SILA REALTY TRUST, INC., 10-K filed on 3/3/2025
Annual Report
v3.25.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 24, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-42129    
Entity Registrant Name SILA REALTY TRUST, INC.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 46-1854011    
Entity Address, Address Line One 1001 Water Street,    
Entity Address, Address Line Two Suite 800    
Entity Address, City or Town Tampa,    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33602    
City Area Code (813)    
Local Phone Number 287-0101    
Title of 12(b) Security Common stock, $0.01 par value per share    
Trading Symbol SILA    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1,208,971,300
Entity Common Stock, Shares Outstanding (in shares)   55,143,443  
Documents Incorporated by Reference
Portions of Registrant’s proxy statement for the 2025 annual stockholders meeting, to be filed with the Securities and Exchange Commission within 120 days after the end of the Registrant’s fiscal year ended December 31, 2024, are incorporated by reference in Part III. Items 10, 11, 12, 13 and 14.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001567925    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location Tampa, Florida
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Real estate:    
Land $ 160,743 $ 157,821
Buildings and improvements, less accumulated depreciation of $277,024 and $227,156, respectively 1,546,877 1,470,831
Total real estate, net 1,707,620 1,628,652
Cash and cash equivalents 39,844 202,019
Intangible assets, less accumulated amortization of $122,208 and $102,456, respectively 125,655 134,999
Goodwill 17,700 17,700
Right-of-use assets 36,332 36,384
Other assets 79,923 79,825
Total assets 2,007,074 2,099,579
Liabilities:    
Credit facility, net of deferred financing costs of $3,079 and $1,847, respectively 521,921 523,153
Accounts payable and other liabilities 33,405 30,381
Intangible liabilities, less accumulated amortization of $8,761 and $7,417, respectively 7,070 10,452
Lease liabilities 41,493 41,158
Total liabilities 603,889 605,144
Stockholders’ equity:    
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.01 par value per share, 510,000,000 shares authorized; 61,685,365 and 61,154,404 shares issued, respectively; 55,018,442 and 56,983,564 shares outstanding, respectively [1] 551 570
Additional paid-in capital 1,998,777 2,044,450
Distributions in excess of accumulated earnings (607,499) (567,188)
Accumulated other comprehensive income 11,356 16,603
Total stockholders’ equity 1,403,185 1,494,435
Total liabilities and stockholders’ equity $ 2,007,074 $ 2,099,579
[1] Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Buildings and improvements, accumulated depreciation $ 277,024 $ 227,156
Intangible assets, accumulated amortization 122,208 102,456
Credit facility, deferred financing costs 3,079 1,847
Intangible liabilities, accumulated amortization $ 8,761 $ 7,417
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 510,000,000 510,000,000
Common stock, shares issued (in shares) [1] 61,779,631 61,154,404
Common stock, shares outstanding (in shares) [1] 55,075,006 56,983,564
[1] Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Rental revenue $ 186,856 $ 189,065 $ 179,986
Expenses:      
Rental expenses 23,138 20,196 17,950
Listing-related expenses 3,012 0 0
General and administrative expenses 25,336 23,896 22,079
Depreciation and amortization 74,754 74,293 77,199
Impairment and disposition losses 1,210 24,252 47,424
Total operating expenses 127,450 142,637 164,652
Other (expense) income:      
Gain on dispositions of real estate 341 22 460
Interest and other income 4,130 702 305
Interest expense (21,220) (23,110) (24,077)
Total other (expense) income (16,749) (22,386) (23,312)
Net income (loss) attributable to common stockholders 42,657 24,042 (7,978)
Other comprehensive (loss) income - unrealized (loss) gain on interest rate swaps, net (5,247) (11,387) 32,837
Comprehensive income attributable to common stockholders $ 37,410 $ 12,655 $ 24,859
Weighted average number of common shares outstanding:      
Basic (in shares) [1] 56,228,545 56,799,886 56,330,011
Diluted (in shares) [1] 56,685,496 57,261,637 56,330,011
Net income (loss) per common share attributable to common stockholders:      
Basic (in dollars per share) [1] $ 0.75 $ 0.42 $ (0.14)
Diluted (in dollars per share) [1] $ 0.75 $ 0.42 $ (0.14)
[1] Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).
v3.25.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Repurchase Of Common Stock, Excluding Tender Offer
Dutch Auction Tender Offer
Common Stock
Common Stock
Repurchase Of Common Stock, Excluding Tender Offer
 [1]
Common Stock
Dutch Auction Tender Offer
 [1]
Additional Paid-in Capital
 [1]
Additional Paid-in Capital
Repurchase Of Common Stock, Excluding Tender Offer
 [1]
Additional Paid-in Capital
Dutch Auction Tender Offer
 [1]
Distributions in Excess of Accumulated Earnings
Accumulated Other Comprehensive (Loss) Income
Balance, (in shares) at Dec. 31, 2021 [1]       56,044,985              
Balance beginning at Dec. 31, 2021 $ 1,601,130     $ 561 [1]     $ 2,006,085     $ (400,669) $ (4,847)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock under the distribution reinvestment plan (in shares) [1]       756,582              
Issuance of common stock under the distribution reinvestment plan 24,834     $ 8 [1]     24,826        
Vesting and issuance of restricted common stock (in shares) [1]       43,221              
Stock-based compensation 4,180           4,180        
Other offering costs (4)           (4)        
Repurchase of common stock and tender offer (in shares) [1]       (280,796)              
Repurchase of common stock and tender offer (9,217)     $ (3) [1]     (9,214)        
Distributions to common stockholders (90,687)                 (90,687)  
Other comprehensive (loss) income 32,837                   32,837
Net income (loss) (7,978)                 (7,978)  
Balance, (in shares) at Dec. 31, 2022 [1]       56,563,992              
Balance ending at Dec. 31, 2022 1,555,095     $ 566 [1]     2,025,873     (499,334) 27,990
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock under the distribution reinvestment plan (in shares) [1]       757,957              
Issuance of common stock under the distribution reinvestment plan 24,751     $ 8 [1]     24,743        
Vesting and issuance of restricted common stock and performance-based deferred stock unit awards (in shares) [1]       40,114              
Stock-based compensation 6,284           6,284        
Other offering costs (80)           (80)        
Repurchase of common stock and tender offer (in shares) [1]       (378,499)              
Repurchase of common stock and tender offer (12,374)     $ (4) [1]     (12,370)        
Distributions to common stockholders (91,896)                 (91,896)  
Other comprehensive (loss) income (11,387)                   (11,387)
Net income (loss) $ 24,042                 24,042  
Balance, (in shares) at Dec. 31, 2023 56,983,564 [2]     56,983,564 [1]              
Balance ending at Dec. 31, 2023 $ 1,494,435     $ 570 [1]     2,044,450     (567,188) 16,603
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock under the distribution reinvestment plan (in shares) [1]       333,402              
Issuance of common stock under the distribution reinvestment plan 9,979     $ 3 [1]     9,976        
Vesting and issuance of restricted common stock and performance-based deferred stock unit awards (in shares) [1]       291,826              
Stock-based compensation 5,850     $ 3 [1]     5,847        
Other offering costs $ (26)           (26)        
Repurchase of common stock and tender offer (in shares) 0   (2,212,389)   (321,397) (2,212,389)          
Repurchase of common stock and tender offer   $ (9,402) $ (52,093)   $ (3) $ (22)   $ (9,399) $ (52,071)    
Distributions to common stockholders $ (82,968)                 (82,968)  
Other comprehensive (loss) income (5,247)                   (5,247)
Net income (loss) $ 42,657                 42,657  
Balance, (in shares) at Dec. 31, 2024 55,075,006 [2]     55,075,006 [1]              
Balance ending at Dec. 31, 2024 $ 1,403,185     $ 551 [1]     $ 1,998,777     $ (607,499) $ 11,356
[1] Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).
[2] Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) attributable to common stockholders $ 42,657 $ 24,042 $ (7,978)
Adjustments to reconcile net income (loss) attributable to common stockholders to net cash provided by operating activities:      
Depreciation and amortization 74,754 74,293 77,199
Amortization of deferred financing costs 2,185 1,665 1,679
Amortization of above- and below-market leases, net 1,173 733 484
Other amortization expenses 735 794 2,302
Gain on dispositions of real estate (341) (22) (460)
Loss on extinguishment of debt 228 0 3,367
Impairment and disposition losses 1,210 24,252 47,424
Straight-line rent adjustments, net of write-offs (5,555) (2,197) (7,261)
Stock-based compensation 5,850 6,284 4,180
Changes in operating assets and liabilities:      
Accounts payable and other liabilities 11,629 26 (170)
Other assets (1,678) (946) 909
Net cash provided by operating activities 132,847 128,924 121,675
Cash flows from investing activities:      
Investments in real estate (164,053) (69,822) (157,194)
Net proceeds from real estate dispositions 17,705 270,306 22,822
Capital expenditures and other costs (2,989) (3,177) (8,440)
Payments of deposits for investments in real estate (350) 0 0
Net cash (used in) provided by investing activities (149,687) 197,307 (142,812)
Cash flows from financing activities:      
Proceeds from credit facility 270,000 50,000 845,000
Payments on credit facility (270,000) (108,000) (762,000)
Payments for extinguishment of debt 0 0 (4)
Payments of deferred financing costs (2,578) (193) (6,937)
Offering costs on issuance of common stock (61) (47) (192)
Distributions to common stockholders (81,367) (66,515) (65,310)
Net cash (used in) provided by financing activities (145,501) (137,129) 1,340
Net change in cash, cash equivalents and restricted cash (162,341) 189,102 (19,797)
Cash, cash equivalents and restricted cash - Beginning of year 202,185 13,083 32,880
Cash, cash equivalents and restricted cash - End of year 39,844 202,185 13,083
Supplemental cash flow disclosure:      
Interest paid, net of interest capitalized of $0, $0, and $44, respectively 18,335 21,671 17,361
Supplemental disclosure of non-cash transactions:      
Common stock issued through distribution reinvestment plan 9,979 24,751 24,834
Change in accrued distributions to common stockholders (8,378) 630 543
Change in accrued capital expenditures and other costs 507 (1,332) (3,705)
Right-of-use assets obtained in exchange for new lease liabilities 814 0 15,305
Repurchase Of Common Stock, Excluding Tender Offer      
Cash flows from financing activities:      
Repurchase of common stock (9,402) (12,374) (9,217)
Dutch Auction Tender Offer      
Cash flows from financing activities:      
Repurchase of common stock $ (52,093) $ 0 $ 0
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Cash Flows [Abstract]      
Interest capitalized $ 0 $ 0 $ 44
v3.25.0.1
Organization and Business Operations
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business Operations Organization and Business Operations
Sila Realty Trust, Inc., or the Company, is a Maryland corporation, headquartered in Tampa, Florida, that has elected, and currently qualifies, to be taxed as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes. The Company is primarily focused on investing in high quality healthcare facilities across the continuum of care, which the Company believes typically generate predictable, durable and growing income streams. The Company may also make other real estate-related investments, which may include equity or debt interests in other real estate entities.
Substantially all of the Company’s business is conducted through Sila Realty Operating Partnership, LP, a Delaware limited partnership, or the Operating Partnership. The Company is the sole general partner of the Operating Partnership and directly and indirectly owns 100% of the Operating Partnership. Except as the context otherwise requires, the “Company” refers to Sila Realty Trust, Inc., the Operating Partnership and their wholly-owned subsidiaries.
New York Stock Exchange Listing and Reverse Stock Split
On June 13, 2024, the Company's common stock, par value $0.01 per share, or the Common Stock, was listed and began trading on the New York Stock Exchange, or the NYSE, under the ticker symbol "SILA", or the Listing. Upon the Listing, all outstanding shares of Class I Common Stock and Class T Common Stock were automatically converted into shares of Class A Common Stock on a one-for-one basis and authorized but unissued shares of Class I Common Stock, Class T Common Stock and Class T2 Common Stock were reclassified into additional shares of Class A Common Stock. Class A Common Stock was then immediately renamed “Common Stock” and is the sole class of stock traded on the NYSE.
On April 8, 2024, in anticipation of the Listing, the Company amended its charter to effect a one-for-four reverse stock split, or the Reverse Stock Split, of each issued and outstanding share of each class of Common Stock of the Company, effective May 1, 2024, and the Company also amended its charter to decrease the par value of each issued and outstanding share of the Company's Common Stock from $0.04 par value per share to $0.01 par value per share immediately after the Reverse Stock Split. In addition, equitable adjustments were made to the maximum number of shares of the Company's Common Stock that may be issued pursuant to the Company’s Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, to reflect the Reverse Stock Split. The number of shares of the Company's Common Stock subject to outstanding awards under the A&R Incentive Plan were also equitably adjusted to reflect the Reverse Stock Split. The Reverse Stock Split affected all record holders of the Company’s Common Stock uniformly and did not affect any record holder’s percentage ownership interest. The Reverse Stock Split did not affect the number of the Company’s authorized shares of Common Stock. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted as though the Reverse Stock Split had been effectuated prior to all periods presented.
"Dutch Auction" Tender Offer
On June 13, 2024, in conjunction with the Listing, the Company commenced a modified "Dutch Auction" tender offer, or the Tender Offer, to purchase shares of its Common Stock for cash at a price per share of not greater than $24.00 nor less than $22.60, net to the seller in cash, less any applicable withholding taxes and without interest, for a maximum aggregate purchase price of no more than $50,000,000. The Tender Offer expired on July 19, 2024. As a result of the Tender Offer, the Company accepted for purchase 2,212,389 shares of Common Stock (which represented approximately 3.9% of the total number of shares of Common Stock outstanding as of July 19, 2024) at a purchase price of $22.60 per share, for an aggregate purchase price of approximately $50,000,000, excluding all related costs and fees. The Company incurred $2,093,000 of costs and fees related to the Tender Offer which are recorded as a reduction in equity on the accompanying consolidated financial statements. The Company funded the Tender Offer and related costs and fees with its available cash.
Share Repurchase Program
On August 16, 2024, the Company’s Board authorized a share repurchase program of up to the lesser of 1,500,000 shares of the Company's outstanding Common Stock, or $25,000,000 in gross purchase proceeds for a period of 12 months from August 16, 2024, or the Share Repurchase Program. Repurchases of Common Stock under the Share Repurchase Program may be made from time to time in the open market, in privately negotiated purchases, in accelerated share repurchase programs or by any other lawful means. The number of shares of Common Stock purchased and the timing of any purchases will depend on a number of factors, including the price and availability of Common Stock and general market conditions.
Distribution Policy
In order to maintain its status as a REIT, the Company is required to make distributions each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends paid deduction and excluding capital gains. To the extent funds are available, the Company intends to continue to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates. Distributions to stockholders are determined by the board of directors, or the Board, and are dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. Such consolidated financial statements and the accompanying notes thereto are the responsibility of management. These accounting policies conform to U.S. generally accepted accounting principles, or GAAP, in all material respects, and have been consistently applied in preparing the consolidated financial statements.
Principles of Consolidation and Basis of Presentation
The accompanying consolidated financial statements include the accounts of the Company, the Operating Partnership, and their wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of the consolidated financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Cash, Cash Equivalents and Restricted Cash
Cash consists of demand deposits at commercial banks. Cash equivalents consist of highly liquid investments in money market funds with original maturities of three months or less at the time of purchase. Restricted cash consists of cash held in an escrow account in accordance with a tenant's lease agreement. Restricted cash is reported in other assets in the accompanying consolidated balance sheets. The Company maintains its cash, cash equivalents and restricted cash at various financial institutions. As of December 31, 2024, certain of the Company’s cash deposits exceeded federally insured amounts. To date, the Company has experienced no loss or lack of access to cash in its accounts. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.
The following table presents a reconciliation of the beginning of year and end of year cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the totals shown in the consolidated statements of cash flows (amounts in thousands):
Year Ended
December 31,
202420232022
Beginning of year:
Cash and cash equivalents$202,019 $12,917 $32,359 
Restricted cash166 166 521 
Cash, cash equivalents and restricted cash$202,185 $13,083 $32,880 
End of year:
Cash and cash equivalents$39,844 $202,019 $12,917 
Restricted cash— 

166 166 
Cash, cash equivalents and restricted cash$39,844 $202,185 $13,083 
Investment in Real Estate
Real estate costs related to the acquisition, development, construction and improvement of properties are capitalized. Repair and maintenance costs are expensed as incurred, and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate assets. The Company considers the
period of future benefit of an asset in determining the appropriate useful life. Real estate assets, other than land, are depreciated on a straight-line basis over each asset’s useful life. The Company anticipates the estimated useful lives of its assets by class as follows:
Buildings and improvements
15 – 40 years
Tenant improvementsShorter of lease term or expected useful life
Furniture, fixtures, and equipment
3 – 10 years
Allocation of Purchase Price of Real Estate
Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or an asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, tenant improvements and intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates the purchase price based on the estimated fair value of each separately identifiable asset and liability. For the year ended December 31, 2024, all of the Company's acquisitions were determined to be asset acquisitions.
The fair value of the tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings and improvements based on management’s determination of the relative fair value of these assets.
The amount allocated to in-place leases includes an estimate of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. These in-place lease assets are amortized to depreciation and amortization expense over the remaining terms of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
The amounts allocated to above-market and below-market leases are recorded based on the present value of the difference between: (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of current market lease rates for the corresponding leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. These above-market and below-market amounts are amortized as an adjustment of rental revenue over the remaining terms of the respective leases. If a lease is terminated, amended or modified prior to its stated expiration, all unamortized amounts of above-market and below-market lease values related to that lease would be recorded as an adjustment to rental revenue.
Held for Sale
The Company classifies a real estate property as held for sale upon satisfaction of all of the following criteria: (i) management commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such properties; (iii) there is an active program to locate a buyer; (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year; (v) the property is being actively marketed for sale; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as the amortization of any related intangible assets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell.
Impairments
The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating undiscounted future cash flows, including eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the asset group, an impairment charge will be recorded to the extent that the carrying value exceeds the estimated fair value of the asset group.
When developing estimates of expected future cash flows, the Company makes certain assumptions for the expected holding periods, future market rental rates subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, probability weighting of potential uses of the property, sale prices of comparable properties and required tenant improvements. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate assets.
In addition, the Company determines fair value by using a direct capitalization method, a discounted cash flow method using the assumptions noted above, or by utilizing comparable market information based on the view of a market participant. The use of alternative assumptions in these approaches could result in a different determination of the property’s estimated fair value and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate assets.
The Company accounts for goodwill in accordance with Accounting Standards Codification, or ASC, 350, Intangibles - Goodwill and Other, and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. Goodwill has an indefinite life and is not amortized.
The Company evaluates goodwill for impairment at least annually, as of the last day of each year, or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more-likely-than-not indicate that the fair value of a reporting unit is below its carrying value.
The Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. Under a qualitative assessment, the impairment analysis for goodwill represents an evaluation of whether it is more-likely-than-not the reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative analysis indicates that it is more-likely-than-not that the estimated carrying value of a reporting unit, including goodwill, exceeds its fair value, the Company performs the quantitative analysis. The quantitative analysis consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit.
Impairment losses on real estate, goodwill impairments and disposition losses, if any, are recorded as impairment and disposition losses in the accompanying consolidated statements of comprehensive income. Impairments and accelerated amortization of in-place leases are included in depreciation and amortization in the accompanying consolidated statements of comprehensive income. Impairments and accelerated amortization of above-market leases are recorded as a reduction to rental revenue in the accompanying consolidated statements of comprehensive income. Impairments and accelerated amortization of below-market leases are recorded as an increase to rental revenue in the accompanying consolidated statements of comprehensive income.
Deferred Financing Costs
Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining and further modifying financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Deferred financing costs related to the term loan portion of the credit facility are recorded as a reduction of the related debt on the accompanying consolidated balance sheets. Deferred financing costs related to the revolving line of credit are recorded in other assets in the accompanying consolidated balance sheets.
Fair Value
ASC 820, Fair Value Measurements and Disclosures, or ASC 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.
Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:
Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2—Inputs other than quoted prices for similar assets and liabilities in active markets that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).
Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.
Revenue Recognition and Tenant Receivables
The majority of the Company's revenue is derived from rental revenue, which is accounted for in accordance with ASC 842, Leases, or ASC 842. Under ASC 842, rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). For lease arrangements where it is not probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis or the lease payments that have been collected from the lessee. Differences between rental revenue recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable. Tenant reimbursements, which are comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are recognized when the services are provided and the performance obligations are satisfied.
Stock-based Compensation
On March 6, 2020, the Board approved the Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, pursuant to which the Company has the authority and power to grant awards of restricted shares of its Common Stock to its directors, officers and employees. The Company accounts for its stock awards in accordance with ASC 718-10, Compensation—Stock Compensation, or ASC 718-10. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). For performance-based awards, compensation costs are recognized over the service period if it is probable that the performance condition will be satisfied, with changes of the assessment at each reporting period and recording the effect of the change in the compensation cost as a cumulative catch-up adjustment. The compensation costs for restricted stock are recognized based on the fair value of the restricted stock awards at grant date, which is equal to the market value of the Company's Common Stock on that date of grant. Prior to the Listing, the fair value was estimated based on the most recent per share net asset value. The Company recognizes the impact of forfeitures as they occur.
Earnings Per Share
The Company calculates basic and diluted earnings per share using the two-class method. Basic earnings per share is computed based on the weighted average shares of the Company's Common Stock outstanding for the period. Diluted earnings per share is computed based on the weighted average number of shares outstanding and all potentially dilutive securities, which include shares of restricted Common Stock and performance-based deferred stock unit awards, or Performance DSUs. The shares of restricted Common Stock contain non-forfeitable dividend distribution rights and are considered participating securities. The Performance DSUs are also entitled to dividend equivalents which are paid to the grantee only in the event that the applicable performance criteria is achieved and the Performance DSUs vest.
Reportable Segments
ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an entity’s reportable segments. The Company's healthcare properties are aggregated into one operating segment due to their similar economic characteristics. The aggregated operating segment is the Company's only reportable segment.
Derivative Instruments and Hedging Activities
As required by ASC 815, Derivatives and Hedging, or ASC 815, the Company records all derivative instruments at fair value as assets and liabilities on its consolidated balance sheets. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.
In accordance with the fair value measurement guidance in Accounting Standards Update, or ASU, 2011-04, Fair Value Measurement, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
The Company is exposed to variability in expected future cash flows that are attributable to interest rate changes in the normal course of business. The Company’s primary strategy in entering into derivative contracts is to add stability to future cash flows by managing its exposure to interest rate fluctuations. The Company utilizes derivative instruments, including
interest rate swaps, to effectively convert its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes.
In accordance with ASC 815, the Company designates interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the gains or losses on the derivative instruments are reported as other comprehensive (loss) income - unrealized (loss) gain on interest rate swaps, net in the consolidated statements of comprehensive income and are reclassified into earnings in the same line item associated with the forecasted transaction in the same period during which the hedged transactions affect earnings.
Income Taxes
The Company currently qualifies and is taxed as a REIT under Sections 856 through 860 of the Code. Accordingly, it will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, it would be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Accordingly, failure to qualify as a REIT could have a material adverse impact on the results of operations and amounts available for distribution to stockholders.
The dividends paid deduction of a REIT for qualifying dividends paid to its stockholders is computed using the Company’s taxable income as opposed to net income reported in the consolidated financial statements. Taxable income, generally, will differ from net income reported in the consolidated financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.
The Company has concluded that there was no impact related to uncertain tax positions from results of operations of the Company for the years ended December 31, 2024, 2023 and 2022. The earliest tax year currently subject to examination is 2021.
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board, or FASB, issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. The Company adopted the annual requirements of ASU 2023-07 and the disclosures required are included in Note 10—"Segment Reporting". The new interim period disclosures are required for fiscal years beginning January 1, 2025 and will be included in the Company's Quarterly Reports on Form 10-Q at that time. The adoption of this guidance did not have any impact on the Company's consolidated financial statements.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses to improve disclosures about an entity's expenses and to provide detailed information about the types of expenses in commonly presented expense captions. ASU 2024-03 requires disclosures about specific expense categories including purchases of inventory, employee compensation, depreciation, amortization and selling expenses. Additionally, ASU 2024-03 requires a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods for fiscal years beginning after December 15, 2027, and should be applied either prospectively for reporting periods after the effective date of the ASU or retrospectively to all periods presented. Early adoption is permitted. The Company expects the adoption of this standard to expand its annual and interim expense disclosures, but otherwise have no impact on the consolidated financial statements.
v3.25.0.1
Real Estate
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Real Estate Real Estate
Acquisitions
During the year ended December 31, 2024, the Company purchased eight real estate properties in four separate transactions, which were determined to be asset acquisitions. The Company allocated the purchase price to tangible assets, consisting of land, building and improvements, and tenant improvements; intangible assets, consisting of in-place leases and right-of-use assets; and lease liabilities, based on the relative fair value method of allocating all accumulated costs. The Company engages a well-known real estate services firm to assist in performing the purchase allocation.
The following table summarizes the cash consideration transferred, including acquisition costs, and the purchase price allocation for acquisitions during the year ended December 31, 2024 (amounts in thousands):
Property Description Date AcquiredOwnership Percentage
Cash Consideration Transferred
(amount in thousands)
Brownsburg Healthcare Facility 02/26/2024100%$39,115 
Cave Creek Healthcare Facility03/20/2024100%19,355 
Marana Healthcare Facility03/20/2024100%16,156 
Surprise Healthcare Facility03/20/2024100%18,602 
Tucson Healthcare Facility V03/20/2024100%15,994 
Weslaco Healthcare Facility03/20/2024100%15,713 
Reading Healthcare Facility05/21/2024100%10,754 
Fort Smith Healthcare Facility07/25/2024100%28,364 
Total $164,053 
Total
Land$8,821 
Building and improvements113,365 
Tenant improvements22,194 
In-place leases19,468 
Right-of-use assets638 
Total assets acquired164,486 
Lease liabilities(433)
Total liabilities acquired(433)
Net assets acquired$164,053 
The Company capitalized acquisition costs of $717,000, which are included in the allocation of the real estate acquisitions presented above.
Dispositions
On December 10, 2024, the Company sold the Yucca Valley Healthcare Facility for a sales price of $1,700,000, generating net proceeds of $1,587,000. The Company recognized a gain on sale of $265,000, which is presented in gain on dispositions of real estate in the consolidated statements of comprehensive income. The Yucca Valley Healthcare Facility was formerly leased to a tenant that was owned and sponsored by GenesisCare USA, Inc. and its affiliates, or GenesisCare.
On September 25, 2024, the Company sold the Fort Myers Healthcare Facility I and the Fort Myers Healthcare Facility II, or the Fort Myers Healthcare Facilities, for a sales price of $15,500,000, generating net proceeds of $14,679,000, excluding real estate tax pro-rations. The Fort Myers Healthcare Facilities were not previously held for sale, and the Company recognized a loss on disposition of $792,000, which represents the cost to sell, and is presented in impairment and disposition losses in the consolidated statements of comprehensive income. The Fort Myers Healthcare Facilities were formerly leased to a tenant that was owned and sponsored by GenesisCare.
On January 31, 2024, the Company sold one property for a sales price of $1,500,000, generating net proceeds of $1,439,000. The Company recognized a gain on sale of $76,000, which is presented in gain on dispositions of real estate in the consolidated statements of comprehensive income. The property was leased to a tenant under the common control of Vibra Healthcare, LLC, or Vibra. The Company was recognizing revenue from Vibra on a cash basis due to payment uncertainty. As a result of the property sale and lease termination, rental revenue from Vibra for the year ended December 31, 2024, included $4,098,000 of lease termination income received from the former tenant which is presented in rental revenue in the consolidated statements of comprehensive income, in addition to $902,000 of deferred rent from prior periods.
Investment Risk Concentrations
As of December 31, 2024, the Company did not have exposure to geographic concentration that accounted for at least 10.0% of rental revenue for the year ended December 31, 2024.
As of December 31, 2024, the Company had one exposure to tenant concentration that accounted for at least 10.0% of rental revenue for the year ended December 31, 2024. The leases with tenants at properties under the common control of Post Acute Medical, LLC and its affiliates accounted for 14.9% of rental revenue for the year ended December 31, 2024.
GenesisCare
As disclosed in the Current Report on Form 8-K that the Company filed with the SEC on June 5, 2023, GenesisCare, the sponsor and owner of the tenant in certain of the Company's real estate properties announced that it filed for Chapter 11 bankruptcy protection under the United States Bankruptcy Code on June 1, 2023. During the bankruptcy proceedings, GenesisCare sought U.S. bankruptcy court approval to reject certain unexpired real property leases. GenesisCare's lease obligations with the Company were not included in any motions. On March 27, 2024, the Company entered into a second amendment to the second amended and restated master lease, or the GenesisCare Amended Master Lease, with GenesisCare in connection with its emergence from bankruptcy on February 16, 2024. Prior to the GenesisCare Amended Master Lease, GenesisCare was a tenant at 17 of the Company's real estate properties pursuant to a first amendment to the second amended and restated master lease, or the GenesisCare Master Lease. The GenesisCare Amended Master Lease removed 10 of the Company's properties from the GenesisCare Master Lease, or the Severed Properties. The seven properties remaining under the GenesisCare Amended Master Lease will continue to be leased to GenesisCare and had no material changes in lease terms pursuant to the GenesisCare Master Lease. As a result of the GenesisCare Amended Master Lease, the Company entered into lease agreements with new tenants at seven of the Severed Properties during the year ended December 31, 2024. The Fort Myers Healthcare Facilities, which were sold on September 25, 2024, represented two of the Severed Properties. The Yucca Valley Healthcare Facility, which was sold on December 10, 2024, represented one of the Severed Properties. In exchange for the Severed Properties, the Company received a $2,000,000 severance fee from GenesisCare, or the GenesisCare Severance Fee, on March 27, 2024. The Company will recognize the GenesisCare Severance Fee in rental revenue on a straight-line basis over the remaining GenesisCare Amended Master Lease term. During the year ended December 31, 2024, the Company recognized $173,000 of amortization of the GenesisCare Severance Fee in rental revenue in the accompanying consolidated statements of comprehensive income.
During the year ended December 31, 2024, the Company recorded impairment losses on real estate of $418,000 attributable to the Fort Myers Healthcare Facilities, following a reduction in the expected sales price that occurred during the three months ended June 30, 2024. The fair value of the Fort Myers Healthcare Facilities was measured based on a third-party purchase offer for the assets, which resides within Level 2 of the fair value hierarchy. These impairments were allocated to the asset groups, for each respective property, on a pro-rata basis, which included land and buildings and improvements. Additionally, during the year ended December 31, 2024, the Company recognized a $792,000 loss on disposition from the Fort Myers Healthcare Facilities related to costs to sell.
During the year ended December 31, 2024, the Company recorded accelerated amortization of in-place lease intangible assets, above-market lease intangible assets and below-market lease intangible liabilities of $4,646,000, $2,667,000, and $2,038,000, respectively, as a result of the GenesisCare Amended Master Lease.
During the year ended December 31, 2023, the Company recorded impairment losses on real estate of $9,480,000 (including goodwill impairments of $1,238,000) as a result of GenesisCare announcing it had filed bankruptcy. In addition, during the year ended December 31, 2023, the Company recorded an impairment of in-place lease and above-market lease intangible assets on certain real estate properties formerly leased to GenesisCare of $1,130,000 and $260,000, respectively. The fair value of the real estate assets, which included the Fort Myers Healthcare Facilities was measured based on third-party purchase offers for the assets and resides within Level 2 of the fair value hierarchy. These impairments were allocated to the asset groups, for each respective property, on a pro-rata basis, which included land, buildings and improvements, and their related intangible assets.
Steward
On May 6, 2024, Steward Health Care System LLC, or Steward, the sponsor and owner of a tenant at the Stoughton Healthcare Facility, announced that it filed for Chapter 11 bankruptcy protection under the United States Bankruptcy Code. During the year ended December 31, 2024, we received $1,392,000 of contractual base rent from Steward, which represents monthly contractual base rent, except for April and May for which Steward did not pay, and prorated rent through September 19, 2024, when the U.S. Bankruptcy Court for the Southern District of Texas approved Steward's request to reject our lease.
During the year ended December 31, 2023, the Company recorded impairment losses on real estate of $10,945,000 (including goodwill impairment losses of $350,000) on the real estate property leased to Steward.
Other Impairment Losses and Accelerated Amortization of Intangible Assets
In addition to the impairments and accelerated amortization of intangible assets disclosed above, the Company recorded the following additional impairments and accelerated amortization of intangible assets. During the year ended December 31,
2024, the Company recorded accelerated amortization of above-market lease intangible assets of $456,000, as a result of lease amendments. During the year ended December 31, 2023, the Company recorded impairment losses on real estate of $3,827,000 (including goodwill impairment losses of $2,422,000), as a result of property sales and tenant related triggering events that occurred at certain properties. During the year ended December 31, 2022, the Company recorded impairment losses on real estate of $47,424,000 (including goodwill impairments of $1,574,000). In addition, during the year ended December 31, 2022, the Company recorded an impairment of an in-place lease intangible asset of $4,345,000.
The following table summarizes the rollforward of goodwill for the years ended December 31, 2024 and 2023 (amounts in thousands):
December 31, 2024December 31, 2023
Goodwill
Accumulated Impairment Losses
Total
Goodwill
Accumulated Impairment Losses
Total
Balance at beginning of year$20,795 $(3,095)$17,700 $23,284 $(1,574)$21,710 
Goodwill associated with disposed reporting units(730)730 — (2,489)2,489 — 
Impairment charges
— — — — (4,010)(4,010)
Balance at end of year$20,065 $(2,365)$17,700 $20,795 $(3,095)$17,700 
v3.25.0.1
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]  
Intangible Assets, Net Intangible Assets, Net
Intangible assets, net, consisted of the following as of December 31, 2024 and 2023 (amounts in thousands, except weighted average remaining life amounts):
 December 31, 2024December 31, 2023
In-place leases, net of accumulated amortization of $114,774 and $95,325, respectively (with a weighted average remaining life of 7.3 years and 7.8 years, respectively)
$120,399 $125,188 
Above-market leases, net of accumulated amortization of $7,434 and $7,131, respectively (with a weighted average remaining life of 7.6 years and 6.7 years, respectively)
5,256 9,811 
$125,655 $134,999 
The aggregate weighted average remaining life of the intangible assets was 7.3 years and 7.7 years as of December 31, 2024 and 2023, respectively.
Amortization of intangible assets was $28,665,000, $23,766,000 and $27,389,000 for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization of in-place leases is included in depreciation and amortization, and amortization of above-market leases is recorded as a reduction to rental revenue, in the accompanying consolidated statements of comprehensive income.
Estimated amortization expense on the intangible assets as of December 31, 2024, for each of the next five years ending December 31 and thereafter, is as follows (amounts in thousands):
YearAmount
2025$19,095 
202617,547 
202715,970 
202814,436 
202912,873 
Thereafter45,734 
$125,655 
v3.25.0.1
Intangible Liabilities, Net
 12 Months Ended
Dec. 31, 2024
Intangible Lease Liabilities, Net [Abstract]  
Intangible Liabilities, Net Intangible Liabilities, Net
Intangible liabilities, net, consisted of the following as of December 31, 2024 and 2023 (amounts in thousands, except weighted average remaining life amounts):
December 31, 2024December 31, 2023
Below-market leases, net of accumulated amortization of $8,761 and $7,417, respectively (with a weighted average remaining life of 6.1 years and 7.4 years, respectively)
$7,070 $10,452 
Amortization of below-market leases was $3,383,000, $1,494,000 and $1,479,000 for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization of below-market leases is recorded as an increase to rental revenue in the accompanying consolidated statements of comprehensive income.
Estimated amortization of the intangible liabilities as of December 31, 2024, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2025$1,260 
20261,241 
20271,216 
2028912 
2029754 
Thereafter1,687 
$7,070 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
Lessor
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
The following table summarizes the Company's rental income from operating leases for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
Year Ended
December 31,
 202420232022
Rental income
$171,791 $176,323 $169,044 
Variable lease income
15,065 12,742 10,942 
Total rental revenue
$186,856 $189,065 $179,986 
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of December 31, 2024, for each of the next five years ending December 31, and thereafter, are as follows (amounts in thousands):

December 31, 2024(1)
2025$165,510 
2026162,349 
2027159,381 
2028155,038 
2029150,328 
Thereafter1,025,867 
Total$1,818,473 
(1)The table includes payments from a tenant who has been moved to the cash basis of accounting for revenue recognition purposes that has continued to make rental payments as of December 31, 2024.
Lessee
The Company is subject to various non-cancellable operating lease agreements on which certain of its properties reside (ground leases) and for its corporate office.
The Company's operating leases do not provide implicit interest rates. In order to calculate the present value of the remaining operating lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating leases.
The effects of the Company's operating leases are recorded in right-of-use assets and lease liabilities on the consolidated balance sheets.
The future rent payments under non-cancellable operating leases in effect as of December 31, 2024, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
December 31, 2024
2025$2,782 
20262,811 
20272,852 
20282,868 
20292,603 
Thereafter103,513 
Total undiscounted rental payments117,429 
Less imputed interest(75,936)
Total lease liabilities$41,493 
The weighted average IBRs and weighted average remaining lease terms for the years ended December 31, 2024 and 2023 are as follows:
 December 31, 2024December 31, 2023
Weighted average IBR5.5 %5.5 %
Weighted average remaining lease term35.2 years36.5 years
The following table provides details of the Company's total lease costs for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
Year Ended
December 31,
Location in Consolidated Statements of Comprehensive Income202420232022
Operating lease costs:
Ground lease costs(1)
Rental expenses$2,742 $2,727 $2,246 
Corporate operating lease costsGeneral and administrative expenses749 735 741 
Supplemental disclosure of cash flows information:
Operating cash outflows for operating leases(2)
$830 $732 $531 
Right-of-use assets obtained in exchange for new lease liabilities$814 $— $15,305 
(1)The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying consolidated statements of comprehensive income.
(2)Amounts are net of reimbursements the Company receives from tenants for certain operating ground leases.
Leases Leases
Lessor
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
The following table summarizes the Company's rental income from operating leases for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
Year Ended
December 31,
 202420232022
Rental income
$171,791 $176,323 $169,044 
Variable lease income
15,065 12,742 10,942 
Total rental revenue
$186,856 $189,065 $179,986 
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of December 31, 2024, for each of the next five years ending December 31, and thereafter, are as follows (amounts in thousands):

December 31, 2024(1)
2025$165,510 
2026162,349 
2027159,381 
2028155,038 
2029150,328 
Thereafter1,025,867 
Total$1,818,473 
(1)The table includes payments from a tenant who has been moved to the cash basis of accounting for revenue recognition purposes that has continued to make rental payments as of December 31, 2024.
Lessee
The Company is subject to various non-cancellable operating lease agreements on which certain of its properties reside (ground leases) and for its corporate office.
The Company's operating leases do not provide implicit interest rates. In order to calculate the present value of the remaining operating lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating leases.
The effects of the Company's operating leases are recorded in right-of-use assets and lease liabilities on the consolidated balance sheets.
The future rent payments under non-cancellable operating leases in effect as of December 31, 2024, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
December 31, 2024
2025$2,782 
20262,811 
20272,852 
20282,868 
20292,603 
Thereafter103,513 
Total undiscounted rental payments117,429 
Less imputed interest(75,936)
Total lease liabilities$41,493 
The weighted average IBRs and weighted average remaining lease terms for the years ended December 31, 2024 and 2023 are as follows:
 December 31, 2024December 31, 2023
Weighted average IBR5.5 %5.5 %
Weighted average remaining lease term35.2 years36.5 years
The following table provides details of the Company's total lease costs for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
Year Ended
December 31,
Location in Consolidated Statements of Comprehensive Income202420232022
Operating lease costs:
Ground lease costs(1)
Rental expenses$2,742 $2,727 $2,246 
Corporate operating lease costsGeneral and administrative expenses749 735 741 
Supplemental disclosure of cash flows information:
Operating cash outflows for operating leases(2)
$830 $732 $531 
Right-of-use assets obtained in exchange for new lease liabilities$814 $— $15,305 
(1)The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying consolidated statements of comprehensive income.
(2)Amounts are net of reimbursements the Company receives from tenants for certain operating ground leases.
v3.25.0.1
Other Assets
 12 Months Ended
Dec. 31, 2024
Other Assets [Abstract]  
Other Assets Other Assets
Other assets consisted of the following as of December 31, 2024 and 2023 (amounts in thousands):
 December 31, 2024December 31, 2023
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $2,988 and $1,917, respectively
$1,203 $2,271 
Leasing commissions, net of accumulated amortization of $306 and $191, respectively
1,941 593 
Restricted cash— 166 
Tenant receivables3,281 2,398 
Straight-line rent receivable58,400 53,248 
Real estate deposits350 — 
Prepaid and other assets3,392 4,089 
Derivative assets - interest rate swaps11,356 17,060 
$79,923 $79,825 
Amortization of deferred financing costs related to the revolver portion of the credit facility for the years ended December 31, 2024, 2023, and 2022 was $1,071,000, $1,027,000, and $1,087,000, respectively.
v3.25.0.1
Accounts Payable and Other Liabilities
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accounts Payable and Other Liabilities Accounts Payable and Other Liabilities
Accounts payable and other liabilities consisted of the following as of December 31, 2024 and 2023 (amounts in thousands):
 December 31, 2024December 31, 2023
Accounts payable and accrued expenses$6,303 $3,906 
Accrued interest expense2,187 1,714 
Accrued property taxes3,897 3,687 
Accrued personnel costs6,660 4,425 
Distributions payable to stockholders— 7,782 
Performance DSUs distributions payable544 1,140 
Tenant deposits1,691 877 
Deferred rental income12,123 6,393 
Derivative liabilities - interest rate swaps— 457 
$33,405 $30,381 
v3.25.0.1
Credit Facility
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Credit Facility Credit Facility
The Company's outstanding credit facility as of December 31, 2024 and 2023 consisted of the following (amounts in thousands):
Weighted
Average Contractual Rate(1)
December 31, 2024December 31, 2023
2026 Variable rate revolving line of credit—%$— $— 
2024 Variable rate term loan fixed through interest rate swaps—%— 250,000 
2027 Variable rate term loan fixed through interest rate swaps(2)
5.11%250,000 — 
2028 Variable rate term loan fixed through interest rate swaps(3)
4.18%275,000 275,000 
Total credit facility, principal amount outstanding4.62%525,000 525,000 
Unamortized deferred financing costs related to credit facility term loans(3,079)(1,847)
Total credit facility, net of deferred financing costs$521,921 $523,153 
(1)Weighted average contractual rate is as of December 31, 2024.
(2)Fixed through four interest rate swaps that mature on March 20, 2029.
(3)Fixed through six interest rate swaps that mature on January 31, 2028.
Significant activities regarding the credit facility during the year ended December 31, 2024, and subsequent, include:
•On March 20, 2024, the Company, the Operating Partnership, and certain of the Company's subsidiaries, entered into a senior unsecured amended and restated term loan agreement, or the 2027 Term Loan Agreement, with Truist Bank, as Administrative Agent for the lenders, for aggregate commitments of $250,000,000, which may be increased, subject to lender approval, to an aggregate amount not to exceed $500,000,000. The maturity date for the 2027 Term Loan is March 20, 2027 and, at the Company's election, may be extended for a period of one year on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee. The 2027 Term Loan Agreement was entered into to replace the Company's prior term loan agreement, which was paid off in its entirety upon closing of the 2027 Term Loan Agreement.
•In connection with the pay-off of our prior term loan agreement and entering into the 2027 Term Loan Agreement, the Company recognized a loss on extinguishment of debt of $228,000 during the year ended December 31, 2024. The loss on extinguishment of debt was recognized in interest expense in the accompanying consolidated statements of comprehensive income.
•On November 27, 2024, the Company entered into two interest rate swap agreements to hedge $150,000,000 of its 2027 variable rate term loan, which have an effective date of December 31, 2024.
•On December 6, 2024, the Company entered into two interest rate swap agreements to hedge $100,000,000 of its 2027 variable rate term loan, which have an effective date of December 31, 2024.
•On February 18, 2025, the Company entered into a senior unsecured revolving credit agreement, or the 2029 Revolving Credit Agreement, with Bank of America, N.A., as Administrative Agent for the lenders, for aggregate commitments available of up to $600,000,000, which may be increased, subject to lender approval, through incremental term loans and/or revolving loan commitments in an aggregate amount not to exceed $1,500,000,000. The maturity date for the 2029 Revolving Credit Agreement is February 16, 2029, which, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to certain conditions, including a payment of an extension fee. The 2029 Revolving Credit Agreement was entered into to replace the Company's prior $500,000,000 revolving line of credit, which had a maturity date of February 15, 2026, with the option to extend for two six-month periods. The Company did not exercise the option to extend. Upon closing of the 2029 Revolving Credit Agreement, the Company extinguished all commitments associated with the prior revolving line of credit. At the Company’s election, borrowings under the 2029 Revolving Credit Agreement may be made as Base Rate loans or Secured Overnight Financing Rate, or SOFR, loans. The applicable margin for loans that are Base Rate loans is adjustable based on a total leverage ratio, ranging from 0.25% to 0.90%. The applicable margin for loans that are SOFR loans is adjustable based on a total leverage ratio, ranging from 1.25% to 1.90%. In addition to interest, the Company is required to pay a fee on the unused portion of the lenders’ commitments under the 2029 Revolving Credit Agreement at a rate per annum equal to 0.20% if the average daily amount outstanding under the 2029 Revolving Credit Agreement is less than 50% of the aggregate commitments, or 0.15% if the average daily amount outstanding under the 2029 Revolving Credit Agreement is equal to or greater than 50% of the aggregate commitments. The unused fee is payable quarterly in arrears. Additionally, upon closing of the 2029 Revolving Credit Agreement, the Company entered into a First Amendment to the 2027 Term Loan Agreement and a Second Amendment to the senior unsecured term loan with Truist Bank, as Administrative Agent for the lenders, or the 2028 Term Loan Agreement, to align certain terms and covenants to the 2029 Revolving Credit Agreement.
The principal payments due on the credit facility as of December 31, 2024, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
Amount
2025$— 
2026— 
2027250,000 
2028275,000 
2029— 
Thereafter— 
$525,000 
As of December 31, 2024, the maximum commitments available under the revolving line of credit were $500,000,000, which may be increased, subject to lender approval, through incremental term loans and/or revolving loan commitments in an aggregate amount not to exceed $1,000,000,000. As of December 31, 2024, the maximum commitments available under the 2028 Term Loan Agreement were $275,000,000, which may be increased, subject to lender approval, to an aggregate amount not to exceed $500,000,000. The Company refers to the Revolving Credit Agreement, the 2027 Term Loan Agreement and the 2028 Term Loan Agreement, collectively, as the “Unsecured Credit Facility,” which has aggregate commitments available of $1,025,000,000, as of December 31, 2024. Generally, the proceeds of loans made under the Unsecured Credit Facility may be used for acquisition of real estate investments, funding of tenant improvements and leasing commissions with respect to real estate, repayment of indebtedness, funding of capital expenditures with respect to real estate, and general corporate and working capital purposes.
At the Company’s election, loans under the Unsecured Credit Facility may be made as Base Rate Loans or SOFR Loans. The applicable margin for loans that are Base Rate Loans is adjustable based on a total leverage ratio, ranging from 0.25% to 0.90%. The applicable margin for loans that are SOFR Loans is adjustable based on a total leverage ratio, ranging from 1.25% to 1.90%.
In addition to interest, the Company is required to pay a fee on the unused portion of the lenders’ commitments under the revolving line of credit at a rate per annum equal to 0.20% if the average daily amount outstanding under the revolving line of credit is less than 50% of the aggregate commitments, or 0.15% if the average daily amount outstanding under the revolving line of credit is equal to or greater than 50% of the aggregate commitments. The unused fee is payable quarterly in arrears and recorded as interest expense in the accompanying consolidated statements of comprehensive income.
The revolving line of credit contains customary financial and operating covenants, including covenants relating to a maximum consolidated leverage ratio, maximum secured leverage ratio, fixed charge coverage ratio, unsecured interest coverage ratio, minimum consolidated tangible net worth, maximum distribution/payout ratio, covenants restricting the issuance of debt, imposition of liens, and entering into affiliate transactions.
v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company's healthcare properties are aggregated into one operating segment due to their similar economic characteristics. The healthcare operating segment is the Company's only reportable segment.
In the healthcare operating segment, the Company generates income from rental revenue from leases and tenant reimbursements, which include additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses. Additionally, the healthcare operating segment earns interest income from real estate-related investments.
The Company's chief operating decision maker, or CODM, is the chief executive officer, who assesses the performance of the operating segment using net income, which is reported on the consolidated statements of comprehensive income as net income (loss) attributable to common stockholders. The CODM assesses net income at least quarterly to review budget-to-actual variances, review quarter-over-quarter actual variances, evaluate the operating performance of the healthcare properties, and allocate resources within the segment. Segment expenses provided to the CODM for budget-to-actual variance review and quarter-over-quarter actual variance review include rental expenses, listing-related expenses, general and administrative expenses, depreciation and amortization, impairment and disposition losses and interest expense. Additionally, the CODM considers net income when determining the amount of distributions necessary to maintain the Company's REIT status.
There were no intersegment sales or transfers during the years ended December 31, 2024, 2023 and 2022. Segment assets are reported on the consolidated balance sheets as total assets while capital expenditures for the reportable segment are reported on the consolidated statements of cash flows as capital expenditures and other costs.
v3.25.0.1
Fair Value
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Cash and cash equivalents, restricted cash, tenant receivables, prepaid and other assets, accounts payable and other liabilities—The Company considers the carrying values of these financial instruments, assets and liabilities, to approximate fair value because of the short period of time between origination of the instruments and their expected realization.
Credit facility—The outstanding principal of the credit facility was $525,000,000 and $525,000,000, which approximated its fair value due to the variable nature of the terms as of December 31, 2024 and 2023, respectively.
The fair value of the Company's credit facility is estimated based on the interest rates currently offered to the Company by its financial institutions.
Derivative instruments—The Company’s derivative instruments consist of interest rate swaps. These swaps are carried at fair value to comply with the provisions of ASC 820. The fair value of these instruments is determined using interest rate market pricing models. The Company incorporated credit valuation adjustments to appropriately reflect the Company’s nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The Company determined that the inputs used to value its interest rate swaps, with the exception of the credit valuation adjustment, fall within Level 2 of the fair value hierarchy. The credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the respective counterparty. However, as of December 31, 2024, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.
Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize or be liable for on disposition of the financial assets and liabilities.
The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2024 and 2023 (amounts in thousands):
 December 31, 2024
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total Fair
Value
Assets:
Derivative assets - interest rate swaps$— $11,356 $— $11,356 
Total assets at fair value$— $11,356 $— $11,356 
 December 31, 2023
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total Fair
Value
Assets:
Derivative assets - interest rate swaps$— $17,060 $— $17,060 
Total assets at fair value$— $17,060 $— $17,060 
Liabilities:
Derivative liabilities - interest rate swaps$— $457 $— $457 
Total liabilities at fair value$— $457 $— $457 
Derivative assets and liabilities are reported in the consolidated balance sheets as other assets and accounts payable and other liabilities, respectively.
Real Estate Assets— As of December 31, 2024, there were no real estate assets measured at fair value on a non-recurring basis. As of June 30, 2024, two real estate assets were measured at an aggregate fair value of $15,500,000 and resulted in the recognition of an impairment loss of $418,000 for the year ended December 31, 2024. The fair value was measured based on a third-party purchase offer for the assets, which resides within Level 2 of the fair value hierarchy. The two real estate assets were sold in 2024.
As of December 31, 2023, six real estate assets were measured at an aggregate fair value of $37,600,000 and resulted in the recognition of an impairment loss of $20,758,000 for the year ended December 31, 2023. The fair value of three real estate assets of $21,400,000 were measured based on third-party purchase offers for the assets, which reside within Level 2 of the fair value hierarchy, and were sold in 2024. The fair value of three real estate assets of $16,200,000 were measured using a direct capitalization method or comparable sales information, which reside within Level 3 of the fair value hierarchy, one of these real estate assets was sold in 2024.
The significant unobservable inputs for the Level 3 measurements include:
Significant Unobservable InputsDecember 31, 2023
Overall capitalization rate8.5%
Market rent per square foot$45.00
Range of comparable sale price per square foot$60.86-$98.04
v3.25.0.1
Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy.
For derivatives designated and qualifying as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to
derivatives will be reclassified to interest expense as interest is incurred on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $4,306,000 will be reclassified from accumulated other comprehensive income as a reduction to interest expense. On November 27, 2024, the Company entered into two interest rate swap agreements, which have an effective date of December 31, 2024 and an aggregate notional amount of $150,000,000. Additionally, on December 6, 2024, the Company entered into two interest rate swap agreements, which have an effective date of December 31, 2024 and an aggregate notional amount of $100,000,000. The four swaps have a maturity date of March 20, 2029, and a weighted average fixed interest rate of 3.76%, and were entered into to replace five interest rate swaps with an aggregate notional amount of $250,000,000 that matured on December 31, 2024. As of December 31, 2024, the Company had 10 interest rate swap agreements, of which six mature on January 31, 2028 and four mature on March 20, 2029.
The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands):
Derivatives
Designated as
Hedging
Instruments		Weighted Average Fixed Interest RateEffective
Dates		Maturity
Dates		December 31, 2024December 31, 2023
Outstanding
Notional
Amount		Fair Value ofOutstanding
Notional
Amount		Fair Value of
Assets(Liabilities)Assets(Liabilities)
Interest rate swaps(1)
—%05/01/2022 to
05/02/2022		12/31/2024$— $— $— $250,000 $9,172 $— 
Interest rate swaps(1)
2.83%05/02/2022 to 05/01/202301/31/2028275,000 9,261 — 275,000 7,888 (457)
Interest rate swaps(1)
3.76%12/31/202403/20/2029250,000 2,095 — — — — 
$525,000 $11,356 $— $525,000 $17,060 $(457)
(1)     Derivative assets and liabilities are reported in the consolidated balance sheets as other assets and accounts payable and other liabilities, respectively.
The notional amount under the agreements is an indication of the extent of the Company’s involvement in each instrument at the time, but does not represent exposure to credit, interest rate or market risks.
The table below summarizes the amount of income and loss recognized on the interest rate derivatives designated as cash flow hedges for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
Derivatives in Cash Flow
Hedging Relationships		Amount of Income Recognized
in Other Comprehensive Income on Derivatives		Location of Income
Reclassified From
Accumulated Other
Comprehensive Income to
Net Income (Loss)		Amount of Income (Loss)
Reclassified From
Accumulated Other
Comprehensive Income to
Net Income (Loss)		Total Amount of Line Item in Consolidated Statements of Comprehensive Income
Year Ended December 31, 2024
Interest rate swaps$12,002 Interest expense$17,249 $(21,220)
Year Ended December 31, 2023
Interest rate swaps$5,293 Interest expense$16,680 $(23,110)
Year Ended December 31, 2022
Interest rate swaps$32,317 Interest expense$(520)$(24,077)
Credit Risk-Related Contingent Features
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. As of both December 31, 2024 and December 31, 2023, the Company had no derivatives with fair value in a net liability position, inclusive of accrued interest but excluding any adjustment for nonperformance risk related to the agreement. As of both December 31, 2024 and December 31, 2023, there were no termination events or events of default related to the interest rate swaps.
Tabular Disclosure Offsetting Derivatives
The Company has elected not to offset derivative positions in its consolidated financial statements. The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of December 31, 2024 and 2023 (amounts in thousands):
Offsetting of Derivative Assets    
    Gross Amounts Not Offset in the Balance Sheet 
 Gross
Amounts of
Recognized
Assets		Gross Amounts
Offset in the
Balance Sheet		Net Amounts of
Assets Presented in
the Balance Sheet		Financial Instruments
Collateral		Cash CollateralNet
Amount
December 31, 2024$11,356 $— $11,356 $— $— $11,356 
December 31, 2023$17,060 $— $17,060 $(457)$— $16,603 
Offsetting of Derivative Liabilities
Gross Amounts Not Offset in the Balance Sheet
Gross
Amounts of
Recognized
Liabilities		Gross Amounts
Offset in the
Balance Sheet		Net Amounts of
Liabilities
Presented in the
Balance Sheet		Financial Instruments
Collateral		Cash CollateralNet
Amount
December 31, 2024$— $— $— $— $— $— 
December 31, 2023$457 $— $457 $(457)$— $— 
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
On April 8, 2024, the Company amended its charter to effect a one-for-four reverse stock split, effective May 1, 2024. On June 13, 2024, authorized but unissued shares of Class I Common Stock, Class T Common Stock and Class T2 Common Stock were reclassified into additional shares of Class A Common Stock and outstanding shares of Class I Common Stock and Class T Common Stock were converted into shares of Class A Common Stock. Class A Common Stock was then immediately renamed “Common Stock” and is the sole class of stock traded on the NYSE. See Note 1—"Organization and Business Operations" for further details.
Distributions Paid and Distributions Payable
The Company paid distributions per share of Common Stock in the amount of $1.60, after giving effect to the Reverse Stock Split, for each of the years ended December 31, 2024, 2023, and 2022. The Company declared distributions per share of Common Stock in the amount of $1.47, $1.60 and $1.60, after giving effect to the Reverse Stock Split, for the years ended December 31, 2024, 2023, and 2022, respectively.
On October 18, 2024, the Board approved a change in the frequency of the Company's distributions to its stockholders from monthly distributions to quarterly distributions, effective in 2025. On February 25, 2025, the Board approved and authorized a quarterly cash dividend of $0.40 per share of Common Stock payable on March 26, 2025, to the Company's stockholders of record as of the close of business on March 12, 2025.
On April 5, 2024, the Board approved the termination of the distribution reinvestment plan, effective May 1, 2024.
Share Repurchases
During the year ended December 31, 2024, the Company repurchased 321,397 Class A shares, Class I shares and Class T shares of Common Stock, after giving effect to the Reverse Stock Split (283,909 Class A shares, 7,574 Class I shares and 29,914 Class T shares), or 0.56% of shares outstanding as of December 31, 2023, for an aggregate purchase price of $9,402,000 (an average of $29.25 per share). Additionally, during the year ended December 31, 2024, the Company purchased 2,212,389 shares of Common Stock as a result of the Tender Offer described below. During the year ended December 31, 2023, the Company repurchased 378,499 Class A shares, Class I shares and Class T shares of Common Stock, after giving effect to the Reverse Stock Split (295,501 Class A shares, 26,415 Class I shares and 56,583 Class T shares), or 0.67% of shares outstanding as of December 31, 2022, for an aggregate purchase price of $12,374,000 (an average of $32.69 per share).
Share Repurchase Program
On August 16, 2024, the Company's Board authorized a share repurchase program of up to the lesser of 1,500,000 shares of the Company's outstanding Common Stock or $25,000,000 in gross purchase proceeds for a period of 12 months from August 16, 2024, or the Share Repurchase Program. Repurchases of Common Stock under the Share Repurchase Program may be made from time to time in the open market, in privately negotiated purchases, in accelerated share repurchase programs or
by any other lawful means. The number of shares of Common Stock purchased and the timing of any purchases will depend on a number of factors, including the price and availability of Common Stock and general market conditions. The Company did not repurchase any shares under the Share Repurchase Program during the year ended December 31, 2024. Therefore, as of December 31, 2024, up to $25,000,000 of the Company's Common Stock remained available for repurchase under the Share Repurchase Program.
Terminated Share Repurchase Program
The Company’s Amended and Restated Share Repurchase Program, or the Terminated SRP, allowed for repurchases of shares of the Company’s Common Stock upon meeting certain criteria. On April 5, 2024, the Board approved the suspension of the Terminated SRP, effective immediately, and the termination of the Terminated SRP, effective upon the Listing.
"Dutch Auction" Tender Offer
On June 13, 2024, in conjunction with the Listing, the Company commenced the Tender Offer to purchase shares of its Common Stock for cash at a price per share of not greater than $24.00 nor less than $22.60, net to the seller in cash, less any applicable withholding taxes and without interest, for a maximum aggregate purchase price of no more than $50,000,000. The Tender Offer expired on July 19, 2024. As a result of the Tender Offer, the Company accepted for purchase 2,212,389 shares of Common Stock (which represented approximately 3.9% of the total number of shares of Common Stock outstanding as of July 19, 2024) at a purchase price of $22.60 per share, for an aggregate purchase price of approximately $50,000,000, excluding all related costs and fees. The Company incurred $2,093,000 of costs and fees related to the Tender Offer which are recorded as a reduction in equity on the accompanying consolidated financial statements. The Company funded the Tender Offer and related costs and fees with its available cash.
Accumulated Other Comprehensive Income
The following table presents a rollforward of amounts recognized in accumulated other comprehensive income by component for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
Unrealized Income (Loss)
on Derivative
Instruments
Balance as of December 31, 2021$(4,847)
Other comprehensive income before reclassification32,317 
Amount of loss reclassified from accumulated other comprehensive loss to net loss520 
Other comprehensive income32,837 
Balance as of December 31, 2022$27,990 
Other comprehensive income before reclassification5,293 
Amount of income reclassified from accumulated other comprehensive income to net income(16,680)
Other comprehensive loss(11,387)
Balance as of December 31, 2023$16,603 
Other comprehensive income before reclassification12,002 
Amount of income reclassified from accumulated other comprehensive income to net income(17,249)
Other comprehensive loss(5,247)
Balance as of December 31, 2024$11,356 
The following table presents reclassifications out of accumulated other comprehensive income for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
Details about Accumulated Other
Comprehensive Income Components		(Income) Loss Amounts Reclassified from
Accumulated Other Comprehensive Income to Net Income (Loss)		Affected Line Items in the Consolidated Statements of Comprehensive Income
Year Ended
December 31,
202420232022
Interest rate swap contracts$(17,249)

$(16,680)$520 Interest expense
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company calculates basic and diluted earnings per share using the two-class method. Basic earnings per share is computed based on the weighted average shares of the Company's Common Stock outstanding for the period. Diluted earnings per share is computed based on the weighted average number of shares outstanding and all potentially dilutive securities, which include shares of restricted Common Stock and Performance DSUs. The shares of restricted Common Stock contain non-forfeitable dividend distribution rights and are considered participating securities. The Performance DSUs are entitled to dividend equivalents which are paid to the grantee only in the event that the applicable performance criteria is achieved and the Performance DSUs vest.
The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per share using the two-class method (amounts in thousands, except share data and per share amounts):
Year Ended
December 31,
202420232022
Earnings:
Net income (loss) attributable to common stockholders
$42,657 $24,042 $(7,978)
Less: Income allocated to participating securities
(244)(118)— 
Net income (loss) used in basic earnings per share
42,413 23,924 (7,978)
Add back: Income allocated to participating securities
244 118 — 
Net income (loss) used in diluted earnings per share
$42,657 $24,042 $(7,978)
Weighted Average Shares:
Basic weighted average number of common shares outstanding(1)
56,228,545 56,799,886 56,330,011 
Dilutive effect of weighted average shares of non-vested restricted common stock(1)
324,032 280,408 — 
Dilutive effect of weighted average shares of Performance DSUs(1)
132,919 181,343 — 
Diluted weighted average number of common shares outstanding(1)
56,685,496 57,261,637 56,330,011 
Net income (loss) per share attributable to common stockholders:
Basic(1)
$0.75 $0.42 (0.14)
Diluted(1)(2)
$0.75 $0.42 (0.14)
(1)     Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).
(2)     For the year ended December 31, 2022, diluted earnings per share was computed the same as basic earnings per share because the Company recorded a net loss from operations, which would make potentially dilutive shares of 335,000 related to non-vested shares of restricted common stock and Performance DSUs, anti-dilutive.
v3.25.0.1
Stock-based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
On March 6, 2020, the Board approved the A&R Incentive Plan pursuant to which the Company has the authority and power to grant awards of restricted shares of its Common Stock to its directors, executive officers, and employees. Under the A&R Incentive Plan, the Board has authorized a total of 1,250,000 shares of Common Stock for issuance on a fully diluted basis at any time. As of December 31, 2024, there were 534,247 shares of Common Stock available for grant under the A&R Incentive Plan. Awards made under the A&R Incentive Plan are subject to certain limited exceptions, restricted stock may not be sold, assigned, transferred, pledged, encumbered, hypothecated or otherwise disposed of and is subject to forfeiture within the vesting period.
During the year ended December 31, 2024, the Company made awards of restricted Common Stock and Performance DSUs under the A&R Incentive Plan to its directors, officers and employees. Shares of restricted Common Stock granted to officers and employees generally vest ratably over four years while shares of restricted Common Stock granted to independent directors generally cliff vest after one year. Performance DSUs granted to officers vest at the end of a performance period of three years. The number of Performance DSUs, if any, that will actually be earned pursuant to a Performance DSU award will depend on the level of performance achieved with respect to applicable performance goals during the applicable performance period.
The Company recognized accelerated stock-based compensation expense of $936,000, $318,000 and $402,000 for the years ended December 31, 2024, 2023 and 2022, respectively, primarily as a result of the acceleration of awards pursuant to severance agreements with departed executive officers. The Company recognized total stock-based compensation expense of $5,850,000, $6,284,000, and $4,180,000 for the years ended December 31, 2024, 2023 and 2022, respectively. Stock-based compensation expense is reported in general and administrative expenses in the accompanying consolidated statements of comprehensive income, and forfeitures are recorded as they occur.
The total fair value of shares that vested under the A&R Incentive Plan was $9,642,000, $1,335,000 and $1,434,000 for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, there was $7,113,000 and $6,807,000, respectively, of total unrecognized compensation expense related to shares of the Company's restricted Common Stock and Performance DSUs. This expense is expected to be recognized over a remaining weighted average period of 2.52 years. This expected expense does not include the impact of any future stock-based compensation awards.
The following table summarizes the activity on our restricted Common Stock and Performance DSUs for the year ended December 31, 2024:
Shares(1)
Weighted-Average Grant-Date Fair Value Per Share(2)
Nonvested at December 31, 2023504,626 $— 
Granted299,754 20.96 
Vested(3)
(356,421)— 
Forfeited(34,480)20.65 
Adjustment to Performance DSUs(4)
(24,712)— 
Nonvested at December 31, 2024388,767 $20.99 
(1)Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).
(2)The weighted-average grant-date fair value only relates to shares granted after the Listing as applicable. Shares granted prior to the Listing are not incorporated in the weighted-average calculation as the Company did not have publicly traded shares.
(3)Shares vested during the year ended December 31, 2024, include 64,595 Performance DSUs that vested but have not yet been issued.
(4)Represents the change in Performance DSUs estimated to be issued based on the terms of the respective Performance DSUs granted and the Company's performance through December 31, 2024.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that it distributes to the stockholders. For U.S. federal income tax purposes, distributions to stockholders are characterized as either ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S. stockholders’ respective bases in their shares. The following table shows the character of distributions the Company paid on a percentage basis during the years ended December 31, 2024, 2023 and 2022:
Year Ended December 31,
Character of Distributions(1):
202420232022
Ordinary dividends62.79 %61.41 %40.94 %
Capital gain distributions— %— %— %
Nontaxable distributions37.21 %38.59 %59.06 %
Total100.00 %100.00 %100.00 %
(1)Attributable to Class A shares, Class I shares, and Class T shares of common stock until the Listing and attributable to Common Stock after the Listing for the year ended December 31, 2024. Attributable to Class A shares, Class I shares, and Class T shares of common stock for the year ended December 31, 2023. Attributable to Class A shares, Class I shares, Class T shares, and Class T2 shares of common stock for the year ended December 31, 2022.
The Company applies the rules under ASC 740-10, Accounting for Uncertainty in Income Taxes, for uncertain tax positions using a “more likely than not” recognition threshold for tax positions. Pursuant to these rules, the financial statement
effects of a tax position are initially recognized when it is more likely than not, based on the technical merits of the tax position, that such a position will be sustained upon examination by the relevant tax authorities. If the tax benefit meets the “more likely than not” threshold, the measurement of the tax benefit will be based on the Company's estimate of the ultimate tax benefit to be sustained if audited by the taxing authority. The Company concluded there was no impact related to uncertain tax positions from the results of the operations of the Company for the years ended December 31, 2024, 2023 and 2022. The earliest tax year currently subject to examination is 2021.
The Company’s policy is to recognize accrued interest related to unrecognized tax benefits as a component of interest expense and penalties related to unrecognized tax benefits as a component of general and administrative expenses. From inception through December 31, 2024, the Company has not recognized any interest expense or penalties related to unrecognized tax benefits.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Tenant Improvements
The Company may provide tenant improvement allowances in new or renewal leases for the purpose of refurbishing or renovating tenant space. The Company may also assume tenant improvement obligations included in leases acquired in its real estate acquisitions. Many of these allowances are subject to contingencies that make it difficult to predict when they will be utilized, if at all.
Unfunded Loan Commitments
On November 5, 2024, the Company entered into two mezzanine loans for the development of an inpatient rehabilitation facility and a behavioral healthcare facility in Lynchburg, Virginia, or the Mezzanine Loans. The Mezzanine Loans have total loan amounts of $12,543,000 and $5,000,000, respectively, and a maturity date of November 5, 2029, or the Maturity Date. The Mezzanine Loans bear interest at a rate of 13% per annum for the period commencing November 5, 2024 through November 4, 2027, and 15% per annum for the period commencing November 5, 2027 through the Maturity Date. The Company will receive an upfront fee of 2% of the total loan amount of the Mezzanine Loans due prior to the first disbursement, as well as an additional 1% fee if the Mezzanine Loans have not been paid in full before November 5, 2027 and another 1% fee if the Mezzanine Loans have not been paid in full before November 5, 2028. The Mezzanine Loans include purchase options for the Company for both the inpatient rehabilitation facility and the behavioral healthcare facility upon completion of construction. Unfunded loan commitments include amounts undrawn on the Mezzanine Loans. As of December 31, 2024, no amounts have been drawn on the Mezzanine Loans, and unfunded loan commitments totaled $17,543,000. Prior to making advances on this commitment, we confirm that there has been no material adverse change in the progress of the construction project, financial or otherwise, and there have been no events of default by the borrower and confirm that the borrower is currently in compliance with the loan terms and conditions. In some cases, the borrower’s access to the full amount of the loan is further constrained by the designated purpose, imposition of borrower-specific restrictions or by additional conditions that must be met prior to advancing funds.
Legal Proceedings
In the ordinary course of business, the Company may become subject to litigation or claims. As of December 31, 2024, there were, and currently there are, no material pending legal proceedings to which the Company is a party. While the resolution of a lawsuit or proceeding may have an impact to the Company's financial results for the period in which it is resolved, the Company believes that the final resolution of the lawsuits or proceedings in which it is currently involved, either individually or in the aggregate, will not have a material adverse effect on its financial position, results of operations or liquidity.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Distributions Authorized
On February 25, 2025, the Board approved and authorized a quarterly cash dividend of $0.40 per share of Common Stock payable on March 26, 2025, to the Company's stockholders of record as of the close of business on March 12, 2025. The quarterly cash dividend of $0.40 per share represents an annualized amount of $1.60 per share.
Revolving Credit Agreement
On February 18, 2025, the Company entered into the 2029 Revolving Credit Agreement, with Bank of America, N.A., as Administrative Agent for the lenders, for aggregate commitments available of up to $600,000,000, which may be increased, subject to lender approval, through incremental term loans and/or revolving loan commitments in an aggregate amount not to exceed $1,500,000,000. The maturity date for the 2029 Revolving Credit Agreement is February 16, 2029, which, at the
Company's election, may be extended for a period of six-months on no more than two occasions, subject to certain conditions, including a payment of an extension fee. The 2029 Revolving Credit Agreement was entered into to replace the Company's prior $500,000,000 revolving line of credit, which had a maturity date of February 15, 2026, with the option to extend for two six-month periods. The Company did not exercise the option to extend. Upon closing of the 2029 Revolving Credit Agreement, the Company extinguished all commitments associated with the prior revolving line of credit. At the Company’s election, borrowings under the 2029 Revolving Credit Agreement may be made as Base Rate loans or SOFR loans. The applicable margin for loans that are Base Rate loans is adjustable based on a total leverage ratio, ranging from 0.25% to 0.90%. The applicable margin for loans that are SOFR loans is adjustable based on a total leverage ratio, ranging from 1.25% to 1.90%. In addition to interest, the Company is required to pay a fee on the unused portion of the lenders’ commitments under the 2029 Revolving Credit Agreement at a rate per annum equal to 0.20% if the average daily amount outstanding under the 2029 Revolving Credit Agreement is less than 50% of the aggregate commitments, or 0.15% if the average daily amount outstanding under the 2029 Revolving Credit Agreement is equal to or greater than 50% of the aggregate commitments. The unused fee is payable quarterly in arrears. Additionally, upon closing of the 2029 Revolving Credit Agreement, the Company entered into a First Amendment to the 2027 Term Loan Agreement and a Second Amendment to the 2028 Term Loan Agreement to align certain terms and covenants to the 2029 Revolving Credit Agreement.
v3.25.0.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
SCHEDULE III — REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2024
(in thousands)
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)		Gross Amount
Carried at
December 31, 2024
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements		LandBuildings and
Improvements (c)		TotalAccumulated
Depreciation (d)		Year
Constructed		Date
Acquired
Houston Healthcare FacilityHouston, TX$— (a)$762 $2,970 $106 $762 $3,076 $3,838 $1,061 199307/31/2014
Cincinnati Healthcare FacilityCincinnati, OH— (a)356 3,167 713 356 3,880 4,236 1,008 200110/29/2014
Winston-Salem Healthcare FacilityWinston-Salem, NC— (a)684 4,903 — 684 4,903 5,587 1,467 200412/17/2014
Stoughton Healthcare FacilityStoughton, MA—  4,049 19,991 (13,054)2,018 8,968 10,986 374 197312/23/2014
Fort Worth Healthcare FacilityFort Worth, TX— (a)8,297 35,615 — 8,297 35,615 43,912 9,376 201412/31/2014
Fort Worth Healthcare Facility IIFort Worth, TX— (a)367 1,587 201 367 1,788 2,155 706 201412/31/2014
Winter Haven Healthcare FacilityWinter Haven, FL— (a)— 2,805 — — 2,805 2,805 775 200901/27/2015
Overland Park Healthcare FacilityOverland Park, KS— (a)1,558 20,549 — 1,558 20,549 22,107 5,334 201402/17/2015
Clarion Healthcare FacilityClarion, PA— (a)462 5,377 48 462 5,425 5,887 1,740 201206/01/2015
Webster Healthcare FacilityWebster, TX— (a)1,858 20,140 (260)1,598 20,140 21,738 5,039 201506/05/2015
Augusta Healthcare FacilityAugusta, ME— (a)556 14,401 103 556 14,504 15,060 3,867 201007/22/2015
Cincinnati Healthcare Facility IIICincinnati, OH— (a)446 10,239 4 446 10,243 10,689 2,576 201407/22/2015
Florence Healthcare FacilityFlorence, KY— (a)650 9,919 — 650 9,919 10,569 2,485 201407/22/2015
Oakland Healthcare FacilityOakland, ME— (a)229 5,416 — 229 5,416 5,645 1,566 200407/22/2015
Wyomissing Healthcare FacilityWyomissing, PA— (a)1,504 20,193 1,650 1,504 21,843 23,347 5,173 200707/24/2015
Luling Healthcare FacilityLuling, TX— (a)824 7,530 — 824 7,530 8,354 1,914 200307/30/2015
Omaha Healthcare FacilityOmaha, NE— (a)1,259 9,796 — 1,259 9,796 11,055 2,370 201410/14/2015
Sherman Healthcare FacilitySherman, TX— (a)1,679 23,926 — 1,679 23,926 25,605 5,672 200511/20/2015
Sherman Healthcare Facility IISherman, TX— (a)214 3,209 — 214 3,209 3,423 768 200511/20/2015
Fort Worth Healthcare Facility IIIFort Worth, TX— (a)3,120 9,312 — 3,120 9,312 12,432 2,216 199812/23/2015
Oklahoma City Healthcare FacilityOklahoma City, OK— (a)4,626 30,509 99 4,626 30,608 35,234 7,497 198512/29/2015
Oklahoma City Healthcare Facility IIOklahoma City, OK— (a)991 8,366 — 991 8,366 9,357 2,184 199412/29/2015
Edmond Healthcare FacilityEdmond, OK— (a)796 3,199 — 796 3,199 3,995 843 200201/20/2016
Oklahoma City Healthcare Facility IIIOklahoma City, OK— (a)452 1,081 — 452 1,081 1,533 293 200601/27/2016
Oklahoma City Healthcare Facility IVOklahoma City, OK— (a)368 2,344 28 368 2,372 2,740 621 200701/27/2016
Newcastle Healthcare FacilityNewcastle, OK— (a)412 1,173 — 412 1,173 1,585 316 199502/03/2016
Oklahoma City Healthcare Facility VOklahoma City, OK— (a)541 12,445 — 541 12,445 12,986 3,258 200802/11/2016
Rancho Mirage Healthcare FacilityRancho Mirage, CA— (a)2,724 7,626 29,843 2,725 37,468 40,193 5,971 201803/01/2016
Oklahoma City Healthcare Facility VIOklahoma City, OK— (a)896 3,684 84 896 3,768 4,664 993 200703/07/2016
Oklahoma City Healthcare Facility VIIOklahoma City, OK— (a)3,203 32,380 — 3,203 32,380 35,583 7,258 201606/22/2016
Las Vegas Healthcare FacilityLas Vegas, NV— (a)2,614 639 22,091 2,895 22,449 25,344 4,170 201706/24/2016
Oklahoma City Healthcare Facility VIIIOklahoma City, OK— (a)2,002 15,384 — 2,002 15,384 17,386 3,402 199706/30/2016
Marlton Healthcare FacilityMarlton, NJ— (a)— 57,154 5 — 57,159 57,159 11,614 199511/01/2016
Grand Rapids Healthcare FacilityGrand Rapids, MI— (a)2,533 39,487 1,655 2,533 41,142 43,675 9,403 200812/07/2016
Corpus Christi Healthcare FacilityCorpus Christi, TX— (a)975 4,963 818 1,002 5,754 6,756 1,337 199212/22/2016
Aurora Healthcare FacilityAurora, IL— (a)973 9,632 280 973 9,912 10,885 2,029 200203/30/2017
Allen Healthcare FacilityAllen, TX— (a)857 20,582 — 857 20,582 21,439 4,317 200703/31/2017
Austin Healthcare FacilityAustin, TX— (a)1,368 32,039 — 1,368 32,039 33,407 6,721 201203/31/2017
Beaumont Healthcare FacilityBeaumont, TX— (a)946 8,372 — 946 8,372 9,318 1,766 199103/31/2017
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)		Gross Amount
Carried at
December 31, 2024
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements		LandBuildings and
Improvements (c)		TotalAccumulated
Depreciation (d)		Year
Constructed		Date
Acquired
San Antonio Healthcare FacilitySan Antonio, TX— (a)1,813 11,706 — 1,813 11,706 13,519 2,394 198406/29/2017
Silverdale Healthcare FacilitySilverdale, WA— (a)1,530 7,506 71 1,530 7,577 9,107 1,706 200508/25/2017
Silverdale Healthcare Facility IISilverdale, WA— (a)1,542 4,981 — 1,542 4,981 6,523 1,219 200709/20/2017
Saginaw Healthcare FacilitySaginaw, MI— (a)1,251 15,878 235 1,251 16,113 17,364 4,110 200212/21/2017
Carrollton Healthcare FacilityCarrollton, TX— (a)1,995 5,870 56 1,995 5,926 7,921 1,116 201504/27/2018
Katy Healthcare FacilityKaty, TX— (a)1,443 12,114 36 1,443 12,150 13,593 2,062 201506/08/2018
Indianola Healthcare FacilityIndianola, IA— (a)330 5,698 132 330 5,830 6,160 988 201409/26/2018
Indianola Healthcare Facility IIIndianola, IA— (a)709 6,061 — 709 6,061 6,770 1,075 201109/26/2018
Benton Healthcare FacilityBenton, AR— (a)— 19,048 231 — 19,279 19,279 3,215 1992/199910/17/2018
Benton Healthcare Facility IIBenton, AR— (a)— 1,647 — — 1,647 1,647 309 198310/17/2018
Bryant Healthcare FacilityBryant, AR— (a)930 3,539 28 930 3,567 4,497 664 199510/17/2018
Hot Springs Healthcare FacilityHot Springs, AR— (a)384 2,077 — 384 2,077 2,461 399 200910/17/2018
Clive Healthcare FacilityClive, IA— (a)336 22,332 169 336 22,501 22,837 4,355 200811/26/2018
Valdosta Healthcare FacilityValdosta, GA— (a)659 5,626 — 659 5,626 6,285 1,084 200411/28/2018
Valdosta Healthcare Facility IIValdosta, GA— (a)471 2,780 — 471 2,780 3,251 544 199211/28/2018
Bryant Healthcare Facility IIBryant, AR— (a)647 3,364 — 647 3,364 4,011 515 201608/16/2019
Laredo Healthcare FacilityLaredo, TX— (a)— 12,137 — — 12,137 12,137 1,741 199809/19/2019
Laredo Healthcare Facility IILaredo, TX— (a)— 23,677 83 — 23,760 23,760 3,476 199809/19/2019
Poplar Bluff Healthcare FacilityPoplar Bluff, MO— (a)— 13,515 — — 13,515 13,515 1,948 201309/19/2019
Tucson Healthcare FacilityTucson, AZ— (a)— 5,998 — — 5,998 5,998 869 199809/19/2019
Akron Healthcare FacilityGreen, OH— (a)3,503 38,512 — 3,503 38,512 42,015 5,346 201210/04/2019
Akron Healthcare Facility IIGreen, OH— (a)1,085 10,277 — 1,085 10,277 11,362 1,714 201310/04/2019
Akron Healthcare Facility IIIAkron, OH— (a)2,206 26,044 — 2,206 26,044 28,250 3,494 200810/04/2019
Alexandria Healthcare FacilityAlexandria, LA— (a)— 5,076 — — 5,076 5,076 680 200710/04/2019
Appleton Healthcare FacilityAppleton, WI— (a)414 1,900 — 414 1,900 2,314 338 201110/04/2019
Austin Healthcare Facility IIAustin, TX— (a)3,229 7,534 (2,806)2,196 5,761 7,957 793 200610/04/2019
Bellevue Healthcare FacilityGreen Bay, WI— (a)567 1,269 — 567 1,269 1,836 234 201010/04/2019
Bonita Springs Healthcare FacilityBonita Springs, FL—  1,199 4,373 — 1,199 4,373 5,572 603 200210/04/2019
Bridgeton Healthcare FacilityBridgeton, MO— (a)— 39,740 — — 39,740 39,740 5,308 201210/04/2019
Covington Healthcare FacilityCovington, LA— (a)2,238 16,635 — 2,238 16,635 18,873 2,211 198410/04/2019
Crestview Healthcare FacilityCrestview, FL—  400 1,536 — 400 1,536 1,936 236 200410/04/2019
Dallas Healthcare FacilityDallas, TX— (a)6,072 27,457 — 6,072 27,457 33,529 3,589 201110/04/2019
De Pere Healthcare FacilityDe Pere, WI— (a)615 1,596 — 615 1,596 2,211 285 200510/04/2019
Denver Healthcare FacilityThornton, CO— (a)3,586 32,363 — 3,586 32,363 35,949 4,363 196210/04/2019
El Segundo Healthcare FacilityEl Segundo, CA—  2,659 9,016 — 2,659 9,016 11,675 1,214 200910/04/2019
Fairlea Healthcare FacilityFairlea, WV—  139 1,910 — 139 1,910 2,049 272 199910/04/2019
Fayetteville Healthcare FacilityFayetteville, AR— (a)485 24,855 — 485 24,855 25,340 3,303 199410/04/2019
Fort Walton Beach Healthcare FacilityFort Walton Beach, FL—  385 3,182 — 385 3,182 3,567 450 200510/04/2019
Frankfort Healthcare FacilityFrankfort, KY—  342 950 — 342 950 1,292 151 199310/04/2019
Frisco Healthcare FacilityFrisco, TX— (a)— 22,114 4,783 — 26,897 26,897 4,853 201010/04/2019
Goshen Healthcare FacilityGoshen, IN— (a)383 5,355 11 383 5,366 5,749 786 201010/04/2019
Hammond Healthcare FacilityHammond, LA— (a)2,693 23,750 — 2,693 23,750 26,443 3,277 200610/04/2019
Hammond Healthcare Facility IIHammond, LA— (a)950 12,147 — 950 12,147 13,097 1,657 200410/04/2019
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)		Gross Amount
Carried at
December 31, 2024
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements		LandBuildings and
Improvements (c)		TotalAccumulated
Depreciation (d)		Year
Constructed		Date
Acquired
Henderson Healthcare FacilityHenderson, NV—  839 2,390 — 839 2,390 3,229 352 200010/04/2019
Houston Healthcare Facility IIIHouston, TX— (a)752 5,832 — 752 5,832 6,584 781 199810/04/2019
Howard Healthcare FacilityHoward, WI— (a)529 1,818 — 529 1,818 2,347 325 201110/04/2019
Jacksonville Healthcare FacilityJacksonville, FL—  1,233 6,173 — 1,233 6,173 7,406 876 200910/04/2019
Lafayette Healthcare FacilityLafayette, LA— (a)4,819 35,424 — 4,819 35,424 40,243 4,785 200410/04/2019
Lakewood Ranch Healthcare FacilityLakewood Ranch, FL—  636 1,784 — 636 1,784 2,420 321 200810/04/2019
Las Vegas Healthcare Facility IILas Vegas, NV—  651 5,323 — 651 5,323 5,974 747 200710/04/2019
Lehigh Acres Healthcare FacilityLehigh Acres, FL—  441 2,956 — 441 2,956 3,397 435 200210/04/2019
Lubbock Healthcare FacilityLubbock, TX— (a)5,210 39,939 20 5,210 39,959 45,169 5,301 200310/04/2019
Manitowoc Healthcare FacilityManitowoc, WI— (a)257 1,733 — 257 1,733 1,990 298 200310/04/2019
Manitowoc Healthcare Facility IIManitowoc, WI— (a)250 11,231 — 250 11,231 11,481 1,635 196410/04/2019
Marinette Healthcare FacilityMarinette, WI— (a)208 1,002 — 208 1,002 1,210 178 200810/04/2019
New Braunfels Healthcare FacilityNew Braunfels, TX— (a)2,568 11,386 — 2,568 11,386 13,954 1,533 200710/04/2019
North Smithfield Healthcare FacilityNorth Smithfield, RI— (a)1,309 14,024 — 1,309 14,024 15,333 1,994 196510/04/2019
Oklahoma City Healthcare Facility IXOklahoma City, OK— (a)1,316 9,822 — 1,316 9,822 11,138 1,510 200710/04/2019
Oshkosh Healthcare FacilityOshkosh, WI— (a)414 2,043 — 414 2,043 2,457 339 201010/04/2019
Palm Desert Healthcare FacilityPalm Desert, CA—  582 5,927 27 582 5,954 6,536 885 200510/04/2019
Rancho Mirage Healthcare Facility IIRancho Mirage, CA—  2,286 5,481 (3,767)1,227 2,773 4,000 88 200810/04/2019
San Antonio Healthcare Facility IIISan Antonio, TX— (a)1,824 22,809 — 1,824 22,809 24,633 3,010 201210/04/2019
San Antonio Healthcare Facility IVSan Antonio, TX— (a)— 31,694 — — 31,694 31,694 4,182 198710/04/2019
San Antonio Healthcare Facility VSan Antonio, TX— (a)3,273 19,697 1,202 3,273 20,899 24,172 3,092 201710/04/2019
Santa Rosa Beach Healthcare FacilitySanta Rosa Beach, FL—  741 3,049 — 741 3,049 3,790 404 200310/04/2019
Savannah Healthcare FacilitySavannah, GA—  2,300 20,186 — 2,300 20,186 22,486 2,683 201410/04/2019
Sturgeon Bay Healthcare FacilitySturgeon Bay, WI— (a)248 700 — 248 700 948 136 200710/04/2019
Victoria Healthcare FacilityVictoria, TX— (a)328 12,908 — 328 12,908 13,236 1,750 201310/04/2019
Victoria Healthcare Facility IIVictoria, TX— (a)446 12,986 — 446 12,986 13,432 1,744 199810/04/2019
Wilkes-Barre Healthcare FacilityMountain Top, PA— (a)821 4,139 9 821 4,148 4,969 620 201210/04/2019
Tucson Healthcare Facility IITucson, AZ— (a)— — 25,324 — 25,324 25,324 2,369 202112/26/2019
Tucson Healthcare Facility IIITucson, AZ— (a)1,763 — 8,177 1,763 8,177 9,940 1,297 202012/27/2019
Grimes Healthcare FacilityGrimes, IA— (a)831 3,690 — 831 3,690 4,521 524 201802/19/2020
Tampa Healthcare FacilityTampa, FL— (a)— 10,297 106 — 10,403 10,403 1,493 201509/08/2020
Tucson Healthcare Facility IVTucson, AZ— — 58 18,057 — 18,115 18,115 2,062 202212/22/2020
Greenwood Healthcare FacilityGreenwood, IN— (a)1,603 22,588 — 1,603 22,588 24,191 2,179 200804/19/2021
Clive Healthcare Facility IIClive, IA— (a)1,555 17,898 — 1,555 17,898 19,453 1,599 200812/08/2021
Clive Healthcare Facility IIIClive, IA— (a)843 12,299 57 843 12,356 13,199 949 200812/08/2021
Clive Healthcare Facility IVClive, IA— (a)720 7,863 — 720 7,863 8,583 743 200912/08/2021
Clive Undeveloped LandClive, IA— 1,061 — — 1,061 — 1,061 — —12/08/2021
Clive Undeveloped Land IIClive, IA— 460 — — 460 — 460 — —12/08/2021
Yukon Healthcare FacilityYukon, OK— (a)1,288 16,779 — 1,288 16,779 18,067 1,301 202003/10/2022
Pleasant Hills Healthcare FacilityPleasant Hills, PA— (a)922 12,905 28 922 12,933 13,855 1,134 201505/12/2022
Prosser Healthcare Facility IProsser, WA— (a)282 1,933 — 282 1,933 2,215 169 202005/20/2022
Prosser Healthcare Facility IIProsser, WA— (a)95 3,374 — 95 3,374 3,469 285 201305/20/2022
Prosser Healthcare Facility IIIProsser, WA— (a)59 2,070 — 59 2,070 2,129 173 201305/20/2022
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)		Gross Amount
Carried at
December 31, 2024
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements		LandBuildings and
Improvements (c)		TotalAccumulated
Depreciation (d)		Year
Constructed		Date
Acquired
Tampa Healthcare Facility IITampa, FL— (a)— 47,042 — — 47,042 47,042 3,070 202207/20/2022
Escondido Healthcare FacilityEscondido, CA— (a)— 57,675 — — 57,675 57,675 3,646 202107/21/2022
West Palm Beach Healthcare FacilityWest Palm Beach, FL— (a)2,064 7,011 171 2,064 7,182 9,246 306 199906/15/2023
Burr Ridge Healthcare Facility Burr Ridge, IL— (a)4,828 46,152 75 4,828 46,227 51,055 1,716 201009/27/2023
Brownsburg Healthcare Facility Brownsburg, IN— (a)1,520 32,417 — 1,520 32,417 33,937 918 202302/26/2024
Cave Creek Healthcare Facility Cave Creek, AZ — 1,963 15,037 — 1,963 15,037 17,000 445 202103/20/2024
Marana Healthcare FacilityTucson, AZ — 1,371 12,860 — 1,371 12,860 14,231 396 202003/20/2024
Surprise Healthcare FacilitySurprise, AZ— 2,007 14,348 — 2,007 14,348 16,355 424 202003/20/2024
Tucson Healthcare Facility V Tucson, AZ — 791 13,260 — 791 13,260 14,051 404 202003/20/2024
Weslaco Healthcare Facility Weslaco, TX — 1,169 12,659 — 1,169 12,659 13,828 383 201903/20/2024
Reading Healthcare Facility Reading, PA — — 9,847 — — 9,847 9,847 201 202005/21/2024
Fort Smith Healthcare Facility Fort Smith, AR— — 25,131 — — 25,131 25,131 408 202107/25/2024
$— $164,817 $1,722,898 $96,929 $160,743 $1,823,901 $1,984,644 $277,024 
(a)Property is contributed to the pool of unencumbered properties of the Company's credit facility. As of December 31, 2024, 112 commercial real estate properties were contributed to the pool of unencumbered properties under the Company's credit facility and the Company had an outstanding principal balance of $525,000,000.
(b)The reduction to costs capitalized subsequent to acquisition primarily include impairment charges, property dispositions and other adjustments.
(c)The aggregated cost for federal income tax purposes is approximately $2,121,973,000 (unaudited).
(d)The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings and improvements are depreciated over 15-40 years and tenant improvements are depreciated over the shorter of lease term or expected useful life.
NOTES TO SCHEDULE III — REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2024
(in thousands)
Year Ended December 31,
202420232022
Real Estate:
Balance at beginning of year$1,855,808 $2,089,200 $2,015,330 
Additions:
Acquisitions144,380 60,055 144,424 
Improvements3,628 1,727 4,735 
Other adjustments— — 182 
Deductions:
Impairment(794)(28,651)(53,230)
Dispositions(18,118)(266,523)(22,241)
Other adjustments(260)— — 
Balance at end of year$1,984,644 $1,855,808 $2,089,200 
Accumulated Depreciation:
Balance at beginning of year$(227,156)$(209,118)$(165,784)
Additions:
Depreciation(50,410)(52,404)(51,584)
Deductions:
Impairment376 8,409 8,250 
Dispositions166 25,957 — 
Other adjustments— — — 
Balance at end of year$(277,024)$(227,156)$(209,118)
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income (loss) $ 42,657 $ 24,042 $ (7,978)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have developed, implemented, and integrated a cybersecurity program, or the Cybersecurity Program, into our broader risk management structure to protect our information systems by using physical, technical, and administrative safeguards. This includes assessing, identifying, monitoring, reporting, managing and remediating cybersecurity threats. The Cybersecurity Program aims to prevent data ex-filtration, manipulation, and destruction, as well as system and transactional disruption. The Cybersecurity Program utilizes a threat-centric and risk-based approach to identify and assess cybersecurity threats that could affect our business and information systems based on the National Institute of Standards and Technology Cybersecurity Framework, or the NIST Framework.
Our Cybersecurity Program includes the following processes:
•Annual control reviews, annual policy reviews and annual investments in our security infrastructure;
•Periodic testing of our information systems to assess our vulnerability to cyber risk, which includes targeted penetration testing and vulnerability scanning;
•Collaborating with our internal audit team to evaluate the effectiveness of our information technology security program and communicating results to our executive officers;
•Conducting a comprehensive information security and training program for our employees, including mandatory computer-based training, regular internal communications, and ongoing end-user testing to measure the effectiveness of our information security program. As part of this commitment, we require our employees to acknowledge our Information Security policy each year. In addition, we have an established schedule and process for regular phishing awareness campaigns that are designed to emulate real-world contemporary threats and provide immediate feedback (and, if necessary, additional training or remedial action) to employees;
•Annually assess the Cybersecurity Program against the NIST Framework;
•Maintaining business continuity, contingency and recovery plans to quickly react to cybersecurity incidents;
•Conducting security assessments of all third-party service providers with access to personal, confidential or proprietary information before engagement and maintaining ongoing monitoring by reviewing system and organization controls reports, relevant cyber attestations, and other independent cyber ratings;
•Retaining a third-party cybersecurity provider for emergency incident response services in the event of a serious information security breach; and
•Maintaining cybersecurity risk insurance that could help defray the costs of an information security breach as a backstop to the Cybersecurity Program.
Through our incident response plan, we have designated a cybersecurity management team, or the Cybersecurity Management Team, composed of our executive officers and management representatives. Led by our Vice President of Information Technology & Corporate Facilities, our Cybersecurity Management Team is responsible for the management of the Cybersecurity Program and for the day-to-day investigation of and response to potential information security-related incidents. Pursuant to our incident response plan, incidents meeting specified severity levels are required to be escalated to the Cybersecurity Management Team for review and response. The goals of the incident response plan are to prevent, detect and react to information security incidents, determine their scope and risk, respond appropriately to the incident, communicate the results and risk to relevant stakeholders, and reduce the likelihood of the incident from reoccurring.
Our Vice President of Information Technology & Corporate Facilities has served in this role since 2018. In this role, he manages and oversees the Company's network and information systems. Additionally, he works with the executive officers, management representatives and third-party experts to maintain the Company's Cybersecurity Program. Our Vice President of Information Technology & Corporate Facilities possesses extensive experience in technology and cybersecurity gained over his career spanning more than 25 years, including service as the executive director of Business Applications as well as a senior implementer and business consultant.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have developed, implemented, and integrated a cybersecurity program, or the Cybersecurity Program, into our broader risk management structure to protect our information systems by using physical, technical, and administrative safeguards. This includes assessing, identifying, monitoring, reporting, managing and remediating cybersecurity threats.
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] Board plays a role in overseeing risks associated with cybersecurity threats and has delegated to the Audit Committee primary oversight of the Cybersecurity Program. Our executive officers report on our Cybersecurity Program to the Audit Committee at least four times per year (including as part of our discussions regarding enterprise risk management). Our
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Board plays a role in overseeing risks associated with cybersecurity threats and has delegated to the Audit Committee primary oversight of the Cybersecurity Program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board plays a role in overseeing risks associated with cybersecurity threats and has delegated to the Audit Committee primary oversight of the Cybersecurity Program. Our executive officers report on our Cybersecurity Program to the Audit Committee at least four times per year (including as part of our discussions regarding enterprise risk management). Our quarterly updates to the Audit Committee include a discussion of our information security programs and controls, including our internal auditor's review and our internal monitoring of cybersecurity risks.
Cybersecurity Risk Role of Management [Text Block]
Through our incident response plan, we have designated a cybersecurity management team, or the Cybersecurity Management Team, composed of our executive officers and management representatives. Led by our Vice President of Information Technology & Corporate Facilities, our Cybersecurity Management Team is responsible for the management of the Cybersecurity Program and for the day-to-day investigation of and response to potential information security-related incidents. Pursuant to our incident response plan, incidents meeting specified severity levels are required to be escalated to the Cybersecurity Management Team for review and response. The goals of the incident response plan are to prevent, detect and react to information security incidents, determine their scope and risk, respond appropriately to the incident, communicate the results and risk to relevant stakeholders, and reduce the likelihood of the incident from reoccurring.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Through our incident response plan, we have designated a cybersecurity management team, or the Cybersecurity Management Team, composed of our executive officers and management representatives. Led by our Vice President of Information Technology & Corporate Facilities, our Cybersecurity Management Team is responsible for the management of the Cybersecurity Program and for the day-to-day investigation of and response to potential information security-related incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our Vice President of Information Technology & Corporate Facilities has served in this role since 2018. In this role, he manages and oversees the Company's network and information systems. Additionally, he works with the executive officers, management representatives and third-party experts to maintain the Company's Cybersecurity Program. Our Vice President of Information Technology & Corporate Facilities possesses extensive experience in technology and cybersecurity gained over his career spanning more than 25 years, including service as the executive director of Business Applications as well as a senior implementer and business consultant.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our executive officers report on our Cybersecurity Program to the Audit Committee at least four times per year (including as part of our discussions regarding enterprise risk management). Our quarterly updates to the Audit Committee include a discussion of our information security programs and controls, including our internal auditor's review and our internal monitoring of cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
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 Operating Partnership, and their wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of the consolidated financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash
Cash consists of demand deposits at commercial banks. Cash equivalents consist of highly liquid investments in money market funds with original maturities of three months or less at the time of purchase. Restricted cash consists of cash held in an escrow account in accordance with a tenant's lease agreement. Restricted cash is reported in other assets in the accompanying consolidated balance sheets. The Company maintains its cash, cash equivalents and restricted cash at various financial institutions. As of December 31, 2024, certain of the Company’s cash deposits exceeded federally insured amounts. To date, the Company has experienced no loss or lack of access to cash in its accounts. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.
Investment in Real Estate
Investment in Real Estate
Real estate costs related to the acquisition, development, construction and improvement of properties are capitalized. Repair and maintenance costs are expensed as incurred, and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate assets. The Company considers the
period of future benefit of an asset in determining the appropriate useful life. Real estate assets, other than land, are depreciated on a straight-line basis over each asset’s useful life. The Company anticipates the estimated useful lives of its assets by class as follows:
Buildings and improvements
15 – 40 years
Tenant improvementsShorter of lease term or expected useful life
Furniture, fixtures, and equipment
3 – 10 years
Allocation of Purchase Price of Real Estate
Allocation of Purchase Price of Real Estate
Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or an asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, tenant improvements and intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates the purchase price based on the estimated fair value of each separately identifiable asset and liability. For the year ended December 31, 2024, all of the Company's acquisitions were determined to be asset acquisitions.
The fair value of the tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings and improvements based on management’s determination of the relative fair value of these assets.
The amount allocated to in-place leases includes an estimate of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. These in-place lease assets are amortized to depreciation and amortization expense over the remaining terms of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
The amounts allocated to above-market and below-market leases are recorded based on the present value of the difference between: (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of current market lease rates for the corresponding leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. These above-market and below-market amounts are amortized as an adjustment of rental revenue over the remaining terms of the respective leases. If a lease is terminated, amended or modified prior to its stated expiration, all unamortized amounts of above-market and below-market lease values related to that lease would be recorded as an adjustment to rental revenue.
Held for Sale
Held for Sale
The Company classifies a real estate property as held for sale upon satisfaction of all of the following criteria: (i) management commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such properties; (iii) there is an active program to locate a buyer; (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year; (v) the property is being actively marketed for sale; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as the amortization of any related intangible assets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell.
Impairments
Impairments
The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating undiscounted future cash flows, including eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the asset group, an impairment charge will be recorded to the extent that the carrying value exceeds the estimated fair value of the asset group.
When developing estimates of expected future cash flows, the Company makes certain assumptions for the expected holding periods, future market rental rates subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, probability weighting of potential uses of the property, sale prices of comparable properties and required tenant improvements. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate assets.
In addition, the Company determines fair value by using a direct capitalization method, a discounted cash flow method using the assumptions noted above, or by utilizing comparable market information based on the view of a market participant. The use of alternative assumptions in these approaches could result in a different determination of the property’s estimated fair value and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate assets.
The Company accounts for goodwill in accordance with Accounting Standards Codification, or ASC, 350, Intangibles - Goodwill and Other, and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. Goodwill has an indefinite life and is not amortized.
The Company evaluates goodwill for impairment at least annually, as of the last day of each year, or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more-likely-than-not indicate that the fair value of a reporting unit is below its carrying value.
The Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. Under a qualitative assessment, the impairment analysis for goodwill represents an evaluation of whether it is more-likely-than-not the reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative analysis indicates that it is more-likely-than-not that the estimated carrying value of a reporting unit, including goodwill, exceeds its fair value, the Company performs the quantitative analysis. The quantitative analysis consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit.
Impairment losses on real estate, goodwill impairments and disposition losses, if any, are recorded as impairment and disposition losses in the accompanying consolidated statements of comprehensive income. Impairments and accelerated amortization of in-place leases are included in depreciation and amortization in the accompanying consolidated statements of comprehensive income. Impairments and accelerated amortization of above-market leases are recorded as a reduction to rental revenue in the accompanying consolidated statements of comprehensive income. Impairments and accelerated amortization of below-market leases are recorded as an increase to rental revenue in the accompanying consolidated statements of comprehensive income.
Deferred Financing Costs
Deferred Financing Costs
Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining and further modifying financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Deferred financing costs related to the term loan portion of the credit facility are recorded as a reduction of the related debt on the accompanying consolidated balance sheets. Deferred financing costs related to the revolving line of credit are recorded in other assets in the accompanying consolidated balance sheets.
Fair Value
Fair Value
ASC 820, Fair Value Measurements and Disclosures, or ASC 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.
Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:
Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2—Inputs other than quoted prices for similar assets and liabilities in active markets that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).
Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.
Revenue Recognition and Tenant Receivables
Revenue Recognition and Tenant Receivables
The majority of the Company's revenue is derived from rental revenue, which is accounted for in accordance with ASC 842, Leases, or ASC 842. Under ASC 842, rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). For lease arrangements where it is not probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis or the lease payments that have been collected from the lessee. Differences between rental revenue recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable. Tenant reimbursements, which are comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are recognized when the services are provided and the performance obligations are satisfied.
Stock-based Compensation
Stock-based Compensation
On March 6, 2020, the Board approved the Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, pursuant to which the Company has the authority and power to grant awards of restricted shares of its Common Stock to its directors, officers and employees. The Company accounts for its stock awards in accordance with ASC 718-10, Compensation—Stock Compensation, or ASC 718-10. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). For performance-based awards, compensation costs are recognized over the service period if it is probable that the performance condition will be satisfied, with changes of the assessment at each reporting period and recording the effect of the change in the compensation cost as a cumulative catch-up adjustment. The compensation costs for restricted stock are recognized based on the fair value of the restricted stock awards at grant date, which is equal to the market value of the Company's Common Stock on that date of grant. Prior to the Listing, the fair value was estimated based on the most recent per share net asset value. The Company recognizes the impact of forfeitures as they occur.
Earnings Per Share
Earnings Per Share
The Company calculates basic and diluted earnings per share using the two-class method. Basic earnings per share is computed based on the weighted average shares of the Company's Common Stock outstanding for the period. Diluted earnings per share is computed based on the weighted average number of shares outstanding and all potentially dilutive securities, which include shares of restricted Common Stock and performance-based deferred stock unit awards, or Performance DSUs. The shares of restricted Common Stock contain non-forfeitable dividend distribution rights and are considered participating securities. The Performance DSUs are also entitled to dividend equivalents which are paid to the grantee only in the event that the applicable performance criteria is achieved and the Performance DSUs vest.
Reportable Segments
Reportable Segments
ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an entity’s reportable segments. The Company's healthcare properties are aggregated into one operating segment due to their similar economic characteristics. The aggregated operating segment is the Company's only reportable segment.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
As required by ASC 815, Derivatives and Hedging, or ASC 815, the Company records all derivative instruments at fair value as assets and liabilities on its consolidated balance sheets. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.
In accordance with the fair value measurement guidance in Accounting Standards Update, or ASU, 2011-04, Fair Value Measurement, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
The Company is exposed to variability in expected future cash flows that are attributable to interest rate changes in the normal course of business. The Company’s primary strategy in entering into derivative contracts is to add stability to future cash flows by managing its exposure to interest rate fluctuations. The Company utilizes derivative instruments, including
interest rate swaps, to effectively convert its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes.
In accordance with ASC 815, the Company designates interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the gains or losses on the derivative instruments are reported as other comprehensive (loss) income - unrealized (loss) gain on interest rate swaps, net in the consolidated statements of comprehensive income and are reclassified into earnings in the same line item associated with the forecasted transaction in the same period during which the hedged transactions affect earnings.
Income Taxes
Income Taxes
The Company currently qualifies and is taxed as a REIT under Sections 856 through 860 of the Code. Accordingly, it will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, it would be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Accordingly, failure to qualify as a REIT could have a material adverse impact on the results of operations and amounts available for distribution to stockholders.
The dividends paid deduction of a REIT for qualifying dividends paid to its stockholders is computed using the Company’s taxable income as opposed to net income reported in the consolidated financial statements. Taxable income, generally, will differ from net income reported in the consolidated financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.
The Company has concluded that there was no impact related to uncertain tax positions from results of operations of the Company for the years ended December 31, 2024, 2023 and 2022. The earliest tax year currently subject to examination is 2021.
Recently Adopted/Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board, or FASB, issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. The Company adopted the annual requirements of ASU 2023-07 and the disclosures required are included in Note 10—"Segment Reporting". The new interim period disclosures are required for fiscal years beginning January 1, 2025 and will be included in the Company's Quarterly Reports on Form 10-Q at that time. The adoption of this guidance did not have any impact on the Company's consolidated financial statements.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses to improve disclosures about an entity's expenses and to provide detailed information about the types of expenses in commonly presented expense captions. ASU 2024-03 requires disclosures about specific expense categories including purchases of inventory, employee compensation, depreciation, amortization and selling expenses. Additionally, ASU 2024-03 requires a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods for fiscal years beginning after December 15, 2027, and should be applied either prospectively for reporting periods after the effective date of the ASU or retrospectively to all periods presented. Early adoption is permitted. The Company expects the adoption of this standard to expand its annual and interim expense disclosures, but otherwise have no impact on the consolidated financial statements.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table presents a reconciliation of the beginning of year and end of year cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the totals shown in the consolidated statements of cash flows (amounts in thousands):
Year Ended
December 31,
202420232022
Beginning of year:
Cash and cash equivalents$202,019 $12,917 $32,359 
Restricted cash166 166 521 
Cash, cash equivalents and restricted cash$202,185 $13,083 $32,880 
End of year:
Cash and cash equivalents$39,844 $202,019 $12,917 
Restricted cash— 

166 166 
Cash, cash equivalents and restricted cash$39,844 $202,185 $13,083 
Schedule of Restrictions on Cash and Cash Equivalents
The following table presents a reconciliation of the beginning of year and end of year cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the totals shown in the consolidated statements of cash flows (amounts in thousands):
Year Ended
December 31,
202420232022
Beginning of year:
Cash and cash equivalents$202,019 $12,917 $32,359 
Restricted cash166 166 521 
Cash, cash equivalents and restricted cash$202,185 $13,083 $32,880 
End of year:
Cash and cash equivalents$39,844 $202,019 $12,917 
Restricted cash— 

166 166 
Cash, cash equivalents and restricted cash$39,844 $202,185 $13,083 
Schedule of Estimated Useful Lives of Assets by Class The Company anticipates the estimated useful lives of its assets by class as follows:
Buildings and improvements
15 – 40 years
Tenant improvementsShorter of lease term or expected useful life
Furniture, fixtures, and equipment
3 – 10 years
v3.25.0.1
Real Estate (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Consideration Transferred for Properties Acquired
The following table summarizes the cash consideration transferred, including acquisition costs, and the purchase price allocation for acquisitions during the year ended December 31, 2024 (amounts in thousands):
Property Description Date AcquiredOwnership Percentage
Cash Consideration Transferred
(amount in thousands)
Brownsburg Healthcare Facility 02/26/2024100%$39,115 
Cave Creek Healthcare Facility03/20/2024100%19,355 
Marana Healthcare Facility03/20/2024100%16,156 
Surprise Healthcare Facility03/20/2024100%18,602 
Tucson Healthcare Facility V03/20/2024100%15,994 
Weslaco Healthcare Facility03/20/2024100%15,713 
Reading Healthcare Facility05/21/2024100%10,754 
Fort Smith Healthcare Facility07/25/2024100%28,364 
Total $164,053 
Schedule of Allocation of Acquisitions
Total
Land$8,821 
Building and improvements113,365 
Tenant improvements22,194 
In-place leases19,468 
Right-of-use assets638 
Total assets acquired164,486 
Lease liabilities(433)
Total liabilities acquired(433)
Net assets acquired$164,053 
Schedule of Rollforward of Goodwill
The following table summarizes the rollforward of goodwill for the years ended December 31, 2024 and 2023 (amounts in thousands):
December 31, 2024December 31, 2023
Goodwill
Accumulated Impairment Losses
Total
Goodwill
Accumulated Impairment Losses
Total
Balance at beginning of year$20,795 $(3,095)$17,700 $23,284 $(1,574)$21,710 
Goodwill associated with disposed reporting units(730)730 — (2,489)2,489 — 
Impairment charges
— — — — (4,010)(4,010)
Balance at end of year$20,065 $(2,365)$17,700 $20,795 $(3,095)$17,700 
v3.25.0.1
Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]  
Schedule of Intangible Assets, Net
Intangible assets, net, consisted of the following as of December 31, 2024 and 2023 (amounts in thousands, except weighted average remaining life amounts):
 December 31, 2024December 31, 2023
In-place leases, net of accumulated amortization of $114,774 and $95,325, respectively (with a weighted average remaining life of 7.3 years and 7.8 years, respectively)
$120,399 $125,188 
Above-market leases, net of accumulated amortization of $7,434 and $7,131, respectively (with a weighted average remaining life of 7.6 years and 6.7 years, respectively)
5,256 9,811 
$125,655 $134,999 
Schedule of Estimated Future Amortization of Intangible Assets
Estimated amortization expense on the intangible assets as of December 31, 2024, for each of the next five years ending December 31 and thereafter, is as follows (amounts in thousands):
YearAmount
2025$19,095 
202617,547 
202715,970 
202814,436 
202912,873 
Thereafter45,734 
$125,655 
v3.25.0.1
Intangible Liabilities, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Intangible Lease Liabilities, Net [Abstract]  
Schedule of Intangible Liabilities, Net
Intangible liabilities, net, consisted of the following as of December 31, 2024 and 2023 (amounts in thousands, except weighted average remaining life amounts):
December 31, 2024December 31, 2023
Below-market leases, net of accumulated amortization of $8,761 and $7,417, respectively (with a weighted average remaining life of 6.1 years and 7.4 years, respectively)
$7,070 $10,452 
Schedule of Estimated Future Amortization of Intangible Liabilities
Estimated amortization of the intangible liabilities as of December 31, 2024, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2025$1,260 
20261,241 
20271,216 
2028912 
2029754 
Thereafter1,687 
$7,070 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Rental Income from Operating Leases
The following table summarizes the Company's rental income from operating leases for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
Year Ended
December 31,
 202420232022
Rental income
$171,791 $176,323 $169,044 
Variable lease income
15,065 12,742 10,942 
Total rental revenue
$186,856 $189,065 $179,986 
Schedule of Future Minimum Rent to Lessor from Operating Leases
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of December 31, 2024, for each of the next five years ending December 31, and thereafter, are as follows (amounts in thousands):

December 31, 2024(1)
2025$165,510 
2026162,349 
2027159,381 
2028155,038 
2029150,328 
Thereafter1,025,867 
Total$1,818,473 
(1)The table includes payments from a tenant who has been moved to the cash basis of accounting for revenue recognition purposes that has continued to make rental payments as of December 31, 2024.
Schedule of Future Minimum Rent from Lessee for Operating Leases
The future rent payments under non-cancellable operating leases in effect as of December 31, 2024, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
December 31, 2024
2025$2,782 
20262,811 
20272,852 
20282,868 
20292,603 
Thereafter103,513 
Total undiscounted rental payments117,429 
Less imputed interest(75,936)
Total lease liabilities$41,493 
The weighted average IBRs and weighted average remaining lease terms for the years ended December 31, 2024 and 2023 are as follows:
 December 31, 2024December 31, 2023
Weighted average IBR5.5 %5.5 %
Weighted average remaining lease term35.2 years36.5 years
Schedule of Lease Cost
The following table provides details of the Company's total lease costs for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
Year Ended
December 31,
Location in Consolidated Statements of Comprehensive Income202420232022
Operating lease costs:
Ground lease costs(1)
Rental expenses$2,742 $2,727 $2,246 
Corporate operating lease costsGeneral and administrative expenses749 735 741 
Supplemental disclosure of cash flows information:
Operating cash outflows for operating leases(2)
$830 $732 $531 
Right-of-use assets obtained in exchange for new lease liabilities$814 $— $15,305 
(1)The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying consolidated statements of comprehensive income.
(2)Amounts are net of reimbursements the Company receives from tenants for certain operating ground leases.
v3.25.0.1
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Other Assets [Abstract]  
Schedule of Other Assets
Other assets consisted of the following as of December 31, 2024 and 2023 (amounts in thousands):
 December 31, 2024December 31, 2023
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $2,988 and $1,917, respectively
$1,203 $2,271 
Leasing commissions, net of accumulated amortization of $306 and $191, respectively
1,941 593 
Restricted cash— 166 
Tenant receivables3,281 2,398 
Straight-line rent receivable58,400 53,248 
Real estate deposits350 — 
Prepaid and other assets3,392 4,089 
Derivative assets - interest rate swaps11,356 17,060 
$79,923 $79,825 
v3.25.0.1
Accounts Payable and Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Other Liabilities
Accounts payable and other liabilities consisted of the following as of December 31, 2024 and 2023 (amounts in thousands):
 December 31, 2024December 31, 2023
Accounts payable and accrued expenses$6,303 $3,906 
Accrued interest expense2,187 1,714 
Accrued property taxes3,897 3,687 
Accrued personnel costs6,660 4,425 
Distributions payable to stockholders— 7,782 
Performance DSUs distributions payable544 1,140 
Tenant deposits1,691 877 
Deferred rental income12,123 6,393 
Derivative liabilities - interest rate swaps— 457 
$33,405 $30,381 
v3.25.0.1
Credit Facility (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Credit Facility
The Company's outstanding credit facility as of December 31, 2024 and 2023 consisted of the following (amounts in thousands):
Weighted
Average Contractual Rate(1)
December 31, 2024December 31, 2023
2026 Variable rate revolving line of credit—%$— $— 
2024 Variable rate term loan fixed through interest rate swaps—%— 250,000 
2027 Variable rate term loan fixed through interest rate swaps(2)
5.11%250,000 — 
2028 Variable rate term loan fixed through interest rate swaps(3)
4.18%275,000 275,000 
Total credit facility, principal amount outstanding4.62%525,000 525,000 
Unamortized deferred financing costs related to credit facility term loans(3,079)(1,847)
Total credit facility, net of deferred financing costs$521,921 $523,153 
(1)Weighted average contractual rate is as of December 31, 2024.
(2)Fixed through four interest rate swaps that mature on March 20, 2029.
(3)Fixed through six interest rate swaps that mature on January 31, 2028.
Schedule of Future Principal Payments Due on Debt
The principal payments due on the credit facility as of December 31, 2024, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
Amount
2025$— 
2026— 
2027250,000 
2028275,000 
2029— 
Thereafter— 
$525,000 
v3.25.0.1
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2024 and 2023 (amounts in thousands):
 December 31, 2024
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total Fair
Value
Assets:
Derivative assets - interest rate swaps$— $11,356 $— $11,356 
Total assets at fair value$— $11,356 $— $11,356 
 December 31, 2023
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total Fair
Value
Assets:
Derivative assets - interest rate swaps$— $17,060 $— $17,060 
Total assets at fair value$— $17,060 $— $17,060 
Liabilities:
Derivative liabilities - interest rate swaps$— $457 $— $457 
Total liabilities at fair value$— $457 $— $457 
Schedule of Significant Unobservable Inputs
The significant unobservable inputs for the Level 3 measurements include:
Significant Unobservable InputsDecember 31, 2023
Overall capitalization rate8.5%
Market rent per square foot$45.00
Range of comparable sale price per square foot$60.86-$98.04
v3.25.0.1
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the Notional Amount and Fair Value of Derivative Instruments
The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands):
Derivatives
Designated as
Hedging
Instruments		Weighted Average Fixed Interest RateEffective
Dates		Maturity
Dates		December 31, 2024December 31, 2023
Outstanding
Notional
Amount		Fair Value ofOutstanding
Notional
Amount		Fair Value of
Assets(Liabilities)Assets(Liabilities)
Interest rate swaps(1)
—%05/01/2022 to
05/02/2022		12/31/2024$— $— $— $250,000 $9,172 $— 
Interest rate swaps(1)
2.83%05/02/2022 to 05/01/202301/31/2028275,000 9,261 — 275,000 7,888 (457)
Interest rate swaps(1)
3.76%12/31/202403/20/2029250,000 2,095 — — — — 
$525,000 $11,356 $— $525,000 $17,060 $(457)
(1)     Derivative assets and liabilities are reported in the consolidated balance sheets as other assets and accounts payable and other liabilities, respectively.
Schedule of Income and Losses Recognized on Derivative Instruments
The table below summarizes the amount of income and loss recognized on the interest rate derivatives designated as cash flow hedges for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
Derivatives in Cash Flow
Hedging Relationships		Amount of Income Recognized
in Other Comprehensive Income on Derivatives		Location of Income
Reclassified From
Accumulated Other
Comprehensive Income to
Net Income (Loss)		Amount of Income (Loss)
Reclassified From
Accumulated Other
Comprehensive Income to
Net Income (Loss)		Total Amount of Line Item in Consolidated Statements of Comprehensive Income
Year Ended December 31, 2024
Interest rate swaps$12,002 Interest expense$17,249 $(21,220)
Year Ended December 31, 2023
Interest rate swaps$5,293 Interest expense$16,680 $(23,110)
Year Ended December 31, 2022
Interest rate swaps$32,317 Interest expense$(520)$(24,077)
Schedule of Offsetting of Derivative Assets The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of December 31, 2024 and 2023 (amounts in thousands):
Offsetting of Derivative Assets    
    Gross Amounts Not Offset in the Balance Sheet 
 Gross
Amounts of
Recognized
Assets		Gross Amounts
Offset in the
Balance Sheet		Net Amounts of
Assets Presented in
the Balance Sheet		Financial Instruments
Collateral		Cash CollateralNet
Amount
December 31, 2024$11,356 $— $11,356 $— $— $11,356 
December 31, 2023$17,060 $— $17,060 $(457)$— $16,603 
Schedule of Offsetting of Derivative Liabilities
Offsetting of Derivative Liabilities
Gross Amounts Not Offset in the Balance Sheet
Gross
Amounts of
Recognized
Liabilities		Gross Amounts
Offset in the
Balance Sheet		Net Amounts of
Liabilities
Presented in the
Balance Sheet		Financial Instruments
Collateral		Cash CollateralNet
Amount
December 31, 2024$— $— $— $— $— $— 
December 31, 2023$457 $— $457 $(457)$— $— 
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The following table presents a rollforward of amounts recognized in accumulated other comprehensive income by component for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
Unrealized Income (Loss)
on Derivative
Instruments
Balance as of December 31, 2021$(4,847)
Other comprehensive income before reclassification32,317 
Amount of loss reclassified from accumulated other comprehensive loss to net loss520 
Other comprehensive income32,837 
Balance as of December 31, 2022$27,990 
Other comprehensive income before reclassification5,293 
Amount of income reclassified from accumulated other comprehensive income to net income(16,680)
Other comprehensive loss(11,387)
Balance as of December 31, 2023$16,603 
Other comprehensive income before reclassification12,002 
Amount of income reclassified from accumulated other comprehensive income to net income(17,249)
Other comprehensive loss(5,247)
Balance as of December 31, 2024$11,356 
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
The following table presents reclassifications out of accumulated other comprehensive income for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):
Details about Accumulated Other
Comprehensive Income Components		(Income) Loss Amounts Reclassified from
Accumulated Other Comprehensive Income to Net Income (Loss)		Affected Line Items in the Consolidated Statements of Comprehensive Income
Year Ended
December 31,
202420232022
Interest rate swap contracts$(17,249)

$(16,680)$520 Interest expense
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per share using the two-class method (amounts in thousands, except share data and per share amounts):
Year Ended
December 31,
202420232022
Earnings:
Net income (loss) attributable to common stockholders
$42,657 $24,042 $(7,978)
Less: Income allocated to participating securities
(244)(118)— 
Net income (loss) used in basic earnings per share
42,413 23,924 (7,978)
Add back: Income allocated to participating securities
244 118 — 
Net income (loss) used in diluted earnings per share
$42,657 $24,042 $(7,978)
Weighted Average Shares:
Basic weighted average number of common shares outstanding(1)
56,228,545 56,799,886 56,330,011 
Dilutive effect of weighted average shares of non-vested restricted common stock(1)
324,032 280,408 — 
Dilutive effect of weighted average shares of Performance DSUs(1)
132,919 181,343 — 
Diluted weighted average number of common shares outstanding(1)
56,685,496 57,261,637 56,330,011 
Net income (loss) per share attributable to common stockholders:
Basic(1)
$0.75 $0.42 (0.14)
Diluted(1)(2)
$0.75 $0.42 (0.14)
(1)     Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).
(2)     For the year ended December 31, 2022, diluted earnings per share was computed the same as basic earnings per share because the Company recorded a net loss from operations, which would make potentially dilutive shares of 335,000 related to non-vested shares of restricted common stock and Performance DSUs, anti-dilutive.
v3.25.0.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Nonvested Shares of Restricted Common Stock Activity
The following table summarizes the activity on our restricted Common Stock and Performance DSUs for the year ended December 31, 2024:
Shares(1)
Weighted-Average Grant-Date Fair Value Per Share(2)
Nonvested at December 31, 2023504,626 $— 
Granted299,754 20.96 
Vested(3)
(356,421)— 
Forfeited(34,480)20.65 
Adjustment to Performance DSUs(4)
(24,712)— 
Nonvested at December 31, 2024388,767 $20.99 
(1)Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).
(2)The weighted-average grant-date fair value only relates to shares granted after the Listing as applicable. Shares granted prior to the Listing are not incorporated in the weighted-average calculation as the Company did not have publicly traded shares.
(3)Shares vested during the year ended December 31, 2024, include 64,595 Performance DSUs that vested but have not yet been issued.
(4)Represents the change in Performance DSUs estimated to be issued based on the terms of the respective Performance DSUs granted and the Company's performance through December 31, 2024.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Characterization of Distributions Paid to Stockholders The following table shows the character of distributions the Company paid on a percentage basis during the years ended December 31, 2024, 2023 and 2022:
Year Ended December 31,
Character of Distributions(1):
202420232022
Ordinary dividends62.79 %61.41 %40.94 %
Capital gain distributions— %— %— %
Nontaxable distributions37.21 %38.59 %59.06 %
Total100.00 %100.00 %100.00 %
(1)Attributable to Class A shares, Class I shares, and Class T shares of common stock until the Listing and attributable to Common Stock after the Listing for the year ended December 31, 2024. Attributable to Class A shares, Class I shares, and Class T shares of common stock for the year ended December 31, 2023. Attributable to Class A shares, Class I shares, Class T shares, and Class T2 shares of common stock for the year ended December 31, 2022.
v3.25.0.1
Organization and Business Operations (Details)
 12 Months Ended
Jul. 19, 2024
USD ($)
$ / shares
shares
Jun. 13, 2024
USD ($)
$ / shares
shares
Apr. 08, 2024
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
Aug. 16, 2024
USD ($)
shares
May 01, 2024
$ / shares
Apr. 30, 2024
$ / shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Common stock, par value (in dollars per share) | $ / shares   $ 0.01   $ 0.01 $ 0.01     $ 0.01 $ 0.04
Reverse stock split, conversion ratio     0.25            
Share repurchase program, authorized amount             $ 25,000,000    
Repurchase of common stock (in shares) | shares       0          
Common stock outstanding percentage 0.039                
Repurchase of common stock $ 50,000,000                
Share repurchase program, authorized shares (in shares) | shares             1,500,000    
Dutch Auction Tender Offer                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Share repurchase program, authorized amount   $ 50,000,000              
Repurchase of common stock (in shares) | shares 2,212,389 2,212,389   2,212,389          
Purchase price (in dollars per share) | $ / shares $ 22.60                
Repurchase of common stock       $ 52,093,000 $ 0 $ 0      
Tender offer repurchase cost $ 2,093,000                
Maximum | Dutch Auction Tender Offer                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Repurchase of common stock, average price per share (in dollars per share) | $ / shares   $ 24.00              
Minimum | Dutch Auction Tender Offer                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Repurchase of common stock, average price per share (in dollars per share) | $ / shares   $ 22.60              
Operating Partnership                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Ownership interest (as a percentage)       100.00%          
v3.25.0.1
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]        
Cash and cash equivalents $ 39,844 $ 202,019 $ 12,917 $ 32,359
Restricted cash 0 166 166 521
Cash, cash equivalents and restricted cash $ 39,844 $ 202,185 $ 13,083 $ 32,880
v3.25.0.1
Summary of Significant Accounting Policies (Reportable Segments) (Details)
 12 Months Ended
Dec. 31, 2024
segment
Accounting Policies [Abstract]  
Number of reportable business segments 1
v3.25.0.1
Summary of Significant Accounting Policies - Estimated Useful Lives (Details)
Dec. 31, 2024
Building and improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 15 years
Building and improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Furniture and Fixtures | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Furniture and Fixtures | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 10 years
v3.25.0.1
Real Estate - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 10, 2024
USD ($)
property
Sep. 25, 2024
USD ($)
property
Mar. 27, 2024
USD ($)
property
Mar. 26, 2024
property
Jan. 31, 2024
USD ($)
property
Dec. 31, 2024
USD ($)
property
tenant
acquisition
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Real Estate [Line Items]                
Number of real estate properties acquired | property           8    
Number of transactions | acquisition           4    
Capitalized acquisition costs           $ 717    
Net proceeds from real estate dispositions           17,705 $ 270,306 $ 22,822
(Loss) gain on real estate disposition           $ 341 $ 22 460
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]           Impairment and disposition losses Impairment and disposition losses  
Impairment loss on goodwill           $ 0 $ 4,010 1,574
Impairment and disposition losses           1,210 24,252 47,424
In-place leases                
Real Estate [Line Items]                
Impairment of intangible assets               $ 4,345
Fort Myers Healthcare Facilities                
Real Estate [Line Items]                
Impairment loss           418    
Certain Properties                
Real Estate [Line Items]                
Impairment loss             3,827  
Impairment of intangible assets           $ 456    
Impairment loss on goodwill             2,422  
One Tenant | Revenue | Customer Concentration Risk                
Real Estate [Line Items]                
Number of major tenants | tenant           1    
Post Acute Medical LLC and affiliates | Revenue | Customer Concentration Risk                
Real Estate [Line Items]                
Concentration risk, percentage           14.90%    
GenesisCare Master Lease                
Real Estate [Line Items]                
Number of tenant properties | property       17   7    
Number of tenant properties removed | property     10          
Number of remaining tenant properties | property     7          
Severance fees     $ 2,000          
Straight line basis rental revenue           $ 173    
Impairment loss             9,480  
Impairment of lease liabilities           2,038    
Impairment loss on goodwill             1,238  
GenesisCare Master Lease | In-place leases                
Real Estate [Line Items]                
Impairment of intangible assets           4,646 1,130  
GenesisCare Master Lease | Above-market leases                
Real Estate [Line Items]                
Impairment of intangible assets           2,667 260  
GenesisCare Master Lease | Yucca Valley Healthcare Facility                
Real Estate [Line Items]                
Number of real estate properties | property 1              
GenesisCare Master Lease | Fort Myers Healthcare Facilities                
Real Estate [Line Items]                
Number of real estate properties | property   2            
Steward Health Care System LLC                
Real Estate [Line Items]                
Severance fees           1,392    
Impairment loss             10,945  
Impairment loss on goodwill             $ 350  
Disposal Group, Disposed of by Sale, Not Discontinued Operations                
Real Estate [Line Items]                
Aggregate sales price         $ 1,500      
Net proceeds from real estate dispositions         1,439      
(Loss) gain on real estate disposition         $ 76      
Number of real estate properties | property         1      
Termination lease income (losses)           4,098    
Lease income, deferred rent           902    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Yucca Valley Healthcare Facility                
Real Estate [Line Items]                
Aggregate sales price $ 1,700              
Net proceeds from real estate dispositions 1,587              
(Loss) gain on real estate disposition $ 265              
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fort Myers Healthcare Facilities                
Real Estate [Line Items]                
Aggregate sales price   $ 15,500            
Net proceeds from real estate dispositions   14,679            
(Loss) gain on real estate disposition   $ (792)       $ (792)    
v3.25.0.1
Real Estate - Schedule of Consideration Transferred for Properties Acquired (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 25, 2024
May 21, 2024
Mar. 20, 2024
Feb. 26, 2024
Dec. 31, 2024
Business Acquisition [Line Items]          
Cash Consideration transferred         $ 164,053
Cave Creek Healthcare Facility          
Business Acquisition [Line Items]          
Ownership Percentage     100.00%    
Cash Consideration transferred     $ 19,355    
Marana Healthcare Facility          
Business Acquisition [Line Items]          
Ownership Percentage     100.00%    
Cash Consideration transferred     $ 16,156    
Surprise Healthcare Facility          
Business Acquisition [Line Items]          
Ownership Percentage     100.00%    
Cash Consideration transferred     $ 18,602    
Tucson Healthcare Facility V          
Business Acquisition [Line Items]          
Ownership Percentage     100.00%    
Cash Consideration transferred     $ 15,994    
Weslaco Healthcare Facility          
Business Acquisition [Line Items]          
Ownership Percentage     100.00%    
Cash Consideration transferred     $ 15,713    
Reading Healthcare Facility          
Business Acquisition [Line Items]          
Ownership Percentage   100.00%      
Cash Consideration transferred   $ 10,754      
Fort Smith Healthcare Facility          
Business Acquisition [Line Items]          
Ownership Percentage 100.00%        
Cash Consideration transferred $ 28,364        
Brownsburg Healthcare Facility          
Business Acquisition [Line Items]          
Ownership Percentage       100.00%  
Cash Consideration transferred       $ 39,115  
v3.25.0.1
Real Estate - Schedule of Allocation of Acquisitions (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Real Estate [Abstract]  
Land $ 8,821
Building and improvements 113,365
Tenant improvements 22,194
In-place leases 19,468
Right-of-use assets 638
Total assets acquired 164,486
Lease liabilities (433)
Total liabilities acquired (433)
Net assets acquired $ 164,053
v3.25.0.1
Real Estate - Schedule of Rollforward of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]      
Goodwill, gross, balance at beginning of year $ 20,795 $ 23,284  
Accumulated impairment losses, balance at beginning of year (2,365) (3,095) $ (1,574)
Goodwill, beginning balance 17,700 21,710  
Goodwill associated with disposed reporting units 730 2,489  
Impairment charges 0 (4,010) (1,574)
Goodwill, gross, balance at end of year 20,065 20,795 23,284
Accumulated impairment losses, balance at end of year (3,095) (1,574)  
Goodwill, ending balance $ 17,700 $ 17,700 $ 21,710
v3.25.0.1
Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]    
Intangible assets, accumulated amortization $ 122,208 $ 102,456
Weighted average remaining useful life of intangible assets (in years) 7 years 3 months 18 days 7 years 8 months 12 days
Intangible assets, net of accumulated amortization $ 125,655 $ 134,999
In-place leases    
Acquired Finite-Lived Intangible Assets [Line Items]    
Intangible assets, accumulated amortization $ 114,774 $ 95,325
Weighted average remaining useful life of intangible assets (in years) 7 years 3 months 18 days 7 years 9 months 18 days
Intangible assets, net of accumulated amortization $ 120,399 $ 125,188
Above-market leases    
Acquired Finite-Lived Intangible Assets [Line Items]    
Intangible assets, accumulated amortization $ 7,434 $ 7,131
Weighted average remaining useful life of intangible assets (in years) 7 years 7 months 6 days 6 years 8 months 12 days
Intangible assets, net of accumulated amortization $ 5,256 $ 9,811
v3.25.0.1
Intangible Assets, Net - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]      
Weighted average remaining useful life of intangible assets (in years) 7 years 3 months 18 days 7 years 8 months 12 days  
Amortization of intangible assets $ 28,665 $ 23,766 $ 27,389
v3.25.0.1
Intangible Assets, Net - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 $ 19,095  
2026 17,547  
2027 15,970  
2028 14,436  
2029 12,873  
Thereafter 45,734  
Acquired intangible assets, net of accumulated amortization $ 125,655 $ 134,999
v3.25.0.1
Intangible Liabilities, Net - Schedule of Intangible Liabilities, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Intangible Lease Liabilities, Net [Abstract]    
Accumulated amortization of below-market leases $ 8,761 $ 7,417
Weighted average remaining life of below-market leases 6 years 1 month 6 days 7 years 4 months 24 days
Below-market leases, net of accumulated amortization $ 7,070 $ 10,452
v3.25.0.1
Intangible Liabilities, Net - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Intangible Lease Liabilities, Net [Abstract]      
Amortization of below-market leases $ 3,383 $ 1,494 $ 1,479
v3.25.0.1
Intangible Liabilities, Net - Schedule of Estimated Future Amortization of Intangible Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Intangible Lease Liabilities, Net [Abstract]    
2025 $ 1,260  
2026 1,241  
2027 1,216  
2028 912  
2029 754  
Thereafter 1,687  
Acquired intangible liabilities, net $ 7,070 $ 10,452
v3.25.0.1
Leases - Schedule of Rental Income from Operating Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Rental income $ 171,791 $ 176,323 $ 169,044
Variable lease income 15,065 12,742 10,942
Total rental revenue $ 186,856 $ 189,065 $ 179,986
v3.25.0.1
Leases - Schedule of Future Minimum Rent to Lessor from Operating Leases (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 165,510
2026 162,349
2027 159,381
2028 155,038
2029 150,328
Thereafter 1,025,867
Total $ 1,818,473
v3.25.0.1
Leases - Schedule of Rent Payments from Lessee (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 2,782  
2026 2,811  
2027 2,852  
2028 2,868  
2029 2,603  
Thereafter 103,513  
Total undiscounted rental payments 117,429  
Less imputed interest (75,936)  
Total lease liabilities $ 41,493 $ 41,158
Weighted average IBR 5.50% 5.50%
Weighted average remaining lease term 35 years 2 months 12 days 36 years 6 months
v3.25.0.1
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental disclosure of cash flows information:      
Operating cash outflows for operating leases $ 830 $ 732 $ 531
Right-of-use assets obtained in exchange for new lease liabilities 814 0 15,305
Rental expenses      
Lessee, Lease, Description [Line Items]      
Operating lease costs 2,742 2,727 2,246
General and administrative expenses      
Lessee, Lease, Description [Line Items]      
Operating lease costs $ 749 $ 735 $ 741
v3.25.0.1
Other Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]      
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $2,988 and $1,917, respectively $ 1,203 $ 2,271  
Leasing commissions, net of accumulated amortization of $306 and $191, respectively 1,941 593  
Restricted cash 0 166  
Tenant receivables 3,281 2,398  
Straight-line rent receivable 58,400 53,248  
Real estate deposits 350 0  
Prepaid and other assets 3,392 4,089  
Derivative assets - interest rate swaps 11,356 17,060  
Total other assets 79,923 79,825  
Deferred financing costs, related to the revolver portion of the credit facility, accumulated amortization 2,988 1,917  
Leasing commissions, accumulated amortization 306 191  
Amortization of deferred financing costs 2,185 1,665 $ 1,679
Revolving Line of Credit      
Line of Credit Facility [Line Items]      
Amortization of deferred financing costs $ 1,071 $ 1,027 $ 1,087
v3.25.0.1
Accounts Payable and Other Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Accounts payable and accrued expenses $ 6,303 $ 3,906
Accrued interest expense 2,187 1,714
Accrued property taxes 3,897 3,687
Accrued personnel costs 6,660 4,425
Distributions payable to stockholders 0 7,782
Performance DSUs distributions payable 544 1,140
Tenant deposits 1,691 877
Deferred rental income 12,123 6,393
Derivative liabilities - interest rate swaps 0 457
Total accounts payable and other liabilities $ 33,405 $ 30,381
v3.25.0.1
Credit Facility - Schedule of Credit Facility (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
swap_agreement
Dec. 31, 2023
USD ($)
Line of Credit Facility [Line Items]    
Weighted Average Contractual Rate 4.62%  
Total credit facility, principal amount outstanding $ 525,000 $ 525,000
Unamortized deferred financing costs related to credit facility term loans (3,079) (1,847)
Total credit facility, net of deferred financing costs $ 521,921 523,153
Revolving Line of Credit | 2026 Variable rate revolving line of credit    
Line of Credit Facility [Line Items]    
Weighted Average Contractual Rate 0.00%  
Total credit facility, principal amount outstanding $ 0 0
Term Loan | 2024 Variable rate term loan fixed through interest rate swaps    
Line of Credit Facility [Line Items]    
Weighted Average Contractual Rate 0.00%  
Total credit facility, principal amount outstanding $ 0 250,000
Term Loan | 2027 Variable rate term loan fixed through interest rate swaps    
Line of Credit Facility [Line Items]    
Weighted Average Contractual Rate 5.11%  
Total credit facility, principal amount outstanding $ 250,000 0
Number of interest rates swaps | swap_agreement 4  
Term Loan | 2028 Variable rate term loan fixed through interest rate swaps    
Line of Credit Facility [Line Items]    
Weighted Average Contractual Rate 4.18%  
Total credit facility, principal amount outstanding $ 275,000 $ 275,000
Number of interest rates swaps | swap_agreement 6  
v3.25.0.1
Credit Facility - Narrative (Details)
 12 Months Ended
Feb. 18, 2025
USD ($)
extension
Mar. 20, 2024
USD ($)
extension
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 06, 2024
USD ($)
swap_agreement
Nov. 27, 2024
USD ($)
swap_agreement
Line of Credit Facility [Line Items]              
Extension period   1 year          
Number of extensions | extension   2          
Loss on extinguishment of debt     $ 228,000 $ 0 $ 3,367,000    
Number of interest rate swaps | swap_agreement           2 2
Notional amount           $ 100,000,000 $ 150,000,000
Revolving Line of Credit              
Line of Credit Facility [Line Items]              
Commitments available     500,000,000        
Maximum borrowing capacity     $ 1,000,000,000        
Revolving Line of Credit | Subsequent Event              
Line of Credit Facility [Line Items]              
Extension period 6 months            
Number of extensions | extension 2            
Revolving Line of Credit | Minimum              
Line of Credit Facility [Line Items]              
Commitment Fee Percentage     0.15%        
Revolving Line of Credit | Minimum | Subsequent Event              
Line of Credit Facility [Line Items]              
Commitment Fee Percentage 0.15%            
Revolving Line of Credit | Minimum | Base Rate | Subsequent Event              
Line of Credit Facility [Line Items]              
Margin range 0.25%            
Revolving Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) | Subsequent Event              
Line of Credit Facility [Line Items]              
Margin range 1.25%            
Revolving Line of Credit | Maximum              
Line of Credit Facility [Line Items]              
Commitment Fee Percentage     0.20%        
Revolving Line of Credit | Maximum | Subsequent Event              
Line of Credit Facility [Line Items]              
Commitment Fee Percentage 0.20%            
Revolving Line of Credit | Maximum | Base Rate | Subsequent Event              
Line of Credit Facility [Line Items]              
Margin range 0.90%            
Revolving Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) | Subsequent Event              
Line of Credit Facility [Line Items]              
Margin range 1.90%            
Line of Credit | Revolving Line of Credit | Subsequent Event              
Line of Credit Facility [Line Items]              
Line of credit Facility, maximum borrowing capacity $ 1,500,000,000            
2027 Term Loan | Term Loan              
Line of Credit Facility [Line Items]              
Commitments available   $ 250,000,000          
Maximum borrowing capacity   $ 500,000,000          
2028 Term Loan | Term Loan              
Line of Credit Facility [Line Items]              
Commitments available     $ 275,000,000        
Maximum borrowing capacity     500,000,000        
Unsecured Credit Facility              
Line of Credit Facility [Line Items]              
Commitments available     $ 1,025,000,000        
Unsecured Credit Facility | Minimum | Base Rate              
Line of Credit Facility [Line Items]              
Margin range     0.25%        
Unsecured Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)              
Line of Credit Facility [Line Items]              
Margin range     1.25%        
Unsecured Credit Facility | Maximum | Base Rate              
Line of Credit Facility [Line Items]              
Margin range     0.90%        
Unsecured Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)              
Line of Credit Facility [Line Items]              
Margin range     1.90%        
2026 Variable rate revolving line of credit | Line of Credit | Revolving Line of Credit | Subsequent Event              
Line of Credit Facility [Line Items]              
Line of credit Facility, maximum borrowing capacity 500,000,000            
2029 Variable Rate Line of Credit | Line of Credit | Revolving Line of Credit | Subsequent Event              
Line of Credit Facility [Line Items]              
Line of credit Facility, maximum borrowing capacity $ 600,000,000            
v3.25.0.1
Credit Facility - Schedule of Principal Payments Due on Credit Facility (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 0
2026 0
2027 250,000
2028 275,000
2029 0
Thereafter 0
Total $ 525,000
v3.25.0.1
Segment Reporting (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of operating segments 1
v3.25.0.1
Fair Value - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Jun. 30, 2024
USD ($)
property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total credit facility, principal amount outstanding $ 525,000 $ 525,000  
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable and other liabilities Accounts payable and other liabilities  
Number of real estates assets | property 2    
Real estate assets $ 1,707,620 $ 1,628,652  
Impairment loss on real estate $ 418 $ 20,758  
Nonrecurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Number of real estates assets | property 0 6 2
Real estate assets   $ 37,600  
Significant Other Observable Inputs (Level 2) | Nonrecurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Number of real estates assets | property   3  
Real estate assets   $ 21,400 $ 15,500
Significant Unobservable Inputs (Level 3) | Nonrecurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Number of real estates assets | property 1 3  
Real estate assets   $ 16,200  
v3.25.0.1
Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Derivative assets - interest rate swaps $ 11,356 $ 17,060
Liabilities:    
Derivative liabilities - interest rate swaps 0 457
Recurring basis    
Assets:    
Total assets at fair value 11,356 17,060
Liabilities:    
Total liabilities at fair value   457
Recurring basis | Interest rate swaps    
Assets:    
Derivative assets - interest rate swaps 11,356 17,060
Liabilities:    
Derivative liabilities - interest rate swaps   457
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis    
Assets:    
Total assets at fair value 0 0
Liabilities:    
Total liabilities at fair value   0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | Interest rate swaps    
Assets:    
Derivative assets - interest rate swaps 0 0
Liabilities:    
Derivative liabilities - interest rate swaps   0
Significant Other Observable Inputs (Level 2) | Recurring basis    
Assets:    
Total assets at fair value 11,356 17,060
Liabilities:    
Total liabilities at fair value   457
Significant Other Observable Inputs (Level 2) | Recurring basis | Interest rate swaps    
Assets:    
Derivative assets - interest rate swaps 11,356 17,060
Liabilities:    
Derivative liabilities - interest rate swaps   457
Significant Unobservable Inputs (Level 3) | Recurring basis    
Assets:    
Total assets at fair value 0 0
Liabilities:    
Total liabilities at fair value   0
Significant Unobservable Inputs (Level 3) | Recurring basis | Interest rate swaps    
Assets:    
Derivative assets - interest rate swaps $ 0 0
Liabilities:    
Derivative liabilities - interest rate swaps   $ 0
v3.25.0.1
Fair Value - Schedule of Significant Unobservable Inputs (Details) - Significant Unobservable Inputs (Level 3)
Dec. 31, 2023
$ / sqft
Overall capitalization rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Real estate assets, measurement input 0.085
Market rent per square foot  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Real estate assets, measurement input 45.00
Range of comparable sale price per square foot | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Real estate assets, measurement input 60.86
Range of comparable sale price per square foot | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Real estate assets, measurement input 98.04
v3.25.0.1
Derivative Instruments and Hedging Activities - Narrative (Details)
Dec. 31, 2024
USD ($)
swap_agreement
mature
Dec. 06, 2024
USD ($)
swap_agreement
Nov. 27, 2024
USD ($)
swap_agreement
Dec. 31, 2023
USD ($)
Derivative [Line Items]        
Additional gain expected to be reclassified from AOCI into earnings during next twelve months $ 4,306,000      
Number of interest rate swaps | swap_agreement   2 2  
Notional amount   $ 100,000,000 $ 150,000,000  
Weighted average fixed interest rate 4.62%      
Interest rate swaps | Designated as Hedging Instrument        
Derivative [Line Items]        
Number of interest rate swaps | swap_agreement 10      
Notional amount $ 525,000,000     $ 525,000,000
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing March 20, 2029        
Derivative [Line Items]        
Weighted average fixed interest rate 3.76%      
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing March 20, 2029 | Designated as Hedging Instrument        
Derivative [Line Items]        
Number of interest rate swaps | swap_agreement 4 2 2  
Notional amount $ 250,000,000 $ 100,000,000 $ 150,000,000 0
Weighted average fixed interest rate 3.76%      
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing December 31, 2024        
Derivative [Line Items]        
Weighted average fixed interest rate 0.00%      
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing December 31, 2024 | Designated as Hedging Instrument        
Derivative [Line Items]        
Number of interest rate swaps | swap_agreement 5      
Notional amount $ 0     250,000,000
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028        
Derivative [Line Items]        
Weighted average fixed interest rate 2.83%      
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028 | Designated as Hedging Instrument        
Derivative [Line Items]        
Number of interest rate swaps | mature 6      
Notional amount $ 275,000,000     $ 275,000,000
v3.25.0.1
Derivative Instruments and Hedging Activities - Schedule of the Notional Amount and Fair Value of Derivative Instruments (Details) - USD ($)
Dec. 31, 2024
Dec. 06, 2024
Nov. 27, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]        
Weighted Average Fixed Interest Rate 4.62%      
Outstanding Notional Amount   $ 100,000,000 $ 150,000,000  
Fair Value of Assets $ 11,356,000     $ 17,060,000
Fair Value of Liabilities 0     (457,000)
Interest rate swaps | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Outstanding Notional Amount 525,000,000     525,000,000
Interest rate swaps | Assets | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Fair Value of Assets 11,356,000     17,060,000
Interest rate swaps | Liabilities | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Fair Value of Liabilities $ 0     (457,000)
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing December 31, 2024        
Derivatives, Fair Value [Line Items]        
Weighted Average Fixed Interest Rate 0.00%      
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing December 31, 2024 | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Outstanding Notional Amount $ 0     250,000,000
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing December 31, 2024 | Assets | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Fair Value of Assets 0     9,172,000
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing December 31, 2024 | Liabilities | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Fair Value of Liabilities $ 0     0
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028        
Derivatives, Fair Value [Line Items]        
Weighted Average Fixed Interest Rate 2.83%      
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028 | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Outstanding Notional Amount $ 275,000,000     275,000,000
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028 | Assets | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Fair Value of Assets 9,261,000     7,888,000
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028 | Liabilities | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Fair Value of Liabilities $ 0     (457,000)
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing March 20, 2029        
Derivatives, Fair Value [Line Items]        
Weighted Average Fixed Interest Rate 3.76%      
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing March 20, 2029 | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Weighted Average Fixed Interest Rate 3.76%      
Outstanding Notional Amount $ 250,000,000 $ 100,000,000 $ 150,000,000 0
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing March 20, 2029 | Assets | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Fair Value of Assets 2,095,000     0
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing March 20, 2029 | Liabilities | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Fair Value of Liabilities $ 0     $ 0
v3.25.0.1
Derivative Instruments and Hedging Activities - Schedule of Income and Losses Recognized on Derivative Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Total Amount of Line Item in Consolidated Statements of Comprehensive Income $ (21,220) $ (23,110) $ (24,077)
Interest rate swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Income Recognized in Other Comprehensive Income on Derivatives 12,002 5,293 32,317
Interest rate swaps | Interest expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income to Net Income (Loss) $ 17,249 $ 16,680 $ (520)
v3.25.0.1
Derivative Instruments and Hedging Activities - Schedule of Offsetting of Derivative Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Assets $ 11,356 $ 17,060
Gross Amounts Offset in the Balance Sheet 0 0
Net Amounts of Assets Presented in the Balance Sheet 11,356 17,060
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral 0 (457)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral 0 0
Net Amount $ 11,356 $ 16,603
v3.25.0.1
Derivative Instruments and Hedging Activities - Schedule of Offsetting of Derivative Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Liabilities $ 0 $ 457
Gross Amounts Offset in the Balance Sheet 0 0
Net Amounts of Liabilities Presented in the Balance Sheet 0 457
Financial Instruments Collateral 0 (457)
Cash Collateral 0 0
Net Amount $ 0 $ 0
v3.25.0.1
Stockholders' Equity - Narrative (Details)
 12 Months Ended
Feb. 25, 2025
$ / shares
Jul. 19, 2024
USD ($)
$ / shares
shares
Jun. 13, 2024
USD ($)
$ / shares
shares
Apr. 08, 2024
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Aug. 16, 2024
USD ($)
shares
Class of Stock [Line Items]                
Reverse stock split, conversion ratio       0.25        
Distributions paid per common share (in dollars per share) | $ / shares         $ 1.60 $ 1.60 $ 1.60  
Distributions declared per common share (in dollars per share) | $ / shares         $ 1.47 $ 1.60 $ 1.60  
Repurchase of common stock (in shares) | shares         0      
Repurchase of common stock           $ 12,374,000 $ 9,217,000  
Share repurchase program, authorized shares (in shares) | shares               1,500,000
Share repurchase program, authorized amount               $ 25,000,000
Share repurchase program, authorized remaining amount         $ 25,000,000      
Common stock outstanding percentage   0.039            
Repurchase of common stock   $ 50,000,000            
Subsequent Event                
Class of Stock [Line Items]                
Distributions declared per common share (in dollars per share) | $ / shares $ 0.40              
Dutch Auction Tender Offer                
Class of Stock [Line Items]                
Repurchase of common stock (in shares) | shares   2,212,389 2,212,389   2,212,389      
Repurchase of common stock   $ 2,093,000     $ 52,093,000      
Share repurchase program, authorized amount     $ 50,000,000          
Purchase price (in dollars per share) | $ / shares   $ 22.60            
Repurchase of common stock         $ 52,093,000 $ 0 $ 0  
Maximum | Dutch Auction Tender Offer                
Class of Stock [Line Items]                
Repurchase of common stock, average price per share (in dollars per share) | $ / shares     $ 24.00          
Minimum | Dutch Auction Tender Offer                
Class of Stock [Line Items]                
Repurchase of common stock, average price per share (in dollars per share) | $ / shares     $ 22.60          
Common Stock                
Class of Stock [Line Items]                
Repurchase of common stock (in shares) | shares [1]           378,499 280,796  
Repurchase of common stock [1]           $ 4,000 $ 3,000  
Common Stock | Dutch Auction Tender Offer                
Class of Stock [Line Items]                
Repurchase of common stock (in shares) | shares [1]         2,212,389      
Repurchase of common stock [1]         $ 22,000      
Class A, I and T Shares | Common Stock                
Class of Stock [Line Items]                
Repurchase of common stock (in shares) | shares         321,397 378,499    
Repurchase of common stock         $ 9,402,000 $ 12,374,000    
Repurchase of common stock, average price per share (in dollars per share) | $ / shares         $ 29.25 $ 32.69    
Common Class A | Common Stock                
Class of Stock [Line Items]                
Repurchase of common stock (in shares) | shares         283,909 295,501    
Common Class I | Common Stock                
Class of Stock [Line Items]                
Repurchase of common stock (in shares) | shares         7,574 26,415    
Common Class T | Common Stock                
Class of Stock [Line Items]                
Repurchase of common stock (in shares) | shares         29,914 56,583    
Percentage of shares outstanding         0.56% 0.67%    
[1] Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).
v3.25.0.1
Stockholders' Equity - Amounts Recognized in AOCI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance beginning $ 1,494,435 $ 1,555,095 $ 1,601,130
Balance ending 1,403,185 1,494,435 1,555,095
Unrealized Income (Loss) on Derivative Instruments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance beginning 16,603 27,990 (4,847)
Other comprehensive income before reclassification 12,002 5,293 32,317
Amount of income reclassified from accumulated other comprehensive income to net income (17,249) (16,680) 520
Other comprehensive (loss) income (5,247) (11,387) 32,837
Balance ending $ 11,356 $ 16,603 $ 27,990
v3.25.0.1
Stockholders' Equity - Reclassifications Out of AOCI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest rate swap contracts $ (42,657) $ (24,042) $ 7,978
Interest rate swaps | (Income) Loss Amounts Reclassified from Accumulated Other Comprehensive Income to Net Income (Loss) | Reclassification out of Accumulated Other Comprehensive Income (Loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest rate swap contracts $ (17,249) $ (16,680) $ 520
v3.25.0.1
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings:      
Net income (loss) attributable to common stockholders $ 42,657 $ 24,042 $ (7,978)
Less: Income allocated to participating securities (244) (118) 0
Net income (loss) used in basic earnings per share 42,413 23,924 (7,978)
Add back: Income allocated to participating securities 244 118 0
Net income (loss) used in diluted earnings per share $ 42,657 $ 24,042 $ (7,978)
Weighted Average Shares:      
Basic weighted average number of common shares outstanding (in shares) [1] 56,228,545 56,799,886 56,330,011
Diluted weighted average number of common shares outstanding (in shares) [1] 56,685,496 57,261,637 56,330,011
Net income (loss) per share attributable to common stockholders:      
Basic (in dollars per share) [1] $ 0.75 $ 0.42 $ (0.14)
Diluted (in dollars per share) [1] $ 0.75 $ 0.42 $ (0.14)
Share-Based Payment Arrangement      
Net income (loss) per share attributable to common stockholders:      
Anti-dilutive shares excluded from computation of earnings per share (in shares)     335,000
Restricted Stock      
Weighted Average Shares:      
Dilutive effect of weighted average shares (in shares) 324,032 280,408 0
Net income (loss) per share attributable to common stockholders:      
Potentially dilutive shares (in shares) 324,032 280,408 0
Performance DSUs      
Weighted Average Shares:      
Dilutive effect of weighted average shares (in shares) 132,919 181,343 0
Net income (loss) per share attributable to common stockholders:      
Potentially dilutive shares (in shares) 132,919 181,343 0
[1] Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1—"Organization and Business Operations" for additional information).
v3.25.0.1
Stock-based Compensation - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mar. 06, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of authorized and reserved shares of common stock under plan (in shares)       1,250,000
Number of authorized shares of common stock available for grant under plan (in shares) 534,247      
Accelerated stock-based compensation $ 936 $ 318 $ 402  
Stock-based compensation 5,850 6,284 4,180  
Fair value vested under A&R incentive plan 9,642 1,335 $ 1,434  
Restricted Class A Common Stock and Performance DSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized stock-based compensation expense $ 7,113 $ 6,807    
Unrecognized compensation expense, weighted average period of recognition 2 years 6 months 7 days      
Officers and Employees        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period under plan 4 years      
Director        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period under plan 1 year      
Officer        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance period 3 years      
v3.25.0.1
Stock-based Compensation - Schedule of Nonvested Shares of Restricted Common Stock and Performance DSU Activity (Details)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Restricted Class A Common Stock and Performance DSUs  
Shares  
Beginning balance (in shares) 504,626
Granted (in shares) 299,754
Vested (in shares) (356,421)
Forfeited (in shares) (34,480)
Adjustment to Performance DSUs (in shares) (24,712)
Ending balance (in shares) 388,767
Weighted-Average Grant-Date Fair Value Per Share  
Nonvested, beginning balance (in dollars per share) | $ / shares $ 0
Granted (in dollars per share) | $ / shares 20.96
Vested (in dollars per share) | $ / shares 0
Forfeitured (in dollars per share) | $ / shares 20.65
Adjustment to Performance DSUs (in dollars per share) | $ / shares 0
Nonvested, ending balance (in dollars per share) | $ / shares $ 20.99
Vested (in shares) 356,421
Performance DSUs  
Shares  
Vested (in shares) (64,595)
Weighted-Average Grant-Date Fair Value Per Share  
Vested (in shares) 64,595
v3.25.0.1
Income Taxes - Schedule of Characterization of Distributions Paid to Stockholders (Details) - Common Class A, I, T and T2 Shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]      
Ordinary dividends (as a percent) 62.79% 61.41% 40.94%
Capital gain distributions (as a percent) 0.00% 0.00% 0.00%
Nontaxable distributions (as a percent) 37.21% 38.59% 59.06%
Total (as a percent) 100.00% 100.00% 100.00%
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Impact related to uncertain tax positions from the results of operations $ 0 $ 0 $ 0
Interest expense or penalties related to unrecognized tax benefits $ 0    
v3.25.0.1
Commitments and Contingencies (Details)
$ in Thousands
Nov. 05, 2024
USD ($)
loan
Dec. 31, 2024
USD ($)
legal_proceeding
Loss Contingencies [Line Items]    
Number of mezzanine loans | loan 2  
Number of pending legal proceedings to which the company is a party | legal_proceeding   0
Unfunded Loan Commitment    
Loss Contingencies [Line Items]    
Mezzanine loans   $ 17,543
Upfront fee 2.00%  
Unfunded Loan Commitment | Covenant term one    
Loss Contingencies [Line Items]    
Interest rate 13.00%  
Additional fee percentage 1.00%  
Unfunded Loan Commitment | Covenant term two    
Loss Contingencies [Line Items]    
Interest rate 15.00%  
Additional fee percentage 1.00%  
Inpatient Rehabilitation Facility | Unfunded Loan Commitment    
Loss Contingencies [Line Items]    
Mezzanine loans $ 12,543  
Behavioral Healthcare Facility | Unfunded Loan Commitment    
Loss Contingencies [Line Items]    
Mezzanine loans $ 5,000  
v3.25.0.1
Subsequent Events (Details)
 12 Months Ended
Feb. 25, 2025
$ / shares
Feb. 18, 2025
USD ($)
extension
Mar. 20, 2024
extension
Dec. 31, 2024
$ / shares
Dec. 31, 2023
$ / shares
Dec. 31, 2022
$ / shares
Subsequent Event [Line Items]            
Distributions declared per common share (in dollars per share) | $ / shares       $ 1.47 $ 1.60 $ 1.60
Extension period     1 year      
Number of extensions | extension     2      
Subsequent Event            
Subsequent Event [Line Items]            
Distributions declared per common share (in dollars per share) | $ / shares $ 0.40          
Annualized distribution per share (in dollars per share) | $ / shares $ 1.60          
Revolving Line of Credit | Subsequent Event            
Subsequent Event [Line Items]            
Extension period   6 months        
Number of extensions | extension   2        
Revolving Line of Credit | Minimum            
Subsequent Event [Line Items]            
Commitment Fee Percentage       0.15%    
Revolving Line of Credit | Minimum | Subsequent Event            
Subsequent Event [Line Items]            
Commitment Fee Percentage   0.15%        
Revolving Line of Credit | Minimum | Base Rate | Subsequent Event            
Subsequent Event [Line Items]            
Margin range   0.25%        
Revolving Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) | Subsequent Event            
Subsequent Event [Line Items]            
Margin range   1.25%        
Revolving Line of Credit | Maximum            
Subsequent Event [Line Items]            
Commitment Fee Percentage       0.20%    
Revolving Line of Credit | Maximum | Subsequent Event            
Subsequent Event [Line Items]            
Commitment Fee Percentage   0.20%        
Revolving Line of Credit | Maximum | Base Rate | Subsequent Event            
Subsequent Event [Line Items]            
Margin range   0.90%        
Revolving Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) | Subsequent Event            
Subsequent Event [Line Items]            
Margin range   1.90%        
Revolving Line of Credit | Line of Credit | Subsequent Event            
Subsequent Event [Line Items]            
Line of credit Facility, maximum borrowing capacity | $   $ 1,500,000,000        
Revolving Line of Credit | Line of Credit | 2029 Variable Rate Line of Credit | Subsequent Event            
Subsequent Event [Line Items]            
Line of credit Facility, maximum borrowing capacity | $   600,000,000        
Revolving Line of Credit | Line of Credit | 2026 Variable rate revolving line of credit | Subsequent Event            
Subsequent Event [Line Items]            
Line of credit Facility, maximum borrowing capacity | $   $ 500,000,000        
v3.25.0.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost, Land 164,817      
Initial Cost, Buildings and Improvements 1,722,898      
Cost Capitalized Subsequent to Acquisition 96,929      
Gross Amount Carried at Close of Period, Land 160,743      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,823,901      
Gross Amount Carried at Close of Period, Total 1,984,644 $ 1,855,808 $ 2,089,200 $ 2,015,330
Accumulated Depreciation 277,024 $ 227,156 $ 209,118 $ 165,784
Houston Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 762      
Initial Cost, Buildings and Improvements 2,970      
Cost Capitalized Subsequent to Acquisition 106      
Gross Amount Carried at Close of Period, Land 762      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,076      
Gross Amount Carried at Close of Period, Total 3,838      
Accumulated Depreciation 1,061      
Cincinnati Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 356      
Initial Cost, Buildings and Improvements 3,167      
Cost Capitalized Subsequent to Acquisition 713      
Gross Amount Carried at Close of Period, Land 356      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,880      
Gross Amount Carried at Close of Period, Total 4,236      
Accumulated Depreciation 1,008      
Winston-Salem Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 684      
Initial Cost, Buildings and Improvements 4,903      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 684      
Gross Amount Carried at Close of Period, Buildings and Improvements 4,903      
Gross Amount Carried at Close of Period, Total 5,587      
Accumulated Depreciation 1,467      
Stoughton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 4,049      
Initial Cost, Buildings and Improvements 19,991      
Cost Capitalized Subsequent to Acquisition (13,054)      
Gross Amount Carried at Close of Period, Land 2,018      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,968      
Gross Amount Carried at Close of Period, Total 10,986      
Accumulated Depreciation 374      
Fort Worth Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 8,297      
Initial Cost, Buildings and Improvements 35,615      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 8,297      
Gross Amount Carried at Close of Period, Buildings and Improvements 35,615      
Gross Amount Carried at Close of Period, Total 43,912      
Accumulated Depreciation 9,376      
Fort Worth Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 367      
Initial Cost, Buildings and Improvements 1,587      
Cost Capitalized Subsequent to Acquisition 201      
Gross Amount Carried at Close of Period, Land 367      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,788      
Gross Amount Carried at Close of Period, Total 2,155      
Accumulated Depreciation 706      
Winter Haven Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 2,805      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,805      
Gross Amount Carried at Close of Period, Total 2,805      
Accumulated Depreciation 775      
Overland Park Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,558      
Initial Cost, Buildings and Improvements 20,549      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,558      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,549      
Gross Amount Carried at Close of Period, Total 22,107      
Accumulated Depreciation 5,334      
Clarion Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 462      
Initial Cost, Buildings and Improvements 5,377      
Cost Capitalized Subsequent to Acquisition 48      
Gross Amount Carried at Close of Period, Land 462      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,425      
Gross Amount Carried at Close of Period, Total 5,887      
Accumulated Depreciation 1,740      
Webster Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,858      
Initial Cost, Buildings and Improvements 20,140      
Cost Capitalized Subsequent to Acquisition (260)      
Gross Amount Carried at Close of Period, Land 1,598      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,140      
Gross Amount Carried at Close of Period, Total 21,738      
Accumulated Depreciation 5,039      
Augusta Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 556      
Initial Cost, Buildings and Improvements 14,401      
Cost Capitalized Subsequent to Acquisition 103      
Gross Amount Carried at Close of Period, Land 556      
Gross Amount Carried at Close of Period, Buildings and Improvements 14,504      
Gross Amount Carried at Close of Period, Total 15,060      
Accumulated Depreciation 3,867      
Cincinnati Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 446      
Initial Cost, Buildings and Improvements 10,239      
Cost Capitalized Subsequent to Acquisition 4      
Gross Amount Carried at Close of Period, Land 446      
Gross Amount Carried at Close of Period, Buildings and Improvements 10,243      
Gross Amount Carried at Close of Period, Total 10,689      
Accumulated Depreciation 2,576      
Florence Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 650      
Initial Cost, Buildings and Improvements 9,919      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 650      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,919      
Gross Amount Carried at Close of Period, Total 10,569      
Accumulated Depreciation 2,485      
Oakland Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 229      
Initial Cost, Buildings and Improvements 5,416      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 229      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,416      
Gross Amount Carried at Close of Period, Total 5,645      
Accumulated Depreciation 1,566      
Wyomissing Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,504      
Initial Cost, Buildings and Improvements 20,193      
Cost Capitalized Subsequent to Acquisition 1,650      
Gross Amount Carried at Close of Period, Land 1,504      
Gross Amount Carried at Close of Period, Buildings and Improvements 21,843      
Gross Amount Carried at Close of Period, Total 23,347      
Accumulated Depreciation 5,173      
Luling Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 824      
Initial Cost, Buildings and Improvements 7,530      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 824      
Gross Amount Carried at Close of Period, Buildings and Improvements 7,530      
Gross Amount Carried at Close of Period, Total 8,354      
Accumulated Depreciation 1,914      
Omaha Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,259      
Initial Cost, Buildings and Improvements 9,796      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,259      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,796      
Gross Amount Carried at Close of Period, Total 11,055      
Accumulated Depreciation 2,370      
Sherman Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,679      
Initial Cost, Buildings and Improvements 23,926      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,679      
Gross Amount Carried at Close of Period, Buildings and Improvements 23,926      
Gross Amount Carried at Close of Period, Total 25,605      
Accumulated Depreciation 5,672      
Sherman Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 214      
Initial Cost, Buildings and Improvements 3,209      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 214      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,209      
Gross Amount Carried at Close of Period, Total 3,423      
Accumulated Depreciation 768      
Fort Worth Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,120      
Initial Cost, Buildings and Improvements 9,312      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 3,120      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,312      
Gross Amount Carried at Close of Period, Total 12,432      
Accumulated Depreciation 2,216      
Oklahoma City Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 4,626      
Initial Cost, Buildings and Improvements 30,509      
Cost Capitalized Subsequent to Acquisition 99      
Gross Amount Carried at Close of Period, Land 4,626      
Gross Amount Carried at Close of Period, Buildings and Improvements 30,608      
Gross Amount Carried at Close of Period, Total 35,234      
Accumulated Depreciation 7,497      
Oklahoma City Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 991      
Initial Cost, Buildings and Improvements 8,366      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 991      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,366      
Gross Amount Carried at Close of Period, Total 9,357      
Accumulated Depreciation 2,184      
Edmond Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 796      
Initial Cost, Buildings and Improvements 3,199      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 796      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,199      
Gross Amount Carried at Close of Period, Total 3,995      
Accumulated Depreciation 843      
Oklahoma City Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 452      
Initial Cost, Buildings and Improvements 1,081      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 452      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,081      
Gross Amount Carried at Close of Period, Total 1,533      
Accumulated Depreciation 293      
Oklahoma City Healthcare Facility IV        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 368      
Initial Cost, Buildings and Improvements 2,344      
Cost Capitalized Subsequent to Acquisition 28      
Gross Amount Carried at Close of Period, Land 368      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,372      
Gross Amount Carried at Close of Period, Total 2,740      
Accumulated Depreciation 621      
Newcastle Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 412      
Initial Cost, Buildings and Improvements 1,173      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 412      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,173      
Gross Amount Carried at Close of Period, Total 1,585      
Accumulated Depreciation 316      
Oklahoma City Healthcare Facility V        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 541      
Initial Cost, Buildings and Improvements 12,445      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 541      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,445      
Gross Amount Carried at Close of Period, Total 12,986      
Accumulated Depreciation 3,258      
Rancho Mirage Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,724      
Initial Cost, Buildings and Improvements 7,626      
Cost Capitalized Subsequent to Acquisition 29,843      
Gross Amount Carried at Close of Period, Land 2,725      
Gross Amount Carried at Close of Period, Buildings and Improvements 37,468      
Gross Amount Carried at Close of Period, Total 40,193      
Accumulated Depreciation 5,971      
Oklahoma City Healthcare Facility VI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 896      
Initial Cost, Buildings and Improvements 3,684      
Cost Capitalized Subsequent to Acquisition 84      
Gross Amount Carried at Close of Period, Land 896      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,768      
Gross Amount Carried at Close of Period, Total 4,664      
Accumulated Depreciation 993      
Oklahoma City Healthcare Facility VII        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,203      
Initial Cost, Buildings and Improvements 32,380      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 3,203      
Gross Amount Carried at Close of Period, Buildings and Improvements 32,380      
Gross Amount Carried at Close of Period, Total 35,583      
Accumulated Depreciation 7,258      
Las Vegas Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,614      
Initial Cost, Buildings and Improvements 639      
Cost Capitalized Subsequent to Acquisition 22,091      
Gross Amount Carried at Close of Period, Land 2,895      
Gross Amount Carried at Close of Period, Buildings and Improvements 22,449      
Gross Amount Carried at Close of Period, Total 25,344      
Accumulated Depreciation 4,170      
Oklahoma City Healthcare Facility VIII        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,002      
Initial Cost, Buildings and Improvements 15,384      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,002      
Gross Amount Carried at Close of Period, Buildings and Improvements 15,384      
Gross Amount Carried at Close of Period, Total 17,386      
Accumulated Depreciation 3,402      
Marlton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 57,154      
Cost Capitalized Subsequent to Acquisition 5      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 57,159      
Gross Amount Carried at Close of Period, Total 57,159      
Accumulated Depreciation 11,614      
Grand Rapids Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,533      
Initial Cost, Buildings and Improvements 39,487      
Cost Capitalized Subsequent to Acquisition 1,655      
Gross Amount Carried at Close of Period, Land 2,533      
Gross Amount Carried at Close of Period, Buildings and Improvements 41,142      
Gross Amount Carried at Close of Period, Total 43,675      
Accumulated Depreciation 9,403      
Corpus Christi Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 975      
Initial Cost, Buildings and Improvements 4,963      
Cost Capitalized Subsequent to Acquisition 818      
Gross Amount Carried at Close of Period, Land 1,002      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,754      
Gross Amount Carried at Close of Period, Total 6,756      
Accumulated Depreciation 1,337      
Aurora Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 973      
Initial Cost, Buildings and Improvements 9,632      
Cost Capitalized Subsequent to Acquisition 280      
Gross Amount Carried at Close of Period, Land 973      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,912      
Gross Amount Carried at Close of Period, Total 10,885      
Accumulated Depreciation 2,029      
Allen Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 857      
Initial Cost, Buildings and Improvements 20,582      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 857      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,582      
Gross Amount Carried at Close of Period, Total 21,439      
Accumulated Depreciation 4,317      
Austin Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,368      
Initial Cost, Buildings and Improvements 32,039      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,368      
Gross Amount Carried at Close of Period, Buildings and Improvements 32,039      
Gross Amount Carried at Close of Period, Total 33,407      
Accumulated Depreciation 6,721      
Beaumont Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 946      
Initial Cost, Buildings and Improvements 8,372      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 946      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,372      
Gross Amount Carried at Close of Period, Total 9,318      
Accumulated Depreciation 1,766      
San Antonio Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,813      
Initial Cost, Buildings and Improvements 11,706      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,813      
Gross Amount Carried at Close of Period, Buildings and Improvements 11,706      
Gross Amount Carried at Close of Period, Total 13,519      
Accumulated Depreciation 2,394      
Silverdale Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,530      
Initial Cost, Buildings and Improvements 7,506      
Cost Capitalized Subsequent to Acquisition 71      
Gross Amount Carried at Close of Period, Land 1,530      
Gross Amount Carried at Close of Period, Buildings and Improvements 7,577      
Gross Amount Carried at Close of Period, Total 9,107      
Accumulated Depreciation 1,706      
Silverdale Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,542      
Initial Cost, Buildings and Improvements 4,981      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,542      
Gross Amount Carried at Close of Period, Buildings and Improvements 4,981      
Gross Amount Carried at Close of Period, Total 6,523      
Accumulated Depreciation 1,219      
Saginaw Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,251      
Initial Cost, Buildings and Improvements 15,878      
Cost Capitalized Subsequent to Acquisition 235      
Gross Amount Carried at Close of Period, Land 1,251      
Gross Amount Carried at Close of Period, Buildings and Improvements 16,113      
Gross Amount Carried at Close of Period, Total 17,364      
Accumulated Depreciation 4,110      
Carrollton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,995      
Initial Cost, Buildings and Improvements 5,870      
Cost Capitalized Subsequent to Acquisition 56      
Gross Amount Carried at Close of Period, Land 1,995      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,926      
Gross Amount Carried at Close of Period, Total 7,921      
Accumulated Depreciation 1,116      
Katy Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,443      
Initial Cost, Buildings and Improvements 12,114      
Cost Capitalized Subsequent to Acquisition 36      
Gross Amount Carried at Close of Period, Land 1,443      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,150      
Gross Amount Carried at Close of Period, Total 13,593      
Accumulated Depreciation 2,062      
Indianola Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 330      
Initial Cost, Buildings and Improvements 5,698      
Cost Capitalized Subsequent to Acquisition 132      
Gross Amount Carried at Close of Period, Land 330      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,830      
Gross Amount Carried at Close of Period, Total 6,160      
Accumulated Depreciation 988      
Indianola Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 709      
Initial Cost, Buildings and Improvements 6,061      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 709      
Gross Amount Carried at Close of Period, Buildings and Improvements 6,061      
Gross Amount Carried at Close of Period, Total 6,770      
Accumulated Depreciation 1,075      
Benton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 19,048      
Cost Capitalized Subsequent to Acquisition 231      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 19,279      
Gross Amount Carried at Close of Period, Total 19,279      
Accumulated Depreciation 3,215      
Benton Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 1,647      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,647      
Gross Amount Carried at Close of Period, Total 1,647      
Accumulated Depreciation 309      
Bryant Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 930      
Initial Cost, Buildings and Improvements 3,539      
Cost Capitalized Subsequent to Acquisition 28      
Gross Amount Carried at Close of Period, Land 930      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,567      
Gross Amount Carried at Close of Period, Total 4,497      
Accumulated Depreciation 664      
Hot Springs Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 384      
Initial Cost, Buildings and Improvements 2,077      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 384      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,077      
Gross Amount Carried at Close of Period, Total 2,461      
Accumulated Depreciation 399      
Clive Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 336      
Initial Cost, Buildings and Improvements 22,332      
Cost Capitalized Subsequent to Acquisition 169      
Gross Amount Carried at Close of Period, Land 336      
Gross Amount Carried at Close of Period, Buildings and Improvements 22,501      
Gross Amount Carried at Close of Period, Total 22,837      
Accumulated Depreciation 4,355      
Valdosta Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 659      
Initial Cost, Buildings and Improvements 5,626      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 659      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,626      
Gross Amount Carried at Close of Period, Total 6,285      
Accumulated Depreciation 1,084      
Valdosta Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 471      
Initial Cost, Buildings and Improvements 2,780      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 471      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,780      
Gross Amount Carried at Close of Period, Total 3,251      
Accumulated Depreciation 544      
Bryant Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 647      
Initial Cost, Buildings and Improvements 3,364      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 647      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,364      
Gross Amount Carried at Close of Period, Total 4,011      
Accumulated Depreciation 515      
Laredo Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 12,137      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,137      
Gross Amount Carried at Close of Period, Total 12,137      
Accumulated Depreciation 1,741      
Laredo Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 23,677      
Cost Capitalized Subsequent to Acquisition 83      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 23,760      
Gross Amount Carried at Close of Period, Total 23,760      
Accumulated Depreciation 3,476      
Poplar Bluff Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 13,515      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 13,515      
Gross Amount Carried at Close of Period, Total 13,515      
Accumulated Depreciation 1,948      
Tucson Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 5,998      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,998      
Gross Amount Carried at Close of Period, Total 5,998      
Accumulated Depreciation 869      
Akron Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,503      
Initial Cost, Buildings and Improvements 38,512      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 3,503      
Gross Amount Carried at Close of Period, Buildings and Improvements 38,512      
Gross Amount Carried at Close of Period, Total 42,015      
Accumulated Depreciation 5,346      
Akron Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,085      
Initial Cost, Buildings and Improvements 10,277      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,085      
Gross Amount Carried at Close of Period, Buildings and Improvements 10,277      
Gross Amount Carried at Close of Period, Total 11,362      
Accumulated Depreciation 1,714      
Akron Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,206      
Initial Cost, Buildings and Improvements 26,044      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,206      
Gross Amount Carried at Close of Period, Buildings and Improvements 26,044      
Gross Amount Carried at Close of Period, Total 28,250      
Accumulated Depreciation 3,494      
Alexandria Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 5,076      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,076      
Gross Amount Carried at Close of Period, Total 5,076      
Accumulated Depreciation 680      
Appleton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 414      
Initial Cost, Buildings and Improvements 1,900      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 414      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,900      
Gross Amount Carried at Close of Period, Total 2,314      
Accumulated Depreciation 338      
Austin Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,229      
Initial Cost, Buildings and Improvements 7,534      
Cost Capitalized Subsequent to Acquisition (2,806)      
Gross Amount Carried at Close of Period, Land 2,196      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,761      
Gross Amount Carried at Close of Period, Total 7,957      
Accumulated Depreciation 793      
Bellevue Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 567      
Initial Cost, Buildings and Improvements 1,269      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 567      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,269      
Gross Amount Carried at Close of Period, Total 1,836      
Accumulated Depreciation 234      
Bonita Springs Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,199      
Initial Cost, Buildings and Improvements 4,373      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,199      
Gross Amount Carried at Close of Period, Buildings and Improvements 4,373      
Gross Amount Carried at Close of Period, Total 5,572      
Accumulated Depreciation 603      
Bridgeton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 39,740      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 39,740      
Gross Amount Carried at Close of Period, Total 39,740      
Accumulated Depreciation 5,308      
Covington Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,238      
Initial Cost, Buildings and Improvements 16,635      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,238      
Gross Amount Carried at Close of Period, Buildings and Improvements 16,635      
Gross Amount Carried at Close of Period, Total 18,873      
Accumulated Depreciation 2,211      
Crestview Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 400      
Initial Cost, Buildings and Improvements 1,536      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 400      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,536      
Gross Amount Carried at Close of Period, Total 1,936      
Accumulated Depreciation 236      
Dallas Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 6,072      
Initial Cost, Buildings and Improvements 27,457      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 6,072      
Gross Amount Carried at Close of Period, Buildings and Improvements 27,457      
Gross Amount Carried at Close of Period, Total 33,529      
Accumulated Depreciation 3,589      
De Pere Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 615      
Initial Cost, Buildings and Improvements 1,596      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 615      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,596      
Gross Amount Carried at Close of Period, Total 2,211      
Accumulated Depreciation 285      
Denver Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,586      
Initial Cost, Buildings and Improvements 32,363      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 3,586      
Gross Amount Carried at Close of Period, Buildings and Improvements 32,363      
Gross Amount Carried at Close of Period, Total 35,949      
Accumulated Depreciation 4,363      
El Segundo Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,659      
Initial Cost, Buildings and Improvements 9,016      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,659      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,016      
Gross Amount Carried at Close of Period, Total 11,675      
Accumulated Depreciation 1,214      
Fairlea Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 139      
Initial Cost, Buildings and Improvements 1,910      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 139      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,910      
Gross Amount Carried at Close of Period, Total 2,049      
Accumulated Depreciation 272      
Fayetteville Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 485      
Initial Cost, Buildings and Improvements 24,855      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 485      
Gross Amount Carried at Close of Period, Buildings and Improvements 24,855      
Gross Amount Carried at Close of Period, Total 25,340      
Accumulated Depreciation 3,303      
Fort Walton Beach Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 385      
Initial Cost, Buildings and Improvements 3,182      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 385      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,182      
Gross Amount Carried at Close of Period, Total 3,567      
Accumulated Depreciation 450      
Frankfort Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 342      
Initial Cost, Buildings and Improvements 950      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 342      
Gross Amount Carried at Close of Period, Buildings and Improvements 950      
Gross Amount Carried at Close of Period, Total 1,292      
Accumulated Depreciation 151      
Frisco Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 22,114      
Cost Capitalized Subsequent to Acquisition 4,783      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 26,897      
Gross Amount Carried at Close of Period, Total 26,897      
Accumulated Depreciation 4,853      
Goshen Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 383      
Initial Cost, Buildings and Improvements 5,355      
Cost Capitalized Subsequent to Acquisition 11      
Gross Amount Carried at Close of Period, Land 383      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,366      
Gross Amount Carried at Close of Period, Total 5,749      
Accumulated Depreciation 786      
Hammond Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,693      
Initial Cost, Buildings and Improvements 23,750      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,693      
Gross Amount Carried at Close of Period, Buildings and Improvements 23,750      
Gross Amount Carried at Close of Period, Total 26,443      
Accumulated Depreciation 3,277      
Hammond Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 950      
Initial Cost, Buildings and Improvements 12,147      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 950      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,147      
Gross Amount Carried at Close of Period, Total 13,097      
Accumulated Depreciation 1,657      
Henderson Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 839      
Initial Cost, Buildings and Improvements 2,390      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 839      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,390      
Gross Amount Carried at Close of Period, Total 3,229      
Accumulated Depreciation 352      
Houston Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 752      
Initial Cost, Buildings and Improvements 5,832      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 752      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,832      
Gross Amount Carried at Close of Period, Total 6,584      
Accumulated Depreciation 781      
Howard Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 529      
Initial Cost, Buildings and Improvements 1,818      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 529      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,818      
Gross Amount Carried at Close of Period, Total 2,347      
Accumulated Depreciation 325      
Jacksonville Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,233      
Initial Cost, Buildings and Improvements 6,173      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,233      
Gross Amount Carried at Close of Period, Buildings and Improvements 6,173      
Gross Amount Carried at Close of Period, Total 7,406      
Accumulated Depreciation 876      
Lafayette Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 4,819      
Initial Cost, Buildings and Improvements 35,424      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 4,819      
Gross Amount Carried at Close of Period, Buildings and Improvements 35,424      
Gross Amount Carried at Close of Period, Total 40,243      
Accumulated Depreciation 4,785      
Lakewood Ranch Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 636      
Initial Cost, Buildings and Improvements 1,784      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 636      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,784      
Gross Amount Carried at Close of Period, Total 2,420      
Accumulated Depreciation 321      
Las Vegas Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 651      
Initial Cost, Buildings and Improvements 5,323      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 651      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,323      
Gross Amount Carried at Close of Period, Total 5,974      
Accumulated Depreciation 747      
Lehigh Acres Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 441      
Initial Cost, Buildings and Improvements 2,956      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 441      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,956      
Gross Amount Carried at Close of Period, Total 3,397      
Accumulated Depreciation 435      
Lubbock Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 5,210      
Initial Cost, Buildings and Improvements 39,939      
Cost Capitalized Subsequent to Acquisition 20      
Gross Amount Carried at Close of Period, Land 5,210      
Gross Amount Carried at Close of Period, Buildings and Improvements 39,959      
Gross Amount Carried at Close of Period, Total 45,169      
Accumulated Depreciation 5,301      
Manitowoc Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 257      
Initial Cost, Buildings and Improvements 1,733      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 257      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,733      
Gross Amount Carried at Close of Period, Total 1,990      
Accumulated Depreciation 298      
Manitowoc Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 250      
Initial Cost, Buildings and Improvements 11,231      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 250      
Gross Amount Carried at Close of Period, Buildings and Improvements 11,231      
Gross Amount Carried at Close of Period, Total 11,481      
Accumulated Depreciation 1,635      
Marinette Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 208      
Initial Cost, Buildings and Improvements 1,002      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 208      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,002      
Gross Amount Carried at Close of Period, Total 1,210      
Accumulated Depreciation 178      
New Braunfels Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,568      
Initial Cost, Buildings and Improvements 11,386      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,568      
Gross Amount Carried at Close of Period, Buildings and Improvements 11,386      
Gross Amount Carried at Close of Period, Total 13,954      
Accumulated Depreciation 1,533      
North Smithfield Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,309      
Initial Cost, Buildings and Improvements 14,024      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,309      
Gross Amount Carried at Close of Period, Buildings and Improvements 14,024      
Gross Amount Carried at Close of Period, Total 15,333      
Accumulated Depreciation 1,994      
Oklahoma City Healthcare Facility IX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,316      
Initial Cost, Buildings and Improvements 9,822      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,316      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,822      
Gross Amount Carried at Close of Period, Total 11,138      
Accumulated Depreciation 1,510      
Oshkosh Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 414      
Initial Cost, Buildings and Improvements 2,043      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 414      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,043      
Gross Amount Carried at Close of Period, Total 2,457      
Accumulated Depreciation 339      
Palm Desert Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 582      
Initial Cost, Buildings and Improvements 5,927      
Cost Capitalized Subsequent to Acquisition 27      
Gross Amount Carried at Close of Period, Land 582      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,954      
Gross Amount Carried at Close of Period, Total 6,536      
Accumulated Depreciation 885      
Rancho Mirage Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,286      
Initial Cost, Buildings and Improvements 5,481      
Cost Capitalized Subsequent to Acquisition (3,767)      
Gross Amount Carried at Close of Period, Land 1,227      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,773      
Gross Amount Carried at Close of Period, Total 4,000      
Accumulated Depreciation 88      
San Antonio Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,824      
Initial Cost, Buildings and Improvements 22,809      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,824      
Gross Amount Carried at Close of Period, Buildings and Improvements 22,809      
Gross Amount Carried at Close of Period, Total 24,633      
Accumulated Depreciation 3,010      
San Antonio Healthcare Facility IV        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 31,694      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 31,694      
Gross Amount Carried at Close of Period, Total 31,694      
Accumulated Depreciation 4,182      
San Antonio Healthcare Facility V        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,273      
Initial Cost, Buildings and Improvements 19,697      
Cost Capitalized Subsequent to Acquisition 1,202      
Gross Amount Carried at Close of Period, Land 3,273      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,899      
Gross Amount Carried at Close of Period, Total 24,172      
Accumulated Depreciation 3,092      
Santa Rosa Beach Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 741      
Initial Cost, Buildings and Improvements 3,049      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 741      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,049      
Gross Amount Carried at Close of Period, Total 3,790      
Accumulated Depreciation 404      
Savannah Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,300      
Initial Cost, Buildings and Improvements 20,186      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,300      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,186      
Gross Amount Carried at Close of Period, Total 22,486      
Accumulated Depreciation 2,683      
Sturgeon Bay Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 248      
Initial Cost, Buildings and Improvements 700      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 248      
Gross Amount Carried at Close of Period, Buildings and Improvements 700      
Gross Amount Carried at Close of Period, Total 948      
Accumulated Depreciation 136      
Victoria Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 328      
Initial Cost, Buildings and Improvements 12,908      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 328      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,908      
Gross Amount Carried at Close of Period, Total 13,236      
Accumulated Depreciation 1,750      
Victoria Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 446      
Initial Cost, Buildings and Improvements 12,986      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 446      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,986      
Gross Amount Carried at Close of Period, Total 13,432      
Accumulated Depreciation 1,744      
Wilkes-Barre Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 821      
Initial Cost, Buildings and Improvements 4,139      
Cost Capitalized Subsequent to Acquisition 9      
Gross Amount Carried at Close of Period, Land 821      
Gross Amount Carried at Close of Period, Buildings and Improvements 4,148      
Gross Amount Carried at Close of Period, Total 4,969      
Accumulated Depreciation 620      
Tucson Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 0      
Cost Capitalized Subsequent to Acquisition 25,324      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 25,324      
Gross Amount Carried at Close of Period, Total 25,324      
Accumulated Depreciation 2,369      
Tucson Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,763      
Initial Cost, Buildings and Improvements 0      
Cost Capitalized Subsequent to Acquisition 8,177      
Gross Amount Carried at Close of Period, Land 1,763      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,177      
Gross Amount Carried at Close of Period, Total 9,940      
Accumulated Depreciation 1,297      
Grimes Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 831      
Initial Cost, Buildings and Improvements 3,690      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 831      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,690      
Gross Amount Carried at Close of Period, Total 4,521      
Accumulated Depreciation 524      
Tampa Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 10,297      
Cost Capitalized Subsequent to Acquisition 106      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 10,403      
Gross Amount Carried at Close of Period, Total 10,403      
Accumulated Depreciation 1,493      
Tucson Healthcare Facility IV        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 58      
Cost Capitalized Subsequent to Acquisition 18,057      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 18,115      
Gross Amount Carried at Close of Period, Total 18,115      
Accumulated Depreciation 2,062      
Greenwood Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,603      
Initial Cost, Buildings and Improvements 22,588      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,603      
Gross Amount Carried at Close of Period, Buildings and Improvements 22,588      
Gross Amount Carried at Close of Period, Total 24,191      
Accumulated Depreciation 2,179      
Clive Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,555      
Initial Cost, Buildings and Improvements 17,898      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,555      
Gross Amount Carried at Close of Period, Buildings and Improvements 17,898      
Gross Amount Carried at Close of Period, Total 19,453      
Accumulated Depreciation 1,599      
Clive Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 843      
Initial Cost, Buildings and Improvements 12,299      
Cost Capitalized Subsequent to Acquisition 57      
Gross Amount Carried at Close of Period, Land 843      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,356      
Gross Amount Carried at Close of Period, Total 13,199      
Accumulated Depreciation 949      
Clive Healthcare Facility IV        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 720      
Initial Cost, Buildings and Improvements 7,863      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 720      
Gross Amount Carried at Close of Period, Buildings and Improvements 7,863      
Gross Amount Carried at Close of Period, Total 8,583      
Accumulated Depreciation 743      
Clive Undeveloped Land        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,061      
Initial Cost, Buildings and Improvements 0      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,061      
Gross Amount Carried at Close of Period, Buildings and Improvements 0      
Gross Amount Carried at Close of Period, Total 1,061      
Accumulated Depreciation 0      
Clive Undeveloped Land II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 460      
Initial Cost, Buildings and Improvements 0      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 460      
Gross Amount Carried at Close of Period, Buildings and Improvements 0      
Gross Amount Carried at Close of Period, Total 460      
Accumulated Depreciation 0      
Yukon Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,288      
Initial Cost, Buildings and Improvements 16,779      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,288      
Gross Amount Carried at Close of Period, Buildings and Improvements 16,779      
Gross Amount Carried at Close of Period, Total 18,067      
Accumulated Depreciation 1,301      
Cave Creek Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 922      
Initial Cost, Buildings and Improvements 12,905      
Cost Capitalized Subsequent to Acquisition 28      
Gross Amount Carried at Close of Period, Land 922      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,933      
Gross Amount Carried at Close of Period, Total 13,855      
Accumulated Depreciation 1,134      
Prosser Healthcare Facility I        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 282      
Initial Cost, Buildings and Improvements 1,933      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 282      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,933      
Gross Amount Carried at Close of Period, Total 2,215      
Accumulated Depreciation 169      
Prosser Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 95      
Initial Cost, Buildings and Improvements 3,374      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 95      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,374      
Gross Amount Carried at Close of Period, Total 3,469      
Accumulated Depreciation 285      
Prosser Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 59      
Initial Cost, Buildings and Improvements 2,070      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 59      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,070      
Gross Amount Carried at Close of Period, Total 2,129      
Accumulated Depreciation 173      
Tampa Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 47,042      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 47,042      
Gross Amount Carried at Close of Period, Total 47,042      
Accumulated Depreciation 3,070      
Escondido Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 57,675      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 57,675      
Gross Amount Carried at Close of Period, Total 57,675      
Accumulated Depreciation 3,646      
West Palm Beach Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,064      
Initial Cost, Buildings and Improvements 7,011      
Cost Capitalized Subsequent to Acquisition 171      
Gross Amount Carried at Close of Period, Land 2,064      
Gross Amount Carried at Close of Period, Buildings and Improvements 7,182      
Gross Amount Carried at Close of Period, Total 9,246      
Accumulated Depreciation 306      
Burr Ridge Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 4,828      
Initial Cost, Buildings and Improvements 46,152      
Cost Capitalized Subsequent to Acquisition 75      
Gross Amount Carried at Close of Period, Land 4,828      
Gross Amount Carried at Close of Period, Buildings and Improvements 46,227      
Gross Amount Carried at Close of Period, Total 51,055      
Accumulated Depreciation 1,716      
Brownsburg Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,520      
Initial Cost, Buildings and Improvements 32,417      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,520      
Gross Amount Carried at Close of Period, Buildings and Improvements 32,417      
Gross Amount Carried at Close of Period, Total 33,937      
Accumulated Depreciation 918      
Cave Creek Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,963      
Initial Cost, Buildings and Improvements 15,037      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,963      
Gross Amount Carried at Close of Period, Buildings and Improvements 15,037      
Gross Amount Carried at Close of Period, Total 17,000      
Accumulated Depreciation 445      
Marana Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,371      
Initial Cost, Buildings and Improvements 12,860      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,371      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,860      
Gross Amount Carried at Close of Period, Total 14,231      
Accumulated Depreciation 396      
Surprise Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,007      
Initial Cost, Buildings and Improvements 14,348      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,007      
Gross Amount Carried at Close of Period, Buildings and Improvements 14,348      
Gross Amount Carried at Close of Period, Total 16,355      
Accumulated Depreciation 424      
Tucson Healthcare Facility V        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 791      
Initial Cost, Buildings and Improvements 13,260      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 791      
Gross Amount Carried at Close of Period, Buildings and Improvements 13,260      
Gross Amount Carried at Close of Period, Total 14,051      
Accumulated Depreciation 404      
Weslaco Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,169      
Initial Cost, Buildings and Improvements 12,659      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,169      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,659      
Gross Amount Carried at Close of Period, Total 13,828      
Accumulated Depreciation 383      
Reading Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 9,847      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,847      
Gross Amount Carried at Close of Period, Total 9,847      
Accumulated Depreciation 201      
Fort Smith Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 25,131      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 25,131      
Gross Amount Carried at Close of Period, Total 25,131      
Accumulated Depreciation $ 408      
v3.25.0.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - NARRATIVE) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]    
Number of properties collateralized under line of credit facility | property 112  
Total credit facility, principal amount outstanding $ 525,000 $ 525,000
Aggregated cost for federal income tax purposes $ 2,121,973  
Minimum    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]    
Life used for depreciation 15 years  
Maximum    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]    
Life used for depreciation 40 years  
v3.25.0.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - ROLLFORWARD) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at beginning of year $ 1,855,808 $ 2,089,200 $ 2,015,330
Acquisitions 144,380 60,055 144,424
Improvements 3,628 1,727 4,735
Other adjustments 0 0 182
Impairment (794) (28,651) (53,230)
Dispositions (18,118) (266,523) (22,241)
Other adjustments (260) 0 0
Balance at end of year 1,984,644 1,855,808 2,089,200
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]      
Balance at beginning of year (227,156) (209,118) (165,784)
Depreciation (50,410) (52,404) (51,584)
Impairment 376 8,409 8,250
Dispositions 166 25,957 0
Other adjustments 0 0 0
Balance at end of year $ (277,024) $ (227,156) $ (209,118)