auburn Building C - Rochester Mills, MI(7)OMFMIJun-14— 609 3,893 — 198 4,700 1,478 
Laguna Professional Center - Elk Grove, CAOMFCAJul-148,494 1,811 14,598 — 318 16,727 4,951 
UC Davis OMF - Elk Grove, CA(7)OMFCAJul-14— 1,138 7,242 — 357 8,737 2,622 
Estate at Hyde Park - Tampa, FL(6)SHOPFLJul-14— 1,777 20,308 — 1,764 23,849 7,122 
Addington Place of Clarkston - Clarkston, MI(6)SHOPMIAug-14— 655 19,967 — 2,447 23,069 7,110 
Addington Place of Burlington - Burlington, IA(5)SHOPIAAug-14— 518 16,739 — 834 18,091 6,018 
Addington Place of Carroll - Carroll, IA(5)SHOPIAAug-14— 473 11,263 — 331 12,067 3,589 
Prairie Hills at Cedar Rapids - Cedar Rapids, IA(6)SHOPIAAug-14— 195 8,595 — 590 9,380 2,847 
Addington Place of Clinton - Clinton, IA(5)SHOPIAAug-14— 890 18,882 — 460 20,232 6,429 
Addington Place of Des Moines - Des Moines, IA(5)SHOPIAAug-14— 647 13,745 — 633 15,025 4,791 
Addington Place of Fairfield - Fairfield, IA(7)SHOPIAAug-14— 340 14,115 — 692 15,147 4,771 
Prairie Hills at Independence - Independence, IA(7)SHOPIAAug-14— 473 10,600 — 365 11,438 3,518 
Addington Place of Mt. Pleasant - Mt. Pleasant, IA(7)SHOPIAAug-14— 205 10,935 — 708 11,848 3,541 
Addington Place of Muscatine - Muscatine, IA(5)SHOPIAAug-14— 302 13,840 — 400 14,542 4,509 
Prairie Hills at Tipton - Tipton, IA(7)SHOPIAAug-14— 306 10,409 — 299 11,014 3,247 
Addington Place of Lakeside Vista - Dixon, IL(5)SHOPMIAug-14— 542 13,942 (164)3,155 17,475 4,849 
Addington Place of Burlington - Land - Burlington, IAOMFIASep-14— 620 — — — 620 — 
Community Health OMF - Harrisburg, PA(7)OMFPASep-14— — 6,170 — 4 6,174 1,796 
Brady OMF - Harrisburg, PA(7)OMFPASep-14— — 22,485 — 4 22,489 6,382 
FOC II - Mechanicsburg, PA(7)OMFPASep-14— — 16,473 — 430 16,903 5,465 
FOC Clinical - Mechanicsburg, PA(7)OMFPASep-14— — 19,634 — 347 19,981 6,300 
FOC I - Mechanicsburg, PA(7)OMFPASep-14— — 8,923 — 324 9,247 3,233 
   Initial CostsSubsequent to Acquisition  
Property
Segment
StateAcquisition
Date
Encumbrances
LandBuilding and
Improvements		Land
Building and Improvements (8)
Gross Amount (1)(2)
Accumulated Depreciation (3)(4)
Addington Place of Brunswick - Brunswick, GA(7)SHOPGASep-14— 1,509 14,402 — 848 16,759 5,044 
Addington Place of Dublin - Dublin, GA(7)SHOPGASep-14— 403 9,281 — 366 10,050 3,277 
Addington Place of Johns Creek - Johns Creek, GA(6)SHOPGASep-14— 997 11,943 (730)(9,590)2,620 — 
Addington Place of Jupiter - Jupiter, FL(5)SHOPFLSep-14— 3,741 49,534 — 2,216 55,491 16,205 
Addington Place of Lee's Summit - Lee's Summit, MO(6)SHOPMOSep-14— 2,734 25,008 — 826 28,568 8,239 
Addington Place of College Harbour - St Petersburg, FL(7)SHOPGASep-14— 4,791 17,295 (1,000)(3,970)17,116 4,884 
Addington Place of Stuart - Stuart, FL(5)SHOPFLSep-14— 5,018 60,575 — 2,798 68,391 20,052 
Addington Place of East Lake - Tarpon Springs, FL(6)SHOPFLSep-14— 2,360 13,728 — 4,539 20,627 6,709 
Addington Place of Titusville - Titusville, FL(5)SHOPFLSep-14— 1,379 13,976 — 1,409 16,764 5,438 
Dyer Building - Dyer, INOMFINOct-145,917 601 8,992 — 265 9,858 2,734 
757 Building - Munster, INOMFINOct-144,829 645 7,885 — 196 8,726 2,327 
761 Building - Munster, INOMFINOct-146,497 1,436 8,616 — 363 10,415 2,759 
759 Building - Munster, IN(7)OMFINOct-14— 1,101 8,899 — 124 10,124 2,691 
Meadowbrook Senior Living - Agoura Hills, CA(6)SHOPCANov-14— 8,821 48,682 — 4,306 61,809 16,179 
Mount Vernon Medical Office Building - Mount Vernon, WA(7)OMFWANov-14— — 18,519 — 37 18,556 5,570 
Wellington at Hershey's Mill - West Chester, PA(7)SHOPPADec-14— 8,531 80,734 — 9,832 99,097 27,801 
Eye Specialty Group Medical Building - Memphis, TN(7)OMFTNDec-14— 775 7,223 — — 7,998 2,100 
Addington Place of Prairie Village - Prairie Village, KS(6)SHOPKSDec-14— 1,782 21,869 — 832 24,483 7,349 
Bloom OMF - Harrisburg, PA(7)OMFPADec-14— — 15,928 — 517 16,445 4,923 
Medical Sciences Pavilion - Harrisburg, PA(7)OMFPADec-14— — 22,309 — — 22,309 6,264 
Pinnacle Center - Southaven, MS(7)OMFMSDec-14— 1,378 6,547 — 3,191 11,116 2,996 
Addington Place of Shoal Creek - Kansas City, MO(6)SHOPMOFeb-15— 3,723 22,259 — 1,079 27,061 7,321 
Aurora Healthcare Center - Green Bay, WIOMFWIMar-151,943 1,130 1,678 — 171 2,979 609 
Aurora Healthcare Center - Greenville, WIOMFWIMar-15836 259 958 — 80 1,297 365 
Aurora Healthcare Center - Kiel, WIOMFWIMar-152,050 676 2,214 — 184 3,074 715 
Aurora Healthcare Center - Plymouth, WIOMFWIMar-1516,284 2,891 24,224 — 1,605 28,720 7,789 
Aurora Healthcare Center - Waterford, WIOMFWIMar-154,984 590 6,452 — — 7,042 1,936 
Aurora Healthcare Center - Wautoma, WIOMFWIMar-154,411 1,955 4,361 — 838 7,154 1,497 
Arbor View Assisted Living and Memory Care - Burlington, WI(7)SHOPWIMar-15— 367 7,815 — 302 8,484 2,774 
Advanced Orthopaedic Medical Center - Richmond, VA(7)OMFVAApr-15— 1,523 19,229 — 2,017 22,769 5,791 
Physicians Plaza of Roane County - Harriman, TNOMFTNApr-156,014 1,746 7,842 — 448 10,036 2,561 
Adventist Health Lacey Medical Plaza - Hanford, CA(7)OMFCAApr-15— 328 13,302 — 908 14,538 3,805 
Medical Center I - Peoria, AZ(7)OMFAZMay-15— 807 1,115 — 2,901 4,823 1,653 
Medical Center II - Peoria, AZ(7)OMFAZMay-15— 945 1,330 — 5,303 7,578 2,686 
   Initial CostsSubsequent to Acquisition  
Property
Segment
StateAcquisition
Date
Encumbrances
LandBuilding and
Improvements		Land
Building and Improvements (8)
Gross Amount (1)(2)
Accumulated Depreciation (3)(4)
Commercial Center - Peoria, AZ(7)OMFAZMay-15— 959 1,110 — 1,274 3,343 940 
Medical Center III - Peoria, AZOMFAZMay-152,043 673 1,651 — 1,943 4,267 1,544 
Morrow Medical Center - Morrow, GAOMFGAJun-154,142 1,155 5,674 — 2,929 9,758 1,959 
Belmar Medical Building -Lakewood, COOMFCOJun-153,603 819 4,287 — 786 5,892 1,694 
Addington Place of Northville - Northville, MI(6)SHOPMIJun-15— 440 14,975 — 1,413 16,828 4,940 
Medical Center V - Peoria, AZOMFAZJul-152,837 1,089 3,200 — 1,398 5,687 1,593 
Legacy Medical Village - Plano, TX(7)OMFTXJul-15— 3,755 31,097 — 3,755 38,607 9,900 
Scripps Cedar Medical Center - Vista, CA(7)OMFCAAug-15— 1,213 14,596 — 2,837 18,646 4,722 
Eastside Cancer Institute - Greenville, SCOMFSCOct-155,402 1,498 6,637 — 784 8,919 2,227 
Sky Lakes Klamath Medical Clinic - Klamath Falls, OR(7)OMFOROct-15— 433 2,623 — — 3,056 721 
Courtyard Fountains - Gresham, OR(7)SHOPORDec-15— 2,476 50,601 — 3,800 56,877 15,419 
Presence Healing Arts Pavilion - New Lenox, ILOMFILDec-155,702 — 6,768 — 543 7,311 2,006 
Mainland Medical Arts Pavilion - Texas City, TXOMFTXDec-155,901 320 7,923 — 482 8,725 2,508 
Renaissance on Peachtree - Atlanta, GA(5)SHOPGADec-15— 4,535 68,895 — 4,794 78,224 20,439 
Fox Ridge Senior Living at Bryant - Bryant, ARSHOPARDec-156,289 1,687 12,936 (1,151)(10,030)3,442 — 
Fox Ridge Senior Living at Chenal - Little Rock, ARSHOPARDec-1514,412 6,896 20,579 — 878 28,353 6,838 
Fox Ridge North Little Rock - North Little Rock, ARSHOPARDec-158,943 — 19,265 — 716 19,981 5,815 
High Desert Medical Group Medical Office Building - Lancaster, CAOMFCAApr-177,149 1,459 9,300 — 166 10,925 2,654 
Northside Hospital - Canton, GAOMFGAJul-177,660 3,408 8,191 — 611 12,210 2,012 
West Michigan Surgery Center - Big Rapids, MIOMFMIAug-174,061 258 5,677 — — 5,935 1,255 
Camellia Walk Assisted Living and Memory Care - Evans, GA(5)SHOPGASep-17— 1,854 17,372 — 1,642 20,868 5,230 
Beaumont Medical Center - Warren, MIOMFMIDec-174,936 1,078 9,525 — 20 10,623 2,125 
DaVita Dialysis - Hudson, FLOMFFLDec-171,681 226 1,979 — 121 2,326 452 
DaVita Bay Breeze Dialysis Center - Largo, FLOMFFLDec-171,049 399 896 — 297 1,592 294 
Greenfield Medical Plaza - Gilbert, AZOMFAZDec-174,149 1,476 4,144 — 527 6,147 1,122 
RAI Care Center - Clearwater, FLOMFFLDec-172,886 624 3,156 — 90 3,870 687 
Illinois CancerCare - Galesburg, ILOMFILDec-172,237 290 2,457 — 197 2,944 630 
UnityPoint Clinic - Muscatine, IA(7)OMFIADec-17— 570 4,541 — 254 5,365 1,064 
Lee Memorial Health System Outpatient Center - Ft. Myers,OMFFLDec-173,459 439 4,374 — 722 5,535 1,263 
Decatur Medical Office Building - Decatur, GAOMFGADec-174,460 695 3,273 — 597 4,565 935 
Madison Medical Plaza - Joliet, ILOMFILDec-1712,018 — 16,855 — 153 17,008 3,472 
Woodlake Office Center - Woodbury, MNOMFMNDec-178,255 1,017 10,688 — 1,460 13,165 2,859 
Rockwall Medical Plaza - Rockwall, TXOMFTXDec-173,323 1,097 4,582 — 409 6,088 1,254 
MetroHealth Buckeye Health Center - Cleveland, OHOMFOHDec-172,837 389 4,367 — 255 5,011 1,120 
   Initial CostsSubsequent to Acquisition  
Property
Segment
StateAcquisition
Date
Encumbrances
LandBuilding and
Improvements		Land
Building and Improvements (8)
Gross Amount (1)(2)
Accumulated Depreciation (3)(4)
UnityPoint Clinic - Moline, IL(7)OMFILDec-17— 396 2,880 — 151 3,427 675 
Philip Professional Center - Lawrenceville, GA(7)OMFGADec-17— 1,285 6,714 — 485 8,484 1,688 
Florida Medical Heartcare - Tampa, FLOMFFLMar-181,992 586 1,902 — — 2,488 414 
Florida Medical Somerset - Tampa, FLOMFFLMar-181,156 61 1,366 — — 1,427 268 
Florida Medical Tampa Palms - Tampa, FLOMFFLMar-181,205 141 1,402 — — 1,543 281 
Florida Medical Wesley Chapel - Tampa, FLOMFFLMar-181,943 485 1,987 — — 2,472 452 
Aurora Health Center - Milwaukee, WIOMFWIApr-183,837 1,014 4,041 — 399 5,454 1,044 
Vascular Surgery Associates - Tallahassee, FLOMFFLMay-184,567 902 5,383 — — 6,285 1,149 
Glendale OMF - Farmington Hills, MIOMFMIAug-187,763 504 12,332 — (135)12,701 2,341 
Crittenton Washington OMF - Washington Township, MIOMFMISep-183,012 640 4,090 — 492 5,222 936 
Crittenton Sterling Heights OMF - Sterling Heights, MIOMFMISep-182,779 1,398 2,695 — 167 4,260 708 
Advocate Aurora OMF - Elkhorn, WI(7)OMFWISep-18— 181 9,452 — — 9,633 1,880 
Pulomnary & Critical Care Med(7)OMFPANov-18— 621 3,805 — — 4,426 783 
Dignity Emerus Blue Diamond - Las Vegas, NV(7)OMFNVNov-18— 2,182 16,594 — (274)18,502 3,190 
Dignity Emerus Craig Rd - North Las Vegas, NV(7)OMFNVNov-18— 3,807 22,803 — (208)26,402 4,430 
Greenfield OMF - Greenfield, WI(7)OMFWIJan-19— 1,552 8,333 — 1,468 11,353 1,817 
Milwaukee OMF - South Milwaukee, WI(7)OMFWIJan-19— 410 5,041 — — 5,451 919 
St. Francis WI OMF - St. Francis, WI(7)OMFWIJan-19— 865 11,355 — 417 12,637 2,196 
Lancaster Medical Arts OMF - Lancaster, PAOMFPAJun-194,023 85 4,417 — — 4,502 726 
Women's Healthcare Group OMF - York, PAOMFPAJun-193,236 624 2,161 — — 2,785 398 
UMPC Sir Thomas Court - Harrisburg, PAOMFPAJan-204,052 745 6,272 — — 7,017 1,011 
UMPC Fisher Road - Mechanicsburg, PAOMFPAJan-203,867 747 3,844 — — 4,591 676 
Swedish American OMF - Roscoe, ILOMFILJan-204,149 599 5,862 — — 6,461 1,193 
Addington Place of Sparta - Sparta, IL(7)SHOPILJan-20— 381 13,807 250 255 14,693 2,480 
UMPC Chambers Hill - Harrisburg, PAOMFPAFeb-203,410 498 4,238 — — 4,736 667 
Addington Place of Shiloh(7)SHOPILMar-20— 376 28,299 — 342 29,017 4,589 
Bayshore Naples Memory Care - Naples, FL(7)SHOPFLMar-20— 3,231 17,112 — 1,562 21,905 2,996 
Circleville OMF - Circleville, OHOMFOHDec-203,426 765 4,011 — 11 4,787 581 
OrthoOne Hilliard - Hilliard, OHOMFOHMay-213,119 760 3,118 — (110)3,768 506 
South Douglas OMF - Midwest City, OKOMFOKJun-212,808 628 3,863 — — 4,491 578 
Fort Wayne Opthomology Engle - Fort Wayne, INOMFINJun-213,778 516 6,124 — — 6,640 781 
Fort Wayne Opthomology Dupont - Fort Wayne, INOMFINJun-211,853 597 2,653 — — 3,250 438 
St. Peters Albany 2 Palisades - Albany, NYOMFNYJun-212,468 516 4,342 — 498 5,356 813 
St. Peters Troy 2 New Hampshire - Troy, NYOMFNYJun-211,049 330 2,444 — 313 3,087 422 
   Initial CostsSubsequent to Acquisition  
Property
Segment
StateAcquisition
Date
Encumbrances
LandBuilding and
Improvements		Land
Building and Improvements (8)
Gross Amount (1)(2)
Accumulated Depreciation (3)(4)
St Peters - Albany, NY - 4 PalisadesOMFNYJul-211,574 542 2,416 — 163 3,121 384 
St Peters - Albany, NY - 5 PalisadesOMFNYJul-213,041 593 5,359 — 334 6,286 745 
St Lukes Heart Vascular Center - East StroudsburgOMFPAAug-212,371 363 3,224 — 379 3,966 463 
Metropolitan Eye Lakeshore Surgery - St. Clair, MIOMFMIAug-213,041 203 4,632 — — 4,835 533 
Naidu Clinic - Odessa, TXOMFTXSep-212,060 730 2,409 — 11 3,150 306 
Belpre V Cancer Center - Belpre, OHOMFOHSep-2145,725 1,153 63,894 — — 65,047 7,044 
Center for Advanced Dermatology - Lakewood, COOMFCODec-211,836 1,034 1,874 — 16 2,924 229 
Florida Medical Clinic - Tampa, FLOMFFLDec-211,681 1,104 1,137 — 186 2,427 200 
Pensacola Nephrology OMF - Pensacola, FLOMFFLDec-213,721 1,579 5,121 — 146 6,846 558 
Millennium Eye Care - Freehold, NJOMFNJMay-224,848 635 6,014 — (2,635)4,014 519 
Bone and Joint Specialists - Merrillville, INOMFINJun-222,517 1,014 2,499 — — 3,513 244 
Atlanta Gastroenterology Associates - Lawrenceville, GAOMFGAJun-222,701 2,639 2,263 — — 4,902 198 
Eastern Carolina ENT - Greenville, NCOMFNCDec-224,042 663 5,828 — — 6,491 479 
Hope Orthopedics - Salem, OROMFORMar-2314,487 1,331 15,802 — — 17,133 1,178 
St Peters - Albany, NY - 1444 Western AvenueOMFNYMar-232,730 754 3,639 — (2)4,391 288 
OSF Healthcare OMF - Dwight, IL(7)OMFILSep-23— 254 2,960 — — 3,214 188 
OSF Healthcare OMF - Godfrey, IL(7)OMFILSep-23— 1,034 4,668 — — 5,702 308 
CPC - LaPorte, INOMFINFeb-241,750 287 2,090 — — 2,377 108 
CPC - Valparaiso, INOMFINFeb-242,000 460 2,763 — — 3,223 143 
CPC - Hobart, INOMFINFeb-242,300 132 2,939 — — 3,071 139 
CPC - Merrillville, INOMFINFeb-241,449 386 1,510 1 3 1,900 90 
Fannie Mae Secured Debt (5)(6)
334,739 
Credit Facilities
336,000 
Total
$1,046,219 $177,329 $1,700,238 $(2,794)$88,708 $1,963,481 $485,050 
__________
(1)Acquired intangible lease assets allocated to individual properties in the amount of $246.5 million are not reflected in the table above.
(2)The tax basis of aggregate land, buildings and improvements, net as of December 31, 2025 is $1.6 billion.
(3)The accumulated depreciation column excludes $206.2 million of accumulated amortization associated with acquired intangible lease assets.
(4)Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings and building improvements and 15 years for fixtures and land improvements.
(5)These properties collateralize the Capital One Secured Debt, which had $199.9 million of outstanding borrowings as of December 31, 2025.
(6)These properties collateralize the KeyBank Secured Debt, which had $134.9 million of outstanding borrowings as of December 31, 2025.
(7)These properties collateralize the Credit Facilities, which had $336.0 million of outstanding borrowings as of December 31, 2025.
(8) Includes adjustments for properties that have been impaired as of December 31, 2025.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
December 31,
202520242023
Real estate investments, at cost (1):
 
Balance at beginning of year$2,210,350 $2,333,393 $2,295,587 
Additions-acquisitions and capital expenditures26,058 28,742 56,977 
Disposals, impairments and reclasses (2)
(272,927)(151,785)(19,171)
Balance at end of the year$1,963,481 $2,210,350 $2,333,393 
  
Accumulated depreciation (1):
 
Balance at beginning of year$496,758 $458,010 $397,982 
Depreciation expense56,715 63,851 64,445 
Disposals, impairments and reclasses (2)
(68,423)(25,103)(4,417)
Balance at end of the year$485,050 $496,758 $458,010 
__________
(1)Acquired intangible lease assets and related accumulated depreciation are not reflected in the table above.
(2)Includes amounts relating to dispositions and impairment charges on assets for the years ended December 31, 2025, 2024 and 2023.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We understand the importance of preventing, assessing, identifying and managing material risks associated with cybersecurity threats. Cybersecurity processes to assess, identify and manage risks from cybersecurity threats have been incorporated as a part of our overall risk assessment process. On a regular basis, we implement into our operations these cybersecurity processes, technologies and controls to assess, identify and manage material risks. Specifically, we engage a third-party information technology and cybersecurity firm to assist with network and endpoint monitoring, cloud system monitoring and assessment of our incident response procedures. Further, we employ periodic penetration testing and tabletop exercises to inform our risk identification and assessment of material cybersecurity threats.
To manage our material risks from cybersecurity threats and to protect against, detect and prepare to respond to cybersecurity incidents, we undertake the below listed activities:
•monitor emerging data protection laws and implement changes to our processes to comply;
•conduct periodic data handling and use requirement training for our employees;
•conduct annual cybersecurity management and incident training for employees involved in our systems and processes that handle sensitive data; and
•conduct regular phishing email simulations for all employees.
Our incident response plan coordinates the activities that we and our third-party information technology and cybersecurity providers take to prepare to respond and recover from cybersecurity incidents, which include processes to triage, assess severity, investigate, escalate, contain and remediate an incident, as well as to comply with potentially applicable legal obligations.
As part of the above processes, we engage with third party providers to review our cybersecurity program and help identify areas for continued focus, improvement and compliance.
Our processes also include assessing cybersecurity threat risks associated with our use of third-party services providers in normal course of business use, including those in our supply chain or who have access to our tenant and employee data or our systems. Third-party risks are included within our cybersecurity risk management processes discussed above. In addition, we assess cybersecurity considerations in the selection and oversight of our third-party services providers, including due diligence on the third parties that have access to our systems and facilities that house systems and data.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We understand the importance of preventing, assessing, identifying and managing material risks associated with cybersecurity threats. Cybersecurity processes to assess, identify and manage risks from cybersecurity threats have been incorporated as a part of our overall risk assessment process. On a regular basis, we implement into our operations these cybersecurity processes, technologies and controls to assess, identify and manage material risks.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Audit Committee of our Board is responsible for oversight of our risk assessment, risk management, disaster recovery procedures and cybersecurity risks. Members of our Board regularly engage in discussions with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs. Our management is responsible for assessing and managing our material risks from cybersecurity threats. Management has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information technology and cybersecurity personnel and our third-party vendors. Our management team supervises efforts to prevent, detect and mitigate cybersecurity risks and incidents through various means, which may include briefings from both internal and external information technology and cybersecurity personnel, threat intelligence and other information obtained from governmental, public or private sources as well as alerts and reports produced by security tools deployed in our information technology environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of our Board is responsible for oversight of our risk assessment, risk management, disaster recovery procedures and cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Members of our Board regularly engage in discussions with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs.
Cybersecurity Risk Role of Management [Text Block] Our management is responsible for assessing and managing our material risks from cybersecurity threats. Management has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information technology and cybersecurity personnel and our third-party vendors. Our management team supervises efforts to prevent, detect and mitigate cybersecurity risks and incidents through various means, which may include briefings from both internal and external information technology and cybersecurity personnel, threat intelligence and other information obtained from governmental, public or private sources as well as alerts and reports produced by security tools deployed in our information technology environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our management is responsible for assessing and managing our material risks from cybersecurity threats. Management has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information technology and cybersecurity personnel and our third-party vendors.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our management is responsible for assessing and managing our material risks from cybersecurity threats. Management has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information technology and cybersecurity personnel and our third-party vendors. Our management team supervises efforts to prevent, detect and mitigate cybersecurity risks and incidents through various means, which may include briefings from both internal and external information technology and cybersecurity personnel, threat intelligence and other information obtained from governmental, public or private sources as well as alerts and reports produced by security tools deployed in our information technology environment.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Members of our Board regularly engage in discussions with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Accounting and Out-of-Period Adjustments
Basis of Accounting
The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”).
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation
The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, fair value measurements and income taxes, as applicable.
Revenue Recognition
Revenue Recognition
The Company’s revenues consist primarily of resident services and fee income from lease contracts with residents in the SHOP segment and rents from lease contracts with tenants in the OMF segment. The Company recognizes resident services and fee income from residents in the SHOP segment and rental revenues from tenants in the OMF segment in accordance with Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”).
Rental income from residents in the SHOP segment is recognized as earned when services are provided. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the leases are short term in nature, primarily month-to-month.
Rent from tenants in the OMF segment is recognized on a straight-line basis over the initial term of the lease when collectability is probable. Because many of the leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants on a straight-line basis, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease.
When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates.
In addition to base rent, dependent on the specific lease, tenants are generally required to pay either (i) their pro rata share of property operating and maintenance expenses and certain capital expenditures, which may be subject to expense exclusions and floors, or (ii) their share of increases in property operating and maintenance expenses to the extent they exceed the properties’ expenses for the base year of the respective leases. Tenant reimbursements generally relate to the reimbursement of real estate taxes, insurance and repair and maintenance expense, and are recognized as both revenue (in revenue from tenants) and expense (in property operating and maintenance expense) in the period the expense is incurred. Under certain other lease agreements, tenants are directly responsible for all operating and maintenance costs of the respective properties. Expenses paid directly by the tenant are reflected on a net basis.
The Company continually reviews receivables related to rent and unbilled rent and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under ASC 842, the Company is required to assess, based on credit risk only, if it is probable that the Company will collect virtually all of the lease payments at lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances
affecting the credit risk of the tenant. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e., straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and a full reserve would be recorded on previously accrued amounts in cases where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in operating revenue from tenants, in accordance with current accounting rules, in the consolidated statements of operations and comprehensive loss in the period the related costs are incurred, as applicable.
Real Estate Investments
Real Estate Investments
Real estate investments are recorded at cost. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred.
Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings and building improvements, 15 years for land improvements and fixtures and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests.
Construction in progress is not depreciated until the project has reached substantial completion. The value of certain other intangibles such as certificates of need in certain jurisdictions are amortized over the expected period of benefit (generally the life of the related building).
The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense.
Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages.
Capitalized above-market lease values are amortized as a decrease to revenue from tenants over the remaining terms of the respective leases and capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time.
Capitalized above-market ground lease values are amortized as a reduction of property operating and maintenance expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating and maintenance expense over the remaining terms of the respective leases and expected below-market renewal option periods.
Purchase Price Allocation
Purchase Price Allocation
At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets.
In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases and above- and below-market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In allocating the fair value to any assumed or issued non-controlling interests, amounts are recorded at their fair value at the close of business on the acquisition date. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets.
For acquired properties with leases classified as operating leases, the Company allocates the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that
may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed.
The Company utilizes various estimates, processes and information to determine the as-if vacant property value. The Company estimates the fair value using data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, market rental rates, discount rates and land values per square foot.
Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period. The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses.
Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of market rental rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases.
Accounting for Leases, Lessor Accounting
Accounting for Leases
Lessor Accounting
The Company evaluates new leases pursuant to ASC 842 to determine lease classification. A lease is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than a major part of the remaining economic useful life of the asset (e.g., equal to or greater than 75%), the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or the asset is so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor.
As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating and maintenance expenses) as a single lease component in an operating lease because (i) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company capitalizes incremental direct leasing costs and expenses indirect leasing costs in connection with new or extended tenant leases.
Accounting for Leases, Lessee Accounting
Lessee Accounting
The Company is the lessee under certain land leases which are classified as operating leases. These leases are reflected on the consolidated balance sheets as operating lease right-of-use assets and operating lease liabilities, and the rent expense is reflected on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
Management assesses on a continuous basis whether there are indicators that the carrying value of the Company’s real estate properties may be impaired. Such indicators include significant declines in market value, changes in property use or condition, legal or business developments, costs that significantly exceed management’s expectations, ongoing operating losses and changes in anticipated holding period. If any of these indicators are present, management evaluates whether the property’s carrying value may not be recoverable based on an estimate of future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. If an impairment exists due to the inability to recover the carrying value, the Company will recognize an impairment loss in the consolidated statements of operations and comprehensive loss to the extent that the carrying value exceeds the estimated fair value of real estate properties which are held for use. The Company’s estimated fair value is primarily based upon (i) estimated sales prices from signed contracts or letters of intent from third-party offers or (ii) discounted cash flow models of the property over its anticipated hold period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market
rates. In addition, such cash flow models consider factors such as expected future operating income, market and other applicable trends, residual value, leasing demand, competition, and other relevant factors.
Assets Held for Sale
Assets Held for Sale
The Company classifies a real estate property as held for sale when: (i) management has approved the disposal, (ii) the property is available for sale in its present condition, (iii) an active program to locate a buyer has been initiated, (iv) it is probable that the property will be disposed of within one year, (v) the property is being marketed at a reasonable price relative to its fair value and (vi) it is unlikely that the disposal plan will significantly change or be withdrawn. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. When a real estate property is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. If the carrying amount of the asset classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the asset exceeds the estimated net sales price of the asset. For held-for-sale properties, the Company predominately uses the contract sales price as fair market value. There were no real estate investments held for sale as of December 31, 2025 or 2024.
Gain on Sale of Real Estate Investments
Gain on Sale of Real Estate Investments
The Company recognizes a gain (loss) on sale of real estate when the criteria for an asset to be derecognized are met, which include when: (i) a contract exists, (ii) the buyer obtains control of the asset and (iii) it is probable that the Company will receive substantially all of the consideration to which it is entitled. These criteria are generally satisfied at the time of sale.
Derivative Instruments
Derivative Instruments
The Company may use derivative financial instruments, including interest rate swaps, caps, collars, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such agreements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. Additionally, in using interest rate derivatives, the Company aims to add stability to interest expense and to manage its exposure to interest rate movements. The Company does not intend to utilize derivatives for speculative purposes or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company, and its affiliates, may also have other financial relationships. The Company does not anticipate that any of its counterparties will fail to meet their obligations.
The Company records all derivatives on the consolidated balance sheets at fair value. For derivative instruments designated and qualify as cash flow hedges, changes in fair value are recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. For derivative instruments not designated as hedges under a qualifying hedging relationship, changes in fair value are recorded in gain (loss) on non-designated derivatives in the Company’s consolidated statements of operations and comprehensive loss.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents includes cash in bank accounts as well as investments in highly liquid money market funds with original maturities of three months or less.
The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit. As the account balances at each institution periodically exceed the FDIC insured amount, there is a concentration of credit risk related to amounts in excess of such coverage. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result.
Restricted Cash
Restricted Cash
Restricted cash consists of amounts held by the Company or its lenders to provide for future real estate tax, insurance expenditures, capital expenditures and tenant improvements related to its properties and operations.
Deferred Costs
Deferred Costs
Deferred costs, net, consists of: (i) deferred financing costs related to the Revolving Facility and Fannie Mae Secured Debt (each as defined below), (ii) deferred leasing costs and (iii) costs incurred directly attributable to a proposed offering of securities.
Deferred financing costs related to mortgage notes payable and the Term Loan (as defined below) are reflected as a reduction to the related borrowings on the Company’s consolidated balance sheets. Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized using the effective interest method over the term of the applicable financing agreements for the Revolving Facility, Term Loan and Fannie Mae Secured Debt and over the expected term for mortgage notes payable. Unamortized deferred financing costs are expensed if the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Deferred leasing costs, consisting primarily of lease commissions and professional fees incurred in connection with new leases, are deferred and amortized over the term of the lease.
Stock-Based Compensation
Stock-Based Compensation
The Company’s stock-based compensation for employees and directors is accounted for under the guidance of stock-based payments. The cost of services received in exchange for these stock-based compensation is measured at the grant date fair value of the equity award. The compensation expense for such awards is recognized on a straight-line basis over the requisite service period (i.e., vesting) or when the requirements for exercise of the award have been met in general and administrative expenses in the consolidated statements of operations and comprehensive loss. Forfeitures of stock-based compensation are recognized as they occur.
Income Taxes
Income Taxes
The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2013. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax. Subsidiaries that elect to be treated as TRS are subject to U.S. federal, state and local income taxes. The Company recognizes tax penalties and interest as additional income tax expense.
The Company accounts for deferred income taxes using the asset and liability method and records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies (including modifying intercompany leases with the TRS) and recent financial operations. In the event the Company determines that it would not be able to realize the deferred income tax assets in the future in excess of the net recorded amount, the Company establishes a valuation allowance which offsets the previously recognized income tax asset.
Non-controlling Interests
Non-controlling Interests
The non-controlling interests represent the portion of the common and preferred equity in the OP that is not owned by the Company. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and presented as net loss attributable to non-controlling interests in the consolidated statements of operations and comprehensive loss. Non-controlling interests are allocated a share of net income or loss based on their share of equity ownership, including any preferential amounts.
Fair Value Measurement
Fair Value Measurement
The Company measures and discloses the fair value of financial instruments utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the hierarchy are described below:
•Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.
•Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.
•Level 3 — Unobservable inputs that reflect the entity’s own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.
The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement
falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Per Share Data
Per Share Data
Net loss per basic share of common stock is calculated by dividing net loss by the weighted-average number of shares (retroactively adjusted for the stock dividends and the Reverse Stock Split) of common stock issued and outstanding during such period. Diluted net loss per share of common stock considers the effect of potentially dilutive shares of common stock outstanding during the period.
Reportable Business Segments
Reportable Business Segments
The Company’s reportable business segments, based on how the chief operating decision maker (“CODM”) evaluates the Company’s business and allocates resources, are as follows: (i) OMF and (ii) SHOP.
Reclassifications
Reclassifications
To conform to the current year presentation, amounts related to “construction in progress” and “accounts receivable, net” for the comparative periods have been reclassified from “prepaid expenses and other assets” and presented separately on the Company’s consolidated balance sheets, and certain 2024 amounts have been reclassified from general and administrative to property operating and maintenance on the Company’s consolidated statements of operations and comprehensive loss to align with the current period presentation.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities on an annual basis to (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). During the year ended December 31, 2025, the Company adopted ASU 2023-09 prospectively and disclosed a new rate reconciliation table and an income tax payment schedule. The adoption did not have an impact on the Company’s consolidated financial position, results of operations or cash flows.
Not Yet Adopted
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires public business entities (PBEs) to provide disaggregated disclosure in tabular format in the notes to financial statements of specific expenses, including but not limited to: (i) employee compensation, (ii) depreciation, and (iii) intangible asset amortization. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact these ASUs will have on its disclosures.
v3.25.4
Real Estate Investments, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Allocation of the Assets Acquired and Liabilities Assumed
The following table presents the allocation of the assets acquired and liabilities assumed during the year ended December 31, 2024 (dollars in thousands):
Year ended December 31, 2024
Real estate investments, at cost:
Land$1,266 
Buildings, fixtures and improvements9,302 
Total tangible assets10,568 
Acquired intangibles:
In-place leases and other intangible assets (1)
2,388 
Market lease and other intangible assets (1)
150 
Total intangible assets and liabilities2,538 
Mortgage notes payable assumed, net(7,500)
Cash paid for real estate investments, including acquisitions$5,606 
__________
(1)Weighted-average remaining amortization periods for in-place leases and above-market leases acquired were both 13.6 years as of December 31, 2024.
Schedule of Geographic Concentrations The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2025, 2024 and 2023:
December 31,
State202520242023
Florida22.3%21.2%19.9%
Pennsylvania11.2%11.6%10.6%
Iowa
11.0%**
Georgia
10.6%10.4%*
__________
*    Not greater than 10%.
Schedule of Acquired Intangible Assets and Liabilities
Acquired intangible assets and liabilities consisted of the following as of the periods presented (dollars in thousands):
December 31, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted Average Remaining Amortization Period
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted Average Remaining Amortization Period
Intangible assets:
In-place lease intangible assets
$228,208 $194,822 $33,386 5.1 years$260,534 $214,961 $45,573 5.3 years
Above-market lease intangible assets
11,235 10,250 985 4.5 years14,446 12,819 1,627 5.0 years
Other intangible assets7,101 1,087 6,014 63.8 years9,467 1,293 8,174 66.3 years
Total acquired intangible assets$246,544 $206,159 $40,385 6.7 years$284,447 $229,073 $55,374 7.3 years
Intangible liabilities:
Below-market lease intangible liabilities
$19,626 $14,775 $4,851 6.4 years$22,789 $16,664 $6,125 6.9 years
Schedule of Amortization and Accretion Recognized
The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place lease intangible and other intangible assets, amortization and accretion of above- and below-market lease intangible assets and liabilities, net and the amortization of above- and below-market ground leases, for the periods presented (dollars in thousands):
Year ended December 31,
202520242023
Amortization of in-place lease intangible and other intangible assets (1)
$8,940 $12,258 $13,080 
Accretion of above- and below-market lease intangibles, net (2)
(582)(1,420)(1,050)
Amortization of above- and below-market ground leases, net (3)
2,473 176 159 
__________
(1)Reflected within depreciation and amortization expense.
(2)Reflected within revenue from tenants.
(3)Reflected within property operating and maintenance expense.
Schedule of Projected Amortization Expense
The following table provides the projected amortization and adjustments to revenue from tenants for the next five years (dollars in thousands):
20262027202820292030
In-place lease intangible assets
$7,295 $5,009 $3,701 $3,256 $2,605 
Other intangible assets1 1 1 1 — 
Total to be added to amortization expense$7,296 $5,010 $3,702 $3,257 $2,605 
Above-market lease intangible assets
$(239)$(176)$(138)$(73)$(69)
Below-market lease intangible liabilities
925 650 586 545 419 
Total to be added to revenue from tenants$686 $474 $448 $472 $350 
Schedule of Impairments Recorded
The following table presents impairment charges by segment for the periods presented (dollars in thousands):
Year ended December 31,
202520242023
SHOP
$37,882 $13,643 $2,122 
OMF
7,032 11,238 2,554 
Total impairment charges$44,914 $24,881 $4,676 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Income
The following table summarizes the Company’s lease income (dollars in thousands). Rental income from the OMF operating leases consists of fixed and variable lease payments. The variable payments primarily represent reimbursements of various property-level operating and maintenance expenses that the Company pays on behalf of its tenants. These amounts exclude SHOP leases which are short-term in nature.
Year ended December 31,
202520242023
Fixed income from operating leases
$94,328 $111,843 $111,447 
Variable income from operating leases
22,415 25,441 24,003 
Schedule of Future Base Rent Payments
The following table presents future base rent payments on a cash basis due to the Company as of December 31, 2025 over the next five years and thereafter (dollars in thousands). These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. These amounts also exclude SHOP leases which are short-term in nature.
Future Base Rent
Payments
2026$89,638 
202782,049 
202871,094 
202962,817 
203057,680 
Thereafter229,283 
$592,561 
Schedule of Operating Lease, Liability, Maturity
The following table presents future minimum lease payments under non-cancelable ground and corporate operating leases as well as direct financing leases included in the Company’s operating lease liability as of December 31, 2025 (dollars in thousands):
Future Base Rent Payments
Operating Leases
Direct Financing Leases (1)
2026$971 $79 
2027941 81 
2028668 83 
2029599 85 
2030602 87 
Thereafter18,440 5,759 
Total minimum lease payments22,221 6,174 
Less: amounts representing interest(13,754)(2,158)
Total present value of minimum lease payments$8,467 $4,016 
__________
(1)The direct financing lease liability is included in accounts payable and accrued expenses on the Company’s consolidated balance sheets. The direct financing lease asset is included as part of building, fixtures and improvements as the land component was not required to be bifurcated.
Schedule of Finance Lease, Liability, Maturity
The following table presents future minimum lease payments under non-cancelable ground and corporate operating leases as well as direct financing leases included in the Company’s operating lease liability as of December 31, 2025 (dollars in thousands):
Future Base Rent Payments
Operating Leases
Direct Financing Leases (1)
2026$971 $79 
2027941 81 
2028668 83 
2029599 85 
2030602 87 
Thereafter18,440 5,759 
Total minimum lease payments22,221 6,174 
Less: amounts representing interest(13,754)(2,158)
Total present value of minimum lease payments$8,467 $4,016 
__________
(1)The direct financing lease liability is included in accounts payable and accrued expenses on the Company’s consolidated balance sheets. The direct financing lease asset is included as part of building, fixtures and improvements as the land component was not required to be bifurcated.
v3.25.4
Mortgage Notes Payable and Other Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Mortgage Notes Payable
The following table reflects the Company’s mortgage notes payable and other debt as of December 31, 2025 and 2024 (dollars in thousands):
Encumbered properties at December 31, 2025
Outstanding balance as of December 31,
Effective interest rate as of December 31(1),
Interest Rate
Formerly known as:
2025202420252024Maturity
Secured Term Loan 1 due 2028
15$85,771 $116,037 4.60 %4.60%FixedMay 2028Multi-Property CMBS Loan
Secured Term Loan 2 due 2026 (2)
—— 363,957 — %3.63%FixedDec 2026Capital One OMF Loan
Secured Term Loan 3 due 2031
733,066 37,472 2.93 %2.93%FixedDec 2031BMO CMBS Loan
Secured Term Loan 4 due 203356219,500 234,173 6.54 %6.54%FixedJun 2033Barclays OMF Loan
Single Property Mortgage 1 due 204716,289 6,471 4.04 %4.04%FixedMay 2047Fox Ridge Bryant
Single Property Mortgage 2 due 2049114,412 14,833 2.99 %2.99%FixedMay 2049Fox Ridge Chenal
Single Property Mortgage 3 due 204918,942 9,204 2.99 %2.99%FixedMay 2049Fox Ridge North Little Rock
Multi Property Mortgage 1 due 203447,500 7,500 6.94 %6.94%FixedMar 2034BMO CPC Mortgage
Gross mortgage notes payable85375,480 789,647 5.52 %4.62%
Deferred financing costs, net
(6,753)(9,304)
Mortgage premiums and discounts, net(1,098)(1,183)
Mortgage notes payable, net$367,629 $779,160 
Secured Fannie Mae Loan 1 due 202611$199,866 $203,405 6.63 %7.29%VariableNov 2026
Capital One Secured Debt
Secured Fannie Mae Loan 2 due 202610134,873 137,103 6.68 %7.34%VariableNov 2026
KeyBank Secured Debt
Total Secured Fannie Mae Loan (3)
21334,739 340,508 6.65 %7.31%
OMF Warehouse Facility (4)
—— 21,708 — 7.66%VariableDec 2026
Fannie Mae and other secured debt
21$334,739 $362,216 6.65 %7.33%
Term loan due 2028 (5)
—$150,000 $— 5.51 %—%VariableDec 2028
Deferred financing costs, net
(1,595)— 
Unsecured term loan, net
$148,405 $— 
Unsecured revolving credit facility
59$186,000 $— 5.94 %—%VariableDec 2028
__________
(1)Calculated on a weighted average basis over 365 days for all mortgages outstanding as of December 31, 2025 and 2024.
(2)In December 2025, the Company repaid in full and terminated the Secured Term Loan 2 due 2026 in connection with the closing of the Credit Facilities (as defined below).
(3)The Secured Fannie Mae Loan has interest rate caps that limit one-month SOFR at 3.50%.
(4)In April 2025, the Company repaid in full and terminated the OMF Warehouse Facility.
(5)The Term loan due 2028 has interest rate swaps that convert variable interest rates to fixed interest rates.
Schedule of Future Principal Payments
As of December 31, 2025, the Company’s indebtedness had the following maturities (dollars in thousands):
Mortgage notes payable
Fannie Mae and other secured debt
 Term Loan
Revolving Facility
Total
2026
$893 $334,739 $— $— $335,632 
2027922 — — — 922 
202886,722 — 150,000 186,000 422,722 
2029982 — — — 982 
20301,013 — — — 1,013 
Thereafter284,948 — — — 284,948 
Total$375,480 $334,739 $150,000 $186,000 $1,046,219 
v3.25.4
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
As of December 31, 2025, the Company had 10 interest rate swaps, designated as cash flow hedge(s) of interest rate risk (dollars in thousands):
Notional Amount
Index
Pay Rate
Effective Date
Maturity Date
Fair value as of
December 31, 2025
Derivative liabilities, at fair value:
Interest rate “pay-fixed” swaps$150,000USD-SOFR with -5 Day Lookback3.34%12/11/202512/11/2028$(188)
Schedule of Derivatives Included in AOCI
The table below details the location in the financial statements of the gain (loss) recognized on interest rate derivatives designated as cash flow hedges for the periods presented (dollars in thousands):
Year ended December 31,
202520242023
(Loss) gain recognized in accumulated other comprehensive income on interest rate derivatives
$(665)$8,716 $5,324 
Gain (loss) reclassified from accumulated other comprehensive income into earnings as reductions to (increases in) interest expense
$10,371 $15,540 $18,770 
Total interest expense presented in the consolidated statements of operations and comprehensive loss
$61,281 $69,447 $66,078 
Schedule of Derivative Instruments
The Company had the following derivatives that were not designated as hedges in qualifying hedging relationships as of December 31, 2025 and 2024 (dollars in thousands):
December 31, 2025December 31, 2024
Number of Instruments
Notional Amount (1)
Fair Value
Number of Instruments
Notional Amount (1)
Fair Value
Interest rate caps (2)
6$337,999 $569 8$369,218 $2,554 
__________
(1)Notional amount represents active interest rate cap contracts.
(2)Recorded at fair value in derivative assets, at fair value on the consolidated balance sheets. All of the Company’s interest rate cap agreements limited one-month SOFR to 3.50% with terms through November 2026. The actual one-month SOFR rates during the year ended December 31, 2025 exceeded the strike price rate of 3.50% and the Company received payments under these agreements. While the Company does not apply hedge accounting for these interest rate caps, they are economically hedging the Fannie Mae Secured Debt and other secured debt. Changes in the fair value of, and any cash received from, derivatives not designated as hedges under a qualifying hedging relationship are recorded directly to earnings and are presented within gain (loss) on non-designated derivatives in the consolidated statements of operations and comprehensive loss.
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Stock Dividends
Stock Dividend Declaration DateStock Dividend Issue DateQuarterly Stock Dividend Rate (per share)
January 3, 2023January 18, 20230.014167
April 3, 2023April 17, 20230.015179
July 3, 2023July 17, 20230.015179
October 2, 2023October 16, 20230.015179
January 3, 2024
January 16, 2024
0.015179
v3.25.4
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The following table illustrates the changes in accumulated other comprehensive income as of and for the periods presented (dollars in thousands):
Unrealized gain (loss) on designated derivatives
Balance, December 31, 2023
23,464 
Other comprehensive income, before reclassifications8,716 
Gain reclassified from accumulated other comprehensive income
(15,540)
Balance, December 31, 2024
16,640 
Other comprehensive income, before reclassifications(665)
Gain reclassified from accumulated other comprehensive income
(10,371)
Balance, December 31, 2025
$5,604 
v3.25.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The following table presents information about the Company’s financial instruments measured at fair value as of December 31, 2025 and 2024, aggregated by the level in the fair value hierarchy within which those instruments fall.
(In thousands)Quoted Prices in Active Markets
Level 1
Significant Other Observable Inputs
Level 2
Significant Unobservable Inputs
Level 3		Total
December 31, 2025
Derivative assets, at fair value (non-designated)$— $569 $— $569 
Derivative liabilities, at fair value— (188)— (188)
Total$— $381 $— $381 
December 31, 2024
Derivative assets, at fair value (non-designated)$— $2,554 $— $2,554 
Derivative assets, at fair value (designated)16,652 16,652 
Total$— $19,206 $— $19,206 
Schedule of Fair Value by Balance Sheet
The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are as follows (dollars in thousands):
December 31, 2025December 31, 2024
Level
Carrying Amount 
Fair Value
Carrying Amount 
Fair Value
Gross mortgage notes payable and mortgage premium and discounts
3$374,382 $362,947 $788,464 $747,542 
Fannie Mae and other secured debt
3334,739 335,158 362,216 362,974 
Unsecured term loan
3150,000 148,496 — — 
Unsecured revolving credit facility
3186,000 184,135 — — 
Total debt
3$1,045,121 $1,030,736 $1,150,680 $1,110,516 
Schedule of Fair Value of Significant Unobservable Inputs Used to Determine Real Estate Assets Impaired
The following table presents quantitative information about significant unobservable inputs used to determine the fair value of our real estate assets impaired as of December 31, 2025:
Description
Valuation Technique
Unobservable Inputs
Range
Impairment of real estate assets
Discounted cash flow
Discount rate
10.25%-10.50%
Terminal capitalization rate
8.00%-8.25%
v3.25.4
Related Party Transactions and Arrangements (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Fees, Expenses and Related Payables The following table details the previous amounts incurred and payable to the former Advisor and its other affiliates in connection with the Company’s operations-related services described above as of and for the periods presented (dollars in thousands):
Year ended December 31,
Payable as of
 20242023December 31,
Incurred
Incurred2024
Non-recurring fees and reimbursements:
Acquisition cost reimbursements$20 $32 $— 
Ongoing fees and reimbursements:
Asset management fees 16,374 21,831 — 
Professional fees and other reimbursements (1)
10,589 10,595 — 
Property management fees
3,584 4,135 — 
Termination fees (including the Promissory Note) (2)
106,650 — 30,267 
Total related party operation fees and reimbursements$137,217 $36,593 $30,267 
__________
(1)Included in general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss. For the year ended December 31, 2024, includes amount related to the purchase of tail directors and officers liability insurance policy covering the former Advisor and the Company in connection with the Internalization.
(2)For the year ended December 31, 2024, includes the Closing Payments payable to the former Advisor pursuant to the terms of the Internalization and the Promissory Note issued in connection with the Internalization, which was paid in full in January 2025.
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Shares Outstanding
The following table summarizes stock-based compensation activity for the year ended December 31, 2025 (share and units in thousands):
Number of Restricted Shares or RSUsWeighted-Average Issue Price
Unvested, January 1, 2025
— $— 
Granted202 32.15 
Vested(30)32.15 
Forfeitures(12)32.15 
Unvested, December 31, 2025
160 $32.15 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Federal Statutory Rate
For the year ended December 31, 2025, the Company elected to prospectively adopt ASU 2023-09. The following table is a reconciliation of the U.S. federal statutory rate of 21% on the income (loss) before income taxes to the Company’s effective income tax rate for the year ended December 31, 2025 in accordance with ASU 2023-09 (dollars in thousands):
Year ended December 31, 2025
$
%
US federal statutory income tax rate$(12,100)21.0 %
Domestic federal
Nontaxable and nondeductible items
REIT and OP taxable income not subject to tax10,692 (18.6)%
Other(179)0.3 %
Changes in valuation allowances1,874 (3.3)%
Other(126)0.2 %
Domestic state and local income taxes, net of federal effect163 (0.3)%
Increase in state valuation allowance(163)0.3 %
Total$161 (0.3)%
Schedule of Components of Income Tax Benefit (Expense)
Significant components of the provision (benefit) for income taxes are as follows (dollars in thousands):
Year ended December 31,
202520242023
CurrentDeferredCurrentDeferredCurrentDeferred
Federal benefit expense
$— $1,874 $— $1,936 $— $1,023 
State (expense) benefit(162)(163)(262)461 (303)142 
Deferred tax asset valuation allowance— (1,711)— (2,397)— (1,165)
Total income tax expense
$(162)$— $(262)$— $(303)$— 
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and liabilities are as follows (dollars in thousands):
Year ended December 31,
202520242023
Deferred tax assets:
Net operating loss carryforwards$11,930 $10,078 $7,555 
Allowance for doubtful accounts
187 390 470 
Deferred rent
297 330 229 
Other5 — — 
Total deferred tax assets12,419 10,798 8,254 
Less: Valuation allowance for deferred tax assets(12,182)(10,471)(8,074)
Net deferred tax assets
237 327 180 
Deferred tax liabilities:
Depreciation(234)(327)(180)
Other(3)— — 
Total deferred tax liabilities(237)(327)(180)
Net deferred tax assets (liabilities)$— $— $— 
Schedule of Income Taxes Paid
Income taxes refunded (paid) for the year ended December 31, 2025 are as follows (dollars in thousands):
Year ended December 31, 2025
Federal
$— 
State and local
10 
Total income taxes refunded (paid) $10 
v3.25.4
Non-Controlling Interests (Tables)
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Schedule of Noncontrolling Interest on Balance Sheet
Non-controlling interests on the Company’s consolidated balance sheets is comprised of the following (dollars in thousands):
Balance as of December 31,
20252024
Series A Preferred Units held by third parties$2,578 $2,578 
Common OP Units held by third parties1,883 2,212 
Total Non-controlling Interests in the OP4,461 4,790 
Non-controlling interests in property owning subsidiaries— 775 
Total Non-controlling Interests$4,461 $5,565 
Net loss attributable to non-controlling interests on the Company’s consolidated statement of operations is comprised of the following (dollars in thousands):
Year ended December 31,
202520242023
Income attributable to Series A Preferred Units held by third parties$(184)$(184)$(185)
Loss attributable to Common OP Units held by third parties248 837 317 
Net loss attributable to non-controlling interests in the OP64 653 132 
Income attributable to non-controlling interests in property-owning subsidiaries— (86)(50)
Net loss attributable to non-controlling interests$64 $567 $82 
v3.25.4
Net Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Loss Per Share Computation
The following is a summary of the net loss per basic and diluted share computation for the years ended December 31, 2025, 2024 and 2023 and has been retroactively adjusted to reflect the stock dividends and the Reverse Stock Split (amount in thousands, except shares and per share data):
Year ended December 31,
202520242023
Numerator:
Net loss attributable to common stockholders
$(71,067)$(203,495)$(86,097)
Denominator:
Denominator for basic net loss per share — weighted-average shares
28,304 28,286 28,280 
Effect of dilutive securities:
Unvested restricted shares (1)
16 — 21 
Common OP Units (2)
124 124 124 
Class B Units (3)
110 110 110 
Denominator for diluted net loss per share — weighted-average shares (4)
28,554 28,520 28,535 
Basic and diluted net loss per share$(2.51)$(7.19)$(3.04)
________
(1)Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 160,199, nil and 12,911 unvested restricted shares outstanding as of December 31, 2025, 2024 and 2023, respectively.
(2)Weighted average number of antidilutive Common OP Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effects of the stock dividends. There were 405,998 Common OP Units outstanding as of December 31, 2025, 2024 and 2023.
(3)Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effects of the stock dividends. There were 359,250 Class B Units outstanding as of December 31, 2025, 2024 and 2023.
(4)Potential common stock equivalents were excluded from the calculation of diluted net loss per share attributable to stockholders when a net loss exists as the effect would be an antidilutive per share amount.
v3.25.4
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Reconciliation to Consolidated Financial Information
Summary information by reportable business segment is presented below (dollars in thousands):
Year ended December 31, 2025
SHOPOMFTotal
Revenue from tenants$225,221 $117,058 $342,279 
Less:
Compensation related expenses (1)
107,589 — 107,589 
Other segment expenses (2)
75,051 36,258 111,309 
Property operating and maintenance182,640 36,258 218,898 
NOI$42,581 $80,800 123,381 
Impairment charges(44,914)
Acquisition and transaction related(516)
General and administrative(24,190)
Depreciation and amortization(78,261)
Gain on sale of real estate investments
27,800 
Interest expense(61,281)
Interest and other income272 
Loss on non-designated derivatives
(72)
Gain on extinguishment of debt257 
Loss before income taxes(57,524)
Income tax expense(161)
Net loss(57,685)
Net loss attributable to non-controlling interests64 
Allocation for preferred stock(13,446)
Net loss attributable to common stockholders$(71,067)
__________
(1)     For SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from our tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
Year ended December 31, 2024
SHOPOMFTotal
Revenue from tenants$216,477 $137,317 $353,794 
Less:
Compensation related expenses (1)
110,389 — 110,389 
Other segment expenses (2)
71,558 39,505 111,063 
Property operating and maintenance181,947 39,505 221,452 
NOI$34,530 $97,812 132,342 
Impairment charges(24,881)
Operating fees to related parties(19,203)
Termination fees to related parties(106,650)
Acquisition and transaction related(7,949)
General and administrative(22,440)
Depreciation and amortization(84,067)
Gain on sale of real estate investments
9,307 
Interest expense(69,447)
Interest and other income1,051 
Gain on non-designated derivatives
1,544 
Gain on extinguishment of debt392 
Loss before income taxes(190,001)
Income tax expense(262)
Net loss(190,263)
Net loss attributable to non-controlling interests567 
Allocation for preferred stock(13,799)
Net loss attributable to common stockholders$(203,495)
__________
(1)     For SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from our tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
Year ended December 31, 2023
SHOPOMFTotal
Revenue from tenants$210,476 $135,449 $345,925 
Less: Property operating and maintenance
Less:
Compensation related expenses (1)
109,281 — 109,281 
Other segment expenses (2)
70,557 37,954 108,511 
Property operating and maintenance179,838 37,954 217,792 
NOI$30,638 $97,495 128,133 
Impairment charges(4,676)
Operating fees to related parties(25,527)
Termination fees to related parties— 
Acquisition and transaction related(545)
General and administrative(18,928)
Depreciation and amortization(82,873)
Loss on sale of real estate investments
(322)
Interest expense(66,078)
Interest and other income734 
Loss on non-designated derivatives
(1,995)
Loss before income taxes(72,077)
Income tax expense(303)
Net loss(72,380)
Net loss attributable to non-controlling interests82 
Allocation for preferred stock(13,799)
Net loss attributable to common stockholders$(86,097)
__________
(1)     For SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from our tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.


The following table reconciles capital expenditures paid by reportable business segments, excluding corporate non-real estate expenditures, for the periods presented (in thousands):
Year ended December 31,
202520242023
OMF
$16,495 $8,967 $10,467 
SHOP
12,231 12,941 14,832 
Total capital expenditures$28,726 $21,908 $25,299 
v3.25.4
Organization (Details)
$ / shares in Units, shares in Millions, ft² in Millions, $ in Millions
 12 Months Ended 40 Months Ended
Sep. 27, 2024
USD ($)
Dec. 31, 2025
ft²
property
medical_facility
state
segment
unit
contractor
$ / shares
Jan. 31, 2024
$ / shares
shares
Dec. 31, 2024
$ / shares
Class of Stock [Line Items]        
Number of properties owned | property   167    
Number of states properties are located in | state   29    
Number of senior housing communities | property   37    
Number of outpatient medical facility | medical_facility   130    
Rentable square feet | ft²   3.7    
Number of operating segments | segment   2    
Number of reportable segments | segment   2    
Number of independent contractors | contractor   3    
Number of SHOPs operated by independent contractors | property   37    
Common stock, par value (in usd per share) | $ / shares   $ 0.01 $ 0.01 $ 0.01
Distributions declared in common stock (in shares) | shares     5.2  
SHOP        
Class of Stock [Line Items]        
Number of units in SHOP segment | unit   3,615    
Advisor | Internalization Agreement, Self-Management Termination Fee | Related Party        
Class of Stock [Line Items]        
Transaction amount $ 98.2      
Advisor Parent | Related Party | Promissory Note        
Class of Stock [Line Items]        
Debt face amount 30.3      
Advisor Parent | Internalization Agreement, Asset Management Base Fee | Related Party        
Class of Stock [Line Items]        
Transaction amount 5.5      
Advisor Parent | Internalization Agreement, Closing Date Cash Consideration | Related Party        
Class of Stock [Line Items]        
Transaction amount 75.0      
Property Manager | Internalization Agreement, Property Management Fee | Related Party        
Class of Stock [Line Items]        
Transaction amount 2.9      
Property Manager | Internalization Agreement, Closing Payments | Related Party        
Class of Stock [Line Items]        
Transaction amount $ 106.6      
v3.25.4
Summary of Significant Accounting Policies (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Schedule of Shares Repurchased [Line Items]    
Assets held for sale $ 0 $ 0
Building and Building Improvements    
Schedule of Shares Repurchased [Line Items]    
Property, plant and equipment, useful life 40 years  
Land Improvements    
Schedule of Shares Repurchased [Line Items]    
Property, plant and equipment, useful life 15 years  
Fixtures    
Schedule of Shares Repurchased [Line Items]    
Property, plant and equipment, useful life 15 years  
v3.25.4
Real Estate Investments, Net - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Real Estate [Line Items]      
Gain (loss) on sale of real estate investments $ 27,800 $ 9,307 $ (322)
Impairment charges $ 44,914 $ 24,881 $ 4,676
One Tenant | Geographic Concentration Risk | Customer Concentration Risk      
Real Estate [Line Items]      
Concentration risk, percentage 10.00% 10.00% 10.00%
Series of Individually Immaterial Asset Acquisitions      
Real Estate [Line Items]      
Number of assets acquired | property 0 4  
Payments to acquire assets   $ 12,600  
Disposed by sale      
Real Estate [Line Items]      
Aggregate contract sale price $ 202,500 118,100 $ 13,800
Gain (loss) on sale of real estate investments 27,800 9,300 (300)
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations      
Real Estate [Line Items]      
Impairment charges 44,914 $ 24,881 $ 4,676
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Impairment to Contractual Sales Price      
Real Estate [Line Items]      
Impairment charges 33,700    
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Impairment to Estimated Fair Value      
Real Estate [Line Items]      
Impairment charges $ 11,200    
SHOP | Disposed by sale      
Real Estate [Line Items]      
Number of properties disposed | property 7 2 4
OMF | Disposed by sale      
Real Estate [Line Items]      
Number of properties disposed | property 18 12 1
Land Parcel | Disposed by sale      
Real Estate [Line Items]      
Number of properties disposed | property   1  
v3.25.4
Real Estate Investments, Net - Schedule of Allocation of the Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Acquired intangibles:    
Weighted-average remaining amortization periods 7 years 3 months 18 days 6 years 8 months 12 days
In-place lease intangible assets    
Acquired intangibles:    
Weighted-average remaining amortization periods 5 years 3 months 18 days 5 years 1 month 6 days
Above-market lease intangible assets    
Acquired intangibles:    
Weighted-average remaining amortization periods 5 years 4 years 6 months
Individual business acquisitions    
Real estate investments, at cost:    
Land $ 1,266  
Buildings, fixtures and improvements 9,302  
Total tangible assets 10,568  
Acquired intangibles:    
Total intangible assets and liabilities 2,538  
Mortgage notes payable assumed, net (7,500)  
Cash paid for real estate investments, including acquisitions 5,606  
Individual business acquisitions | In-place lease intangible assets    
Acquired intangibles:    
In-place leases, market leases, and other intangible assets $ 2,388  
Weighted-average remaining amortization periods 13 years 7 months 6 days  
Individual business acquisitions | Above-market lease intangible assets    
Acquired intangibles:    
In-place leases, market leases, and other intangible assets $ 150  
Weighted-average remaining amortization periods 13 years 7 months 6 days  
v3.25.4
Real Estate Investments, Net - Schedule of Geographic Concentrations (Details) - Revenue Benchmark - Geographic Concentration Risk
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Florida      
Concentration Risk [Line Items]      
Concentration risk, percentage 22.30% 21.20% 19.90%
Pennsylvania      
Concentration Risk [Line Items]      
Concentration risk, percentage 11.20% 11.60% 10.60%
Iowa      
Concentration Risk [Line Items]      
Concentration risk, percentage 11.00%    
Georgia      
Concentration Risk [Line Items]      
Concentration risk, percentage 10.60% 10.40%  
v3.25.4
Real Estate Investments, Net - Schedule of Acquired Intangible Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Intangible assets:    
Gross Carrying Amount $ 246,544 $ 284,447
Accumulated Amortization 206,159 229,073
Net Carrying Amount $ 40,385 $ 55,374
Weighted-average remaining amortization periods 6 years 8 months 12 days 7 years 3 months 18 days
Intangible liabilities:    
Gross Carrying Amount $ 19,626 $ 22,789
Accumulated Amortization 14,775 16,664
Net Carrying Amount $ 4,851 $ 6,125
Weighted Average Remaining Amortization Period 6 years 4 months 24 days 6 years 10 months 24 days
In-place lease intangible assets    
Intangible assets:    
Gross Carrying Amount $ 228,208 $ 260,534
Accumulated Amortization 194,822 214,961
Net Carrying Amount $ 33,386 $ 45,573
Weighted-average remaining amortization periods 5 years 1 month 6 days 5 years 3 months 18 days
Above-market lease intangible assets    
Intangible assets:    
Gross Carrying Amount $ 11,235 $ 14,446
Accumulated Amortization 10,250 12,819
Net Carrying Amount $ 985 $ 1,627
Weighted-average remaining amortization periods 4 years 6 months 5 years
Other intangible assets    
Intangible assets:    
Gross Carrying Amount $ 7,101 $ 9,467
Accumulated Amortization 1,087 1,293
Net Carrying Amount $ 6,014 $ 8,174
Weighted-average remaining amortization periods 63 years 9 months 18 days 66 years 3 months 18 days
v3.25.4
Real Estate Investments, Net - Schedule of Amortization and Accretion Recognized (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Accretion of above- and below-market leases, net $ 1,891 $ (1,428) $ (890)
Depreciation and Amortization Expense | In-place leases and other intangible assets      
Finite-Lived Intangible Assets [Line Items]      
Amortization of market least intangibles 8,940 12,258 13,080
Rental Income | Above- and below-market leases, net      
Finite-Lived Intangible Assets [Line Items]      
Accretion of above- and below-market leases, net (582) (1,420) (1,050)
Property Operating and Maintenance Expense | Above- and below-market leases, net      
Finite-Lived Intangible Assets [Line Items]      
Amortization of market least intangibles $ 2,473 $ 176 $ 159
v3.25.4
Real Estate Investments, Net - Schedule of Projected Amortization Expense (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Amortization Expense  
Finite-Lived Intangible Assets [Line Items]  
2026 $ 7,296
2027 5,010
2028 3,702
2029 3,257
2030 2,605
Rental Income  
Finite-Lived Intangible Assets [Line Items]  
Below market leases, amortization income, 2026 686
Below market leases, amortization income, 2027 474
Below market leases, amortization income, 2028 448
Below market leases, amortization income, 2029 472
Below market leases, amortization income, 2030 350
In-place lease intangible assets | Amortization Expense  
Finite-Lived Intangible Assets [Line Items]  
2026 7,295
2027 5,009
2028 3,701
2029 3,256
2030 2,605
Other intangible assets | Amortization Expense  
Finite-Lived Intangible Assets [Line Items]  
2026 1
2027 1
2028 1
2029 1
2030 0
Above-market lease intangible assets | Rental Income  
Finite-Lived Intangible Assets [Line Items]  
2026 (239)
2027 (176)
2028 (138)
2029 (73)
2030 (69)
Below-market lease intangible liabilities | Rental Income  
Finite-Lived Intangible Assets [Line Items]  
Below market leases, amortization income, 2026 925
Below market leases, amortization income, 2027 650
Below market leases, amortization income, 2028 586
Below market leases, amortization income, 2029 545
Below market leases, amortization income, 2030 $ 419
v3.25.4
Real Estate Investments, Net - Schedule of Impairments Recorded (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment charges $ 44,914 $ 24,881 $ 4,676
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment charges 44,914 24,881 4,676
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | SHOP      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment charges 37,882 13,643 2,122
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | OMF      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment charges $ 7,032 $ 11,238 $ 2,554
v3.25.4
Leases - Schedule of Lease Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Fixed income from operating leases $ 94,328 $ 111,843 $ 111,447
Variable income from operating leases $ 22,415 $ 25,441 $ 24,003
v3.25.4
Leases - Schedule of Future Base Rent Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 89,638
2027 82,049
2028 71,094
2029 62,817
2030 57,680
Thereafter 229,283
Future Base Rent Payments $ 592,561
v3.25.4
Leases - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
lease
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Operating Leased Assets [Line Items]      
Reduction in revenue $ 0.7 $ 1.5 $ 1.2
Remaining lease term 26 years 4 months 24 days    
Number of operating lease contracts | lease 8    
Number of finance lease contracts | lease 5    
Renewal term of lease excluded 8 months 12 days    
Weighted average discount rate, percent 7.42%    
Operating lease payments $ 1.0 0.7 0.7
Operating lease costs $ 1.1 $ 0.7 $ 0.8
OMF      
Operating Leased Assets [Line Items]      
Remaining lease term 5 years 7 months 6 days    
Minimum      
Operating Leased Assets [Line Items]      
Renewal term 2 years 2 months 12 days    
Maximum      
Operating Leased Assets [Line Items]      
Renewal term 35 years 9 months 18 days    
v3.25.4
Leases - Schedule of Future Minimum Lease Payments of Operating Leases and Direct Financing Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 971  
2027 941  
2028 668  
2029 599  
2030 602  
Thereafter 18,440  
Total minimum lease payments 22,221  
Less: amounts representing interest (13,754)  
Operating lease liabilities 8,467 $ 8,109
Direct Financing Leases    
2026 79  
2027 81  
2028 83  
2029 85  
2030 87  
Thereafter 5,759  
Total minimum lease payments 6,174  
Less: amounts representing interest (2,158)  
Total present value of minimum lease payments $ 4,016  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable and accrued expenses  
v3.25.4
Mortgage Notes Payable and Other Debt - Schedule of Long-term Debt Instruments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
encumberedProperty
property
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]    
Outstanding loan amount $ 1,046,219  
Mortgage    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | property 85  
Outstanding loan amount $ 375,480 $ 789,647
Effective interest rate 5.52% 4.62%
Deferred financing costs, net $ (6,753) $ (9,304)
Mortgage premiums and discounts, net (1,098) (1,183)
Long term debt $ 367,629 779,160
Line of Credit    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | encumberedProperty 21  
Outstanding loan amount $ 334,739 $ 362,216
Effective interest rate 6.65% 7.33%
Secured Term Loan 1 due 2028 | Mortgage    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | property 15  
Outstanding loan amount $ 85,771 $ 116,037
Effective interest rate 4.60% 4.60%
Secured Term Loan 2 Due 2026 | Mortgage    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | property 0  
Outstanding loan amount $ 0 $ 363,957
Effective interest rate 0.00% 3.63%
Secured Term Loan 3 due 2031 | Mortgage    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | property 7  
Outstanding loan amount $ 33,066 $ 37,472
Effective interest rate 2.93% 2.93%
Secured Term Loan 4 due 2033 | Mortgage    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | property 56  
Outstanding loan amount $ 219,500 $ 234,173
Effective interest rate 6.54% 6.54%
Single Property Mortgage 1 due 2047 | Mortgage    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | property 1  
Outstanding loan amount $ 6,289 $ 6,471
Effective interest rate 4.04% 4.04%
Single Property Mortgage 2 due 2049 | Mortgage    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | property 1  
Outstanding loan amount $ 14,412 $ 14,833
Effective interest rate 2.99% 2.99%
Single Property Mortgage 3 due 2049 | Mortgage    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | property 1  
Outstanding loan amount $ 8,942 $ 9,204
Effective interest rate 2.99% 2.99%
Multi Property Mortgage 1 due 2034 | Mortgage    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | property 4  
Outstanding loan amount $ 7,500 $ 7,500
Effective interest rate 6.94% 6.94%
Fannie Mae and other secured debt | Interest Rate Cap Maturing November 2026    
Debt Instrument [Line Items]    
Interest rate cap 3.50%  
Fannie Mae and other secured debt | Line of Credit    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | encumberedProperty 21  
Outstanding loan amount $ 334,739 $ 340,508
Effective interest rate 6.65% 7.31%
Secured Fannie Mae Loan 1 due 2026 | Line of Credit    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | encumberedProperty 11  
Outstanding loan amount $ 199,866 $ 203,405
Effective interest rate 6.63% 7.29%
Secured Fannie Mae Loan 2 due 2026 | Line of Credit    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | encumberedProperty 10  
Outstanding loan amount $ 134,873 $ 137,103
Effective interest rate 6.68% 7.34%
OMF Warehouse Facility | Line of Credit    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | property 0  
Outstanding loan amount $ 0 $ 21,708
Effective interest rate 0.00% 7.66%
Credit Agreement | Line of Credit    
Debt Instrument [Line Items]    
Outstanding loan amount $ 336,000  
Credit Agreement | Line of Credit | Unsecured Debt    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | encumberedProperty 0  
Outstanding loan amount $ 150,000 $ 0
Effective interest rate 5.51% 0.00%
Deferred financing costs, net $ (1,595) $ 0
Long term debt $ 148,405 0
Credit Agreement | Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Encumbered properties at December 31, 2025 | encumberedProperty 59  
Outstanding loan amount $ 186,000 $ 0
Effective interest rate 5.94% 0.00%
v3.25.4
Mortgage Notes Payable and Other Debt - Narrative (Details)
$ in Thousands
 12 Months Ended 110 Months Ended
Dec. 11, 2025
USD ($)
extension
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]          
Real estate investments, at cost   $ 2,210,025 $ 2,494,797   $ 2,210,025
Outstanding loan amount   $ 1,046,219     $ 1,046,219
Fannie Mae and other secured debt | Interest Rate Cap Maturing November 2026          
Debt Instrument [Line Items]          
Interest rate cap   3.50%     3.50%
Fannie Mae and other secured debt | Collateral Pledged          
Debt Instrument [Line Items]          
Real estate investments, at cost   $ 614,500     $ 614,500
Credit Agreement | Collateral Pledged          
Debt Instrument [Line Items]          
Real estate investments, at cost   867,300     867,300
Mortgage          
Debt Instrument [Line Items]          
Outstanding loan amount   375,480 789,647   375,480
Repayments of mortgage   414,000 39,200 $ 3,800  
Mortgage | Collateral Pledged          
Debt Instrument [Line Items]          
Real estate investments, at cost   683,400 1,300,000   683,400
Mortgage | Secured Term Loan 4 due 2033          
Debt Instrument [Line Items]          
Outstanding loan amount   219,500 234,173   219,500
Long-term debt, covenant requirements, amount   12,500     12,500
Line of Credit          
Debt Instrument [Line Items]          
Outstanding loan amount   334,739 362,216   334,739
Line of Credit | Fannie Mae and other secured debt          
Debt Instrument [Line Items]          
Outstanding loan amount   $ 334,739 340,508   334,739
Payments for escrow deposit         15,400
Debt service coverage ratio   1.40      
Line of Credit | Secured Fannie Mae Loan 1 due 2026          
Debt Instrument [Line Items]          
Outstanding loan amount   $ 199,866 203,405   199,866
Variable rate   2.41%      
Line of Credit | Secured Fannie Mae Loan 2 due 2026          
Debt Instrument [Line Items]          
Outstanding loan amount   $ 134,873 137,103   134,873
Variable rate   2.46%      
Line of Credit | Credit Agreement          
Debt Instrument [Line Items]          
Outstanding loan amount   $ 336,000     336,000
Accordion feature $ 450,000        
Number of extension periods | extension 2        
Extension term 1 year        
Line of Credit | Credit Agreement | Tranche One          
Debt Instrument [Line Items]          
Capacity used (as a percent)   50.00%      
Unused facility fee (as a percentage)   0.20%      
Line of Credit | Credit Agreement | Tranche Two          
Debt Instrument [Line Items]          
Capacity used (as a percent)   50.00%      
Unused facility fee (as a percentage)   0.15%      
Line of Credit | Credit Agreement | Minimum | Base Rate          
Debt Instrument [Line Items]          
Variable rate   0.55%      
Line of Credit | Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Variable rate   1.55%      
Line of Credit | Credit Agreement | Maximum | Base Rate          
Debt Instrument [Line Items]          
Variable rate   1.10%      
Line of Credit | Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Variable rate   2.10%      
Line of Credit | Credit Agreement | Revolving Credit Facility          
Debt Instrument [Line Items]          
Outstanding loan amount   $ 186,000 0   186,000
Maximum borrowing capacity $ 400,000        
Line of Credit | Credit Agreement | Unsecured Debt          
Debt Instrument [Line Items]          
Outstanding loan amount   150,000 $ 0   150,000
Maximum borrowing capacity $ 150,000 $ 150,000     $ 150,000
v3.25.4
Mortgage Notes Payable and Other Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
2026 $ 335,632  
2027 922  
2028 422,722  
2029 982  
2030 1,013  
Thereafter 284,948  
Total 1,046,219  
Mortgage    
Debt Instrument [Line Items]    
2026 893  
2027 922  
2028 86,722  
2029 982  
2030 1,013  
Thereafter 284,948  
Total 375,480 $ 789,647
Line of Credit    
Debt Instrument [Line Items]    
Total 334,739 362,216
Line of Credit | Fannie Mae and other secured debt    
Debt Instrument [Line Items]    
2026 334,739  
2027 0  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Total 334,739 340,508
Line of Credit | Credit Agreement    
Debt Instrument [Line Items]    
Total 336,000  
Line of Credit | Credit Agreement | Unsecured Debt    
Debt Instrument [Line Items]    
2026 0  
2027 0  
2028 150,000  
2029 0  
2030 0  
Thereafter 0  
Total 150,000 0
Line of Credit | Credit Agreement | Revolving Credit Facility    
Debt Instrument [Line Items]    
2026 0  
2027 0  
2028 186,000  
2029 0  
2030 0  
Thereafter 0  
Total $ 186,000 $ 0
v3.25.4
Derivatives and Hedging Activities - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
instrument
Oct. 31, 2025
USD ($)
derivative
Jun. 30, 2025
USD ($)
derivative
Apr. 30, 2025
USD ($)
derivative
Feb. 28, 2025
USD ($)
Dec. 31, 2025
USD ($)
instrument
Dec. 31, 2025
USD ($)
instrument
Dec. 31, 2024
USD ($)
instrument
Dec. 31, 2023
USD ($)
Dec. 11, 2025
USD ($)
Derivative [Line Items]                    
Proceeds from interest rate swap terminations             $ 8,259 $ 0 $ 5,413  
Unrealized gains, expected to be reclassified into earnings within 12 months             5,900      
Cash received from non-designated derivative instruments             3,292 6,810 5,580  
Payments for derivative instruments             1,379 $ 1,709 $ 9,962  
Credit Agreement | Unsecured Debt | Line of Credit                    
Derivative [Line Items]                    
Maximum borrowing capacity $ 150,000         $ 150,000 $ 150,000     $ 150,000
Designated as Hedging Instrument | Secured Term Loan 2 Due 2026                    
Derivative [Line Items]                    
Repayments of mortgage $ 330,200                  
Interest rate “pay-fixed” swaps | Designated as Hedging Instrument                    
Derivative [Line Items]                    
Number of instruments | instrument 10         10 10      
Proceeds from interest rate swap terminations         $ 1,500          
Gain reclassified to earnings         $ 1,500          
Interest rate “pay-fixed” swaps | Designated as Hedging Instrument | Secured Term Loan 2 Due 2026                    
Derivative [Line Items]                    
Notional Amount $ 330,200         $ 330,200 $ 330,200      
Gain on termination swap $ 6,100                  
Gain recognized on cash flow hedge           $ 300        
Interest rate caps | Not Designated as Hedging Instrument                    
Derivative [Line Items]                    
Number of instruments | instrument 6         6 6 8    
Notional Amount $ 337,999         $ 337,999 $ 337,999 $ 369,218    
Interest rate cap 3.50%         3.50% 3.50%      
Number of instruments terminated | derivative       2            
Derivatives terminated in period       $ 21,700            
Interest Rate Cap Maturing November 2026 | Not Designated as Hedging Instrument                    
Derivative [Line Items]                    
Interest rate cap   3.50% 3.50%              
Number of instruments purchased | derivative   2 3              
Notional value of derivatives purchased in period   $ 146,100 $ 133,800              
Payments for derivative instruments   $ 400 $ 1,100              
v3.25.4
Derivatives and Hedging Activities - Schedule of Derivatives Designated as Cash Flow Hedge (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Derivative liabilities, at fair value $ 188 $ 0
Designated as Hedging Instrument | Interest rate “pay-fixed” swaps    
Derivative [Line Items]    
Derivative liability, notional amount $ 150,000  
Derivative liability, pay rate 3.34%  
Derivative liabilities, at fair value $ (188)  
v3.25.4
Derivatives and Hedging Activities - Schedule of Derivatives Included in AOCI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Total interest expense presented in the consolidated statements of operations and comprehensive loss $ 61,281 $ 69,447 $ 66,078
Interest rate “pay-fixed” swaps      
Derivative [Line Items]      
(Loss) gain recognized in accumulated other comprehensive income on interest rate derivatives (665) 8,716 5,324
Gain (loss) reclassified from accumulated other comprehensive income into earnings as reductions to (increases in) interest expense $ 10,371 $ 15,540 $ 18,770
v3.25.4
Derivatives and Hedging Activities - Schedule of Derivative Instruments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
instrument
Dec. 31, 2024
USD ($)
instrument
Derivative [Line Items]    
Fair Value $ 569 $ 19,206
Not Designated as Hedging Instrument | Interest rate caps    
Derivative [Line Items]    
Number of Instruments | instrument 6 8
Notional Amount $ 337,999 $ 369,218
Fair Value $ 569 $ 2,554
Interest rate cap 3.50%  
v3.25.4
Stockholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended 40 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 31, 2024
Sep. 30, 2021
Class of Stock [Line Items]          
Common stock, shares outstanding (in shares) 28,426,694 28,296,439      
Distributions declared in common stock (in shares)       5,200,000  
Issuance of preferred stock, net (in shares) 0 0      
Preferred units outstanding (in shares) 100,000 100,000      
Repurchase of Preferred Stock $ 5,423 $ 0 $ 0    
Preferred units, issued (in shares)         100,000
Preferred unit issuance value         $ 2,600
Series A Preferred Stock          
Class of Stock [Line Items]          
Preferred stock, shares authorized (in shares) 4,608,371 4,740,000      
Preferred stock, dividend rate (in usd per share) $ 1.84375        
Preferred stock, dividend rate, percentage 7.375% 7.375%      
Preferred stock, liquidation preference (in usd per share) $ 25.00        
Series A Preferred Stock | Preferred Stock          
Class of Stock [Line Items]          
Shares repurchased and retired (in shares) 132,000        
Series A Preferred Stock | Preferred Stock | Preferred Stock Repurchase Program          
Class of Stock [Line Items]          
Shares repurchased and retired (in shares) 131,629        
Average price (in usd per share) $ 15.39        
Series A Preferred Stock | Public Stock Offering          
Class of Stock [Line Items]          
Preferred stock, liquidation preference (in usd per share) $ 25.00        
Series B Preferred Stock          
Class of Stock [Line Items]          
Preferred stock, shares authorized (in shares) 3,466,656 3,680,000      
Preferred stock, dividend rate (in usd per share) $ 1.78125        
Preferred stock, dividend rate, percentage 7.125% 7.125%      
Preferred stock, liquidation preference (in usd per share) $ 25.00        
Series B Preferred Stock | Preferred Stock          
Class of Stock [Line Items]          
Shares repurchased and retired (in shares) 213,000        
Series B Preferred Stock | Preferred Stock | Preferred Stock Repurchase Program          
Class of Stock [Line Items]          
Shares repurchased and retired (in shares) 213,344        
Average price (in usd per share) $ 15.94        
Series B Preferred Stock | Public Stock Offering          
Class of Stock [Line Items]          
Preferred stock, liquidation preference (in usd per share) $ 25.00        
Maximum | Series A Preferred Stock          
Class of Stock [Line Items]          
Preferred stock, shares authorized (in shares) 50,000,000        
Unvested restricted Shares          
Class of Stock [Line Items]          
Unvested award, outstanding (in shares) 119,231        
v3.25.4
Stockholders' Equity - Schedule of Stock Dividends (Details) - shares
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Equity [Abstract]          
Stock dividends (in shares) 0.015179 0.015179 0.015179 0.015179 0.014167
v3.25.4
Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance $ 690,125 $ 900,583
Ending balance 604,525 690,125
Unrealized gain (loss) on designated derivatives    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance 16,640 23,464
Other comprehensive income, before reclassifications (665) 8,716
Amount of gain reclassified from accumulated other comprehensive income (10,371) (15,540)
Ending balance $ 5,604 $ 16,640
v3.25.4
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value $ 569 $ 19,206
Derivative liabilities, at fair value (188) 0
Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, at fair value (188)  
Total 381 19,206
Not Designated as Hedging Instrument | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value 569 2,554
Designated as Hedging Instrument | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value   16,652
Quoted Prices in Active Markets Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, at fair value 0  
Total 0 0
Quoted Prices in Active Markets Level 1 | Not Designated as Hedging Instrument | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value 0 0
Quoted Prices in Active Markets Level 1 | Designated as Hedging Instrument | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value  
Significant Other Observable Inputs Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, at fair value (188)  
Total 381 19,206
Significant Other Observable Inputs Level 2 | Not Designated as Hedging Instrument | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value 569 2,554
Significant Other Observable Inputs Level 2 | Designated as Hedging Instrument | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value   16,652
Significant Unobservable Inputs Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities, at fair value 0  
Total 0 0
Significant Unobservable Inputs Level 3 | Not Designated as Hedging Instrument | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value $ 0 0
Significant Unobservable Inputs Level 3 | Designated as Hedging Instrument | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value  
v3.25.4
Fair Value of Financial Instruments - Schedule of Fair Value of Significant Unobservable Inputs Used to Determine Real Estate Assets Impaired (Details) - Significant Unobservable Inputs Level 3 - Discounted cash flow - Fair Value, Nonrecurring
Dec. 31, 2025
Discount rate | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Impairment of real estate assets 0.1025
Discount rate | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Impairment of real estate assets 0.1050
Terminal capitalization rate | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Impairment of real estate assets 0.0800
Terminal capitalization rate | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Impairment of real estate assets 0.0825
v3.25.4
Fair Value of Financial Instruments - Schedule of Fair Value by Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Carrying Amount     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure $ 1,045,121 $ 1,150,680
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 1,030,736 1,110,516
Mortgage | Carrying Amount     
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 374,382 788,464
Mortgage | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 362,947 747,542
Line of Credit | Carrying Amount  | Fannie Mae and other secured debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 334,739 362,216
Line of Credit | Carrying Amount  | Credit Agreement | Unsecured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 150,000 0
Line of Credit | Carrying Amount  | Credit Agreement | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 186,000 0
Line of Credit | Fair Value | Fannie Mae and other secured debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 335,158 362,974
Line of Credit | Fair Value | Credit Agreement | Unsecured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 148,496 0
Line of Credit | Fair Value | Credit Agreement | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure $ 184,135 $ 0
v3.25.4
Related Party Transactions and Arrangements - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sep. 27, 2024
Nov. 30, 2014
Related Party Transaction [Line Items]          
Common stock, shares outstanding (in shares) 28,426,694 28,296,439      
Limited partner units (in shares) 405,998       405,908
Expenses incurred $ 366,779,000 $ 486,642,000 $ 350,341,000    
Advisor Parent          
Related Party Transaction [Line Items]          
Limited partner units (in shares) 90 90      
Affiliated Entity | Special Limited Partner          
Related Party Transaction [Line Items]          
Common stock, shares outstanding (in shares) 2,718 2,718      
Related Party | Total related party operation fees and reimbursements          
Related Party Transaction [Line Items]          
Payable (receivable) $ 0 $ 30,267,000      
Expenses incurred $ 0 $ 137,217,000 $ 36,593,000    
Related Party | Advisor Parent          
Related Party Transaction [Line Items]          
Shares transferred (in shares) 359,250        
Related Party | Advisor Parent | Promissory Note          
Related Party Transaction [Line Items]          
Debt face amount       $ 30,300,000  
v3.25.4
Related Party Transactions and Arrangements - Schedule of Fees, Expenses and Related Payables (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Expenses incurred $ 366,779,000 $ 486,642,000 $ 350,341,000
Related Party | Total related party operation fees and reimbursements      
Related Party Transaction [Line Items]      
Expenses incurred 0 137,217,000 36,593,000
Payable (receivable) $ 0 30,267,000  
Related Party | Acquisition cost reimbursements      
Related Party Transaction [Line Items]      
Expenses incurred   20,000 32,000
Payable (receivable)   0  
Related Party | Asset management fees      
Related Party Transaction [Line Items]      
Expenses incurred   16,374,000 21,831,000
Payable (receivable)   0  
Related Party | Professional fees and other reimbursements      
Related Party Transaction [Line Items]      
Expenses incurred   10,589,000 10,595,000
Payable (receivable)   0  
Related Party | Property Management Fees      
Related Party Transaction [Line Items]      
Expenses incurred   3,584,000 4,135,000
Payable (receivable)   0  
Related Party | Termination fees (including the Promissory Note)      
Related Party Transaction [Line Items]      
Expenses incurred   106,650,000 $ 0
Payable (receivable)   $ 30,267,000  
v3.25.4
Stock-Based Compensation - Narrative (Details) - USD ($)
shares in Millions
 12 Months Ended
May 22, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
2025 Omnibus Incentive Compensation Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized (in shares) 1.9      
Percentage of future offerings reserved for awards under the plan 6.50%      
Shares reserved for future issuance (in shares)   1.7    
Performance period 3 years      
Share-based compensation expense   $ 3,800,000    
Accelerated vesting cost   1,200,000    
Unrecognized compensation cost   $ 3,700,000    
Period for recognition   1 year 9 months 18 days    
2025 Omnibus Incentive Compensation Plan | Performance Achievement One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting, performance achievement 0.00%      
2025 Omnibus Incentive Compensation Plan | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted share vesting period 1 year      
2025 Omnibus Incentive Compensation Plan | Minimum | Performance Achievement Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting, performance achievement 50.00%      
2025 Omnibus Incentive Compensation Plan | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted share vesting period 3 years      
2025 Omnibus Incentive Compensation Plan | Maximum | Performance Achievement Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting, performance achievement 200.00%      
Time Based Restricted Shares and Performance Based RSUs | 2025 Omnibus Incentive Compensation Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Grant date fair value of awards granted during period   $ 6,100,000 $ 0 $ 0
Unvested restricted Shares | Restricted Share Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense     600,000 $ 900,000
Unrecognized compensation cost     $ 0  
v3.25.4
Stock-Based Compensation - Schedule of Restricted Share Award Activity (Details) - 2025 Omnibus Incentive Compensation Plan - Restricted Stock or Restricted Stock Units
shares in Thousands
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Number of Restricted Shares or RSUs  
Beginning balance (in shares) | shares 0
Granted (in shares) | shares 202
Vested (in shares) | shares (30)
Forfeitures (in shares) | shares (12)
Ending balance (in shares) | shares 160
Weighted-Average Issue Price  
Beginning balance (in usd per share) | $ / shares $ 0
Granted (in usd per share) | $ / shares 32.15
Vested (in usd per share) | $ / shares 32.15
Forfeitures (in usd per share) | $ / shares 32.15
Ending balance (in usd per share) | $ / shares $ 32.15
v3.25.4
Income Taxes - Schedule of Reconciliation of Federal Statutory Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
US federal statutory income tax rate $ (12,100)    
REIT and OP taxable income not subject to tax 10,692    
Other (179)    
Changes in valuation allowances 1,874    
Other (126)    
Domestic state and local income taxes, net of federal effect 163    
Increase in state valuation allowance (163)    
Total $ 161 $ 262 $ 303
Percent      
US federal statutory income tax rate 21.00%    
REIT and OP taxable income not subject to tax (18.60%)    
Other 0.30%    
Changes in valuation allowances (3.30%)    
Other 0.20%    
Domestic state and local income taxes, net of federal effect (0.30%)    
Increase in state valuation allowance 0.30%    
Total (0.30%)    
v3.25.4
Income Taxes - Schedule of Components of Income Tax Benefit (Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current      
Federal benefit expense $ 0 $ 0 $ 0
State (expense) benefit (162) (262) (303)
Total income tax expense (162) (262) (303)
Deferred      
Federal benefit expense 1,874 1,936 1,023
State (expense) benefit (163) 461 142
Deferred tax asset valuation allowance (1,711) (2,397) (1,165)
Total income tax expense $ 0 $ 0 $ 0
v3.25.4
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:      
Net operating loss carryforwards $ 11,930 $ 10,078 $ 7,555
Allowance for doubtful accounts 187 390 470
Deferred rent 297 330 229
Other 5 0 0
Total deferred tax assets 12,419 10,798 8,254
Less: Valuation allowance for deferred tax assets (12,182) (10,471) (8,074)
Net deferred tax assets 237 327 180
Deferred tax liabilities:      
Depreciation (234) (327) (180)
Other (3) 0 0
Total deferred tax liabilities (237) (327) (180)
Net deferred tax assets (liabilities) $ 0 $ 0 $ 0
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2017
Effective Income Tax Rate Reconciliation [Line Items]        
Valuation allowance percentage 100.00%      
Valuation allowance $ 12,182 $ 10,471 $ 8,074  
Deferred tax asset 12,419 $ 10,798 $ 8,254  
Domestic Tax Jurisdiction        
Effective Income Tax Rate Reconciliation [Line Items]        
Operating loss carryforwards $ 47,500     $ 6,800
v3.25.4
Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal $ 0    
State and local 10    
Total income taxes refunded (paid) [1] $ 10 $ (416) $ (454)
[1] For the year ended December 31, 2025, relates to cash received for income tax refunds. For the years ended December 31, 2024 and 2023, relates to cash paid for income and franchise taxes.
v3.25.4
Non-controlling Interests - Schedule of Noncontrolling Interest on Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Noncontrolling Interest [Line Items]    
Total Non-controlling Interests in the OP $ 4,461 $ 4,790
Non-controlling interests in property owning subsidiaries 0 775
Total Non-controlling Interests 4,461 5,565
Series A Preferred Unit    
Noncontrolling Interest [Line Items]    
Total Non-controlling Interests in the OP 2,578 2,578
Common OP Unit    
Noncontrolling Interest [Line Items]    
Total Non-controlling Interests in the OP $ 1,883 $ 2,212
v3.25.4
Non-controlling Interests - Statement of Operation Breakdown (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Noncontrolling Interest [Line Items]      
Distributions to non-controlling interest holders $ 64 $ 653 $ 132
Income attributable to non-controlling interests in property-owning subsidiaries 0 (86) (50)
Net loss attributable to non-controlling interests 64 567 82
Series A Preferred Unit      
Noncontrolling Interest [Line Items]      
Distributions to non-controlling interest holders (184) (184) (185)
Common OP Unit      
Noncontrolling Interest [Line Items]      
Distributions to non-controlling interest holders $ 248 $ 837 $ 317
v3.25.4
Non-controlling Interests - Narrative (Details)
 1 Months Ended 12 Months Ended
Nov. 30, 2025
property
Dec. 31, 2025
USD ($)
property
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
Sep. 30, 2021
USD ($)
$ / shares
shares
Nov. 30, 2014
USD ($)
$ / shares
shares
Noncontrolling Interest [Line Items]            
Preferred units, issued (in shares) | shares         100,000  
Preferred unit, face value (in usd per share) | $ / shares         $ 25.00  
Value of preferred OP Units | $         $ 2,600,000  
Preferred units issued (in usd per share) | $ / shares         $ 25.78  
Preferred units, redemption period   1 year        
Distributions to non-controlling interest holders | $   $ 184,000 $ 184,000 $ 185,000    
Limited partner units (in shares) | shares   405,998       405,908
Units issued to purchase building | $           $ 10,100,000
Units issued (in usd per share) | $ / shares           $ 25.00
Limited partner units, redemption period   1 year        
Payments to noncontrolling interests | $   $ 0 $ 0      
Number of properties owned | property   167        
Advisor Parent            
Noncontrolling Interest [Line Items]            
Limited partner units (in shares) | shares   90 90      
Advisor Parent | National Healthcare Properties Operating Partnership, L.P.            
Noncontrolling Interest [Line Items]            
Limited partner units (in shares) | shares   90        
Plaza Del Rio Medical Office Campus Portfolio AZ            
Noncontrolling Interest [Line Items]            
Ownership percentage purchased 4.70%          
Number of properties owned | property 4          
Ownership of property (in percentage)   100.00%        
Series A Preferred Stock            
Noncontrolling Interest [Line Items]            
Preferred stock, dividend rate, percentage   7.375% 7.375%      
Series A Preferred Unit            
Noncontrolling Interest [Line Items]            
Distributions to non-controlling interest holders | $   $ 200,000 $ 200,000      
OP Units            
Noncontrolling Interest [Line Items]            
Antidilutive securities excluded from computation of earnings per share (in shares) | shares   124,161        
v3.25.4
Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Nov. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Net loss attributable to common stockholders $ (71,067) $ (203,495) $ (86,097)  
Denominator for basic net loss per share — weighted-average shares (in shares) [1] 28,304,000 28,286,000 28,280,000  
Effect of dilutive securities:        
Unvested restricted shares (in shares) 16,000 0 21,000  
Common OP Units (in shares) 124,000 124,000 124,000  
Class B Units (in shares) 110,000 110,000 110,000  
Denominator for diluted net loss per share — weighted-average shares (in shares) 28,554,000 28,520,000 28,535,000  
Basic net loss per share (in usd per share) [1] $ (2.51) $ (7.19) $ (3.04)  
Diluted net loss per share (in usd per share) [1] $ (2.51) $ (7.19) $ (3.04)  
Limited partner units (in shares) 405,998     405,908
Class B units (in shares) 359,250 359,250 359,250  
Advisor | American Realty Capital Healthcare III Advisors, LLC        
Effect of dilutive securities:        
Limited partner units (in shares) 405,998 405,998 405,998  
Unvested restricted Shares        
Effect of dilutive securities:        
Unvested restricted stock (in shares) 160,199 0 12,911  
[1] Retroactively adjusted for the effects of previous stock dividends (see Note 1 — Organization ). Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a net loss exists as the effect would be an antidilutive per share amount.
v3.25.4
Segment Reporting - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.25.4
Segment Reporting - Reconciliation of Segment Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue from tenants $ 342,279 $ 353,794 $ 345,925
Compensation related expenses 107,589 110,389 109,281
Other segment expenses 111,309 111,063 108,511
Property operating and maintenance 218,898 221,452 217,792
NOI 123,381 132,342 128,133
Impairment charges (44,914) (24,881) (4,676)
Operating fees to related parties 0 (19,203) (25,527)
Termination fees to related parties 0 (106,650) 0
Acquisition and transaction related (516) (7,949) (545)
General and administrative (24,190) (22,440) (18,928)
Depreciation and amortization (78,261) (84,067) (82,873)
Gain (loss) on sale of real estate investments 27,800 9,307 (322)
Interest expense (61,281) (69,447) (66,078)
Interest and other income 272 1,051 734
Loss on non-designated derivatives (72) 1,544 (1,995)
Gain on extinguishment of debt 257 392 0
Loss before income taxes (57,524) (190,001) (72,077)
Income tax expense (161) (262) (303)
Net loss (57,685) (190,263) (72,380)
Net loss attributable to non-controlling interests 64 567 82
Allocation for preferred stock (13,446) (13,799) (13,799)
Net loss attributable to common stockholders (71,067) (203,495) (86,097)
SHOP      
Segment Reporting Information [Line Items]      
Revenue from tenants 225,221 216,477 210,476
Compensation related expenses 107,589 110,389 109,281
Other segment expenses 75,051 71,558 70,557
Property operating and maintenance 182,640 181,947 179,838
NOI 42,581 34,530 30,638
OMF      
Segment Reporting Information [Line Items]      
Revenue from tenants 117,058 137,317 135,449
Compensation related expenses 0 0 0
Other segment expenses 36,258 39,505 37,954
Property operating and maintenance 36,258 39,505 37,954
NOI $ 80,800 $ 97,812 $ 97,495
v3.25.4
Segment Reporting - Reconciliation of Capital Expenditures by Segment (Details) - Operating Segments - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total capital expenditures $ 28,726 $ 21,908 $ 25,299
OMF      
Segment Reporting Information [Line Items]      
Total capital expenditures 16,495 8,967 10,467
SHOP      
Segment Reporting Information [Line Items]      
Total capital expenditures $ 12,231 $ 12,941 $ 14,832
v3.25.4
Real Estate and Accumulated Depreciation Schedule III (Summary of Real Estate Properties) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,046,219      
Land 177,329      
Building and Improvements 1,700,238      
Costs capitalized subsequent to acquisition, land (2,794)      
Costs capitalized subsequent to acquisition, buildings and improvements 88,708      
Gross Amount 1,963,481 $ 2,210,350 $ 2,333,393 $ 2,295,587
Accumulated Depreciation 485,050 496,758 $ 458,010 $ 397,982
Outstanding loan amount 1,046,219      
Acquired intangibles 246,500      
Federal income taxes 1,600,000      
Accumulated amortization 206,200      
Adena Health Center - Jackson, OH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 242      
Building and Improvements 4,494      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 576      
Gross Amount 5,312      
Accumulated Depreciation 1,449      
CareMeridian - Littleton, CO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 976      
Building and Improvements 8,900      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 111      
Gross Amount 9,987      
Accumulated Depreciation 3,749      
Surgery Center of Temple - Temple, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,934      
Land 225      
Building and Improvements 5,208      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 432      
Gross Amount 5,865      
Accumulated Depreciation 1,960      
Greenville Health System - Greenville, SC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,459      
Land 720      
Building and Improvements 3,045      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 713      
Gross Amount 4,478      
Accumulated Depreciation 1,156      
Stockbridge Family Medical - Stockbridge, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,702      
Land 823      
Building and Improvements 1,799      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 336      
Gross Amount 2,958      
Accumulated Depreciation 786      
Village Center Parkway - Stockbridge, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,326      
Land 1,135      
Building and Improvements 2,299      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 550      
Gross Amount 3,984      
Accumulated Depreciation 1,124      
Creekside OMF - Douglasville, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 2,709      
Building and Improvements 5,320      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,737      
Gross Amount 9,766      
Accumulated Depreciation 2,673      
Bowie Gateway Medical Center - Bowie, MD        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 983      
Building and Improvements 10,321      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 426      
Gross Amount 11,730      
Accumulated Depreciation 3,434      
Campus at Crooks & Auburn Building D - Rochester Mills, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 640      
Building and Improvements 4,166      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 265      
Gross Amount 5,071      
Accumulated Depreciation 1,541      
Berwyn Medical Center - Berwyn, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,305      
Building and Improvements 7,559      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 543      
Gross Amount 9,407      
Accumulated Depreciation 2,406      
Countryside Medical Arts - Safety Harbor, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 915      
Building and Improvements 7,663      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 956      
Gross Amount 9,534      
Accumulated Depreciation 2,661      
St. Andrews Medical Park - Venice, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,668      
Building and Improvements 10,005      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 2,205      
Gross Amount 13,878      
Accumulated Depreciation 4,437      
Campus at Crooks & Auburn Building C - Rochester Mills, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 609      
Building and Improvements 3,893      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 198      
Gross Amount 4,700      
Accumulated Depreciation 1,478      
Laguna Professional Center - Elk Grove, CA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 8,494      
Land 1,811      
Building and Improvements 14,598      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 318      
Gross Amount 16,727      
Accumulated Depreciation 4,951      
UC Davis OMF - Elk Grove, CA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,138      
Building and Improvements 7,242      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 357      
Gross Amount 8,737      
Accumulated Depreciation 2,622      
Estate at Hyde Park - Tampa, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,777      
Building and Improvements 20,308      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,764      
Gross Amount 23,849      
Accumulated Depreciation 7,122      
Addington Place of Clarkston - Clarkston, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 655      
Building and Improvements 19,967      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 2,447      
Gross Amount 23,069      
Accumulated Depreciation 7,110      
Addington Place of Burlington - Burlington, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 518      
Building and Improvements 16,739      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 834      
Gross Amount 18,091      
Accumulated Depreciation 6,018      
Addington Place of Carroll - Carroll, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 473      
Building and Improvements 11,263      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 331      
Gross Amount 12,067      
Accumulated Depreciation 3,589      
Prairie Hills at Cedar Rapids - Cedar Rapids, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 195      
Building and Improvements 8,595      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 590      
Gross Amount 9,380      
Accumulated Depreciation 2,847      
Addington Place of Clinton - Clinton, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 890      
Building and Improvements 18,882      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 460      
Gross Amount 20,232      
Accumulated Depreciation 6,429      
Addington Place of Des Moines - Des Moines, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 647      
Building and Improvements 13,745      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 633      
Gross Amount 15,025      
Accumulated Depreciation 4,791      
Addington Place of Fairfield - Fairfield, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 340      
Building and Improvements 14,115      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 692      
Gross Amount 15,147      
Accumulated Depreciation 4,771      
Prairie Hills at Independence - Independence, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 473      
Building and Improvements 10,600      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 365      
Gross Amount 11,438      
Accumulated Depreciation 3,518      
Addington Place of Mt. Pleasant - Mt. Pleasant, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 205      
Building and Improvements 10,935      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 708      
Gross Amount 11,848      
Accumulated Depreciation 3,541      
Addington Place of Muscatine - Muscatine, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 302      
Building and Improvements 13,840      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 400      
Gross Amount 14,542      
Accumulated Depreciation 4,509      
Prairie Hills at Tipton - Tipton, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 306      
Building and Improvements 10,409      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 299      
Gross Amount 11,014      
Accumulated Depreciation 3,247      
Addington Place of Lakeside Vista - Dixon, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 542      
Building and Improvements 13,942      
Costs capitalized subsequent to acquisition, land (164)      
Costs capitalized subsequent to acquisition, buildings and improvements 3,155      
Gross Amount 17,475      
Accumulated Depreciation 4,849      
Addington Place of Burlington - Land - Burlington, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 620      
Building and Improvements 0      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 620      
Accumulated Depreciation 0      
Community Health OMF - Harrisburg, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 0      
Building and Improvements 6,170      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 4      
Gross Amount 6,174      
Accumulated Depreciation 1,796      
Brady OMF - Harrisburg, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 0      
Building and Improvements 22,485      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 4      
Gross Amount 22,489      
Accumulated Depreciation 6,382      
FOC II - Mechanicsburg, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 0      
Building and Improvements 16,473      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 430      
Gross Amount 16,903      
Accumulated Depreciation 5,465      
FOC Clinical - Mechanicsburg, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 0      
Building and Improvements 19,634      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 347      
Gross Amount 19,981      
Accumulated Depreciation 6,300      
FOC I - Mechanicsburg, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 0      
Building and Improvements 8,923      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 324      
Gross Amount 9,247      
Accumulated Depreciation 3,233      
Addington Place of Brunswick - Brunswick, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,509      
Building and Improvements 14,402      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 848      
Gross Amount 16,759      
Accumulated Depreciation 5,044      
Addington Place of Dublin - Dublin, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 403      
Building and Improvements 9,281      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 366      
Gross Amount 10,050      
Accumulated Depreciation 3,277      
Addington Place of Johns Creek - Johns Creek, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 997      
Building and Improvements 11,943      
Costs capitalized subsequent to acquisition, land (730)      
Costs capitalized subsequent to acquisition, buildings and improvements (9,590)      
Gross Amount 2,620      
Accumulated Depreciation 0      
Addington Place of Jupiter - Jupiter, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 3,741      
Building and Improvements 49,534      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 2,216      
Gross Amount 55,491      
Accumulated Depreciation 16,205      
Addington Place of Lee's Summit - Lee's Summit, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 2,734      
Building and Improvements 25,008      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 826      
Gross Amount 28,568      
Accumulated Depreciation 8,239      
Addington Place of College Harbour - St Petersburg, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 4,791      
Building and Improvements 17,295      
Costs capitalized subsequent to acquisition, land (1,000)      
Costs capitalized subsequent to acquisition, buildings and improvements (3,970)      
Gross Amount 17,116      
Accumulated Depreciation 4,884      
Addington Place of Stuart - Stuart, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 5,018      
Building and Improvements 60,575      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 2,798      
Gross Amount 68,391      
Accumulated Depreciation 20,052      
Addington Place of East Lake - Tarpon Springs, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 2,360      
Building and Improvements 13,728      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 4,539      
Gross Amount 20,627      
Accumulated Depreciation 6,709      
Addington Place of Titusville - Titusville, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,379      
Building and Improvements 13,976      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,409      
Gross Amount 16,764      
Accumulated Depreciation 5,438      
Dyer Building - Dyer, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 5,917      
Land 601      
Building and Improvements 8,992      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 265      
Gross Amount 9,858      
Accumulated Depreciation 2,734      
757 Building - Munster, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,829      
Land 645      
Building and Improvements 7,885      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 196      
Gross Amount 8,726      
Accumulated Depreciation 2,327      
761 Building - Munster, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 6,497      
Land 1,436      
Building and Improvements 8,616      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 363      
Gross Amount 10,415      
Accumulated Depreciation 2,759      
759 Building - Munster, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,101      
Building and Improvements 8,899      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 124      
Gross Amount 10,124      
Accumulated Depreciation 2,691      
Meadowbrook Senior Living - Agoura Hills, CA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 8,821      
Building and Improvements 48,682      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 4,306      
Gross Amount 61,809      
Accumulated Depreciation 16,179      
Mount Vernon Medical Office Building - Mount Vernon, WA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 0      
Building and Improvements 18,519      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 37      
Gross Amount 18,556      
Accumulated Depreciation 5,570      
Wellington at Hershey's Mill - West Chester, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 8,531      
Building and Improvements 80,734      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 9,832      
Gross Amount 99,097      
Accumulated Depreciation 27,801      
Eye Specialty Group Medical Building - Memphis, TN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 775      
Building and Improvements 7,223      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 7,998      
Accumulated Depreciation 2,100      
Addington Place of Prairie Village - Prairie Village, KS        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,782      
Building and Improvements 21,869      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 832      
Gross Amount 24,483      
Accumulated Depreciation 7,349      
Bloom OMF - Harrisburg, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 0      
Building and Improvements 15,928      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 517      
Gross Amount 16,445      
Accumulated Depreciation 4,923      
Medical Sciences Pavilion - Harrisburg, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 0      
Building and Improvements 22,309      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 22,309      
Accumulated Depreciation 6,264      
Pinnacle Center - Southaven, MS        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,378      
Building and Improvements 6,547      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 3,191      
Gross Amount 11,116      
Accumulated Depreciation 2,996      
Addington Place of Shoal Creek - Kansas City, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 3,723      
Building and Improvements 22,259      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,079      
Gross Amount 27,061      
Accumulated Depreciation 7,321      
Aurora Healthcare Center - Green Bay, WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,943      
Land 1,130      
Building and Improvements 1,678      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 171      
Gross Amount 2,979      
Accumulated Depreciation 609      
Aurora Healthcare Center - Greenville, WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 836      
Land 259      
Building and Improvements 958      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 80      
Gross Amount 1,297      
Accumulated Depreciation 365      
Aurora Healthcare Center - Kiel, WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,050      
Land 676      
Building and Improvements 2,214      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 184      
Gross Amount 3,074      
Accumulated Depreciation 715      
Aurora Healthcare Center - Plymouth, WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 16,284      
Land 2,891      
Building and Improvements 24,224      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,605      
Gross Amount 28,720      
Accumulated Depreciation 7,789      
Aurora Healthcare Center - Waterford, WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,984      
Land 590      
Building and Improvements 6,452      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 7,042      
Accumulated Depreciation 1,936      
Aurora Healthcare Center - Wautoma, WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,411      
Land 1,955      
Building and Improvements 4,361      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 838      
Gross Amount 7,154      
Accumulated Depreciation 1,497      
Arbor View Assisted Living and Memory Care - Burlington, WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 367      
Building and Improvements 7,815      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 302      
Gross Amount 8,484      
Accumulated Depreciation 2,774      
Advanced Orthopaedic Medical Center - Richmond, VA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,523      
Building and Improvements 19,229      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 2,017      
Gross Amount 22,769      
Accumulated Depreciation 5,791      
Physicians Plaza of Roane County - Harriman, TN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 6,014      
Land 1,746      
Building and Improvements 7,842      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 448      
Gross Amount 10,036      
Accumulated Depreciation 2,561      
Adventist Health Lacey Medical Plaza - Hanford, CA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 328      
Building and Improvements 13,302      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 908      
Gross Amount 14,538      
Accumulated Depreciation 3,805      
Medical Center I - Peoria, AZ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 807      
Building and Improvements 1,115      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 2,901      
Gross Amount 4,823      
Accumulated Depreciation 1,653      
Medical Center II - Peoria, AZ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 945      
Building and Improvements 1,330      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 5,303      
Gross Amount 7,578      
Accumulated Depreciation 2,686      
Commercial Center - Peoria, AZ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 959      
Building and Improvements 1,110      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,274      
Gross Amount 3,343      
Accumulated Depreciation 940      
Medical Center III - Peoria, AZ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,043      
Land 673      
Building and Improvements 1,651      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,943      
Gross Amount 4,267      
Accumulated Depreciation 1,544      
Morrow Medical Center - Morrow, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,142      
Land 1,155      
Building and Improvements 5,674      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 2,929      
Gross Amount 9,758      
Accumulated Depreciation 1,959      
Belmar Medical Building -Lakewood, CO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,603      
Land 819      
Building and Improvements 4,287      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 786      
Gross Amount 5,892      
Accumulated Depreciation 1,694      
Addington Place of Northville - Northville, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 440      
Building and Improvements 14,975      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,413      
Gross Amount 16,828      
Accumulated Depreciation 4,940      
Medical Center V - Peoria, AZ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,837      
Land 1,089      
Building and Improvements 3,200      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,398      
Gross Amount 5,687      
Accumulated Depreciation 1,593      
Legacy Medical Village - Plano, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 3,755      
Building and Improvements 31,097      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 3,755      
Gross Amount 38,607      
Accumulated Depreciation 9,900      
Scripps Cedar Medical Center - Vista, CA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,213      
Building and Improvements 14,596      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 2,837      
Gross Amount 18,646      
Accumulated Depreciation 4,722      
Eastside Cancer Institute - Greenville, SC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 5,402      
Land 1,498      
Building and Improvements 6,637      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 784      
Gross Amount 8,919      
Accumulated Depreciation 2,227      
Sky Lakes Klamath Medical Clinic - Klamath Falls, OR        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 433      
Building and Improvements 2,623      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 3,056      
Accumulated Depreciation 721      
Courtyard Fountains - Gresham, OR        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 2,476      
Building and Improvements 50,601      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 3,800      
Gross Amount 56,877      
Accumulated Depreciation 15,419      
Presence Healing Arts Pavilion - New Lenox, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 5,702      
Land 0      
Building and Improvements 6,768      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 543      
Gross Amount 7,311      
Accumulated Depreciation 2,006      
Mainland Medical Arts Pavilion - Texas City, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 5,901      
Land 320      
Building and Improvements 7,923      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 482      
Gross Amount 8,725      
Accumulated Depreciation 2,508      
Renaissance on Peachtree - Atlanta, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 4,535      
Building and Improvements 68,895      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 4,794      
Gross Amount 78,224      
Accumulated Depreciation 20,439      
Fox Ridge Senior Living at Bryant - Bryant, AR        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 6,289      
Land 1,687      
Building and Improvements 12,936      
Costs capitalized subsequent to acquisition, land (1,151)      
Costs capitalized subsequent to acquisition, buildings and improvements (10,030)      
Gross Amount 3,442      
Accumulated Depreciation 0      
Fox Ridge Senior Living at Chenal - Little Rock, AR        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 14,412      
Land 6,896      
Building and Improvements 20,579      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 878      
Gross Amount 28,353      
Accumulated Depreciation 6,838      
Fox Ridge North Little Rock - North Little Rock, AR        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 8,943      
Land 0      
Building and Improvements 19,265      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 716      
Gross Amount 19,981      
Accumulated Depreciation 5,815      
High Desert Medical Group Medical Office Building - Lancaster, CA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 7,149      
Land 1,459      
Building and Improvements 9,300      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 166      
Gross Amount 10,925      
Accumulated Depreciation 2,654      
Northside Hospital - Canton, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 7,660      
Land 3,408      
Building and Improvements 8,191      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 611      
Gross Amount 12,210      
Accumulated Depreciation 2,012      
West Michigan Surgery Center - Big Rapids, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,061      
Land 258      
Building and Improvements 5,677      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 5,935      
Accumulated Depreciation 1,255      
Camellia Walk Assisted Living and Memory Care - Evans, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,854      
Building and Improvements 17,372      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,642      
Gross Amount 20,868      
Accumulated Depreciation 5,230      
Beaumont Medical Center - Warren, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,936      
Land 1,078      
Building and Improvements 9,525      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 20      
Gross Amount 10,623      
Accumulated Depreciation 2,125      
DaVita Dialysis - Hudson, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,681      
Land 226      
Building and Improvements 1,979      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 121      
Gross Amount 2,326      
Accumulated Depreciation 452      
DaVita Bay Breeze Dialysis Center - Largo, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,049      
Land 399      
Building and Improvements 896      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 297      
Gross Amount 1,592      
Accumulated Depreciation 294      
Greenfield Medical Plaza - Gilbert, AZ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,149      
Land 1,476      
Building and Improvements 4,144      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 527      
Gross Amount 6,147      
Accumulated Depreciation 1,122      
RAI Care Center - Clearwater, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,886      
Land 624      
Building and Improvements 3,156      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 90      
Gross Amount 3,870      
Accumulated Depreciation 687      
Illinois CancerCare - Galesburg, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,237      
Land 290      
Building and Improvements 2,457      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 197      
Gross Amount 2,944      
Accumulated Depreciation 630      
UnityPoint Clinic - Muscatine, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 570      
Building and Improvements 4,541      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 254      
Gross Amount 5,365      
Accumulated Depreciation 1,064      
Lee Memorial Health System Outpatient Center - Ft. Myers,        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,459      
Land 439      
Building and Improvements 4,374      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 722      
Gross Amount 5,535      
Accumulated Depreciation 1,263      
Decatur Medical Office Building - Decatur, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,460      
Land 695      
Building and Improvements 3,273      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 597      
Gross Amount 4,565      
Accumulated Depreciation 935      
Madison Medical Plaza - Joliet, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 12,018      
Land 0      
Building and Improvements 16,855      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 153      
Gross Amount 17,008      
Accumulated Depreciation 3,472      
Woodlake Office Center - Woodbury, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 8,255      
Land 1,017      
Building and Improvements 10,688      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,460      
Gross Amount 13,165      
Accumulated Depreciation 2,859      
Rockwall Medical Plaza - Rockwall, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,323      
Land 1,097      
Building and Improvements 4,582      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 409      
Gross Amount 6,088      
Accumulated Depreciation 1,254      
MetroHealth Buckeye Health Center - Cleveland, OH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,837      
Land 389      
Building and Improvements 4,367      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 255      
Gross Amount 5,011      
Accumulated Depreciation 1,120      
UnityPoint Clinic - Moline, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 396      
Building and Improvements 2,880      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 151      
Gross Amount 3,427      
Accumulated Depreciation 675      
Philip Professional Center - Lawrenceville, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,285      
Building and Improvements 6,714      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 485      
Gross Amount 8,484      
Accumulated Depreciation 1,688      
Florida Medical Heartcare - Tampa, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,992      
Land 586      
Building and Improvements 1,902      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 2,488      
Accumulated Depreciation 414      
Florida Medical Somerset - Tampa, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,156      
Land 61      
Building and Improvements 1,366      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 1,427      
Accumulated Depreciation 268      
Florida Medical Tampa Palms - Tampa, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,205      
Land 141      
Building and Improvements 1,402      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 1,543      
Accumulated Depreciation 281      
Florida Medical Wesley Chapel - Tampa, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,943      
Land 485      
Building and Improvements 1,987      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 2,472      
Accumulated Depreciation 452      
Aurora Health Center - Milwaukee, WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,837      
Land 1,014      
Building and Improvements 4,041      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 399      
Gross Amount 5,454      
Accumulated Depreciation 1,044      
Vascular Surgery Associates - Tallahassee, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,567      
Land 902      
Building and Improvements 5,383      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 6,285      
Accumulated Depreciation 1,149      
Glendale OMF - Farmington Hills, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 7,763      
Land 504      
Building and Improvements 12,332      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements (135)      
Gross Amount 12,701      
Accumulated Depreciation 2,341      
Crittenton Washington OMF - Washington Township, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,012      
Land 640      
Building and Improvements 4,090      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 492      
Gross Amount 5,222      
Accumulated Depreciation 936      
Crittenton Sterling Heights OMF - Sterling Heights, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,779      
Land 1,398      
Building and Improvements 2,695      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 167      
Gross Amount 4,260      
Accumulated Depreciation 708      
Advocate Aurora OMF - Elkhorn, WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 181      
Building and Improvements 9,452      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 9,633      
Accumulated Depreciation 1,880      
Pulomnary & Critical Care Med        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 621      
Building and Improvements 3,805      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 4,426      
Accumulated Depreciation 783      
Dignity Emerus Blue Diamond - Las Vegas, NV        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 2,182      
Building and Improvements 16,594      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements (274)      
Gross Amount 18,502      
Accumulated Depreciation 3,190      
Dignity Emerus Craig Rd - North Las Vegas, NV        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 3,807      
Building and Improvements 22,803      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements (208)      
Gross Amount 26,402      
Accumulated Depreciation 4,430      
Greenfield OMF - Greenfield, WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,552      
Building and Improvements 8,333      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,468      
Gross Amount 11,353      
Accumulated Depreciation 1,817      
Milwaukee OMF - South Milwaukee, WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 410      
Building and Improvements 5,041      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 5,451      
Accumulated Depreciation 919      
St. Francis WI OMF - St. Francis, WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 865      
Building and Improvements 11,355      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 417      
Gross Amount 12,637      
Accumulated Depreciation 2,196      
Lancaster Medical Arts OMF - Lancaster, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,023      
Land 85      
Building and Improvements 4,417      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 4,502      
Accumulated Depreciation 726      
Women's Healthcare Group OMF - York, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,236      
Land 624      
Building and Improvements 2,161      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 2,785      
Accumulated Depreciation 398      
UMPC Sir Thomas Court - Harrisburg, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,052      
Land 745      
Building and Improvements 6,272      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 7,017      
Accumulated Depreciation 1,011      
UMPC Fisher Road - Mechanicsburg, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,867      
Land 747      
Building and Improvements 3,844      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 4,591      
Accumulated Depreciation 676      
Swedish American OMF - Roscoe, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,149      
Land 599      
Building and Improvements 5,862      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 6,461      
Accumulated Depreciation 1,193      
Addington Place of Sparta - Sparta, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 381      
Building and Improvements 13,807      
Costs capitalized subsequent to acquisition, land 250      
Costs capitalized subsequent to acquisition, buildings and improvements 255      
Gross Amount 14,693      
Accumulated Depreciation 2,480      
UMPC Chambers Hill - Harrisburg, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,410      
Land 498      
Building and Improvements 4,238      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 4,736      
Accumulated Depreciation 667      
Addington Place of Shiloh        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 376      
Building and Improvements 28,299      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 342      
Gross Amount 29,017      
Accumulated Depreciation 4,589      
Bayshore Naples Memory Care - Naples, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 3,231      
Building and Improvements 17,112      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 1,562      
Gross Amount 21,905      
Accumulated Depreciation 2,996      
Circleville OMF - Circleville, OH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,426      
Land 765      
Building and Improvements 4,011      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 11      
Gross Amount 4,787      
Accumulated Depreciation 581      
OrthoOne Hilliard - Hilliard, OH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,119      
Land 760      
Building and Improvements 3,118      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements (110)      
Gross Amount 3,768      
Accumulated Depreciation 506      
South Douglas OMF - Midwest City, OK        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,808      
Land 628      
Building and Improvements 3,863      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 4,491      
Accumulated Depreciation 578      
Fort Wayne Opthomology Engle - Fort Wayne, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,778      
Land 516      
Building and Improvements 6,124      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 6,640      
Accumulated Depreciation 781      
Fort Wayne Opthomology Dupont - Fort Wayne, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,853      
Land 597      
Building and Improvements 2,653      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 3,250      
Accumulated Depreciation 438      
St. Peters Albany 2 Palisades - Albany, NY        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,468      
Land 516      
Building and Improvements 4,342      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 498      
Gross Amount 5,356      
Accumulated Depreciation 813      
St. Peters Troy 2 New Hampshire - Troy, NY        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,049      
Land 330      
Building and Improvements 2,444      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 313      
Gross Amount 3,087      
Accumulated Depreciation 422      
St Peters - Albany, NY - 4 Palisades        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,574      
Land 542      
Building and Improvements 2,416      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 163      
Gross Amount 3,121      
Accumulated Depreciation 384      
St Peters - Albany, NY - 5 Palisades        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,041      
Land 593      
Building and Improvements 5,359      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 334      
Gross Amount 6,286      
Accumulated Depreciation 745      
St Lukes Heart Vascular Center - East Stroudsburg        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,371      
Land 363      
Building and Improvements 3,224      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 379      
Gross Amount 3,966      
Accumulated Depreciation 463      
Metropolitan Eye Lakeshore Surgery - St. Clair, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,041      
Land 203      
Building and Improvements 4,632      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 4,835      
Accumulated Depreciation 533      
Naidu Clinic - Odessa, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,060      
Land 730      
Building and Improvements 2,409      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 11      
Gross Amount 3,150      
Accumulated Depreciation 306      
Belpre V Cancer Center - Belpre, OH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 45,725      
Land 1,153      
Building and Improvements 63,894      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 65,047      
Accumulated Depreciation 7,044      
Center for Advanced Dermatology - Lakewood, CO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,836      
Land 1,034      
Building and Improvements 1,874      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 16      
Gross Amount 2,924      
Accumulated Depreciation 229      
Florida Medical Clinic - Tampa, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,681      
Land 1,104      
Building and Improvements 1,137      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 186      
Gross Amount 2,427      
Accumulated Depreciation 200      
Pensacola Nephrology OMF - Pensacola, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,721      
Land 1,579      
Building and Improvements 5,121      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 146      
Gross Amount 6,846      
Accumulated Depreciation 558      
Millennium Eye Care - Freehold, NJ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,848      
Land 635      
Building and Improvements 6,014      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements (2,635)      
Gross Amount 4,014      
Accumulated Depreciation 519      
Bone and Joint Specialists - Merrillville, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,517      
Land 1,014      
Building and Improvements 2,499      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 3,513      
Accumulated Depreciation 244      
Atlanta Gastroenterology Associates - Lawrenceville, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,701      
Land 2,639      
Building and Improvements 2,263      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 4,902      
Accumulated Depreciation 198      
Eastern Carolina ENT - Greenville, NC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,042      
Land 663      
Building and Improvements 5,828      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 6,491      
Accumulated Depreciation 479      
Hope Orthopedics - Salem, OR        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 14,487      
Land 1,331      
Building and Improvements 15,802      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 17,133      
Accumulated Depreciation 1,178      
St Peters - Albany, NY - 1444 Western Avenue        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,730      
Land 754      
Building and Improvements 3,639      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements (2)      
Gross Amount 4,391      
Accumulated Depreciation 288      
OSF Healthcare OMF - Dwight, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 254      
Building and Improvements 2,960      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 3,214      
Accumulated Depreciation 188      
OSF Healthcare OMF - Godfrey, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Land 1,034      
Building and Improvements 4,668      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 5,702      
Accumulated Depreciation 308      
CPC - LaPorte, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,750      
Land 287      
Building and Improvements 2,090      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 2,377      
Accumulated Depreciation 108      
CPC - Valparaiso, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,000      
Land 460      
Building and Improvements 2,763      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 3,223      
Accumulated Depreciation 143      
CPC - Hobart, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,300      
Land 132      
Building and Improvements 2,939      
Costs capitalized subsequent to acquisition, land 0      
Costs capitalized subsequent to acquisition, buildings and improvements 0      
Gross Amount 3,071      
Accumulated Depreciation 139      
CPC - Merrillville, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,449      
Land 386      
Building and Improvements 1,510      
Costs capitalized subsequent to acquisition, land 1      
Costs capitalized subsequent to acquisition, buildings and improvements 3      
Gross Amount 1,900      
Accumulated Depreciation 90      
Line of Credit        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Outstanding loan amount $ 334,739 362,216    
Building and Building Improvements        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Useful life 40 years      
Land Improvements        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Useful life 15 years      
Fixtures        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Useful life 15 years      
Fannie Mae and other secured debt | Line of Credit        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Outstanding loan amount $ 334,739 $ 340,508    
Credit Agreement | Line of Credit        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Outstanding loan amount 336,000      
Capital One Facility | Fannie Mae and other secured debt | Line of Credit        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Outstanding loan amount 199,900      
KeyBank Facility | Fannie Mae and other secured debt | Line of Credit        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Outstanding loan amount $ 134,900      
v3.25.4
Real Estate and Accumulated Depreciation Schedule III (Changes in Accumulated Depreciation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real estate investments, at cost:      
Balance at beginning of year $ 2,210,350 $ 2,333,393 $ 2,295,587
Additions-acquisitions and capital expenditures 26,058 28,742 56,977
Disposals, impairments and reclasses (272,927) (151,785) (19,171)
Balance at end of the year 1,963,481 2,210,350 2,333,393
Accumulated depreciation:      
Balance at beginning of year 496,758 458,010 397,982
Depreciation expense 56,715 63,851 64,445
Disposals, impairments and reclasses (68,423) (25,103) (4,417)
Balance at end of the year $ 485,050 $ 496,758 $ 458,010