SILA REALTY TRUST, INC., 10-K filed on 3/24/2021
Annual Report
v3.21.1
Cover - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Mar. 19, 2021
Jun. 30, 2020
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2020    
Document Transition Report false    
Entity File Number 000-55435    
Entity Registrant Name SILA REALTY TRUST, INC.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 46-1854011    
Entity Address, Address Line One 4890 West Kennedy Blvd.    
Entity Address, Address Line Two Suite 650    
Entity Address, City or Town Tampa    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33609    
City Area Code 813    
Local Phone Number 287-0101    
Title of 12(g) Security Common stock, par value $0.01 per share    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag false    
Entity Shell Company false    
Documents Incorporated by Reference Portions of Registrant’s proxy statement for the 2021 annual stockholders meeting, which is expected to be filed no later than April 30, 2021, are incorporated by reference in Part III. Items 10, 11, 12, 13 and 14.    
Amendment Flag false    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001567925    
No Trading Symbol Flag true    
Class A      
Entity Public Float     $ 1,433,644
Entity Common Stock, Shares Outstanding (in shares)   166,838  
Class I      
Entity Public Float     108,053
Entity Common Stock, Shares Outstanding (in shares)   12,766  
Class T      
Entity Public Float     337,933
Entity Common Stock, Shares Outstanding (in shares)   39,682  
Class T2      
Entity Public Float     $ 29,952
Entity Common Stock, Shares Outstanding (in shares)   3,427  
v3.21.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Real estate:    
Land $ 335,678 $ 343,444
Buildings and improvements, less accumulated depreciation of $197,134 and $128,304, respectively 2,338,914 2,422,102
Construction in progress 19,232 2,916
Total real estate, net 2,693,824 2,768,462
Cash and cash equivalents 53,174 69,342
Acquired intangible assets, less accumulated amortization of $90,730 and $64,164, respectively 246,761 285,459
Goodwill 39,529 0
Right-of-use assets - operating leases 29,751 29,537
Right-of-use assets - finance leases 2,527 0
Notes receivable, net 31,262 2,700
Other assets, net 108,461 84,034
Total assets 3,205,289 3,239,534
Liabilities:    
Notes payable, net of deferred financing costs of $1,805 and $2,500, respectively 451,617 454,845
Credit facility, net of deferred financing costs of $5,900 and $7,385, respectively 932,100 900,615
Accounts payable due to affiliates 0 9,759
Accounts payable and other liabilities 80,246 45,354
Acquired intangible liabilities, less accumulated amortization of $13,924 and $12,332, respectively 52,560 59,538
Operating lease liabilities 32,050 31,004
Finance lease liabilities 2,843 0
Total liabilities 1,551,416 1,501,115
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; 234,957,801 and 231,416,123 shares issued, respectively; 222,045,522 and 221,912,714 shares outstanding, respectively 2,220 2,219
Additional paid-in capital 1,983,361 1,981,848
Accumulated distributions in excess of earnings (311,264) (240,946)
Accumulated other comprehensive loss (20,444) (4,704)
Total stockholders’ equity 1,653,873 1,738,417
Noncontrolling interests 0 2
Total equity 1,653,873 1,738,419
Total liabilities and stockholders’ equity $ 3,205,289 $ 3,239,534
v3.21.1
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Buildings and improvements, accumulated depreciation $ 197,134 $ 128,304
Acquired intangible assets, accumulated amortization 90,730 64,164
Notes payable, deferred financing costs 1,805 2,500
Credit facility, deferred financing costs 5,900 7,385
Acquired intangible liabilities, accumulated amortization $ 13,924 $ 12,332
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) 234,957,801 231,416,123
Common stock, shares outstanding (in shares) 222,045,522 221,912,714
v3.21.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenue:      
Rental revenue $ 276,536 $ 210,901 $ 177,333
Expenses:      
Rental expenses 43,533 40,984 37,327
General and administrative expenses 16,681 8,421 5,396
Internalization transaction expenses 3,640 0 0
Asset management fees 17,914 16,475 13,114
Depreciation and amortization 105,483 74,104 58,258
Impairment loss on real estate 0 21,000 0
Total expenses 187,251 160,984 114,095
Gain on real estate dispositions 3,142 79 0
Income from operations 92,427 49,996 63,238
Interest and other expense, net 55,651 47,214 34,365
Net income attributable to common stockholders 36,776 2,782 28,873
Other comprehensive (loss) income:      
Unrealized (loss) income on interest rate swaps, net (15,740) (10,907) 2,390
Other comprehensive (loss) income (15,740) (10,907) 2,390
Comprehensive income (loss) attributable to common stockholders $ 21,036 $ (8,125) $ 31,263
Weighted average number of common shares outstanding:      
Basic (in shares) 221,436,617 157,247,345 131,040,645
Diluted (in shares) 221,622,444 157,271,668 131,064,388
Net income per common share attributable to common stockholders:      
Basic (in dollars per share) $ 0.17 $ 0.02 $ 0.22
Diluted (in dollars per share) $ 0.17 $ 0.02 $ 0.22
v3.21.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Additional Paid-in Capital
Accumulated Distributions in Excess of Earnings
Accumulated Distributions in Excess of Earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income
Cumulative Effect, Period of Adoption, Adjustment
Total Stockholders’ Equity
Total Stockholders’ Equity
Cumulative Effect, Period of Adoption, Adjustment
Noncontrolling Interests
Balance, (in shares) at Dec. 31, 2017     124,327,777                
Balance, beginning at Dec. 31, 2017 $ 990,551   $ 1,243 $ 1,084,905 $ (99,309)   $ 3,710   $ 990,549   $ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock under the distribution reinvestment plan (in shares)     4,453,653                
Issuance of common stock under the distribution reinvestment plan 40,938   $ 44 40,894         40,938    
Issuance of common stock (in shares)     12,376,366                
Issuance of common stock 118,605   $ 124 118,481         118,605    
Issuance of common stock in connection with the REIT Merger 0                    
Vesting of restricted stock (in shares)     9,000                
Common stock underlying awards 90     90         90    
Commissions on sale of common stock and related dealer-manager fees (4,836)     (4,836)         (4,836)    
Distribution and servicing fees (368)     (368)         (368)    
Other offering costs (3,643)     (3,643)         (3,643)    
Repurchase of common stock (in shares)     (4,700,554)                
Repurchase of common stock (43,230)   $ (47) (43,183)         (43,230)    
Issuance of noncontrolling interests 0                    
Distributions to common stockholders (81,985)       (81,985)       (81,985)    
Other comprehensive (loss) income 2,390           2,390   2,390    
Net income 28,873       28,873       28,873    
Balance, (in shares) at Dec. 31, 2018     136,466,242                
Balance, ending at Dec. 31, 2018 1,047,385 $ 0 $ 1,364 1,192,340 (152,421) $ (103) 6,100 $ 103 1,047,383 $ 0 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock under the distribution reinvestment plan (in shares)     4,317,245                
Issuance of common stock under the distribution reinvestment plan 39,934   $ 43 39,891         39,934    
Issuance of common stock in connection with the REIT Merger (in shares)     83,676,775                
Issuance of common stock in connection with the REIT Merger 774,010   $ 837 773,173         774,010    
Vesting of restricted stock (in shares)     9,750                
Common stock underlying awards 89     89         89    
Distribution and servicing fees 563     563         563    
Other offering costs (578)     (578)         (578)    
Repurchase of common stock (in shares)     (2,557,298)                
Repurchase of common stock (23,655)   $ (25) (23,630)         (23,655)    
Issuance of noncontrolling interests 1                   1
Distributions to noncontrolling interests (1)               0   (1)
Distributions to common stockholders (91,204)       (91,204)       (91,204)    
Other comprehensive (loss) income (10,907)           (10,907)   (10,907)    
Net income $ 2,782       2,782       2,782    
Balance, (in shares) at Dec. 31, 2019 221,912,714   221,912,714                
Balance, ending at Dec. 31, 2019 $ 1,738,419   $ 2,219 1,981,848 (240,946)   (4,704)   1,738,417   2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock under the distribution reinvestment plan (in shares)     3,531,178                
Issuance of common stock under the distribution reinvestment plan 30,553   $ 35 30,518         30,553    
Issuance of common stock in connection with the REIT Merger 0                    
Vesting of restricted stock (in shares)     10,500                
Common stock underlying awards 437     437         437    
Purchase of noncontrolling interest (2)               0   (2)
Distribution and servicing fees 51     51         51    
Other offering costs (40)     (40)         (40)    
Repurchase of common stock (in shares)     (3,408,870)                
Repurchase of common stock (29,487)   $ (34) (29,453)         (29,487)    
Issuance of noncontrolling interests 0                    
Distributions to common stockholders (107,094)       (107,094)       (107,094)    
Other comprehensive (loss) income (15,740)           (15,740)   (15,740)    
Net income $ 36,776       36,776       36,776    
Balance, (in shares) at Dec. 31, 2020 222,045,522   222,045,522                
Balance, ending at Dec. 31, 2020 $ 1,653,873   $ 2,220 $ 1,983,361 $ (311,264)   $ (20,444)   $ 1,653,873   $ 0
v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income attributable to common stockholders $ 36,776 $ 2,782 $ 28,873
Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities:      
Depreciation and amortization 105,476 74,104 58,258
Amortization of deferred financing costs 3,884 2,825 2,810
Amortization of above-market leases 2,467 1,013 552
Amortization of below-market leases (7,147) (5,261) (4,832)
Amortization of origination fee 166 0 0
Amortization of discount of deferred liability 54 0 0
Reduction in the carrying amount of right-of-use assets - operating leases, net 963 577 0
Reduction in the carrying amount of right-of-use assets - finance lease, net 7 0 0
Gain on real estate dispositions (3,142) (79) 0
Impairment loss on real estate 0 21,000 0
Straight-line rent (21,161) (14,047) (13,364)
Stock-based compensation 437 89 90
Ineffectiveness of interest rate swaps 0 0 98
Changes in operating assets and liabilities:      
Accounts payable and other liabilities (607) 2,214 5,151
Accounts payable due to affiliates (3,350) 1,151 413
Other assets (1,985) (6,259) (3,838)
Net cash provided by operating activities 112,838 80,109 74,211
Cash flows from investing activities:      
Investment in real estate (16,135) (528,259) (217,332)
Investment in the internalization transaction (25,000) 0 0
Proceeds from real estate dispositions 28,542 2,882 0
Capital expenditures (28,797) (12,841) (15,583)
Payments of deal costs (126) 0 0
Real estate deposits, net 100 (100) 100
Net cash used in investing activities (41,416) (538,318) (232,815)
Cash flows from financing activities:      
Proceeds from issuance of common stock 0 0 118,605
Payments on notes payable (3,923) (10,441) (349)
Proceeds from credit facility 140,000 605,000 155,000
Payments on credit facility (110,000) (52,000) (20,000)
Payments of deferred financing costs (715) (6,351) (4,958)
Repurchase of common stock (29,487) (23,655) (43,230)
Offering costs on issuance of common stock (3,099) (4,146) (12,388)
Distributions to common stockholders (76,517) (49,494) (40,296)
Distributions to noncontrolling interests 0 (1) 0
Purchase of noncontrolling interests (2) 0 0
Net cash (used in) provided by financing activities (83,743) 458,912 152,384
Net change in cash, cash equivalents and restricted cash (12,321) 703 (6,220)
Cash, cash equivalents and restricted cash - Beginning of year 80,230 79,527 85,747
Cash, cash equivalents and restricted cash - End of year 67,909 80,230 79,527
Supplemental cash flow disclosure:      
Interest paid, net of interest capitalized of $669, $142 and $1,179, respectively 55,129 43,132 32,503
Supplemental disclosure of non-cash transactions:      
Common stock issued through distribution reinvestment plan 30,553 39,934 40,938
Equity consideration transferred in the REIT Merger 0 774,010 0
Net assets assumed in the REIT Merger 0 778 0
Issuance of noncontrolling interests 0 1 0
Credit facility revolving loan to term loan conversion 0 30,000 0
Accrued capital expenditures 2,875 126 0
Accrued deal costs 0 139 0
Deferred internalization transaction purchase price 14,674 0 0
Right-of-use assets in exchange for lease liability - operating leases 1,060 22,266 0
Right-of-use assets in exchange for lease liability - finance lease 2,854 0 0
Origination of note receivable related to real estate disposition $ 28,000 $ 0 $ 0
v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Cash Flows [Abstract]      
Interest capitalized $ 669 $ 142 $ 1,179
v3.21.1
Organization and Business Operations
12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business Operations Organization and Business Operations
Sila Realty Trust, Inc., formerly known as Carter Validus Mission Critical REIT II, Inc., or the Company, is a Maryland corporation that was formed on January 11, 2013. The Company 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. Substantially all of the Company’s business is conducted through Sila Realty Operating Partnership, LP f/k/a Carter Validus Operating Partnership II, LP, a Delaware limited partnership, or the Operating Partnership, formed on January 10, 2013. The Company is the sole general partner and, prior to the completion of the Internalization Transaction (as defined herein) on September 30, 2020, Carter Validus Advisors II, LLC, or the Former Advisor, was the special limited partner of the Operating Partnership. As of the closing of the Internalization Transaction, the Company owns directly or indirectly, all of the interests in the Operating Partnership.
Prior to September 30, 2020, the Former Advisor was responsible for managing the Company’s affairs on a day-to-day basis and for identifying and making investments on the Company’s behalf pursuant to an advisory agreement among the Company, the Operating Partnership and the Former Advisor. On July 28, 2020, the Company and the Operating Partnership, entered into a Membership Interest Purchase Agreement, or the Purchase Agreement, to provide for the internalization of the external management functions previously performed for the Company and the Operating Partnership by the Former Advisor and its affiliates, or the Internalization Transaction. On September 30, 2020, the Company closed the Internalization Transaction. Effective September 30, 2020, as a result of the Internalization Transaction, the Former Advisor is no longer affiliated with the Company.
Upon completion of the Internalization Transaction, the Company’s 76 employees, who were previously employed by an affiliate of the Former Advisor, became employees of the Company and the functions previously performed by the Former Advisor were internalized by the Company. As an internally managed company, the Company no longer pays the Former Advisor and its affiliates any fees or expense reimbursements arising from the advisory agreement.
In addition, on September 30, 2020, the Operating Partnership redeemed the Former Advisor’s limited partner interest (including special limited partner interest) in the Operating Partnership in connection with the Internalization Transaction. On September 30, 2020, the Company and Sila REIT, LLC, f/k/a Carter Validus Mission Critical REIT II, LLC, a Maryland limited liability company that is the sole limited partner of the Operating Partnership, entered into the Third Amended and Restated Agreement of Limited Partnership of the Operating Partnership, or the Third A&R LP Agreement, in order to reflect the completion of the Internalization Transaction.
On September 30, 2020, Articles of Amendment changing the Company’s name from “Carter Validus Mission Critical REIT II, Inc.” to “Sila Realty Trust, Inc.” were filed and accepted for record by the State Department of Assessment and Taxation of the State of Maryland, and thereby became effective as part of the Company’s charter.
The Company was formed to invest primarily in quality income-producing commercial real estate, with a focus on data centers and healthcare properties, preferably with long-term leases to creditworthy tenants, as well as to make other real estate-related investments in such property types, which may include equity or debt interests in other real estate entities. During the year ended December 31, 2020, the Company acquired three real estate properties and sold two real estate properties. See Note 4—"Acquisitions and Dispositions" for additional information. As of December 31, 2020, the Company owned 153 real estate properties.
The Company raised the equity capital for its real estate investments through two public offerings, or the Offerings, from May 2014 through November 2018, and the Company has offered shares pursuant to its distribution reinvestment plan, or the DRIP, pursuant to two Registration Statements on Form S-3, or each, a DRIP Offering and together the DRIP Offerings, since November 2017.
Except as the context otherwise requires, the “Company” refers to Sila Realty Trust, Inc., the Operating Partnership and all wholly-owned subsidiaries.
v3.21.1
Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2020
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 United States 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 all 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.
Restricted Cash
Restricted cash consists of restricted cash held in escrow and restricted bank deposits. Restricted cash held in escrow includes cash held by lenders in escrow accounts for tenant and capital improvements, taxes, repairs and maintenance and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement. Restricted bank deposits consist of tenant receipts for certain properties which are required to be deposited into lender-controlled accounts in accordance with the respective lender's loan agreement. Restricted cash held in escrow and restricted bank deposits are reported in other assets, net, in the accompanying consolidated balance sheets. See Note 9—"Other Assets, Net."
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,
202020192018
Beginning of year:
Cash and cash equivalents69,342 68,360 74,803 
Restricted cash10,888 11,167 10,944 
Cash, cash equivalents and restricted cash$80,230 $79,527 $85,747 
End of year:
Cash and cash equivalents53,174 69,342 68,360 
Restricted cash14,735 10,888 11,167 
Cash, cash equivalents and restricted cash$67,909 $80,230 $79,527 
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 betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. 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 or amortized 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 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, and acquired 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. During the year ended December 31, 2020, the Company acquired three real estate properties that were determined to be asset acquisitions. See Note 4—"Acquisitions and Dispositions" for additional information. Acquisition fees and costs associated with transactions determined to be asset acquisitions are capitalized in total real estate, net, acquired intangible assets and acquired intangible liabilities in the accompanying consolidated balance sheets.
The fair values of the tangible assets of an acquired property (which includes land, buildings and improvements) are 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. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market conditions.
The fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place 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. The above-market and below-market lease values are capitalized as intangible lease assets or liabilities. Above-market lease values are amortized as an adjustment of rental revenue over the remaining terms of the respective leases. Below-market leases are amortized as an adjustment of rental revenue over the remaining terms of the respective leases, including any fixed rate bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market in-place lease values related to that lease would be recorded as an adjustment to rental revenue.
The fair values of in-place leases include 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. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are amortized to depreciation and amortization expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
Impairment of Long-Lived Assets
The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating whether the Company will recover the carrying value of the asset group through its undiscounted future cash flows and their eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the asset group, the Company will record an impairment loss 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 regarding future market rental rates subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, probability weighting of the potential re-lease of the property versus sales scenarios, sale prices of comparable properties, required tenant improvements and the number of years the property will be held for investment. 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 and related assets.
In addition, the Company estimates the fair value of the assets by applying a market approach using comparable sales for certain properties. The use of alternative assumptions in the market approach analysis 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 and related assets.
Impairment of Real Estate
During the year ended December 31, 2020, no impairment losses were recorded on real estate assets. During the third quarter ended September 30, 2019, real estate assets related to one healthcare property were determined to be impaired due to a tenant of the property experiencing financial difficulty and vacating its space, and a second tenant indicating its desire to terminate its lease early, which the Company determined would be consistent with its strategic plans for the property. On November 8, 2019, the Company terminated the lease with the second tenant. The aggregate carrying amount of the assets of $40,266,000 exceeded their fair value. The carrying value of the property was reduced to its estimated fair value of $27,266,000, resulting in an impairment charge of $13,000,000, which is included in impairment loss on real estate in the consolidated statements of comprehensive income (loss). In addition, during the fourth quarter ended December 31, 2019, real estate assets related to another healthcare property with an aggregate carrying amount of $30,412,000 were reduced to their estimated fair value of $22,412,000, resulting in an impairment charge of $8,000,000 based on a letter of intent from a prospective buyer to purchase the property. Impairment charges are recorded as impairment loss on real estate in the consolidated statements of comprehensive income (loss). During the year ended December 31, 2018, no impairment losses were recorded on real estate assets.
Impairment of Acquired Intangible Assets and Acquired Intangible Liabilities
During the year ended December 31, 2020, the Company recognized impairments of three in-place lease intangible assets in the amount of approximately $4,693,000 and one above-market lease intangible asset in the amount of approximately $344,000, by accelerating the amortization of the acquired intangible assets. Of the $4,693,000 in-place lease intangible assets written off, $3,189,000 related to a tenant in a data center property of the Company that was experiencing financial difficulty due to deteriorating economic conditions driven by the impact of COVID-19 and the pandemic’s acceleration of the tenant’s modification of work strategy to a remote environment, $1,484,000 related to one healthcare tenant of the Company that was experiencing financial difficulties and vacated the property on June 19, 2020 and $20,000 as a result of a lease termination at a healthcare property.
During year ended December 31, 2020, the Company wrote off one below-market lease intangible liability in the amount of approximately $1,974,000, by accelerating the amortization of the acquired intangible liability related to one tenant of the data center property discussed above.
During the year ended December 31, 2019, the Company recognized impairments of in-place lease intangible assets in the amount of approximately $3,195,000, by accelerating the amortization of the acquired intangible assets related to two tenants of a healthcare property.
During the year ended December 31, 2019, the Company wrote off one below-market lease intangible liability in the amount of approximately $212,000, by accelerating the amortization of the acquired intangible liability related to one tenant of a healthcare property.
During the year ended December 31, 2018, no impairment losses were recorded on acquired intangible assets or intangible liabilities.
Goodwill
Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is allocated to an entity's reporting units. The Company's reporting unit represents each individual operating real estate property. Goodwill has an indefinite life and is not amortized. On September 30, 2020, the Company recorded $39,529,000 of goodwill related to the Internalization Transaction. See Note 3—"Internalization Transaction" for details.
The Company evaluates goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. Unless circumstances otherwise dictate, the annual impairment test is performed as of the last date of each year. The Company evaluates potential triggering events that may affect the estimated fair value of the Company’s reporting units to assess whether any goodwill impairment exists. Deteriorating or adverse market conditions for certain reporting units may have a significant impact on the estimated fair value of these reporting units and could result in future impairments of goodwill. If the carrying value of a reporting unit exceeds its estimated fair value, then an impairment charge is recorded in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company adopted the annual impairment test and performed a qualitative analysis of each reporting unit as of December 31, 2020. The Company concluded, based on the qualitative assessment, that it is not more likely than not that the fair value of each reporting unit is less than its carrying amount. As of December 31, 2020, no impairment losses on goodwill have been recognized.
Notes Receivable
Notes receivable are recorded at their outstanding principal balance, net of any unearned income, unamortized deferred fees and costs and allowances for loan losses. The Company defers notes receivable origination costs and fees and amortizes them as an adjustment of yield over the term of the related note receivable. Amortization of the notes receivable origination costs and fees are recorded in interest and other expense, net, in the accompanying consolidated statements of comprehensive income (loss).
During the year ended December 31, 2020, in connection with the sale of a healthcare property, a wholly-owned subsidiary of the Company issued a note receivable in the principal amount of $28,000,000. See Note 8—"Notes Receivable, Net" for further discussion.
The Company evaluates the collectability of both interest and principal on each note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators, such as the tenant's financial condition, collateral, evaluations of historical loss experience, current economic conditions and other relevant factors, including contractual terms of repayments. Evaluating a note receivable for potential impairment requires management to exercise judgment. The use of alternative assumptions in evaluating a note receivable could result in a different determination of the note'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 note receivable. See "Recently Adopted Accounting Pronouncements—Measurement of Credit Losses on Financial Instruments" section below for further discussion.
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. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. Deferred financing costs are recorded as a reduction of the related debt on the accompanying consolidated balance sheets. Deferred financing costs related to a revolving line of credit are recorded in other assets, net, in the accompanying consolidated balance sheets.
Leasing Commission Fees
Leasing commission fees are fees incurred for the initial lease-up, leasing-up of newly constructed properties or re-leasing to existing tenants. Leasing commission fees are capitalized in other assets, net, in the accompanying consolidated balance sheets and amortized over the terms of the related leases.
Fair Value
Accounting Standards Codification, or 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.
The following describes the methods the Company used to estimate the fair value of the Company’s financial assets and liabilities:
Cash and cash equivalents, restricted cash, tenant receivables, prepaid and other assets, accounts payable and accrued 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.
Notes payableFixed Rate—The fair value is estimated by discounting the expected cash flows on notes payable at current rates at which management believes similar loans would be made considering the terms and conditions of the loan and prevailing market interest rates.
Credit facilityFixed Rate—The fair value is estimated by discounting the expected cash flows on the credit facility at current rates at which management believes similar borrowings would be made considering the terms and conditions of the borrowings and prevailing market interest rates.
Credit facilityVariable Rate—The fair value of the Company's variable rate credit facility is estimated based on the interest rates currently offered to the Company by 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.
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.
See additional discussion in Note 15—"Fair Value."
Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts
Effective January 1, 2018, the Company recognizes non-rental related revenue in accordance with ASC 606, Revenue from Contracts with Customers, or ASC 606. The Company has identified its revenue streams as rental income from leasing arrangements and tenant reimbursements, which are outside the scope of ASC 606. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Non-rental revenue, subject to ASC 606, is immaterial to the Company's consolidated financial statements.
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. In accordance with ASC 842, minimum rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). For lease arrangements when 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 income recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable or straight-line rent liability, as applicable. Tenant reimbursements, which are comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized when the services are provided and the performance obligations are satisfied.
Prior to the adoption of ASC 842, tenant receivables and straight-line rent receivables were carried net of the provision for credit losses. The provision for credit losses was established for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company’s determination of the adequacy of these provisions was based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees, current economic conditions and other relevant factors. Effective January 1, 2019, upon adoption of ASC 842, the Company is no longer recording a provision for credit losses but is, instead, assessing whether or not it is probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease.
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. During the years ended December 31, 2020, 2019, and 2018, the Company recorded $126,000, $672,000 and $0, respectively, as a reduction in rental revenue in the accompanying consolidated statements of comprehensive income (loss).
Concentration of Credit Risk and Significant Leases
As of December 31, 2020, the Company had cash on deposit, including restricted cash, in certain financial institutions that had deposits in excess of current federally insured levels. The Company limits its cash investments to financial institutions with high credit standings; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has not experienced a loss or lack of access to cash in its accounts.
As of December 31, 2020, the Company owned real estate investments in two micropolitan statistical areas and 68 metropolitan statistical areas, or MSAs, two MSAs of which accounted for 10.0% or more of rental revenue. Real estate investments located in the Atlanta-Sandy Springs-Roswell, Georgia MSA and the Houston-The Woodlands-Sugar Land, Texas MSA accounted for 11.9% and 10.3%, respectively, of rental revenue for the year ended December 31, 2020.
As of December 31, 2020, the Company had one exposure to tenant concentration that accounted for 10.0% or more of rental revenue for the year ended December 31, 2020. The leases with tenants at healthcare properties under common control of Post Acute Medical, LLC accounted for 10.1% of rental revenue for the year ended December 31, 2020.
Share Repurchase Program
The Company’s share repurchase program, or SRP, allows for repurchases of shares of the Company’s common stock when certain criteria are met. The SRP provides that all repurchases during any calendar year, including those redeemable upon death or a Qualifying Disability of a stockholder, are limited to those that can be funded with equivalent proceeds raised from the DRIP during the prior calendar year and other operating funds, if any, as the board of directors, in its sole discretion, may reserve for this purpose.
Repurchases of shares of the Company’s common stock are at the sole discretion of the Company’s board of directors, provided, however, that the Company will limit the number of shares repurchased during any calendar year to 5.0% of the number of shares of common stock outstanding as of December 31st of the previous calendar year. Subject to the terms and limitations of the SRP, including, but not limited to, quarterly share limitations, an annual 5.0% share limitation and DRIP funding limitations and any amendments to the plan, as more fully described below, the SRP is generally available to any stockholder as a potential means of interim liquidity. In addition, the Company’s board of directors, in its sole discretion, may suspend (in whole or in part) the SRP at any time, and may amend, reduce, terminate or otherwise change the SRP upon 30 days' prior notice to the Company’s stockholders for any reason it deems appropriate.
The Company generally honors valid repurchase requests approximately 30 days following the end of the applicable quarter. The Company reached the DRIP funding limitation and was not able to fully accommodate all repurchase requests for the second quarter repurchase date of 2020, which was April 30, 2020. See Part II, Item 5. "Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities" for further information for the second quarter repurchase date of 2020.
On April 30, 2020, due to the uncertainty surrounding the ongoing coronavirus, or COVID-19, pandemic and any impact it may have on the Company, the Company's board of directors decided to temporarily suspend share repurchases under the SRP, effective with repurchase requests that would otherwise be processed on the third quarter repurchase date of 2020, which was July 30, 2020.
On December 11, 2020, the Company's board of directors authorized and approved the Amended and Restated Share Repurchase Program, or the A&R SRP, which applied beginning with the first quarter repurchase date of 2021, which was January 28, 2021. Under the A&R SRP, the Company will only repurchase shares due to death or involuntary exigent circumstance in accordance with the A&R SRP, subject in each case to the terms and limitations of the A&R SRP, including, but not limited to, quarterly share limitations, an annual 5.0% share limitation, and DRIP funding limitations. Under the A&R SRP, the Company may waive certain of the terms and requirements of the A&R SRP in the event of the death of a stockholder who is a natural person, including shares held through an Individual Retirement Account or other retirement or profit-sharing plan, and certain trusts meeting the requirements of the A&R SRP. The Company may also waive certain of the terms and requirements of the A&R SRP in the event of an involuntary exigent circumstance, as determined by the Company or any of the executive officers thereof, in its or their sole discretion. See Part II, Item 5. "Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities" for more information on the Company's A&R SRP.
Effective as of the closing of the Internalization Transaction, the Operating Partnership redeemed the limited partner interest held by the Former Advisor for an aggregate purchase price of approximately $2,000. Additionally, the Company repurchased 29,362 Class A shares of common stock held by Carter Validus REIT Management Company II, LLC, the Former Sponsor, for an aggregate purchase price of approximately $254,000 (an average of $8.65 per share).
During the year ended December 31, 2020, the Company repurchased 3,408,870 Class A shares, Class I shares, Class T shares and Class T2 shares of common stock (2,666,674 Class A shares, 408,346 Class I shares, 298,224 Class T shares and 35,626 Class T2 shares), or 1.54% of shares outstanding as of December 31, 2019, for an aggregate purchase price of
approximately $29,487,000 (an average of $8.65 per share). During the year ended December 31, 2019, the Company repurchased 2,557,298 Class A shares, Class I shares, Class T shares and Class T2 shares of common stock (1,910,894 Class A shares, 189,947 Class I shares, 451,058 Class T shares and 5,399 Class T2 shares), or 1.87% of shares outstanding as of December 31, 2018, for an aggregate purchase price of approximately $23,655,000 (an average of $9.25 per share).
Distribution Policy and Distributions Payable
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 are payable to stockholders from legally available funds therefor. The Company declared distributions per share of common stock in the amounts of $0.48, $0.58 and $0.63 for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, the Company had distributions payable of approximately $9,117,000. Of these distributions payable, approximately $6,574,000 was paid in cash and approximately $2,543,000 was reinvested in shares of common stock pursuant to the DRIP on January 4, 2021. Distributions to stockholders are determined by the board of directors of the Company 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 under the Code. See Note 22—"Subsequent Events" for further discussion.
Stock-based Compensation
On March 6, 2020, the Company's board of directors approved the Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, pursuant to which the Company has the authority and power to grant awards of restricted shares of its Class A common stock to its directors, officers and employees. The Company accounts for its stock awards in accordance with ASC 718-10, Compensation—Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). For performance-based awards, compensation costs are recognized over the service period if it is probable that the performance condition will be satisfied, with changes of the assessment at each reporting period and recording the effect of the change in the compensation cost as a cumulative catch-up adjustment. The compensation costs for restricted stock are recognized based on the fair value of the restricted stock awards at grant date less forfeitures (if applicable). See Note 18—"Stock-based Compensation" for further information on the Company's stock-based compensation.
Earnings Per Share
The Company calculates basic earnings per share by dividing net income attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. During the years ended December 31, 2020, 2019 and 2018 diluted earnings per share reflected the effect of approximately 186,000, 24,000 and 24,000 of non-vested shares of restricted common stock that were outstanding as of each period, respectively.
Reportable Segments
ASC, 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. As of December 31, 2020 and 2019, the Company operated through two reportable business segments—real estate investments in data centers and healthcare. Segregation of the Company’s operations into two reportable segments is useful in assessing the performance of the Company’s business in the same way that management reviews performance and makes operating decisions. See Note 14—"Segment Reporting" for further discussion on the reportable segments of the Company.
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. For derivative instruments not designated as hedging instruments, the income or loss is recognized in the consolidated statements of comprehensive income (loss) during such period.
In accordance with the fair value measurement guidance 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 movements. The Company utilizes derivative instruments, including interest rate swaps, to effectively convert some of 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 a component of other comprehensive (loss) income in the consolidated statements of comprehensive income (loss) 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. See additional discussion in Note 16—"Derivative Instruments and Hedging Activities."
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, and does not qualify for certain statutory relief provisions, 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, 2020, 2019 and 2018. The United States of America is the jurisdiction for the Company, and the earliest tax year subject to examination is 2017.
Recently Adopted Accounting Pronouncements
Leases—Rent Concessions
The ongoing COVID-19 pandemic has forced the temporary closure, changes to the operating hours or other temporary changes to the business of certain tenants in healthcare and data center properties of the Company. As a result of the impact of the pandemic on their businesses, certain tenants sought rent concessions, including decreased rent and rent deferrals. To provide operational clarity, on April 8, 2020, the Financial Accounting Standards Board, or FASB, issued practical expedients to the lease modification guidance in ASC 842, Leases, in the context of COVID-19 for leases where the total lease cash flows will remain substantially the same or less than those after the COVID-19 related effects. Entities may choose to forgo the evaluation of the enforceable rights and obligations of the original lease agreements in accordance with ASC 842, Leases. An entity may elect to account for rent concessions either:
as if they are part of the enforceable rights and obligations of the parties under the existing lease contracts; or
as a lease modification.
As a lessor, for leases impacted by COVID-19, the Company elected to account for any rent concessions as if they were part of the enforceable rights and obligations under the existing lease. During the year ended December 31, 2020, the Company granted rent deferrals to a limited number of tenants significantly impacted by COVID-19, with immaterial impact on the Company's consolidated financial statements and on the collectability of tenant receivables over the respective term of the lease. During the year ended December 31, 2020, the Company entered into 30 rent concessions and lease modifications due to the impact of COVID-19 on its tenants and collected approximately 99% of rental revenue related to these lease concessions and lease modifications for such period.
As a lessee, the Company did not elect the practical expedient and will apply the lease modification guidance in accordance with ASC 842, Leases, if changes to ground lease agreements occur. The Company had not modified any of its ground lease agreements as of December 31, 2020.
Measurement of Credit Losses on Financial Instruments
On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses, or ASU 2016-13. ASU 2016-13 requires a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities and net investments in direct financing leases, among other financial instruments. Other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the estimated credit loss model have some amount of credit loss reserve. The reserve is to reflect the GAAP principle underlying the estimated credit loss model that all loans, debt securities, and similar assets have an inherent risk of loss, regardless of credit quality, subordinate capital or other mitigating factors. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for credit losses. The new model for estimated credit losses is applicable to the Company's notes receivable and tenant reimbursements related to the finance lease. The standard does not apply to receivables arising from operating leases, which are within the scope of ASC 842, Leases. The adoption of ASU 2016-13 did not have any impact to the Company’s consolidated financial statements.
Reference Rate Reform
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848), or ASU 2020-04. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time through December 31, 2022, as reference rate reform activities occur. During the year ended December 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact the guidance may have on its consolidated financial statements and may apply other elections, as applicable, as additional changes in the market occur.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company’s consolidated financial position or results of operations. Amounts related to notes receivable, net, previously classified in other assets, net, as of December 31, 2019, are now presented separately as notes receivable, net, on the consolidated balance sheets.
v3.21.1
Internalization Transaction
12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Internalization Transaction Internalization Transaction
Overview
On July 28, 2020, the Company and the Operating Partnership entered into the Purchase Agreement, to effectively provide for the internalization of the Company’s external management functions. The Purchase Agreement was entered into with the Former Advisor, and various affiliates of the Former Advisor, or the Sellers, and Sila Realty Management Company, LLC, f/k/a CV Manager, LLC, a newly formed Delaware limited liability company, or Manager Sub.
The Internalization Transaction closed on September 30, 2020. A special committee comprised entirely of independent and disinterested members of the Company's board of directors, negotiated the Internalization Transaction and, after consultation with its independent legal and financial advisors, determined that the Internalization Transaction is advisable, fair and reasonable to and in the Company’s best interests and on terms and conditions no less favorable to the Company than those available from unaffiliated third parties. The Company anticipates that the Internalization Transaction will provide various benefits, including cost savings, continuity of management and further alignment of interests between management and its stockholders, as well as a potential benefit for ultimate liquidity given the preference for an internal management structure in traded equity REITs.
Under the Purchase Agreement and related agreements, immediately prior to the closing of the Internalization Transaction, the Sellers assigned to Manager Sub all of the assets necessary to operate the business of the Company and its subsidiaries, or the Business, and delegated all obligations of the Sellers in connection with the Business to Manager Sub pursuant to an assignment and acceptance agreement.
On September 30, 2020, or the Closing, under the Purchase Agreement, the Operating Partnership (i) acquired 100% of the membership interests in Manager Sub for an aggregate cash purchase price of $40,000,000, subject to certain adjustments, or the Purchase Price, and (ii) redeemed the Former Advisor’s limited partner interest (including special limited partner interest) in the Operating Partnership. The Purchase Price will be paid as follows, subject to certain acceleration provisions: (i) $25,000,000 was paid at the closing, (ii) $7,500,000 will be due and payable on March 31, 2021, and (iii) $7,500,000 will be due and payable on March 31, 2022 and recorded at fair value, net of amortization of discount in accounts payable and other liabilities in the accompanying consolidated balance sheets.
Concurrently with, and as a condition to the execution and delivery of the Purchase Agreement, the Company entered into an employment agreement with each of Michael A. Seton and Kay C. Neely, pursuant to which Mr. Seton and Ms. Neely have served from and after the closing as the Company’s Chief Executive Officer and Chief Financial Officer, respectively. Such employment agreements were effective at and upon the Closing.
Allocation of Purchase Price
The Internalization Transaction was accounted for as a business combination and the following table summarizes management’s allocation of the fair value of the Internalization Transaction (amounts in thousands):
December 31, 2020
Goodwill$39,529 
Right-of-use assets - operating lease1,205 
Total assets acquired40,734 
Operating lease liabilities(1,060)
Deferred internalization transaction purchase price(14,674)
Total liabilities acquired(15,734)
Net assets allocated at acquisition$25,000 
Pro Forma Financial Information (Unaudited)
Assuming the Internalization Transaction had occurred on January 1, 2019, pro forma revenues and net income attributable to common stockholders would have been as follows for the periods presented below (amounts in thousands, except per share amounts):
Year Ended
December 31,
20202019
Pro forma basis:
Revenues$276,536 $210,901 
Net income attributable to common stockholders$56,083 $11,822 
Net income per common share attributable to common stockholders:
Basic$0.25 $0.08 
Diluted$0.25 $0.08 
The condensed pro forma financial statements for the years ended December 31, 2020 and 2019 include pro forma adjustments related to the Internalization Transaction during 2020 and 2019. The pro forma information for the year ended December 31, 2020, was adjusted to exclude approximately $3,640,000 of internalization transaction expenses. Internalization transaction expenses consist primarily of legal fees, as well as fees for other professional and financial advisors. The pro forma information may not be indicative of what actual results of operations would have been had the transaction occurred at the beginning of 2019, nor is it necessarily indicative of future operating results.
v3.21.1
Acquisitions and Dispositions
12 Months Ended
Dec. 31, 2020
Real Estate [Abstract]  
Acquisitions and Dispositions Acquisitions and Dispositions
2020 Real Estate Property Acquisitions
During the year ended December 31, 2020, the Company purchased three real estate properties, or the 2020 Acquisitions, all of which were determined to be asset acquisitions. Upon the completion of each 2020 Acquisitions, the Company allocated the purchase price of the real estate properties to acquired tangible assets, consisting of land, buildings and improvements and tenant improvements, acquired intangible assets, consisting of in-place leases, and acquired intangible liabilities, consisting of ground lease liabilities and below-market leases, based on the relative fair value method of allocating all accumulated costs.
The following table summarizes the consideration transferred for the 2020 Acquisitions during the year ended December 31, 2020:
Property Description Date AcquiredOwnership PercentagePurchase Price
(amounts in thousands)
Grimes Healthcare Facility02/19/2020100%$5,030 
Tampa Healthcare Facility09/08/2020100%11,047 
Tucson Healthcare Facility IV (1)
12/22/2020100%58 
Total $16,135 
(1)The Tucson Healthcare Facility IV was acquired as a development healthcare property. At the closing date, the Company funded additional $849,000 for the construction of the development property.
The following table summarizes the Company's purchase price allocation of the 2020 Acquisitions during the year ended December 31, 2020 (amounts in thousands):
Total (1)
Land$831 
Buildings and improvements13,524 
Tenant improvements463 
In-place leases1,748 
Right-of-use assets - finance lease2,534 
Total assets acquired19,100 
Finance lease liabilities(2,854)
Below-market leases(169)
Total liabilities acquired(3,023)
Net assets acquired$16,077 
(1)The Tucson Healthcare Facility IV was acquired as a development healthcare property. At the closing date, the Company funded $849,000 for the construction of the development property and capitalized acquisition costs of $58,000, which are a part of construction in progress in the accompanying consolidated balance sheets as of December 31, 2020.
Acquisition fees and costs associated with transactions determined to be asset acquisitions are capitalized. The Company capitalized acquisition fees and costs of approximately $310,000 related to the 2020 Acquisitions, which are included in the Company's allocation of the real estate acquisitions presented above. The total amount of all acquisition fees and costs is limited to 6.0% of the contract purchase price of a property, unless the Company’s board of directors determines a higher transaction fee to be commercially competitive, fair and reasonable to the Company. The contract purchase price is the amount actually paid or allocated in respect of the purchase, development, construction or improvement of a property exclusive of acquisition fees and costs. During the year ended December 31, 2020, acquisition fees and costs did not exceed 6.0% of the contract purchase price of the 2020 Acquisitions during such period.
2020 Real Estate Property Dispositions and Origination of Note Receivable
The Company sold two healthcare properties, or the 2020 Dispositions, during the year ended December 31, 2020, for an aggregate sale price of $58,000,000 and generated net proceeds of $28,542,000. For the year ended December 31, 2020, the Company recognized an aggregate gain on sale of $3,142,000 in gain on real estate dispositions in the consolidated statements of comprehensive income (loss).
The following table summarizes the 2020 Dispositions during the year ended December 31, 2020:
Property DescriptionDisposition DateOwnership PercentageSale Price
(amounts in thousands)
Net Proceeds
(amounts in thousands)
San Antonio Healthcare Facility II05/28/2020100%$35,000 
(1)
$6,125 
Dallas Healthcare Facility II11/06/2020100%23,000 22,417 
Total $58,000 $28,542 
(1)The sale price of $35,000,000 consisted of $7,000,000 cash and a $28,000,000 investment in note receivable. See Note 8—"Notes Receivable, Net" for additional information.
v3.21.1
Acquired Intangible Assets, Net
12 Months Ended
Dec. 31, 2020
Finite-Lived Intangible Assets, Net [Abstract]  
Acquired Intangible Assets, Net Acquired Intangible Assets, Net
Acquired intangible assets, net, consisted of the following as of December 31, 2020 and 2019 (amounts in thousands, except weighted average remaining life amounts):
 December 31, 2020December 31, 2019
In-place leases, net of accumulated amortization of $86,728 and $62,252, respectively (with a weighted average remaining life of 9.8 years and 10.4 years, respectively)
$231,200 $266,856 
Above-market leases, net of accumulated amortization of $4,002 and $1,912, respectively (with a weighted average remaining life of 9.9 years and 10.5 years, respectively)
15,561 18,603 
$246,761 $285,459 
The aggregate weighted average remaining life of the acquired intangible assets was 9.8 years and 10.4 years as of December 31, 2020 and 2019, respectively.
Amortization of the acquired intangible assets was $37,637,000, $26,699,000 and $19,919,000 for the years ended December 31, 2020, 2019 and 2018, respectively. Of the $37,637,000 recorded for the year ended December 31, 2020, $5,037,000 was attributable to accelerated amortization due to the impairment of three in-place lease intangible assets and one above-market lease intangible asset. Of the $26,699,000 recorded for the year ended December 31, 2019, $3,195,000 was attributable to accelerated amortization due to the impairment of two in-place lease intangible assets. Amortization of the in-place leases is included in depreciation and amortization of the above-market leases is recorded as an adjustment to rental revenue in the accompanying consolidated statements of comprehensive income (loss).
Estimated amortization expense on the acquired intangible assets as of December 31, 2020, for each of the next five years ending December 31 and thereafter, is as follows (amounts in thousands):
YearAmount
2021$30,597 
202229,159 
202328,076 
202426,001 
202523,018 
Thereafter109,910 
$246,761 
v3.21.1
Acquired Intangible Liabilities, Net
12 Months Ended
Dec. 31, 2020
Intangible Lease Liabilities, Net [Abstract]  
Acquired Intangible Liabilities, Net Acquired Intangible Liabilities, Net
Acquired intangible liabilities, net, consisted of the following as of December 31, 2020 and 2019 (amounts in thousands, except weighted average remaining life amounts):
December 31, 2020December 31, 2019
Below-market leases, net of accumulated amortization of $13,924 and $12,332, respectively (with a weighted average remaining life of 16.2 years and 16.1 years, respectively)
$52,560 $59,538 
Amortization of the below-market leases was $7,147,000, $5,261,000 and $4,832,000 for the years ended December 31, 2020, 2019 and 2018, respectively. Of the $7,147,000 and $5,261,000 recorded for the years ended December 31, 2020 and 2019, respectively, $1,974,000 and $212,000, respectively, was attributable to accelerated amortization of a below-market lease intangible liability. Amortization of below-market leases is recorded as an adjustment to rental revenue in the accompanying consolidated statements of comprehensive income (loss).
Estimated amortization of the acquired intangible liabilities as of December 31, 2020, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021$4,385 
20223,873 
20233,808 
20243,706 
20253,482 
Thereafter33,306 
$52,560 
v3.21.1
Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases Leases
Lessor
Rental Revenue
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of December 31, 2020, including optional renewal periods, when applicable, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021$224,764 
2022233,130 
2023235,913 
2024232,177 
2025223,136 
Thereafter1,434,582 
Total (1)
$2,583,702 
(1)The total future rent amount of $2,583,702,000 includes approximately $59,171,000 in rent to be received in connection with two leases executed as of December 31, 2020, at two development properties with estimated lease commencement dates of April 1, 2021 and February 1, 2022.
Lessee
Operating Leases
The Company has entered into various non-cancellable operating lease agreements for 17 ground leases and one office lease related to the Company’s principal executive office in Tampa, Florida, or the Corporate Lease. Of the 17 ground operating leases entered into, four do not have corresponding operating lease liabilities because the Company did not have future payment obligations at the acquisition of these leases.
In connection with the Internalization Transaction on September 30, 2020, the Company acquired the Corporate Lease, with an operating lease liability of $1,060,000. The Corporate Lease of 24,555 square feet of office space expires on January 21, 2022.
The Company incurred operating lease costs associated with its ground operating leases of $2,567,000, $1,388,000 and $134,000 for the years ended December 31, 2020, 2019 and 2018, respectively, which are recorded as rental expenses in the consolidated statements of comprehensive income (loss). The Company was reimbursed by tenants who sublease the ground leases $1,604,000, $781,000 and $94,000 for the years ended December 31, 2020, 2019 and 2018, respectively. The tenant reimbursements for ground leases are recorded as rental revenue in the consolidated statements of comprehensive income (loss). The Company incurred operating lease costs associated with its Corporate Lease of $264,000 for the year ended December 31, 2020, which is recorded as general and administrative expenses in the consolidated statements of comprehensive income (loss).
The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable operating leases, as of December 31, 2020, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021$2,464 
20221,682 
20231,638 
20241,687 
20251,688 
Thereafter135,031 
Total undiscounted rental payments144,190 
Less imputed interest(112,140)
Total operating lease liabilities$32,050 
The Company's operating and finance leases do not provide an implicit interest rate. In order to calculate the present value of the remaining operating and finance lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, the Company's credit rating and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating or finance lease.
As of December 31, 2020, the IBRs ranged between 3.5% and 6.6%, with the weighted average IBR for the Company's operating leases of 5.7%. The weighted average remaining lease term for the Company's operating leases was 48.1 years and 50.7 years as of December 31, 2020 and 2019, respectively.
Finance Leases
During the year ended December 31, 2020, the Company entered into one non-cancellable ground lease agreement for an aggregate present value of future rent payments of $2,854,000. The ground lease obligations generally require fixed annual rental payments and may also include escalation clauses. The lease represents a finance lease, as defined in ASC 842, Leases. Ground lease expenses for finance lease payments are recognized as amortization expense of the ROU asset - finance lease and interest expense on the finance lease liability over the lease term.
The Company recognized amortization expense of the ROU asset - finance lease of $7,000 for the year ended December 31, 2020, and is recorded as depreciation and amortization in the consolidated statements of comprehensive income (loss). The Company recognized interest on the finance lease liability of $47,000 for the year ended December 31, 2020, and is recorded as interest and other expense, net, in the consolidated statements of comprehensive income (loss).
The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable finance leases, as of December 31, 2020, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021$147 
2022147 
2023147 
2024152 
2025154 
Thereafter7,110 
Total undiscounted rental payments7,857 
Less imputed interest(5,014)
Total finance lease liabilities$2,843 
As of December 31, 2020, the Company's IBR for its finance lease was 5.3% and a remaining lease term of 43.4 years.
Leases Leases
Lessor
Rental Revenue
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of December 31, 2020, including optional renewal periods, when applicable, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021$224,764 
2022233,130 
2023235,913 
2024232,177 
2025223,136 
Thereafter1,434,582 
Total (1)
$2,583,702 
(1)The total future rent amount of $2,583,702,000 includes approximately $59,171,000 in rent to be received in connection with two leases executed as of December 31, 2020, at two development properties with estimated lease commencement dates of April 1, 2021 and February 1, 2022.
Lessee
Operating Leases
The Company has entered into various non-cancellable operating lease agreements for 17 ground leases and one office lease related to the Company’s principal executive office in Tampa, Florida, or the Corporate Lease. Of the 17 ground operating leases entered into, four do not have corresponding operating lease liabilities because the Company did not have future payment obligations at the acquisition of these leases.
In connection with the Internalization Transaction on September 30, 2020, the Company acquired the Corporate Lease, with an operating lease liability of $1,060,000. The Corporate Lease of 24,555 square feet of office space expires on January 21, 2022.
The Company incurred operating lease costs associated with its ground operating leases of $2,567,000, $1,388,000 and $134,000 for the years ended December 31, 2020, 2019 and 2018, respectively, which are recorded as rental expenses in the consolidated statements of comprehensive income (loss). The Company was reimbursed by tenants who sublease the ground leases $1,604,000, $781,000 and $94,000 for the years ended December 31, 2020, 2019 and 2018, respectively. The tenant reimbursements for ground leases are recorded as rental revenue in the consolidated statements of comprehensive income (loss). The Company incurred operating lease costs associated with its Corporate Lease of $264,000 for the year ended December 31, 2020, which is recorded as general and administrative expenses in the consolidated statements of comprehensive income (loss).
The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable operating leases, as of December 31, 2020, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021$2,464 
20221,682 
20231,638 
20241,687 
20251,688 
Thereafter135,031 
Total undiscounted rental payments144,190 
Less imputed interest(112,140)
Total operating lease liabilities$32,050 
The Company's operating and finance leases do not provide an implicit interest rate. In order to calculate the present value of the remaining operating and finance lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, the Company's credit rating and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating or finance lease.
As of December 31, 2020, the IBRs ranged between 3.5% and 6.6%, with the weighted average IBR for the Company's operating leases of 5.7%. The weighted average remaining lease term for the Company's operating leases was 48.1 years and 50.7 years as of December 31, 2020 and 2019, respectively.
Finance Leases
During the year ended December 31, 2020, the Company entered into one non-cancellable ground lease agreement for an aggregate present value of future rent payments of $2,854,000. The ground lease obligations generally require fixed annual rental payments and may also include escalation clauses. The lease represents a finance lease, as defined in ASC 842, Leases. Ground lease expenses for finance lease payments are recognized as amortization expense of the ROU asset - finance lease and interest expense on the finance lease liability over the lease term.
The Company recognized amortization expense of the ROU asset - finance lease of $7,000 for the year ended December 31, 2020, and is recorded as depreciation and amortization in the consolidated statements of comprehensive income (loss). The Company recognized interest on the finance lease liability of $47,000 for the year ended December 31, 2020, and is recorded as interest and other expense, net, in the consolidated statements of comprehensive income (loss).
The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable finance leases, as of December 31, 2020, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021$147 
2022147 
2023147 
2024152 
2025154 
Thereafter7,110 
Total undiscounted rental payments7,857 
Less imputed interest(5,014)
Total finance lease liabilities$2,843 
As of December 31, 2020, the Company's IBR for its finance lease was 5.3% and a remaining lease term of 43.4 years.
v3.21.1
Notes Receivable, Net
12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Notes Receivable, Net Notes Receivable, Net
As of December 31, 2020, the Company had two notes receivable outstanding in the amount of $31,262,000 secured by real estate properties.
The following summarizes the notes receivable balances as of December 31, 2020 and 2019:
December 31, 2020December 31, 2019
Interest Rate (1)
Maturity Date
Note receivable$2,700 $2,700 6.0%11/05/2021
Note receivable28,562 — 7.0%06/01/2022
Total notes receivable$31,262 $2,700 
(1)    As of December 31, 2020.
As described in Note 4—"Acquisitions and Dispositions", in connection with the sale of the San Antonio Healthcare Facility II on May 28, 2020, a wholly-owned subsidiary of the Company entered into a note receivable agreement in the principal amount of $28,000,000. The note receivable is secured by a first mortgage lien on San Antonio Healthcare Facility II and matures on June 1, 2022, or the Maturity Date. The interest rate of the note receivable is 7.0% per annum for the period commencing May 28, 2020 through May 31, 2021, and 8.0% per annum for the period commencing on June 1, 2021 through the Maturity Date. Monthly payments are interest only, with the outstanding principal due and payable on the Maturity Date; however, the outstanding principal and any unpaid accrued interest can be prepaid at any time without penalty or charge. In connection with the note receivable, the Company incurred a loan origination fee in the amount of $560,000, which is amortized ratably over the term of the note receivable. During the year ended December 31, 2020, the Company amortized $166,000 related to the loan origination fee, which was recorded in interest and other expense, net, in the accompanying consolidated statements of comprehensive income (loss). During the year ended December 31, 2020, the Company recognized $1,187,000 of interest income on the note receivable, which was recorded in interest and other expense, net, in the accompanying consolidated statements of comprehensive income (loss). As of December 31, 2020, the Company had an unamortized loan origination fee in the amount of $394,000, which was recorded in notes receivable, net, in the accompanying consolidated balance sheets.
In connection with an outstanding note receivable in the amount of $2,700,000, on November 5, 2020, the Company entered into an amended agreement with the borrower to, among other things, change the maturity date to November 5, 2021 (the maturity date was previously November 5, 2020), or earlier, as provided in the amended agreement. On January 6, 2021, in accordance with the amended note receivable agreement, the borrower paid an amendment fee in the amount of $50,000 and paid down $500,000 in principal outstanding on the note receivable. The note receivable is secured by (i) a payment guaranty from a parent company to the borrower of the note receivable, and (ii) the equity interest in a healthcare real estate property that the Company believes has sufficient value to cover the note receivable if the Company exercises its rights to take possession of the asset.
Expected Credit Losses
As of December 31, 2020, the Company had two notes receivable, one of which was determined to be a collateral dependent loan and the other the Company does not expect to incur a loss because it is secured by collateral that the Company believes has sufficient value to cover the note receivable in the event of a default by the borrower. The Company's evaluation considered factors such as the potential future value of the collateral, adjustments for current conditions and supportable forecasts for the collateral. As a result of the evaluation, the Company did not record any estimated credit losses for its notes receivable for the year ended December 31, 2020, because the Company believes that the collateral for these loans was sufficient to cover its investment.
v3.21.1
Other Assets, Net
12 Months Ended
Dec. 31, 2020
Other Assets [Abstract]  
Other Assets, Net Other Assets, Net
Other assets, net, consisted of the following as of December 31, 2020 and 2019 (amounts in thousands):
 December 31, 2020December 31, 2019
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $6,902 and $5,696, respectively
$1,634 $2,623 
Leasing commissions, net of accumulated amortization of $811 and $240, respectively
11,421 10,288 
Restricted cash14,735 10,888 
Tenant receivables5,541 6,116 
Straight-line rent receivable, net69,687 48,526 
Prepaid and other assets5,443 4,709 
Derivative assets— 884 
$108,461 $84,034 
Amortization of deferred financing costs related to the revolver portion of the credit facility for the years ended December 31, 2020, 2019 and 2018 was $1,206,000, $1,010,000 and $1,260,000, respectively, which was recorded as interest and other expense, net, in the accompanying consolidated statements of comprehensive income (loss). Amortization of leasing commissions for the years ended December 31, 2020, 2019 and 2018 was $598,000, $158,000 and $76,000, respectively, which was recorded as depreciation and amortization in the accompanying consolidated statements of comprehensive income (loss). Of the $598,000 recorded for amortization of leasing commissions for the year ended December 31, 2020, $12,000 was attributable to accelerated amortization due to the impairment of leasing commissions related to two tenants who were experiencing financial difficulties.
v3.21.1
Accounts Payable and Other Liabilities
12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 (amounts in thousands):
 December 31, 2020December 31, 2019
Accounts payable and accrued expenses$14,033 $11,448 
Accrued interest expense4,269 5,185 
Accrued property taxes2,511 3,537 
Accrued personnel costs (1)
1,202 — 
Distribution and servicing fees3,128 — 
Distributions payable to stockholders9,117 9,093 
Tenant deposits1,047 1,500 
Deferred rental income9,767 9,003 
Deferred internalization transaction liability (2)
14,728 — 
Derivative liabilities20,444 5,588 
$80,246 $45,354 
(1)    Upon completion of the Internalization Transaction on September 30, 2020, 76 individuals previously employed by an affiliate of the Former Advisor, became employees of the Company. These costs include payroll related expenses that have been earned by the Company's employees from October 1, 2020 through December 31, 2020.
(2)Represents the assumed liability recorded at fair value, net of amortization of discount, as a part of the Internalization Transaction. See Note 3—"Internalization Transaction" for additional information.
v3.21.1
Notes Payable
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Notes Payable Notes Payable
As of December 31, 2020, the Company had $453,422,000 principal outstanding in notes payable collateralized by real estate properties with a weighted average interest rate of 4.4%.
The following table summarizes the notes payable balances as of December 31, 2020 and 2019 (amounts in thousands):
Interest Rates
December 31, 2020December 31, 2019RangeWeighted
Average
Maturity Date
Fixed rate notes payable$218,415 $219,567 4.0%-4.8%4.3%12/11/2021-07/01/2027
Variable rate notes payable fixed through interest rate swaps235,007 237,778 3.7%-5.1%4.5%10/28/2021-11/16/2022
Total notes payable, principal amount outstanding453,422 457,345 
Unamortized deferred financing costs related to notes payable(1,805)(2,500)
Total notes payable, net of deferred financing costs$451,617 $454,845 
The Company did not enter into any notes payable during the year ended December 31, 2020.
During the quarter ended June 30, 2020, the Company temporarily fell out of compliance with one of its mortgage loan agreements as a result of a covenant requiring the tenant at the property to maintain a certain rent coverage ratio. The tenant at the property is a healthcare tenant that experienced a temporary reduction in patient volume as a result of the COVID-19 pandemic but has not missed any rental payments. The lenders waived compliance with the covenant through June 30, 2020. During the quarter ended September 30, 2020, the Company amended the mortgage loan agreement to, among other things, modify the rent coverage ratio beginning with the quarter ended September 30, 2020, through the quarter ending June 30, 2021.
The principal payments due on the notes payable as of December 31, 2020, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021(1)
$146,026 
2022166,209 
20232,710 
202427,360 
20252,195 
Thereafter108,922 
$453,422 
(1)    The Company has adequate liquidity and availability under the credit facility to satisfy its outstanding debt obligations as they become due in 2021.
v3.21.1
Credit Facility
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Credit Facility Credit Facility
The Company's outstanding credit facility as of December 31, 2020 and 2019 consisted of the following (amounts in thousands):
December 31, 2020December 31, 2019
Variable rate revolving line of credit$138,000 $108,000 
Variable rate term loan fixed through interest rate swaps400,000 250,000 
Variable rate term loans400,000 550,000 
Total credit facility, principal amount outstanding938,000 908,000 
Unamortized deferred financing costs related to the term loan credit facility(5,900)(7,385)
Total credit facility, net of deferred financing costs$932,100 $900,615 
Significant activities regarding the credit facility during the year ended December 31, 2020 include:
During the year ended December 31, 2020, the Company drew $140,000,000 on its credit facility, $20,000,000 of which was related to a property acquisition and the funding of share repurchases, $75,000,000 was drawn to provide additional
liquidity due to the uncertainty in overall economic conditions created by the COVID-19 pandemic and $45,000,000 was related to another property acquisition and the Internalization Transaction. During the year ended December 31, 2020, the Company repaid $110,000,000 on its credit facility.
During the year ended December 31, 2020, three interest rate swap agreements, which the Company entered into in December 2019, with an effective date of January 1, 2020, effectively fixed London Interbank Offered Rate, or LIBOR, related to $150,000,000 of the term loans of the credit facility.
During the year ended December 31, 2020, two interest rate swap agreements, which the Company entered into in June 2020, with an effective date of July 1, 2020, effectively fixed LIBOR related to $100,000,000 of the term loans of the credit facility.
On July 10, 2020, the Company, the Operating Partnership, certain of the Company's subsidiaries, KeyBank National Association and the other lenders listed as lenders in the Company’s credit agreement and term loan agreement entered into second amendments to such agreements due to certain rent concessions provided to tenants as a result of the COVID-19 pandemic and their impact on the amount available to be drawn under the Company’s credit facility. In particular, the second amendments (i) modify the calculation of Adjusted Net Operating Income, or ANOI, such that beginning with the second quarter of 2020 and continuing thereafter, ANOI is calculated using a trailing 12 month accrual method, rather than a trailing six month annualized cash-based approach, and waives a rent coverage ratio requirement with respect to certain healthcare pool properties beginning with the quarter ended June 30, 2020 through and including the quarter ending June 30, 2021, and (ii) provide updated provisions for the conversion of the benchmark interest rate from LIBOR to an alternate index rate adopted by the Federal Reserve Board and the Federal Reserve Bank of New York following the occurrence of certain transition events.
The principal payments due on the credit facility as of December 31, 2020, for each of the next five years ending December 31, are as follows (amounts in thousands):
YearAmount
2022(1)
$138,000 
2023280,000 
2024520,000 
$938,000 
(1)    Amount relates to the revolving line of credit under the credit facility. As of December 31, 2020, the maturity date of the revolving line of credit under the credit facility was April 27, 2022, subject to our right for one, 12-month extension period.
The proceeds of loans made under the credit facility may be used to finance the acquisitions of real estate investments, for tenant improvements and leasing commissions with respect to real estate, for repayment of indebtedness, for capital expenditures with respect to real estate, and for general corporate and working capital purposes. The credit facility can be increased to $1,600,000,000, subject to certain conditions.
The annual interest rate payable under the credit facility is, at the Company's option, either: (a) LIBOR, plus an applicable margin ranging from 1.75% to 2.25%, which is determined based on the Company's overall leverage, or (b) a base rate which means, for any day, a fluctuating rate per annum equal to the prime rate for such day plus an applicable margin ranging from 0.75% to 1.25%, which is determined based on the Company's overall leverage. As of December 31, 2020, the weighted average interest rate on the variable rate portion of the credit facility was 2.40% and the weighted average interest rate on the variable rate fixed through interest rate swap portion of the credit facility was 3.77%.
In addition to interest, the Company is required to pay a fee on the unused portion of the lenders’ commitments under the credit agreement at a per annum rate equal to 0.25% if the daily amount outstanding under the credit agreement is less than 50% of the lenders’ commitments, or 0.15% if the daily amount outstanding under the credit agreement is greater than or equal to 50% of the lenders’ commitments. The unused fee is payable quarterly in arrears.
The actual amount of credit available under the credit facility is a function of certain loan-to-cost, loan-to-value and debt service coverage ratios contained in the credit facility agreements. The amount of credit available under the credit facility will be a maximum principal amount of the value of the assets that are included in the pool availability.
The credit facility agreements contain various affirmative and negative covenants that are customary for credit facilities and transactions of this type, including limitations on the incurrence of debt by the Company, the Operating Partnership and its subsidiaries that own properties that serve as collateral for the credit facility, limitations on the nature of the Company's business, the Operating Partnership and its subsidiaries, and limitations on distributions by the Company, the Operating
Partnership and its subsidiaries. The credit facility agreements impose the following financial covenants, which are specifically defined in the credit facility agreements, on the Company: (a) maximum ratio of indebtedness to gross asset value; (b) minimum ratio of adjusted consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges; (c) minimum tangible net worth; (d) minimum liquidity thresholds; (e) minimum weighted average remaining lease term of properties in the collateral pool; and (f) minimum number of properties in the collateral pool. In addition, the credit facility agreements include events of default that are customary for credit facilities and transactions of this type.
v3.21.1
Related-Party Transactions and Arrangements
12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Related-Party Transactions and Arrangements Related-Party Transactions and Arrangements
Prior to the closing of the Internalization Transaction, the Company had no direct employees. Substantially all of the Company's business was managed by the Former Advisor. The employees of the Former Advisor and its affiliates provided services to the Company related to acquisitions, property management, asset management, accounting, investor relations and all other administrative services.
Upon completion of the Internalization, the employees of an affiliate of the Former Advisor, became employees of the Company and the functions previously performed by the Former Advisor were internalized by the Company. As an internally managed company, the Company no longer pays the Former Advisor and its affiliates any fees or expense reimbursements arising from the advisory agreement. Additionally, the Company concluded that there were no preexisting relationships between the Former Advisor and the Company that had to be settled and accounted for as separate transactions from the Internalization Transaction.
Special Limited Partner Interest of Advisor
Prior to the closing of the Internalization Transaction, the Former Advisor, as the special limited partner of the Operating Partnership, was entitled to: (i) certain cash distributions upon the disposition of certain of the Operating Partnership’s assets; or (ii) a one-time payment in the form of cash, shares or promissory note or a combination of the forms of payment in connection with the redemption of the special limited partnership interests upon the occurrence of a listing of the Company’s shares of common stock on a national stock exchange or certain events that result in the termination or non-renewal of the advisory agreement. The Former Advisor would only become entitled to the compensation after stockholders have, in the aggregate, cumulative distributions equal to their invested capital plus an 8.0% cumulative, non-compounded annual return on such invested capital.
The Former Advisor's special limited partnership interest in the Operating Partnership was redeemed and cancelled at the closing of the Internalization Transaction and the Former Advisor did not receive any compensation as a special limited partner of the Operating Partnership.
Distribution and Servicing Fees
Through the termination of the Offering on November 27, 2018, the Company paid SC Distributors, LLC, an affiliate of the Former Advisor that served as the dealer manager of the Offerings, or the Dealer Manager, selling commissions and dealer manager fees in connection with the sale of shares of certain classes of common stock. The Company continues to pay the Dealer Manager a distribution and servicing fee with respect to its Class T and Class T2 shares of common stock that were sold in the Initial Offering (primary Offering only) and the Offering. Distribution and servicing fees are recorded in the accompanying consolidated statements of stockholders' equity as a reduction to equity as incurred. Effective September 30, 2020, as a result of the Internalization Transaction, the Dealer Manager is no longer a related party of the Company.
Acquisition Fees and Expenses
Prior to entering into the Purchase Agreement for the Internalization Transaction on July 28, 2020, the Company paid to the Former Advisor 2.0% of the contract purchase price of each property or asset acquired and 2.0% of the amount advanced with respect to loans and similar assets (including without limitation mezzanine loans).
Prior to the closing of the Internalization Transaction, the Company reimbursed the Former Advisor for acquisition expenses incurred in connection with the selection and acquisition of properties or real estate-related investments (including expenses relating to potential investments that the Company did not close), such as legal fees and expenses, costs of real estate due diligence, appraisals, non-refundable option payments on properties not acquired, travel and communications expenses, accounting fees and expenses and title insurance premiums, whether or not the property was acquired. The Company reimbursed the Former Advisor expenses of approximately 0.01% of the aggregate purchase price of all properties acquired. In connection with Tampa Healthcare Facility acquired on September 8, 2020, the Company did not pay acquisition fees to its Former Advisor, in accordance with the Purchase Agreement.
Acquisition fees and expenses associated with the acquisition of properties determined to be business combinations are expensed as incurred, including investment transactions that are no longer under consideration. Acquisition fees and expenses
associated with transactions determined to be asset acquisitions are capitalized in total real estate, net, in the accompanying consolidated balance sheets.
Asset Management Fees
Prior to the closing of the Internalization Transaction, the Company paid to the Former Advisor an asset management fee calculated on a monthly basis in an amount equal to 1/12th of 0.75% of aggregate asset value, which was payable monthly, in arrears.
Operating Expense Reimbursement
Prior to the closing of the Internalization Transaction, the Company reimbursed the Former Advisor for all operating expenses it paid or incurred in connection with the services provided to the Company, subject to certain limitations. Expenses in excess of the operating expenses in the four immediately preceding quarters that exceeded the greater of (a) 2% of average invested assets or (b) 25% of net income, subject to certain adjustments, were not reimbursed unless the independent directors determined such excess expenses were justified. The Company did not reimburse the Former Advisor for personnel costs in connection with services for which the Former Advisor received an acquisition fee or a disposition fee. Operating expenses incurred on the Company’s behalf are recorded in general and administrative expenses in the accompanying consolidated statements of comprehensive income (loss).
Property Management Fees
In connection with the rental, leasing, operation and management of the Company’s properties, prior to the closing of the Internalization Transaction, the Company paid Carter Validus Real Estate Management Services II, LLC, a wholly-owned subsidiary of the Former Sponsor, or the Former Property Manager, and its affiliates, aggregate fees equal to 3.0% of gross revenues from the properties managed, or property management fees. The Company reimbursed the Former Property Manager and its affiliates for property-level expenses that any of them paid or incurred on the Company’s behalf, including certain salaries, bonuses and benefits of persons employed by the Former Property Manager and its affiliates, except for the salaries, bonuses and benefits of persons who also served as one of its executive officers. For certain properties the Former Property Manager and its affiliates subcontracted the performance of their duties to third parties and paid all or a portion of the property management fee to the third parties with whom they contracted for those services. When the Company contracted directly with third parties for such services, it paid such third parties customary market fees and paid the Former Property Manager an oversight fee equal to 1.0% of the gross revenues of the properties managed. In no event did the Company pay the Former Property Manager or any affiliate both a property management fee and an oversight fee with respect to any particular property. Property management fees are recorded in rental expenses in the accompanying consolidated statements of comprehensive income (loss).
Leasing Commission Fees
Prior to the closing of the Internalization Transaction, the Company paid the Former Property Manager a separate fee in connection with leasing properties to new tenants or renewals or expansions of existing leases with existing tenants in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. Leasing commission fees are capitalized in other assets, net, in the accompanying consolidated balance sheets and amortized over the terms of the related leases.
Construction Management Fees
Prior to the closing of the Internalization Transaction, for acting as general contractor and/or construction manager to supervise or coordinate projects or to provide major repairs or rehabilitation on the Company's properties, the Company paid the Former Property Manager up to 5.0% of the cost of the projects, repairs and/or rehabilitation, as applicable, or construction management fees. Construction management fees are capitalized in real estate, net, in the accompanying consolidated balance sheets.
Disposition Fees
Prior to the closing of the Internalization Transaction, the Company paid its Former Advisor, or its affiliates, if the Former Advisor or its affiliates provided a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of properties, a disposition fee, equal to the lesser of 1.0% of the contract sales price or one-half of the total brokerage commission paid if a third party broker was also involved, without exceeding the lesser of 6.0% of the contract sales price or a reasonable, customary and competitive real estate commission.
The following table details amounts incurred in connection with the Company's related-party transactions as described above for the years ended December 31, 2020, 2019 and 2018 (amounts in thousands):
Incurred
Year Ended
December 31,
FeeEntity202020192018
Distribution and servicing fees(1)
SC Distributors, LLC$(65)$(563)$368 
Acquisition fees and costsCarter Validus Advisors II, LLC and its affiliates97 26,072 4,272 
Asset management feesCarter Validus Advisors II, LLC and its affiliates17,914 16,475 13,114 
Property management feesCarter Validus Real Estate Management Services II, LLC5,290 5,403 4,391 
Operating expense reimbursementCarter Validus Advisors II, LLC and its affiliates3,966 4,492 2,692 
Leasing commission feesCarter Validus Real Estate Management Services II, LLC594 1,241 497 
Construction management feesCarter Validus Real Estate Management Services II, LLC435 276 243 
Disposition feesCarter Validus Advisors II, LLC and its affiliates350 — — 
Loan origination feesCarter Validus Advisors II, LLC and its affiliates560 — — 
Total$29,141 $53,396 $25,577 
(1)     Reduction of distribution and servicing fees is a result of repurchases of Class T and Class T2 shares of common stock for the years ended December 31, 2020 and 2019.
The following table details amounts payable to affiliates in connection with the Company's related-party transactions as described above as of December 31, 2020 and 2019 (amounts in thousands):
Payable
FeeEntityDecember 31, 2020December 31, 2019
Distribution and servicing feesSC Distributors, LLC$— $6,210 
Asset management feesCarter Validus Advisors II, LLC and its affiliates— 2,100 
Property management feesCarter Validus Real Estate Management Services II, LLC— 433 
Operating expense reimbursementCarter Validus Advisors II, LLC and its affiliates— 518 
Leasing commission feesCarter Validus Real Estate Management Services II, LLC— 299 
Construction management feesCarter Validus Real Estate Management Services II, LLC— 199 
Total$— $9,759 
v3.21.1
Segment Reporting
12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Management reviews the performance of individual properties and aggregates individual properties based on operating criteria into two reportable segments—commercial real estate investments in data centers and healthcare, and makes operating decisions based on these two reportable segments. The Company’s commercial real estate investments in data centers and healthcare are based on certain underwriting assumptions and operating criteria, which are different for data centers and healthcare.
The Company evaluates performance based on the net operating income of the individual properties in each segment. Net operating income, a non-GAAP financial measure, is defined as rental revenue, less rental expenses, which excludes depreciation and amortization, general and administrative expenses, internalization transaction expenses, asset management fees, gain on real estate dispositions, impairment loss on real estate and interest and other expense, net. The Company believes that segment net operating income serves as a useful supplement to net income because it allows investors and management to measure unlevered property-level operating results and to compare operating results to the operating results of other real estate companies between periods on a consistent basis. Segment net operating income should not be considered as an alternative to net income determined in accordance with GAAP as an indicator of financial performance, and accordingly, the Company believes that in order to facilitate a clear understanding of the consolidated historical operating results, segment net operating income should be examined in conjunction with net income as presented in the accompanying consolidated financial statements and data included elsewhere in this Annual Report on Form 10-K.
Non-segment assets primarily consist of corporate assets, including cash and cash equivalents, notes receivable, right-of-use assets - operating leases attributable to the Corporate Lease and deferred financing costs attributable to the revolving line of credit portion of the Company's credit facility not attributable to individual properties.
On September 30, 2020, the Company recorded $39,529,000 of goodwill related to the Internalization Transaction that was allocated to separately identified reporting units. The Company's reporting units represent each individual operating real estate property and meet aggregation criteria to be grouped into two reportable segments- data centers and healthcare.
Summary information for the reportable segments during the years ended December 31, 2020, 2019 and 2018 is as follows (amounts in thousands):
Data CentersHealthcareYear Ended December 31, 2020
Revenue:
Rental revenue$110,755 $165,781 $276,536 
Expenses:
Rental expenses(28,346)(15,187)(43,533)
Segment net operating income$82,409 $150,594 233,003 
Expenses:
General and administrative expenses(16,681)
Internalization transaction expenses(3,640)
Asset management fees(17,914)
Depreciation and amortization(105,483)
Gain on real estate dispositions3,142 
Income from operations92,427 
Interest and other expense, net(55,651)
Net income attributable to common stockholders$36,776 
Data CentersHealthcareYear Ended
December 31, 2019
Revenue:
Rental revenue$109,689 $101,212 $210,901 
Expenses:
Rental expenses(30,270)(10,714)(40,984)
Segment net operating income$79,419 $90,498 169,917 
Expenses:
General and administrative expenses(8,421)
Asset management fees(16,475)
Depreciation and amortization(74,104)
Impairment loss on real estate - healthcare(21,000)
Gain on real estate disposition79 
Income from operations49,996 
Interest and other expense, net(47,214)
Net income attributable to common stockholders$2,782 
Data CentersHealthcareYear Ended December 31, 2018
Revenue:
Rental revenue$103,226 $74,107 $177,333 
Expenses:
Rental expenses(27,289)(10,038)(37,327)
Segment net operating income$75,937 $64,069 140,006 
Expenses:
General and administrative expenses(5,396)
Asset management fees(13,114)
Depreciation and amortization(58,258)
Income from operations63,238 
Interest and other expense, net(34,365)
Net income attributable to common stockholders$28,873 
There were no intersegment sales or transfers during the years ended December 31, 2020, 2019 and 2018.
Assets by each reportable segment as of December 31, 2020 and 2019 are as follows (amounts in thousands):
December 31, 2020December 31, 2019
Assets by segment:
Data centers$979,222 
(1)
$989,953 
Healthcare2,147,389 
(1)
2,184,450 
All other78,678 65,131 
Total assets$3,205,289 $3,239,534 
(1)Includes $15,574,000 of goodwill allocated to the data centers segment and $23,955,000 of goodwill allocated to the healthcare segment acquired in the Internalization Transaction on September 30, 2020.
Capital additions, acquisitions and dispositions and goodwill by reportable segments for the years ended December 31, 2020, 2019 and 2018 are as follows (amounts in thousands):
Year Ended
December 31,
202020192018
Capital additions by segment:
Data centers$3,945 $7,004 $2,763 
Healthcare24,852 5,837 12,820 
Total28,797 12,841 15,583 
Acquisitions by segment:
Data centers— — 112,181 
Healthcare16,135 528,259 105,151 
Total16,135 528,259 217,332 
Proceeds from Dispositions by segment:
Data centers— — — 
Healthcare(28,542)(2,882)— 
Total(28,542)(2,882)— 
Net cash outflows from capital additions, acquisitions and dispositions$16,390 $538,218 $232,915 
Goodwill allocated by segment:
Data centers$15,574 $— — 
Healthcare23,955 — — 
Total$39,529 $— $— 
v3.21.1
Fair Value
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Notes payable—Fixed Rate—The estimated fair value of notes payablefixed rate measured using observable inputs from similar liabilities (Level 2) was approximately $229,999,000 and $222,816,000 as of December 31, 2020 and 2019, respectively, as compared to the outstanding principal of $218,415,000 and $219,567,000 as of December 31, 2020 and 2019, respectively. The estimated fair value of notes payablevariable rate fixed through interest rate swap agreements (Level 2) was approximately $234,554,000 and $237,974,000 as of December 31, 2020 and 2019, respectively, as compared to the outstanding principal of $235,007,000 and $237,778,000 as of December 31, 2020 and 2019, respectively.
Credit facilityVariable Rate—The estimated fair value of the credit facility—variable rate (Level 2) was approximately $536,329,000 and $659,691,000 as of December 31, 2020 and 2019, respectively, as compared to the outstanding principal of $538,000,000 and $658,000,000 as of December 31, 2020 and 2019, respectively.
Credit facilityFixed Rate—The estimated fair value of the credit facility—variable rate fixed through interest rate swap agreements (Level 2) was approximately $398,563,000 and $250,472,000 as of December 31, 2020 and 2019, respectively, as compared to the outstanding principal of $400,000,000 and $250,000,000 as of December 31, 2020 and 2019, respectively.
The fair value of the Company's debt is estimated based on the interest rates currently offered to the Company by its respective financial institution.
Notes receivable—The outstanding principal balance of the notes receivable in the amount of $30,700,000 and $2,700,000 approximated the fair value as of December 31, 2020 and 2019, respectively. The fair value was determined through the evaluation of credit quality indicators such as underlying collateral and payment history and measured using significant other observable inputs (Level 2), which requires certain judgments to be made by management.
Derivative instruments—Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amount the Company could realize, or be liable for, on disposition of the financial instruments. The Company determined that the majority of the inputs used to value its interest rate swaps fall within Level 2 of the fair value hierarchy. The credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the respective counterparty. However, as of December 31, 2020, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined
that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. See Note 16—"Derivative Instruments and Hedging Activities" for further discussion of the Company's derivative instruments.
The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2020 and 2019 (amounts in thousands):
 December 31, 2020
 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
Liabilities:
Derivative liabilities$— $20,444 $— $20,444 
Total liabilities at fair value$— $20,444 $— $20,444 
 December 31, 2019
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
Total Fair
Value
Assets:
Derivative assets$— $884 $— $884 
Total assets at fair value$— $884 $— $884 
Liabilities:
Derivative liabilities$— $5,588 $— $5,588 
Total liabilities at fair value$— $5,588 $— $5,588 
v3.21.1
Derivative Instruments and Hedging Activities
12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreements without exchange of the underlying notional amount.
Changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in accumulated other comprehensive (loss) income in the accompanying consolidated statements of stockholders' equity and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest and other expense, net, as interest payments are made on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $9,486,000 will be reclassified from accumulated other comprehensive loss as an increase to interest and other expense, net.
See Note 15—"Fair Value" for further discussion of the fair value of the Company’s 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
Balance
Sheet
Location
Effective
Dates
Maturity
Dates
December 31, 2020December 31, 2019
Outstanding
Notional
Amount
Fair Value ofOutstanding
Notional
Amount
Fair Value of
Asset(Liability)Asset(Liability)
Interest rate swapsOther assets, net/
Accounts
payable and
other liabilities
11/01/2016 to
07/01/2020
10/28/2021 to
12/31/2024
$635,007 $— $(20,444)$637,778 $884 $(5,588)
The notional amount under the agreements is an indication of the extent of the Company’s involvement in each instrument at the time, but does not represent exposure to credit, interest rate or market risks.
Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges to hedge the variability of the anticipated cash flows on its variable rate credit facility and notes payable. The change in fair value of the derivative instruments that are designated as hedges are recorded in other comprehensive (loss) income in the accompanying consolidated statements of comprehensive income (loss).
The table below summarizes the amount of (loss) income recognized on the interest rate derivatives designated as cash flow hedges for the years ended December 31, 2020, 2019 and 2018 (amounts in thousands):
Derivatives in Cash Flow
Hedging Relationships
Amount of (Loss) Income Recognized
in Other Comprehensive (Loss) Income on Derivatives
Location of (Loss) Income
Reclassified From
Accumulated Other
Comprehensive (Loss) Income to
Net Income
Amount of (Loss) Income
Reclassified From
Accumulated Other
Comprehensive (Loss) Income to
Net Income
Total Amount of Interest and Other Expense, Net Presented in Statements of Comprehensive Income (Loss)
Year Ended December 31, 2020
Interest rate swaps$(23,583)Interest and other expense, net$(7,843)$55,651 
Total$(23,583)$(7,843)
Year Ended December 31, 2019
Interest rate swaps$(9,305)Interest and other expense, net$1,602 $47,214 
Total$(9,305)$1,602 
Year Ended December 31, 2018
Interest rate swaps$3,208 Interest and other expense, net$818 $34,365 
Total$3,208 $818 
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 December 31, 2020, the fair value of derivatives in a net liability position was $21,901,000, inclusive of accrued interest but excluding any adjustment for nonperformance risk related to the agreement. As of December 31, 2020, 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, 2020 and 2019 (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, 2019$884 $— $884 $(5)$— $879 
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, 2020$20,444 $— $20,444 $— $— $20,444 
December 31, 2019$5,588 $— $5,588 $(5)$— $5,583 
The Company reports derivative assets and derivative liabilities in the accompanying consolidated balance sheets as other assets, net, and accounts payable and other liabilities, respectively.
v3.21.1
Accumulated Other Comprehensive (Loss) Income
12 Months Ended
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive (Loss) Income Accumulated Other Comprehensive (Loss) Income
The following table presents a rollforward of amounts recognized in accumulated other comprehensive (loss) income by component for the years ended December 31, 2020, 2019 and 2018 (amounts in thousands):
Unrealized Income (Loss) on Derivative
Instruments
Balance as of December 31, 2017$3,710 
Other comprehensive income before reclassification3,208 
Amount of income reclassified from accumulated other comprehensive income to net income (effective portion)(818)
Other comprehensive income2,390 
Balance as of December 31, 20186,100 
Cumulative effect of accounting change103 
Balance as of January 1, 20196,203 
Other comprehensive loss before reclassification(9,305)
Amount of income reclassified from accumulated other comprehensive income to net income (including missed forecast)(1,602)
Other comprehensive loss(10,907)
Balance as of December 31, 2019(4,704)
Other comprehensive loss before reclassification(23,583)
Amount of loss reclassified from accumulated other comprehensive loss to net income7,843 
Other comprehensive loss(15,740)
Balance as of December 31, 2020$(20,444)
The following table presents reclassifications out of accumulated other comprehensive (loss) income for the years ended December 31, 2020, 2019 and 2018 (amounts in thousands):
Details about Accumulated Other
Comprehensive (Loss) Income Components
Amounts Reclassified from
Accumulated Other Comprehensive Loss (Income) to Net Income
Affected Line Items in the Consolidated Statements of Comprehensive Income (Loss)
Year Ended
December 31,
202020192018
Interest rate swap contracts$7,843 $(1,602)$(818)Interest and other expense, net
v3.21.1
Stock-based Compensation
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
Incentive Plan
On May 6, 2014, the Company adopted the 2014 restricted share plan, or the Incentive Plan, pursuant to which the Company has the power and authority to grant restricted or deferred stock awards to persons eligible under the Incentive Plan. The Company authorized and reserved 300,000 shares of its Class A shares for issuance under the Incentive Plan, subject to certain adjustments.
On March 6, 2020, the Company's board of directors approved the Amended and Restated 2014 restricted share plan, or the A&R Incentive Plan, pursuant to which the Company has the authority and power to grant awards of restricted shares of its Class A common stock to its directors, officers and employees. The Company's board of directors has authorized a total of 5,000,000 Class A shares of common stock for issuance under the A&R Incentive Plan on a fully diluted basis at any time. 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. The Company uses the straight-line method to recognize expenses for service awards with graded vesting.
On March 6, 2020, the Company's board of directors determined to revise the amounts of restricted Class A shares of common stock the independent directors are entitled to receive each year. On July 1, 2020, the Company granted each independent director $60,000 in restricted shares of Class A common stock. Restricted shares of Class A common stock issued to the Company’s independent directors in July 2020 will vest over a three-year period following the first anniversary of the
date of grant in increments of 33.34% per annum. The fair value of each share of restricted common stock was estimated at the date of grant at $8.65 per share.
The Company’s board of directors determined that, effective upon the closing of the Internalization Transaction, the independent directors are entitled to receive $70,000 each year in restricted shares of Class A common stock of the Company at the most recently determined estimated net asset value per share (the 2020 grant was prorated through June 30, 2021), which were issued pursuant to the Company’s A&R Incentive Plan. Restricted shares of Class A common stock issued to the independent directors will vest over a one-year period.
On October 1, 2020, the Company granted each independent director $7,500 in restricted shares of Class A common stock, which will vest over a one-year period. The fair value of each share of restricted common stock was estimated at the date of grant at $8.65 per share.
Executive Awards
Concurrently with, and as a condition to the execution and delivery of the Purchase Agreement on July 28, 2020, the Company entered into an employment agreement with each of Michael A. Seton and Kay C. Neely, or the Executives, pursuant to which Mr. Seton and Ms. Neely have served from and after the closing of the Internalization Transaction as the Company’s Chief Executive Officer and Chief Financial Officer, respectively. Such employment agreements became effective on September 30, 2020.
Subject to each Executive’s continued employment through the grant date, in the first quarter of calendar year 2021, each Executive will receive an award of time-based restricted shares of Class A common stock, or the Time-Based 2021 Award, and an award of performance-based restricted stock units, or the Performance-Based 2021 Award, and together with the Time-Based 2021 Award, the “2021 Awards”, each to be granted under and subject to the terms of the Company’s A&R Incentive Plan and award agreements. In the case of Mr. Seton, the combined value of the shares of the Company’s common stock underlying the 2021 Awards on the grant date will be $1,800,000, with 50% of the grant date value of the 2021 Awards consisting of the Performance-Based 2021 Award and 50% consisting of the Time-Based 2021 Award. In the case of Ms. Neely, the combined value of the shares of the Company’s common stock underlying the 2021 Awards will be $700,000, with 50% of the grant date value of the 2021 Awards consisting of the Performance-Based 2021 Award and 50% consisting of the Time-Based 2021 Award. The performance objectives and other terms and conditions of the Performance-Based 2021 Award were determined by the Company's compensation committee, which was established and effective upon the closing of the Internalization Transaction. The Time-Based 2021 Award will vest ratably over four years following the grant date, subject to the Executive’s continued employment through the applicable vesting dates, with certain exceptions. The Performance-Based 2021 Award will vest based on the level of achievement of performance over the three fiscal years (2021-2023) subject to the executive officer’s continuous employment through the applicable vesting date, with limited exceptions described in the award agreements.
On October 1, 2020, Mr. Seton and Ms. Neely received a grant of 231,214 and 115,607 time-based restricted shares of Class A common stock, respectively, with a grant date fair value of $2,000,000 and $1,000,000, respectively, which, subject to the Executive’s continuous employment through the applicable vesting dates, with certain exceptions, will vest on December 31, 2024, or, if earlier, on the 15th month anniversary of the date of a “qualified event” (such as a listing of the Company’s stock on a nationally recognized stock exchange or an underwritten public offering of the Company’s stock). The awards were granted under and subject to the terms of the A&R Incentive Plan and an award agreement.
Additionally, on October 1, 2020, the Company granted one-time awards of approximately 206,936 restricted shares of Class A common stock to certain employees at the date of grant fair value per share of $8.65. The granted shares will vest on December 31, 2024, or, if earlier, on the 15th month anniversary of the date of a “qualified event” defined above. The awards were granted under and subject to the terms of the A&R Incentive Plan and an award agreement.
On January 8, 2021, the Company granted the Time-Based 2021 Award to Mr. Seton and Ms. Neely of 103,567 and 40,276 in restricted shares of Class A common stock, respectively. In addition, on January 8, 2021, the Company's compensation committee approved performance-based deferred stock unit awards, or Performance DSUs, to be granted for the Performance-Based 2021 Award. The Performance DSUs represent the right to receive a number of restricted shares of Class A common stock of the Company on a one-to-one basis with the number of Performance DSUs that vest. The awards were granted under and subject to the terms of the A&R Incentive Plan and an award agreement.
As of December 31, 2020 and 2019, there was $4,921,000 and $215,000, respectively, of total unrecognized compensation expense related to nonvested shares of the Company’s restricted Class A common stock. This expense is expected to be recognized over a remaining weighted average period of 3.77 years. This expected expense does not include the impact of any future stock-based compensation awards.
As of December 31, 2020 and 2019, the fair value of the nonvested shares of restricted Class A common stock was $5,326,336 and $240,038, respectively. A summary of the status of the nonvested shares of restricted Class A common stock as of December 31, 2019 and the changes for the year ended December 31, 2020 is presented below:
Restricted StockShares
Nonvested at December 31, 201927,750 
Vested(10,500)
Granted595,677 
Nonvested at December 31, 2020612,927 
Stock-based compensation expense for the years ended December 31, 2020, 2019 and 2018 was approximately $437,000, $89,000 and $90,000, respectively, which is reported in general and administrative costs in the accompanying consolidated statements of comprehensive income (loss).
v3.21.1
Income Taxes
12 Months Ended
Dec. 31, 2020
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, 2020, 2019 and 2018:
Year Ended December 31,
Character of Class A Distributions:202020192018
Ordinary dividends— %17.93 %41.38 %
Capital gain distributions— %0.38 %— %
Nontaxable distributions100.00 %81.69 %58.62 %
Total100.00 %100.00 %100.00 %
Year Ended December 31,
Character of Class I Distributions:202020192018
Ordinary dividends— %17.93 %41.38 %
Capital gain distributions— %0.38 %— %
Nontaxable distributions100.00 %81.69 %58.62 %
Total100.00 %100.00 %100.00 %
Year Ended December 31,
Character of Class T Distributions:202020192018
Ordinary dividends— %4.79 %33.01 %
Capital gain distributions— %0.43 %— %
Nontaxable distributions100.00 %94.78 %66.99 %
Total100.00 %100.00 %100.00 %
Year Ended December 31,
Character of Class T2 Distributions:202020192018
Ordinary dividends— %4.79 %33.01 %
Capital gain distributions— %0.43 %— %
Nontaxable distributions100.00 %94.78 %66.99 %
Total100.00 %100.00 %100.00 %
The Company is subject to certain state and local income taxes on income, property or net worth in some jurisdictions, and in certain circumstances may also be subject to federal excise tax on undistributed income. Texas, Tennessee, California, Louisiana, North Carolina and Massachusetts are the major state and local tax jurisdictions for the Company.
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, 2020, 2019 and 2018. The earliest tax year subject to examination is 2017.
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, 2020, the Company has not recognized any interest expense or penalties related to unrecognized tax benefits.
v3.21.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies In the ordinary course of business, the Company may become subject to litigation or claims. As of December 31, 2020, 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.
v3.21.1
Selected Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited) Selected Quarterly Financial Data (Unaudited)
Presented in the following table is a summary of the unaudited quarterly financial information for the years ended December 31, 2020 and 2019. The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information (amounts in thousands, except shares and per share data):
2020
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
Total revenue$67,809 $70,667 $68,875 $69,185 
Total expenses(40,651)(52,119)(46,284)(48,197)
Gain on real estate dispositions439 — 2,703 — 
Income from operations27,597 18,548 25,294 20,988 
Interest and other expense, net(12,849)(13,284)(14,199)(15,319)
Net income attributable to common stockholders$14,748 $5,264 $11,095 $5,669 
Net income per common share attributable to common stockholders:
Basic$0.07 $0.02 $0.05 $0.03 
Diluted$0.07 $0.02 $0.05 $0.03 
Weighted average number of common shares outstanding:
Basic221,863,141 221,346,730 220,992,009 221,540,890 
Diluted222,475,926 221,406,461 221,029,409 221,570,975 
2019
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
Total revenue$69,434 $48,063 $46,937 $46,467 
Total expenses(52,160)(45,773)(30,780)(32,271)
Gain on real estate disposition79 — — — 
Income from operations17,353 2,290 16,157 14,196 
Interest and other expense, net(15,566)(11,920)(9,893)(9,835)
Net income (loss) attributable to common stockholders$1,787 $(9,630)$6,264 $4,361 
Net income (loss) per common share attributable to common stockholders:
Basic$0.01 $(0.07)$0.05 $0.03 
Diluted$0.01 $(0.07)$0.05 $0.03 
Weighted average number of common shares outstanding:
Basic218,928,165 137,063,509 136,135,710 136,179,343 
Diluted218,955,915 137,063,509 136,161,037 136,204,843 
v3.21.1
Subsequent Events
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Distributions Paid to Stockholders
The following table summarizes the Company's distributions paid to stockholders on January 4, 2021, for the period from December 1, 2020 through December 31, 2020 (amounts in thousands):
Payment DateCommon Stock CashDRIPTotal Distribution
January 4, 2021Class A$5,489 $1,587 $7,076 
January 4, 2021Class I325 212 537 
January 4, 2021Class T704 679 1,383 
January 4, 2021Class T256 65 121 
$6,574 $2,543 $9,117 
The following table summarizes the Company's distributions paid to stockholders on February 1, 2021, for the period from January 1, 2021 through January 31, 2021 (amounts in thousands):
Payment DateCommon Stock CashDRIPTotal Distribution
February 1, 2021Class A$5,520 $1,586 $7,106 
February 1, 2021Class I328 211 539 
February 1, 2021Class T708 679 1,387 
February 1, 2021Class T256 65 121 
$6,612 $2,541 $9,153 
The following table summarizes the Company's distributions paid to stockholders on March 2, 2021, for the period from February 1, 2021 through February 28, 2021 (amounts in thousands):
Payment DateCommon StockCashDRIPTotal Distribution
March 2, 2021Class A$4,992 $1,432 $6,424 
March 2, 2021Class I298 191 489 
March 2, 2021Class T642 613 1,255 
March 2, 2021Class T251 57 108 
$5,983 $2,293 $8,276 
Distributions Authorized
The following tables summarize the daily distributions approved and authorized by the board of directors of the Company subsequent to December 31, 2020:
Authorization Date (1)
Common Stock
Daily Distribution Rate (1)
Annualized Distribution Per Share
January 25, 2021Class A$0.001369863 $0.50 
January 25, 2021Class I$0.001369863 $0.50 
January 25, 2021Class T$0.001131781 $0.41 
January 25, 2021Class T2$0.001131781 $0.41 
Authorization Date (2)
Common Stock
Daily Distribution Rate (2)
Annualized Distribution Per Share
February 25, 2021Class A$0.001369863 $0.50 
February 25, 2021Class I$0.001369863 $0.50 
February 25, 2021Class T$0.001131781 $0.41 
February 25, 2021Class T2$0.001131781 $0.41 
Authorization Date (3)
Common Stock
Daily Distribution Rate (3)
Annualized Distribution Per Share
March 18, 2021Class A$0.001369863 $0.50 
March 18, 2021Class I$0.001369863 $0.50 
March 18, 2021Class T$0.001131781 $0.41 
March 18, 2021Class T2$0.001131781 $0.41 
(1)Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on February 1, 2021 and ending on February 28, 2021. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in February 2021 will be paid in March 2021. The distributions will be payable to stockholders from legally available funds therefor.
(2)Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on March 1, 2021 and ending on March 31, 2021. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in March 2021 will be paid in April 2021. The distributions will be payable to stockholders from legally available funds therefor.
(3)Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on April 1, 2021 and ending on April 30, 2021. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in April 2021 will be paid in May 2021. The distributions will be payable to stockholders from legally available funds therefor.
v3.21.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
12 Months Ended
Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
SCHEDULE III — REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2020
(in thousands)
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)
Gross Amount
Carried at
December 31, 2020
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements
LandBuildings and
Improvements (c)
TotalAccumulated
Depreciation (d)
Year
Constructed
Year
Renovated
Date
Acquired
Houston Healthcare FacilityHouston, TX$— (a)$762 $2,970 $106 $762 $3,076 $3,838 $653 199307/31/2014
Cincinnati Healthcare FacilityCincinnati, OH— (a)356 3,167 89 356 3,256 3,612 604 200110/29/2014
Winston-Salem Healthcare FacilityWinston-Salem, NC— (a)684 4,903 — 684 4,903 5,587 882 200412/17/2014
Stoughton Healthcare FacilityStoughton, MA— (a)4,049 19,991 2,342 4,049 22,333 26,382 3,601 1973199712/23/2014
Fort Worth Healthcare FacilityFort Worth, TX— (a)8,297 35,615 — 8,297 35,615 43,912 5,641 201412/31/2014
Fort Worth Healthcare Facility IIFort Worth, TX— (a)367 1,587 164 367 1,751 2,118 481 201412/31/2014
Winter Haven Healthcare FacilityWinter Haven, FL— (a)— 2,805 — — 2,805 2,805 464 200901/27/2015
Overland Park Healthcare FacilityOverland Park, KS— (a)1,558 20,549 — 1,558 20,549 22,107 3,174 201402/17/2015
Indianapolis Data CenterIndianapolis, IN— (a)524 6,422 37 524 6,459 6,983 961 2000201404/01/2015
Clarion Healthcare FacilityClarion, PA— (a)462 5,377 — 462 5,377 5,839 1,008 201206/01/2015
Webster Healthcare FacilityWebster, TX— (a)1,858 20,140 — 1,858 20,140 21,998 2,927 201506/05/2015
Eagan Data CenterEagan, MN— (a)768 5,037 — 768 5,037 5,805 861 1998201506/29/2015
Houston Healthcare Facility IIHouston, TX— 8,329 36,297 (17,360)8,329 18,937 27,266 753 19502005/200806/30/2015
Augusta Healthcare FacilityAugusta, ME— (a)556 14,401 — 556 14,401 14,957 2,224 201007/22/2015
Cincinnati Healthcare Facility IICincinnati, OH— (a)1,812 24,382 — 1,812 24,382 26,194 3,881 1960201407/22/2015
Cincinnati Healthcare Facility IIICincinnati, OH— (a)446 10,239 446 10,243 10,689 1,487 201407/22/2015
Florence Healthcare FacilityFlorence, KY— (a)650 9,919 — 650 9,919 10,569 1,434 201407/22/2015
Oakland Healthcare FacilityOakland, ME— (a)229 5,416 — 229 5,416 5,645 904 201407/22/2015
Wyomissing Healthcare FacilityWyomissing, PA— (a)1,504 20,193 — 1,504 20,193 21,697 2,978 200707/24/2015
Luling Healthcare FacilityLuling, TX— (a)824 7,530 — 824 7,530 8,354 1,104 200207/30/2015
Minnetonka Data CenterMinnetonka, MN— (a)2,085 15,099 119 1,999 15,304 17,303 2,862 19852001/2006
/2012/2015
08/28/2015
Omaha Healthcare FacilityOmaha, NE— (a)1,259 9,796 — 1,259 9,796 11,055 1,341 201410/14/2015
Sherman Healthcare FacilitySherman, TX— (a)1,679 23,926 — 1,679 23,926 25,605 3,186 2005201011/20/2015
Sherman Healthcare Facility IISherman, TX— (a)214 3,209 — 214 3,209 3,423 431 200511/20/2015
Fort Worth Healthcare Facility IIIFort Worth, TX— (a)3,120 9,312 — 3,120 9,312 12,432 1,235 19982007/201512/23/2015
Oklahoma City Healthcare FacilityOklahoma City, OK21,760 4,626 30,509 — 4,626 30,509 35,135 4,177 19851998/200312/29/2015
Oklahoma City Healthcare Facility IIOklahoma City, OK— (a)991 8,366 — 991 8,366 9,357 1,218 1994199912/29/2015
Waco Data CenterWaco, TX— (a)873 8,233 — 873 8,233 9,106 1,050 1956200912/30/2015
Edmond Healthcare FacilityEdmond, OK— (a)796 3,199 — 796 3,199 3,995 467 200201/20/2016
Oklahoma City Healthcare Facility IIIOklahoma City, OK— (a)452 1,081 — 452 1,081 1,533 162 200601/27/2016
Oklahoma City Healthcare Facility IVOklahoma City, OK— (a)368 2,344 — 368 2,344 2,712 342 200701/27/2016
Alpharetta Data CenterAlpharetta, GA— (a)3,395 11,081 25 3,395 11,106 14,501 1,488 199902/02/2016
Flint Data CenterFlint, MI— (a)111 7,001 — 111 7,001 7,112 925 1989201602/02/2016
Newcastle Healthcare FacilityNewcastle, OK— (a)412 1,173 — 412 1,173 1,585 174 1995199902/03/2016
Oklahoma City Healthcare Facility VOklahoma City, OK— (a)541 12,445 — 541 12,445 12,986 1,790 200802/11/2016
Rancho Mirage Healthcare FacilityRancho Mirage, CA— 2,724 7,626 29,844 2,726 37,468 40,194 2,224 201803/01/2016
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)
Gross Amount
Carried at
December 31, 2020
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements
LandBuildings and
Improvements (c)
TotalAccumulated
Depreciation (d)
Year
Constructed
Year
Renovated
Date
Acquired
Oklahoma City Healthcare Facility VIOklahoma City, OK— (a)896 3,684 — 896 3,684 4,580 536 200703/07/2016
Franklin Data CenterFranklin, TN— (a)6,624 10,971 135 6,624 11,106 17,730 1,439 2016201903/31/2016
Oklahoma City Healthcare Facility VIIOklahoma City, OK23,988 3,203 32,380 — 3,203 32,380 35,583 3,859 201606/22/2016
Las Vegas Healthcare FacilityLas Vegas, NV— (a)2,614 639 22,091 2,895 22,449 25,344 1,801 201706/24/2016
Somerset Data CenterSomerset, NJ— (a)906 10,466 — 906 10,466 11,372 1,373 1978201606/29/2016
Oklahoma City Healthcare Facility VIIIOklahoma City, OK— (a)2,002 15,384 — 2,002 15,384 17,386 1,809 1997200806/30/2016
Hawthorne Data CenterHawthorne, CA39,749 16,498 57,312 — 16,498 57,312 73,810 6,254 19631983/200109/27/2016
McLean Data CenterMcLean, VA23,460 31,554 4,930 330 31,554 5,260 36,814 616 1966199810/17/2016
McLean Data Center IIMcLean, VA27,540 20,392 22,727 105 20,392 22,832 43,224 2,473 1991201910/17/2016
Marlton Healthcare FacilityMarlton, NJ30,471 — 57,154 — 57,159 57,159 5,896 199511/01/2016
Andover Data CenterAndover, MA— (a)6,566 28,072 514 6,566 28,586 35,152 3,299 200011/08/2016
Grand Rapids Healthcare FacilityGrand Rapids, MI21,381 2,533 39,487 95 2,533 39,582 42,115 4,940 200812/07/2016
Corpus Christi Healthcare FacilityCorpus Christi, TX— (a)975 4,963 698 1,002 5,634 6,636 621 199212/22/2016
Chicago Data CenterDowners Grove, IL— (a)1,329 29,940 (545)1,358 29,366 30,724 3,024 1987201612/28/2016
Blythewood Data CenterBlythewood, SC— (a)612 17,714 27 634 17,719 18,353 1,842 198312/29/2016
Tempe Data CenterTempe, AZ— (a)2,997 11,991 132 2,997 12,123 15,120 1,262 1977201601/26/2017
Aurora Healthcare FacilityAurora, IL— (a)973 9,632 — 973 9,632 10,605 986 200203/30/2017
Norwalk Data CenterNorwalk, CT33,400 10,125 43,360 94 10,125 43,454 53,579 4,207 201303/30/2017
Allen Healthcare FacilityAllen, TX12,974 857 20,582 — 857 20,582 21,439 2,101 200703/31/2017
Austin Healthcare FacilityAustin, TX20,603 1,368 32,039 — 1,368 32,039 33,407 3,270 201203/31/2017
Beaumont Healthcare FacilityBeaumont, TX5,791 946 8,372 — 946 8,372 9,318 859 199103/31/2017
Charlotte Data CenterCharlotte, NC— (a)372 17,131 3,382 372 20,513 20,885 2,096 1989201605/15/2017
Atlanta Data CenterAtlanta, GA116,200 19,159 129,778 8,435 19,159 138,213 157,372 17,357 1989
2007/2020 (e)
06/15/2017
Sunnyvale Data CenterSunnyvale, CA— (a)10,013 24,709 — 10,013 24,709 34,722 2,252 1992199806/28/2017
San Antonio Healthcare FacilitySan Antonio, TX10,360 1,813 11,706 — 1,813 11,706 13,519 1,124 201206/29/2017
Cincinnati Data CenterCincinnati, OH— (a)1,556 8,966 — 1,556 8,966 10,522 887 1985201006/30/2017
Silverdale Healthcare FacilitySilverdale, WA— (a)1,530 7,506 15 1,530 7,521 9,051 776 200508/25/2017
Silverdale Healthcare Facility IISilverdale, WA— (a)1,542 4,981 — 1,542 4,981 6,523 550 200709/20/2017
King of Prussia Data CenterKing of Prussia, PA11,671 1,015 17,413 — 1,015 17,413 18,428 1,482 1960199709/28/2017
Tempe Data Center IITempe, AZ— (a)— 15,803 — — 15,803 15,803 1,361 199809/29/2017
Houston Data CenterHouston, TX48,607 10,082 101,051 — 10,082 101,051 111,133 8,011 201311/16/2017
Saginaw Healthcare FacilitySaginaw, MI— (a)1,251 15,878 235 1,251 16,113 17,364 1,747 200212/21/2017
Elgin Data CenterElgin, IL5,467 1,067 7,861 (421)1,067 7,440 8,507 602 200012/22/2017
Oklahoma City Data CenterOklahoma City, OK— (a)1,868 44,253 — 1,868 44,253 46,121 3,460 2008/201612/27/2017
Rancho Cordova Data CenterRancho Cordova, CA— (a)1,760 32,109 — 1,760 32,109 33,869 2,282 19822008/201003/14/2018
Rancho Cordova Data Center IIRancho Cordova, CA— (a)1,943 10,340 — 1,943 10,340 12,283 750 1984201203/14/2018
Carrollton Healthcare FacilityCarrollton, TX— (a)1,995 5,870 — 1,995 5,870 7,865 441 201504/27/2018
Katy Healthcare FacilityKaty, TX— (a)1,443 12,114 — 1,443 12,114 13,557 799 201506/08/2018
San Jose Data CenterSan Jose, CA— (a)12,205 34,309 — 12,205 34,309 46,514 2,240 1999200906/13/2018
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)
Gross Amount
Carried at
December 31, 2020
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements
LandBuildings and
Improvements (c)
TotalAccumulated
Depreciation (d)
Year
Constructed
Year
Renovated
Date
Acquired
Indianola Healthcare FacilityIndianola, IA— (a)330 5,698 — 330 5,698 6,028 357 201409/26/2018
Indianola Healthcare Facility IIIndianola, IA— (a)709 6,061 — 709 6,061 6,770 392 201109/26/2018
Canton Data CenterCanton, OH— (a)345 8,268 — 345 8,268 8,613 473 200810/03/2018
Benton Healthcare FacilityBenton, AR— (a)— 19,048 — — 19,048 19,048 1,142 1992/199910/17/2018
Benton Healthcare Facility IIBenton, AR— (a)— 1,647 — — 1,647 1,647 110 198310/17/2018
Bryant Healthcare FacilityBryant, AR— (a)930 3,539 — 930 3,539 4,469 234 199510/17/2018
Hot Springs Healthcare FacilityHot Springs, AR— (a)384 2,077 — 384 2,077 2,461 142 200910/17/2018
Clive Healthcare FacilityClive, IA— (a)336 22,332 61 336 22,393 22,729 1,490 200811/26/2018
Valdosta Healthcare FacilityValdosta, GA— (a)659 5,626 — 659 5,626 6,285 376 200411/28/2018
Valdosta Healthcare Facility IIValdosta, GA— (a)471 2,780 — 471 2,780 3,251 189 199211/28/2018
Bryant Healthcare Facility IIBryant, AR— (a)647 3,364 — 647 3,364 4,011 132 201608/16/2019
Laredo Healthcare FacilityLaredo, TX— (a)— 12,137 — — 12,137 12,137 425 199809/19/2019
Laredo Healthcare Facility IILaredo, TX— (a)— 23,677 83 — 23,760 23,760 838 199809/19/2019
Poplar Bluff Healthcare FacilityPoplar Bluff, MO— (a)— 13,515 — — 13,515 13,515 475 201309/19/2019
Tucson Healthcare FacilityTucson, AZ— (a)— 5,998 — — 5,998 5,998 212 199809/19/2019
Akron Healthcare FacilityGreen, OH— (a)3,503 38,512 — 3,503 38,512 42,015 1,240 201210/04/2019
Akron Healthcare Facility IIGreen, OH— (a)1,085 10,277 — 1,085 10,277 11,362 398 201310/04/2019
Akron Healthcare Facility IIIAkron, OH— (a)2,206 26,044 — 2,206 26,044 28,250 811 200810/04/2019
Alexandria Healthcare FacilityAlexandria, LA— (a)— 5,076 — — 5,076 5,076 158 200710/04/2019
Appleton Healthcare FacilityAppleton, WI— (a)414 1,900 — 414 1,900 2,314 79 201110/04/2019
Austin Healthcare Facility IIAustin, TX— (a)3,229 7,534 (2,807)2,195 5,761 7,956 184 200610/04/2019
Bellevue Healthcare FacilityGreen Bay, WI— (a)567 1,269 — 567 1,269 1,836 55 201010/04/2019
Bonita Springs Healthcare FacilityBonita Springs, FL— (a)1,199 4,373 — 1,199 4,373 5,572 140 2002200510/04/2019
Bridgeton Healthcare FacilityBridgeton, MO— (a)— 39,740 — — 39,740 39,740 1,232 201210/04/2019
Covington Healthcare FacilityCovington, LA— (a)2,238 16,635 — 2,238 16,635 18,873 513 198410/04/2019
Crestview Healthcare FacilityCrestview, FL— (a)400 1,536 — 400 1,536 1,936 55 2004201010/04/2019
Dallas Healthcare FacilityDallas, TX— (a)6,072 27,457 — 6,072 27,457 33,529 833 201010/04/2019
De Pere Healthcare FacilityDe Pere, WI— (a)615 1,596 — 615 1,596 2,211 66 200510/04/2019
Denver Healthcare FacilityThornton, CO— (a)3,586 32,363 — 3,586 32,363 35,949 1,012 1962201810/04/2019
El Segundo Healthcare FacilityEl Segundo, CA— (a)2,659 9,016 — 2,659 9,016 11,675 282 200910/04/2019
Fairlea Healthcare FacilityFairlea, WV— (a)139 1,910 — 139 1,910 2,049 63 199910/04/2019
Fayetteville Healthcare FacilityFayetteville, AR— (a)485 24,855 — 485 24,855 25,340 766 1994200910/04/2019
Fort Myers Healthcare FacilityFort Myers, FL— (a)2,153 2,387 — 2,153 2,387 4,540 93 199910/04/2019
Fort Myers Healthcare Facility IIFort Myers, FL— (a)3,557 11,064 — 3,557 11,064 14,621 400 201010/04/2019
Fort Walton Beach Healthcare FacilityFort Walton Beach, FL— (a)385 3,182 — 385 3,182 3,567 104 200510/04/2019
Frankfort Healthcare FacilityFrankfort, KY— (a)342 950 — 342 950 1,292 35 199310/04/2019
Frisco Healthcare FacilityFrisco, TX— (a)— 22,114 4,653 — 26,767 26,767 1,009 2010202010/04/2019
Goshen Healthcare FacilityGoshen, IN— (a)383 5,355 — 383 5,355 5,738 182 201010/04/2019
Grapevine Healthcare FacilityGrapevine, TX— 1,726 26,849 — 1,726 26,849 28,575 834 200710/04/2019
Hammond Healthcare FacilityHammond, LA— (a)2,693 23,750 — 2,693 23,750 26,443 760 200610/04/2019
Hammond Healthcare Facility IIHammond, LA— (a)950 12,147 — 950 12,147 13,097 384 200410/04/2019
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)
Gross Amount
Carried at
December 31, 2020
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements
LandBuildings and
Improvements (c)
TotalAccumulated
Depreciation (d)
Year
Constructed
Year
Renovated
Date
Acquired
Harlingen Healthcare FacilityHarlingen, TX— — 10,628 — — 10,628 10,628 354 200710/04/2019
Henderson Healthcare FacilityHenderson, NV— (a)839 2,390 — 839 2,390 3,229 82 200010/04/2019
Houston Healthcare Facility IIIHouston, TX— (a)752 5,832 — 752 5,832 6,584 181 1998201810/04/2019
Howard Healthcare FacilityHoward, WI— (a)529 1,818 — 529 1,818 2,347 76 201110/04/2019
Jacksonville Healthcare FacilityJacksonville, FL— (a)1,233 6,173 — 1,233 6,173 7,406 203 200910/04/2019
Lafayette Healthcare FacilityLafayette, LA— (a)4,819 35,424 — 4,819 35,424 40,243 1,110 200410/04/2019
Lakewood Ranch Healthcare FacilityLakewood Ranch, FL— (a)636 1,784 — 636 1,784 2,420 74 200810/04/2019
Las Vegas Healthcare Facility IILas Vegas, NV— (a)651 5,323 — 651 5,323 5,974 173 200710/04/2019
Lehigh Acres Healthcare FacilityLehigh Acres, FL— (a)441 2,956 — 441 2,956 3,397 101 200210/04/2019
Lubbock Healthcare FacilityLubbock, TX— (a)5,210 39,939 — 5,210 39,939 45,149 1,229 200310/04/2019
Manitowoc Healthcare FacilityManitowoc, WI— (a)257 1,733 — 257 1,733 1,990 69 200310/04/2019
Manitowoc Healthcare Facility IIManitowoc, WI— (a)250 11,231 — 250 11,231 11,481 381 1964201010/04/2019
Marinette Healthcare FacilityMarinette, WI— (a)208 1,002 — 208 1,002 1,210 41 200810/04/2019
New Bedford Healthcare FacilityNew Bedford, MA— (a)2,464 26,297 — 2,464 26,297 28,761 827 1942199510/04/2019
New Braunfels Healthcare FacilityNew Braunfels, TX— (a)2,568 11,386 — 2,568 11,386 13,954 356 200710/04/2019
North Smithfield Healthcare FacilityNorth Smithfield, RI— (a)1,309 14,024 — 1,309 14,024 15,333 463 1965200010/04/2019
Oklahoma City Healthcare Facility IXOklahoma City, OK— (a)1,316 9,822 — 1,316 9,822 11,138 350 200710/04/2019
Oshkosh Healthcare FacilityOshkosh, WI— (a)414 2,043 — 414 2,043 2,457 79 201010/04/2019
Palm Desert Healthcare FacilityPalm Desert, CA— (a)582 5,927 — 582 5,927 6,509 206 200510/04/2019
Rancho Mirage Healthcare Facility IIRancho Mirage, CA— (a)2,286 5,481 — 2,286 5,481 7,767 187 200810/04/2019
San Antonio Healthcare Facility IIISan Antonio, TX— (a)1,824 22,809 — 1,824 22,809 24,633 698 201210/04/2019
San Antonio Healthcare Facility IVSan Antonio, TX— (a)— 31,694 — — 31,694 31,694 970 198710/04/2019
San Antonio Healthcare Facility VSan Antonio, TX— (a)3,273 19,697 903 3,273 20,600 23,873 636 201710/04/2019
Santa Rosa Beach Healthcare FacilitySanta Rosa Beach, FL— (a)741 3,049 — 741 3,049 3,790 94 200310/04/2019
Savannah Healthcare FacilitySavannah, GA— (a)2,300 20,186 — 2,300 20,186 22,486 622 201410/04/2019
St. Louis Healthcare FacilityCreve Coeur, MO— (a)1,164 8,052 — 1,164 8,052 9,216 258 2005200710/04/2019
Sturgeon Bay Healthcare FacilitySturgeon Bay, WI— (a)248 700 — 248 700 948 32 200710/04/2019
Victoria Healthcare FacilityVictoria, TX— (a)328 12,908 — 328 12,908 13,236 406 201310/04/2019
Victoria Healthcare Facility IIVictoria, TX— (a)446 12,986 — 446 12,986 13,432 405 199810/04/2019
Webster Healthcare Facility IIWebster, TX— (a)7,371 243,983 4,584 7,371 248,567 255,938 7,464 2014201910/04/2019
Wilkes-Barre Healthcare FacilityMountain Top, PA— (a)821 4,139 — 821 4,139 4,960 146 201210/04/2019
Yucca Valley Healthcare FacilityYucca Valley, CA— (a)901 4,788 — 901 4,788 5,689 175 200910/04/2019
Tucson Healthcare Facility IITucson, AZ— — — 18,325 — 18,325 18,325 — (f)(f)12/26/2019
Tucson Healthcare Facility IIITucson, AZ— 1,763 — 8,349 1,763 8,349 10,112 40 202012/27/2019
Grimes Healthcare FacilityGrimes, IA— (a)831 3,690 — 831 3,690 4,521 93 201802/19/2020
Tampa Healthcare FacilityTampa, FL— (a)— 10,297 — — 10,297 10,297 100 201509/08/2020
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)
Gross Amount
Carried at
December 31, 2020
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements
LandBuildings and
Improvements (c)
TotalAccumulated
Depreciation (d)
Year
Constructed
Year
Renovated
Date
Acquired
Tucson Healthcare Facility IV (g)Tucson, AZ— — 58 849 — 907 907 — (f)(f)12/22/2020
$453,422 $336,437 $2,468,824 $85,697 $335,678 $2,555,280 $2,890,958 $197,134 
(a)Property collateralized under the unsecured credit facility. As of December 31, 2020, 130 commercial properties were collateralized under the credit facility and the Company had $938,000,000 aggregate principal amount outstanding thereunder.
(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 $3,060,569,000 (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.
(e)Property renovation project began in 2020 with an estimated completion date in 2021.
(f)As of December 31, 2020, the property was under construction; therefore, depreciation is not applicable.
(g)Initial cost of buildings and improvements include capitalized acquisition costs of $58,000, which are a part of construction in progress in the accompanying consolidated balance sheets as of December 31, 2020.
NOTES TO SCHEDULE III — REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2020
(in thousands)
Year Ended December 31,
202020192018
Real Estate:
Balance at beginning of year$2,896,766 $1,758,326 $1,551,194 
Additions:
Acquisitions14,876 1,151,827 195,328 
Improvements31,260 15,084 11,804 
Deductions:
Impairment— (25,501)— 
Dispositions(51,944)(2,807)— 
Other adjustments— (163)— 
Balance at end of year$2,890,958 $2,896,766 $1,758,326 
Accumulated Depreciation:
Balance at beginning of year$(128,304)$(84,594)$(45,789)
Additions:
Depreciation(69,623)(48,215)(38,805)
Deductions:
Impairment— 4,501 — 
Dispositions793 — 
Balance at end of year$(197,134)$(128,304)$(84,594)
v3.21.1
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2020
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 all 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.
Restricted Cash Restricted CashRestricted cash consists of restricted cash held in escrow and restricted bank deposits. Restricted cash held in escrow includes cash held by lenders in escrow accounts for tenant and capital improvements, taxes, repairs and maintenance and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement. Restricted bank deposits consist of tenant receipts for certain properties which are required to be deposited into lender-controlled accounts in accordance with the respective lender's loan agreement. Restricted cash held in escrow and restricted bank deposits are reported in other assets, net, in the accompanying consolidated balance sheets. See Note 9—"Other Assets, Net."
Investment in Real Estate Investment in Real EstateReal 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 betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. 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 or amortized on a straight-line basis over each asset’s useful life.
Allocation of Purchase Price of Real Estate
Allocation of Purchase Price of Real Estate
Upon the acquisition of real 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, and acquired 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. During the year ended December 31, 2020, the Company acquired three real estate properties that were determined to be asset acquisitions. See Note 4—"Acquisitions and Dispositions" for additional information. Acquisition fees and costs associated with transactions determined to be asset acquisitions are capitalized in total real estate, net, acquired intangible assets and acquired intangible liabilities in the accompanying consolidated balance sheets.
The fair values of the tangible assets of an acquired property (which includes land, buildings and improvements) are 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. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market conditions.
The fair values of above-market and below-market in-place leases are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place 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. The above-market and below-market lease values are capitalized as intangible lease assets or liabilities. Above-market lease values are amortized as an adjustment of rental revenue over the remaining terms of the respective leases. Below-market leases are amortized as an adjustment of rental revenue over the remaining terms of the respective leases, including any fixed rate bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market in-place lease values related to that lease would be recorded as an adjustment to rental revenue.
The fair values of in-place leases include 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. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are amortized to depreciation and amortization expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating whether the Company will recover the carrying value of the asset group through its undiscounted future cash flows and their eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the asset group, the Company will record an impairment loss 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 regarding future market rental rates subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, probability weighting of the potential re-lease of the property versus sales scenarios, sale prices of comparable properties, required tenant improvements and the number of years the property will be held for investment. 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 and related assets.
In addition, the Company estimates the fair value of the assets by applying a market approach using comparable sales for certain properties. The use of alternative assumptions in the market approach analysis 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 and related assets.
Impairment of Real Estate
During the year ended December 31, 2020, no impairment losses were recorded on real estate assets. During the third quarter ended September 30, 2019, real estate assets related to one healthcare property were determined to be impaired due to a tenant of the property experiencing financial difficulty and vacating its space, and a second tenant indicating its desire to terminate its lease early, which the Company determined would be consistent with its strategic plans for the property. On November 8, 2019, the Company terminated the lease with the second tenant. The aggregate carrying amount of the assets of $40,266,000 exceeded their fair value. The carrying value of the property was reduced to its estimated fair value of $27,266,000, resulting in an impairment charge of $13,000,000, which is included in impairment loss on real estate in the consolidated statements of comprehensive income (loss). In addition, during the fourth quarter ended December 31, 2019, real estate assets related to another healthcare property with an aggregate carrying amount of $30,412,000 were reduced to their estimated fair value of $22,412,000, resulting in an impairment charge of $8,000,000 based on a letter of intent from a prospective buyer to purchase the property. Impairment charges are recorded as impairment loss on real estate in the consolidated statements of comprehensive income (loss). During the year ended December 31, 2018, no impairment losses were recorded on real estate assets.
Impairment of Acquired Intangible Assets and Acquired Intangible Liabilities
During the year ended December 31, 2020, the Company recognized impairments of three in-place lease intangible assets in the amount of approximately $4,693,000 and one above-market lease intangible asset in the amount of approximately $344,000, by accelerating the amortization of the acquired intangible assets. Of the $4,693,000 in-place lease intangible assets written off, $3,189,000 related to a tenant in a data center property of the Company that was experiencing financial difficulty due to deteriorating economic conditions driven by the impact of COVID-19 and the pandemic’s acceleration of the tenant’s modification of work strategy to a remote environment, $1,484,000 related to one healthcare tenant of the Company that was experiencing financial difficulties and vacated the property on June 19, 2020 and $20,000 as a result of a lease termination at a healthcare property.
During year ended December 31, 2020, the Company wrote off one below-market lease intangible liability in the amount of approximately $1,974,000, by accelerating the amortization of the acquired intangible liability related to one tenant of the data center property discussed above.
During the year ended December 31, 2019, the Company recognized impairments of in-place lease intangible assets in the amount of approximately $3,195,000, by accelerating the amortization of the acquired intangible assets related to two tenants of a healthcare property.
During the year ended December 31, 2019, the Company wrote off one below-market lease intangible liability in the amount of approximately $212,000, by accelerating the amortization of the acquired intangible liability related to one tenant of a healthcare property.
During the year ended December 31, 2018, no impairment losses were recorded on acquired intangible assets or intangible liabilities.
Goodwill
Goodwill
Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is allocated to an entity's reporting units. The Company's reporting unit represents each individual operating real estate property. Goodwill has an indefinite life and is not amortized. On September 30, 2020, the Company recorded $39,529,000 of goodwill related to the Internalization Transaction. See Note 3—"Internalization Transaction" for details.
The Company evaluates goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. Unless circumstances otherwise dictate, the annual impairment test is performed as of the last date of each year. The Company evaluates potential triggering events that may affect the estimated fair value of the Company’s reporting units to assess whether any goodwill impairment exists. Deteriorating or adverse market conditions for certain reporting units may have a significant impact on the estimated fair value of these reporting units and could result in future impairments of goodwill. If the carrying value of a reporting unit exceeds its estimated fair value, then an impairment charge is recorded in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company adopted the annual impairment test and performed a qualitative analysis of each reporting unit as of December 31, 2020. The Company concluded, based on the qualitative assessment, that it is not more likely than not that the fair value of each reporting unit is less than its carrying amount. As of December 31, 2020, no impairment losses on goodwill have been recognized.
Notes Receivable
Notes Receivable
Notes receivable are recorded at their outstanding principal balance, net of any unearned income, unamortized deferred fees and costs and allowances for loan losses. The Company defers notes receivable origination costs and fees and amortizes them as an adjustment of yield over the term of the related note receivable. Amortization of the notes receivable origination costs and fees are recorded in interest and other expense, net, in the accompanying consolidated statements of comprehensive income (loss).
During the year ended December 31, 2020, in connection with the sale of a healthcare property, a wholly-owned subsidiary of the Company issued a note receivable in the principal amount of $28,000,000. See Note 8—"Notes Receivable, Net" for further discussion.
The Company evaluates the collectability of both interest and principal on each note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators, such as the tenant's financial condition, collateral, evaluations of historical loss experience, current economic conditions and other relevant factors, including contractual terms of repayments. Evaluating a note receivable for potential impairment requires management to exercise judgment. The use of alternative assumptions in evaluating a note receivable could result in a different determination of the note'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 note receivable. See "Recently Adopted Accounting Pronouncements—Measurement of Credit Losses on Financial Instruments" section below for further discussion.
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. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. Deferred financing costs are recorded as a reduction of the related debt on the accompanying consolidated balance sheets. Deferred financing costs related to a revolving line of credit are recorded in other assets, net, in the accompanying consolidated balance sheets.
Leasing Commission Fees
Leasing Commission Fees
Leasing commission fees are fees incurred for the initial lease-up, leasing-up of newly constructed properties or re-leasing to existing tenants. Leasing commission fees are capitalized in other assets, net, in the accompanying consolidated balance sheets and amortized over the terms of the related leases.
Fair Value
Fair Value
Accounting Standards Codification, or 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.
The following describes the methods the Company used to estimate the fair value of the Company’s financial assets and liabilities:
Cash and cash equivalents, restricted cash, tenant receivables, prepaid and other assets, accounts payable and accrued 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.
Notes payableFixed Rate—The fair value is estimated by discounting the expected cash flows on notes payable at current rates at which management believes similar loans would be made considering the terms and conditions of the loan and prevailing market interest rates.
Credit facilityFixed Rate—The fair value is estimated by discounting the expected cash flows on the credit facility at current rates at which management believes similar borrowings would be made considering the terms and conditions of the borrowings and prevailing market interest rates.
Credit facilityVariable Rate—The fair value of the Company's variable rate credit facility is estimated based on the interest rates currently offered to the Company by 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.
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.
See additional discussion in Note 15—"Fair Value."
Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts
Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts
Effective January 1, 2018, the Company recognizes non-rental related revenue in accordance with ASC 606, Revenue from Contracts with Customers, or ASC 606. The Company has identified its revenue streams as rental income from leasing arrangements and tenant reimbursements, which are outside the scope of ASC 606. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Non-rental revenue, subject to ASC 606, is immaterial to the Company's consolidated financial statements.
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. In accordance with ASC 842, minimum rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). For lease arrangements when 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 income recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable or straight-line rent liability, as applicable. Tenant reimbursements, which are comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized when the services are provided and the performance obligations are satisfied.
Prior to the adoption of ASC 842, tenant receivables and straight-line rent receivables were carried net of the provision for credit losses. The provision for credit losses was established for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company’s determination of the adequacy of these provisions was based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees, current economic conditions and other relevant factors. Effective January 1, 2019, upon adoption of ASC 842, the Company is no longer recording a provision for credit losses but is, instead, assessing whether or not it is probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease.
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. During the years ended December 31, 2020, 2019, and 2018, the Company recorded $126,000, $672,000 and $0, respectively, as a reduction in rental revenue in the accompanying consolidated statements of comprehensive income (loss).
Concentration of Credit Risk and Significant Leases
Concentration of Credit Risk and Significant Leases
As of December 31, 2020, the Company had cash on deposit, including restricted cash, in certain financial institutions that had deposits in excess of current federally insured levels. The Company limits its cash investments to financial institutions with high credit standings; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has not experienced a loss or lack of access to cash in its accounts.
As of December 31, 2020, the Company owned real estate investments in two micropolitan statistical areas and 68 metropolitan statistical areas, or MSAs, two MSAs of which accounted for 10.0% or more of rental revenue. Real estate investments located in the Atlanta-Sandy Springs-Roswell, Georgia MSA and the Houston-The Woodlands-Sugar Land, Texas MSA accounted for 11.9% and 10.3%, respectively, of rental revenue for the year ended December 31, 2020.
As of December 31, 2020, the Company had one exposure to tenant concentration that accounted for 10.0% or more of rental revenue for the year ended December 31, 2020. The leases with tenants at healthcare properties under common control of Post Acute Medical, LLC accounted for 10.1% of rental revenue for the year ended December 31, 2020.
Share Repurchase Program
Share Repurchase Program
The Company’s share repurchase program, or SRP, allows for repurchases of shares of the Company’s common stock when certain criteria are met. The SRP provides that all repurchases during any calendar year, including those redeemable upon death or a Qualifying Disability of a stockholder, are limited to those that can be funded with equivalent proceeds raised from the DRIP during the prior calendar year and other operating funds, if any, as the board of directors, in its sole discretion, may reserve for this purpose.
Repurchases of shares of the Company’s common stock are at the sole discretion of the Company’s board of directors, provided, however, that the Company will limit the number of shares repurchased during any calendar year to 5.0% of the number of shares of common stock outstanding as of December 31st of the previous calendar year. Subject to the terms and limitations of the SRP, including, but not limited to, quarterly share limitations, an annual 5.0% share limitation and DRIP funding limitations and any amendments to the plan, as more fully described below, the SRP is generally available to any stockholder as a potential means of interim liquidity. In addition, the Company’s board of directors, in its sole discretion, may suspend (in whole or in part) the SRP at any time, and may amend, reduce, terminate or otherwise change the SRP upon 30 days' prior notice to the Company’s stockholders for any reason it deems appropriate.
The Company generally honors valid repurchase requests approximately 30 days following the end of the applicable quarter. The Company reached the DRIP funding limitation and was not able to fully accommodate all repurchase requests for the second quarter repurchase date of 2020, which was April 30, 2020. See Part II, Item 5. "Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities" for further information for the second quarter repurchase date of 2020.
On April 30, 2020, due to the uncertainty surrounding the ongoing coronavirus, or COVID-19, pandemic and any impact it may have on the Company, the Company's board of directors decided to temporarily suspend share repurchases under the SRP, effective with repurchase requests that would otherwise be processed on the third quarter repurchase date of 2020, which was July 30, 2020.
On December 11, 2020, the Company's board of directors authorized and approved the Amended and Restated Share Repurchase Program, or the A&R SRP, which applied beginning with the first quarter repurchase date of 2021, which was January 28, 2021. Under the A&R SRP, the Company will only repurchase shares due to death or involuntary exigent circumstance in accordance with the A&R SRP, subject in each case to the terms and limitations of the A&R SRP, including, but not limited to, quarterly share limitations, an annual 5.0% share limitation, and DRIP funding limitations. Under the A&R SRP, the Company may waive certain of the terms and requirements of the A&R SRP in the event of the death of a stockholder who is a natural person, including shares held through an Individual Retirement Account or other retirement or profit-sharing plan, and certain trusts meeting the requirements of the A&R SRP. The Company may also waive certain of the terms and requirements of the A&R SRP in the event of an involuntary exigent circumstance, as determined by the Company or any of the executive officers thereof, in its or their sole discretion. See Part II, Item 5. "Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities" for more information on the Company's A&R SRP.
Effective as of the closing of the Internalization Transaction, the Operating Partnership redeemed the limited partner interest held by the Former Advisor for an aggregate purchase price of approximately $2,000. Additionally, the Company repurchased 29,362 Class A shares of common stock held by Carter Validus REIT Management Company II, LLC, the Former Sponsor, for an aggregate purchase price of approximately $254,000 (an average of $8.65 per share).
During the year ended December 31, 2020, the Company repurchased 3,408,870 Class A shares, Class I shares, Class T shares and Class T2 shares of common stock (2,666,674 Class A shares, 408,346 Class I shares, 298,224 Class T shares and 35,626 Class T2 shares), or 1.54% of shares outstanding as of December 31, 2019, for an aggregate purchase price of
approximately $29,487,000 (an average of $8.65 per share). During the year ended December 31, 2019, the Company repurchased 2,557,298 Class A shares, Class I shares, Class T shares and Class T2 shares of common stock (1,910,894 Class A shares, 189,947 Class I shares, 451,058 Class T shares and 5,399 Class T2 shares), or 1.87% of shares outstanding as of December 31, 2018, for an aggregate purchase price of approximately $23,655,000 (an average of $9.25 per share).
Distribution Policy and Distributions Payable
Distribution Policy and Distributions Payable
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 are payable to stockholders from legally available funds therefor. The Company declared distributions per share of common stock in the amounts of $0.48, $0.58 and $0.63 for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, the Company had distributions payable of approximately $9,117,000. Of these distributions payable, approximately $6,574,000 was paid in cash and approximately $2,543,000 was reinvested in shares of common stock pursuant to the DRIP on January 4, 2021. Distributions to stockholders are determined by the board of directors of the Company 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 under the Code. See Note 22—"Subsequent Events" for further discussion.
Stock-based Compensation
Stock-based Compensation
On March 6, 2020, the Company's board of directors approved the Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, pursuant to which the Company has the authority and power to grant awards of restricted shares of its Class A common stock to its directors, officers and employees. The Company accounts for its stock awards in accordance with ASC 718-10, Compensation—Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). For performance-based awards, compensation costs are recognized over the service period if it is probable that the performance condition will be satisfied, with changes of the assessment at each reporting period and recording the effect of the change in the compensation cost as a cumulative catch-up adjustment. The compensation costs for restricted stock are recognized based on the fair value of the restricted stock awards at grant date less forfeitures (if applicable). See Note 18—"Stock-based Compensation" for further information on the Company's stock-based compensation.
Earnings Per Share
Earnings Per Share
The Company calculates basic earnings per share by dividing net income attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. During the years ended December 31, 2020, 2019 and 2018 diluted earnings per share reflected the effect of approximately 186,000, 24,000 and 24,000 of non-vested shares of restricted common stock that were outstanding as of each period, respectively.
Reportable Segments
Reportable Segments
ASC, 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. As of December 31, 2020 and 2019, the Company operated through two reportable business segments—real estate investments in data centers and healthcare. Segregation of the Company’s operations into two reportable segments is useful in assessing the performance of the Company’s business in the same way that management reviews performance and makes operating decisions. See Note 14—"Segment Reporting" for further discussion on the reportable segments of the Company.
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. For derivative instruments not designated as hedging instruments, the income or loss is recognized in the consolidated statements of comprehensive income (loss) during such period.
In accordance with the fair value measurement guidance 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 movements. The Company utilizes derivative instruments, including interest rate swaps, to effectively convert some of 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 a component of other comprehensive (loss) income in the consolidated statements of comprehensive income (loss) 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. See additional discussion in Note 16—"Derivative Instruments and Hedging Activities."
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, and does not qualify for certain statutory relief provisions, 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, 2020, 2019 and 2018. The United States of America is the jurisdiction for the Company, and the earliest tax year subject to examination is 2017.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Leases—Rent Concessions
The ongoing COVID-19 pandemic has forced the temporary closure, changes to the operating hours or other temporary changes to the business of certain tenants in healthcare and data center properties of the Company. As a result of the impact of the pandemic on their businesses, certain tenants sought rent concessions, including decreased rent and rent deferrals. To provide operational clarity, on April 8, 2020, the Financial Accounting Standards Board, or FASB, issued practical expedients to the lease modification guidance in ASC 842, Leases, in the context of COVID-19 for leases where the total lease cash flows will remain substantially the same or less than those after the COVID-19 related effects. Entities may choose to forgo the evaluation of the enforceable rights and obligations of the original lease agreements in accordance with ASC 842, Leases. An entity may elect to account for rent concessions either:
as if they are part of the enforceable rights and obligations of the parties under the existing lease contracts; or
as a lease modification.
As a lessor, for leases impacted by COVID-19, the Company elected to account for any rent concessions as if they were part of the enforceable rights and obligations under the existing lease. During the year ended December 31, 2020, the Company granted rent deferrals to a limited number of tenants significantly impacted by COVID-19, with immaterial impact on the Company's consolidated financial statements and on the collectability of tenant receivables over the respective term of the lease. During the year ended December 31, 2020, the Company entered into 30 rent concessions and lease modifications due to the impact of COVID-19 on its tenants and collected approximately 99% of rental revenue related to these lease concessions and lease modifications for such period.
As a lessee, the Company did not elect the practical expedient and will apply the lease modification guidance in accordance with ASC 842, Leases, if changes to ground lease agreements occur. The Company had not modified any of its ground lease agreements as of December 31, 2020.
Measurement of Credit Losses on Financial Instruments
On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses, or ASU 2016-13. ASU 2016-13 requires a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities and net investments in direct financing leases, among other financial instruments. Other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the estimated credit loss model have some amount of credit loss reserve. The reserve is to reflect the GAAP principle underlying the estimated credit loss model that all loans, debt securities, and similar assets have an inherent risk of loss, regardless of credit quality, subordinate capital or other mitigating factors. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for credit losses. The new model for estimated credit losses is applicable to the Company's notes receivable and tenant reimbursements related to the finance lease. The standard does not apply to receivables arising from operating leases, which are within the scope of ASC 842, Leases. The adoption of ASU 2016-13 did not have any impact to the Company’s consolidated financial statements.
Reference Rate Reform
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848), or ASU 2020-04. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time through December 31, 2022, as reference rate reform activities occur. During the year ended December 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact the guidance may have on its consolidated financial statements and may apply other elections, as applicable, as additional changes in the market occur.
Reclassifications
Reclassifications
Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company’s consolidated financial position or results of operations. Amounts related to notes receivable, net, previously classified in other assets, net, as of December 31, 2019, are now presented separately as notes receivable, net, on the consolidated balance sheets.
v3.21.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Reconciliation of Cash, Cash Equivalents and Restricted Cash
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,
202020192018
Beginning of year:
Cash and cash equivalents69,342 68,360 74,803 
Restricted cash10,888 11,167 10,944 
Cash, cash equivalents and restricted cash$80,230 $79,527 $85,747 
End of year:
Cash and cash equivalents53,174 69,342 68,360 
Restricted cash14,735 10,888 11,167 
Cash, cash equivalents and restricted cash$67,909 $80,230 $79,527 
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
v3.21.1
Internalization Transaction (Tables)
12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Schedule of Allocation of Purchase Price
The Internalization Transaction was accounted for as a business combination and the following table summarizes management’s allocation of the fair value of the Internalization Transaction (amounts in thousands):
December 31, 2020
Goodwill$39,529 
Right-of-use assets - operating lease1,205 
Total assets acquired40,734 
Operating lease liabilities(1,060)
Deferred internalization transaction purchase price(14,674)
Total liabilities acquired(15,734)
Net assets allocated at acquisition$25,000 
Schedule of Pro Forma Financial Information
Assuming the Internalization Transaction had occurred on January 1, 2019, pro forma revenues and net income attributable to common stockholders would have been as follows for the periods presented below (amounts in thousands, except per share amounts):
Year Ended
December 31,
20202019
Pro forma basis:
Revenues$276,536 $210,901 
Net income attributable to common stockholders$56,083 $11,822 
Net income per common share attributable to common stockholders:
Basic$0.25 $0.08 
Diluted$0.25 $0.08 
v3.21.1
Acquisitions and Dispositions (Tables)
12 Months Ended
Dec. 31, 2020
Real Estate [Abstract]  
Schedule of Consideration Transferred for Properties Acquired
The following table summarizes the consideration transferred for the 2020 Acquisitions during the year ended December 31, 2020:
Property Description Date AcquiredOwnership PercentagePurchase Price
(amounts in thousands)
Grimes Healthcare Facility02/19/2020100%$5,030 
Tampa Healthcare Facility09/08/2020100%11,047 
Tucson Healthcare Facility IV (1)
12/22/2020100%58 
Total $16,135 
(1)The Tucson Healthcare Facility IV was acquired as a development healthcare property. At the closing date, the Company funded additional $849,000 for the construction of the development property.
Schedule of Allocation of Acquisitions
The following table summarizes the Company's purchase price allocation of the 2020 Acquisitions during the year ended December 31, 2020 (amounts in thousands):
Total (1)
Land$831 
Buildings and improvements13,524 
Tenant improvements463 
In-place leases1,748 
Right-of-use assets - finance lease2,534 
Total assets acquired19,100 
Finance lease liabilities(2,854)
Below-market leases(169)
Total liabilities acquired(3,023)
Net assets acquired$16,077 
(1)The Tucson Healthcare Facility IV was acquired as a development healthcare property. At the closing date, the Company funded $849,000 for the construction of the development property and capitalized acquisition costs of $58,000, which are a part of construction in progress in the accompanying consolidated balance sheets as of December 31, 2020.
Schedule of Dispositions
The following table summarizes the 2020 Dispositions during the year ended December 31, 2020:
Property DescriptionDisposition DateOwnership PercentageSale Price
(amounts in thousands)
Net Proceeds
(amounts in thousands)
San Antonio Healthcare Facility II05/28/2020100%$35,000 
(1)
$6,125 
Dallas Healthcare Facility II11/06/2020100%23,000 22,417 
Total $58,000 $28,542 
(1)The sale price of $35,000,000 consisted of $7,000,000 cash and a $28,000,000 investment in note receivable. See Note 8—"Notes Receivable, Net" for additional information.
v3.21.1
Acquired Intangible Assets, Net (Tables)
12 Months Ended
Dec. 31, 2020
Finite-Lived Intangible Assets, Net [Abstract]  
Schedule of Acquired Intangible Assets, Net
Acquired intangible assets, net, consisted of the following as of December 31, 2020 and 2019 (amounts in thousands, except weighted average remaining life amounts):
 December 31, 2020December 31, 2019
In-place leases, net of accumulated amortization of $86,728 and $62,252, respectively (with a weighted average remaining life of 9.8 years and 10.4 years, respectively)
$231,200 $266,856 
Above-market leases, net of accumulated amortization of $4,002 and $1,912, respectively (with a weighted average remaining life of 9.9 years and 10.5 years, respectively)
15,561 18,603 
$246,761 $285,459 
Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets
Estimated amortization expense on the acquired intangible assets as of December 31, 2020, for each of the next five years ending December 31 and thereafter, is as follows (amounts in thousands):
YearAmount
2021$30,597 
202229,159 
202328,076 
202426,001 
202523,018 
Thereafter109,910 
$246,761 
v3.21.1
Acquired Intangible Liabilities, Net (Tables)
12 Months Ended
Dec. 31, 2020
Intangible Lease Liabilities, Net [Abstract]  
Schedule of Acquired Intangible Liabilities, Net
Acquired intangible liabilities, net, consisted of the following as of December 31, 2020 and 2019 (amounts in thousands, except weighted average remaining life amounts):
December 31, 2020December 31, 2019
Below-market leases, net of accumulated amortization of $13,924 and $12,332, respectively (with a weighted average remaining life of 16.2 years and 16.1 years, respectively)
$52,560 $59,538 
Schedule of Estimated Future Amortization of Acquired Intangible Liabilities
Estimated amortization of the acquired intangible liabilities as of December 31, 2020, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021$4,385 
20223,873 
20233,808 
20243,706 
20253,482 
Thereafter33,306 
$52,560 
v3.21.1
Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of Future Minimum Rent to Lessor from Operating Leases
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of December 31, 2020, including optional renewal periods, when applicable, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021$224,764 
2022233,130 
2023235,913 
2024232,177 
2025223,136 
Thereafter1,434,582 
Total (1)
$2,583,702 
(1)The total future rent amount of $2,583,702,000 includes approximately $59,171,000 in rent to be received in connection with two leases executed as of December 31, 2020, at two development properties with estimated lease commencement dates of April 1, 2021 and February 1, 2022.
Schedule of Future Minimum Rent from Lessee for Operating Leases
The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable operating leases, as of December 31, 2020, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021$2,464 
20221,682 
20231,638 
20241,687 
20251,688 
Thereafter135,031 
Total undiscounted rental payments144,190 
Less imputed interest(112,140)
Total operating lease liabilities$32,050 
Schedule of Future Minimum Rent from Lessee for Finance Lease
The future rent payments, discounted by the Company's incremental borrowing rates, under non-cancellable finance leases, as of December 31, 2020, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021$147 
2022147 
2023147 
2024152 
2025154 
Thereafter7,110 
Total undiscounted rental payments7,857 
Less imputed interest(5,014)
Total finance lease liabilities$2,843 
v3.21.1
Notes Receivable, Net (Tables)
12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Schedule of Notes Receivable Balance
The following summarizes the notes receivable balances as of December 31, 2020 and 2019:
December 31, 2020December 31, 2019
Interest Rate (1)
Maturity Date
Note receivable$2,700 $2,700 6.0%11/05/2021
Note receivable28,562 — 7.0%06/01/2022
Total notes receivable$31,262 $2,700 
(1)    As of December 31, 2020.
v3.21.1
Other Assets, Net (Tables)
12 Months Ended
Dec. 31, 2020
Other Assets [Abstract]  
Schedule of Other Assets, Net
Other assets, net, consisted of the following as of December 31, 2020 and 2019 (amounts in thousands):
 December 31, 2020December 31, 2019
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $6,902 and $5,696, respectively
$1,634 $2,623 
Leasing commissions, net of accumulated amortization of $811 and $240, respectively
11,421 10,288 
Restricted cash14,735 10,888 
Tenant receivables5,541 6,116 
Straight-line rent receivable, net69,687 48,526 
Prepaid and other assets5,443 4,709 
Derivative assets— 884 
$108,461 $84,034 
v3.21.1
Accounts Payable and Other Liabilities (Tables)
12 Months Ended
Dec. 31, 2020
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Other Liabilities
Accounts payable and other liabilities consisted of the following as of December 31, 2020 and 2019 (amounts in thousands):
 December 31, 2020December 31, 2019
Accounts payable and accrued expenses$14,033 $11,448 
Accrued interest expense4,269 5,185 
Accrued property taxes2,511 3,537 
Accrued personnel costs (1)
1,202 — 
Distribution and servicing fees3,128 — 
Distributions payable to stockholders9,117 9,093 
Tenant deposits1,047 1,500 
Deferred rental income9,767 9,003 
Deferred internalization transaction liability (2)
14,728 — 
Derivative liabilities20,444 5,588 
$80,246 $45,354 
(1)    Upon completion of the Internalization Transaction on September 30, 2020, 76 individuals previously employed by an affiliate of the Former Advisor, became employees of the Company. These costs include payroll related expenses that have been earned by the Company's employees from October 1, 2020 through December 31, 2020.
(2)Represents the assumed liability recorded at fair value, net of amortization of discount, as a part of the Internalization Transaction. See Note 3—"Internalization Transaction" for additional information.
v3.21.1
Notes Payable (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
As of December 31, 2020, the Company had $453,422,000 principal outstanding in notes payable collateralized by real estate properties with a weighted average interest rate of 4.4%.
The following table summarizes the notes payable balances as of December 31, 2020 and 2019 (amounts in thousands):
Interest Rates
December 31, 2020December 31, 2019RangeWeighted
Average
Maturity Date
Fixed rate notes payable$218,415 $219,567 4.0%-4.8%4.3%12/11/2021-07/01/2027
Variable rate notes payable fixed through interest rate swaps235,007 237,778 3.7%-5.1%4.5%10/28/2021-11/16/2022
Total notes payable, principal amount outstanding453,422 457,345 
Unamortized deferred financing costs related to notes payable(1,805)(2,500)
Total notes payable, net of deferred financing costs$451,617 $454,845 
Schedule of Future Principal Payments Due on Debt
The principal payments due on the notes payable as of December 31, 2020, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021(1)
$146,026 
2022166,209 
20232,710 
202427,360 
20252,195 
Thereafter108,922 
$453,422 
(1)    The Company has adequate liquidity and availability under the credit facility to satisfy its outstanding debt obligations as they become due in 2021.
The principal payments due on the credit facility as of December 31, 2020, for each of the next five years ending December 31, are as follows (amounts in thousands):
YearAmount
2022(1)
$138,000 
2023280,000 
2024520,000 
$938,000 
(1)    Amount relates to the revolving line of credit under the credit facility. As of December 31, 2020, the maturity date of the revolving line of credit under the credit facility was April 27, 2022, subject to our right for one, 12-month extension period.
v3.21.1
Credit Facility (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Credit Facility
The Company's outstanding credit facility as of December 31, 2020 and 2019 consisted of the following (amounts in thousands):
December 31, 2020December 31, 2019
Variable rate revolving line of credit$138,000 $108,000 
Variable rate term loan fixed through interest rate swaps400,000 250,000 
Variable rate term loans400,000 550,000 
Total credit facility, principal amount outstanding938,000 908,000 
Unamortized deferred financing costs related to the term loan credit facility(5,900)(7,385)
Total credit facility, net of deferred financing costs$932,100 $900,615 
Schedule of Future Principal Payments Due on Debt
The principal payments due on the notes payable as of December 31, 2020, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2021(1)
$146,026 
2022166,209 
20232,710 
202427,360 
20252,195 
Thereafter108,922 
$453,422 
(1)    The Company has adequate liquidity and availability under the credit facility to satisfy its outstanding debt obligations as they become due in 2021.
The principal payments due on the credit facility as of December 31, 2020, for each of the next five years ending December 31, are as follows (amounts in thousands):
YearAmount
2022(1)
$138,000 
2023280,000 
2024520,000 
$938,000 
(1)    Amount relates to the revolving line of credit under the credit facility. As of December 31, 2020, the maturity date of the revolving line of credit under the credit facility was April 27, 2022, subject to our right for one, 12-month extension period.
v3.21.1
Related-Party Transactions and Arrangements (Tables)
12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table details amounts incurred in connection with the Company's related-party transactions as described above for the years ended December 31, 2020, 2019 and 2018 (amounts in thousands):
Incurred
Year Ended
December 31,
FeeEntity202020192018
Distribution and servicing fees(1)
SC Distributors, LLC$(65)$(563)$368 
Acquisition fees and costsCarter Validus Advisors II, LLC and its affiliates97 26,072 4,272 
Asset management feesCarter Validus Advisors II, LLC and its affiliates17,914 16,475 13,114 
Property management feesCarter Validus Real Estate Management Services II, LLC5,290 5,403 4,391 
Operating expense reimbursementCarter Validus Advisors II, LLC and its affiliates3,966 4,492 2,692 
Leasing commission feesCarter Validus Real Estate Management Services II, LLC594 1,241 497 
Construction management feesCarter Validus Real Estate Management Services II, LLC435 276 243 
Disposition feesCarter Validus Advisors II, LLC and its affiliates350 — — 
Loan origination feesCarter Validus Advisors II, LLC and its affiliates560 — — 
Total$29,141 $53,396 $25,577 
(1)     Reduction of distribution and servicing fees is a result of repurchases of Class T and Class T2 shares of common stock for the years ended December 31, 2020 and 2019.
The following table details amounts payable to affiliates in connection with the Company's related-party transactions as described above as of December 31, 2020 and 2019 (amounts in thousands):
Payable
FeeEntityDecember 31, 2020December 31, 2019
Distribution and servicing feesSC Distributors, LLC$— $6,210 
Asset management feesCarter Validus Advisors II, LLC and its affiliates— 2,100 
Property management feesCarter Validus Real Estate Management Services II, LLC— 433 
Operating expense reimbursementCarter Validus Advisors II, LLC and its affiliates— 518 
Leasing commission feesCarter Validus Real Estate Management Services II, LLC— 299 
Construction management feesCarter Validus Real Estate Management Services II, LLC— 199 
Total$— $9,759 
v3.21.1
Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Schedule of Information for Reportable Segments
Summary information for the reportable segments during the years ended December 31, 2020, 2019 and 2018 is as follows (amounts in thousands):
Data CentersHealthcareYear Ended December 31, 2020
Revenue:
Rental revenue$110,755 $165,781 $276,536 
Expenses:
Rental expenses(28,346)(15,187)(43,533)
Segment net operating income$82,409 $150,594 233,003 
Expenses:
General and administrative expenses(16,681)
Internalization transaction expenses(3,640)
Asset management fees(17,914)
Depreciation and amortization(105,483)
Gain on real estate dispositions3,142 
Income from operations92,427 
Interest and other expense, net(55,651)
Net income attributable to common stockholders$36,776 
Data CentersHealthcareYear Ended
December 31, 2019
Revenue:
Rental revenue$109,689 $101,212 $210,901 
Expenses:
Rental expenses(30,270)(10,714)(40,984)
Segment net operating income$79,419 $90,498 169,917 
Expenses:
General and administrative expenses(8,421)
Asset management fees(16,475)
Depreciation and amortization(74,104)
Impairment loss on real estate - healthcare(21,000)
Gain on real estate disposition79 
Income from operations49,996 
Interest and other expense, net(47,214)
Net income attributable to common stockholders$2,782 
Data CentersHealthcareYear Ended December 31, 2018
Revenue:
Rental revenue$103,226 $74,107 $177,333 
Expenses:
Rental expenses(27,289)(10,038)(37,327)
Segment net operating income$75,937 $64,069 140,006 
Expenses:
General and administrative expenses(5,396)
Asset management fees(13,114)
Depreciation and amortization(58,258)
Income from operations63,238 
Interest and other expense, net(34,365)
Net income attributable to common stockholders$28,873 
Schedule of Assets by Reportable Segments
Assets by each reportable segment as of December 31, 2020 and 2019 are as follows (amounts in thousands):
December 31, 2020December 31, 2019
Assets by segment:
Data centers$979,222 
(1)
$989,953 
Healthcare2,147,389 
(1)
2,184,450 
All other78,678 65,131 
Total assets$3,205,289 $3,239,534 
(1)Includes $15,574,000 of goodwill allocated to the data centers segment and $23,955,000 of goodwill allocated to the healthcare segment acquired in the Internalization Transaction on September 30, 2020.
Schedule of Capital Additions, Acquisitions, Dispositions and Goodwill by Reportable Segments
Capital additions, acquisitions and dispositions and goodwill by reportable segments for the years ended December 31, 2020, 2019 and 2018 are as follows (amounts in thousands):
Year Ended
December 31,
202020192018
Capital additions by segment:
Data centers$3,945 $7,004 $2,763 
Healthcare24,852 5,837 12,820 
Total28,797 12,841 15,583 
Acquisitions by segment:
Data centers— — 112,181 
Healthcare16,135 528,259 105,151 
Total16,135 528,259 217,332 
Proceeds from Dispositions by segment:
Data centers— — — 
Healthcare(28,542)(2,882)— 
Total(28,542)(2,882)— 
Net cash outflows from capital additions, acquisitions and dispositions$16,390 $538,218 $232,915 
Goodwill allocated by segment:
Data centers$15,574 $— — 
Healthcare23,955 — — 
Total$39,529 $— $— 
v3.21.1
Fair Value (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2020 and 2019 (amounts in thousands):
 December 31, 2020
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
Total Fair
Value
Liabilities:
Derivative liabilities$— $20,444 $— $20,444 
Total liabilities at fair value$— $20,444 $— $20,444 
 December 31, 2019
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
Total Fair
Value
Assets:
Derivative assets$— $884 $— $884 
Total assets at fair value$— $884 $— $884 
Liabilities:
Derivative liabilities$— $5,588 $— $5,588 
Total liabilities at fair value$— $5,588 $— $5,588 
v3.21.1
Derivative Instruments and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 2020
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
Balance
Sheet
Location
Effective
Dates
Maturity
Dates
December 31, 2020December 31, 2019
Outstanding
Notional
Amount
Fair Value ofOutstanding
Notional
Amount
Fair Value of
Asset(Liability)Asset(Liability)
Interest rate swapsOther assets, net/
Accounts
payable and
other liabilities
11/01/2016 to
07/01/2020
10/28/2021 to
12/31/2024
$635,007 $— $(20,444)$637,778 $884 $(5,588)
Schedule of Income and Losses Recognized on Derivative Instruments
The table below summarizes the amount of (loss) income recognized on the interest rate derivatives designated as cash flow hedges for the years ended December 31, 2020, 2019 and 2018 (amounts in thousands):
Derivatives in Cash Flow
Hedging Relationships
Amount of (Loss) Income Recognized
in Other Comprehensive (Loss) Income on Derivatives
Location of (Loss) Income
Reclassified From
Accumulated Other
Comprehensive (Loss) Income to
Net Income
Amount of (Loss) Income
Reclassified From
Accumulated Other
Comprehensive (Loss) Income to
Net Income
Total Amount of Interest and Other Expense, Net Presented in Statements of Comprehensive Income (Loss)
Year Ended December 31, 2020
Interest rate swaps$(23,583)Interest and other expense, net$(7,843)$55,651 
Total$(23,583)$(7,843)
Year Ended December 31, 2019
Interest rate swaps$(9,305)Interest and other expense, net$1,602 $47,214 
Total$(9,305)$1,602 
Year Ended December 31, 2018
Interest rate swaps$3,208 Interest and other expense, net$818 $34,365 
Total$3,208 $818 
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, 2020 and 2019 (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, 2019$884 $— $884 $(5)$— $879 
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, 2020$20,444 $— $20,444 $— $— $20,444 
December 31, 2019$5,588 $— $5,588 $(5)$— $5,583 
v3.21.1
Accumulated Other Comprehensive (Loss) Income (Tables)
12 Months Ended
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Amounts Recognized in Accumulated Other Comprehensive (Loss) Income
The following table presents a rollforward of amounts recognized in accumulated other comprehensive (loss) income by component for the years ended December 31, 2020, 2019 and 2018 (amounts in thousands):
Unrealized Income (Loss) on Derivative
Instruments
Balance as of December 31, 2017$3,710 
Other comprehensive income before reclassification3,208 
Amount of income reclassified from accumulated other comprehensive income to net income (effective portion)(818)
Other comprehensive income2,390 
Balance as of December 31, 20186,100 
Cumulative effect of accounting change103 
Balance as of January 1, 20196,203 
Other comprehensive loss before reclassification(9,305)
Amount of income reclassified from accumulated other comprehensive income to net income (including missed forecast)(1,602)
Other comprehensive loss(10,907)
Balance as of December 31, 2019(4,704)
Other comprehensive loss before reclassification(23,583)
Amount of loss reclassified from accumulated other comprehensive loss to net income7,843 
Other comprehensive loss(15,740)
Balance as of December 31, 2020$(20,444)
Schedule of Reclassifications Out of Accumulated Other Comprehensive (Loss) Income
The following table presents reclassifications out of accumulated other comprehensive (loss) income for the years ended December 31, 2020, 2019 and 2018 (amounts in thousands):
Details about Accumulated Other
Comprehensive (Loss) Income Components
Amounts Reclassified from
Accumulated Other Comprehensive Loss (Income) to Net Income
Affected Line Items in the Consolidated Statements of Comprehensive Income (Loss)
Year Ended
December 31,
202020192018
Interest rate swap contracts$7,843 $(1,602)$(818)Interest and other expense, net
v3.21.1
Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Nonvested Shares of Restricted Common Stock Activity A summary of the status of the nonvested shares of restricted Class A common stock as of December 31, 2019 and the changes for the year ended December 31, 2020 is presented below:
Restricted StockShares
Nonvested at December 31, 201927,750 
Vested(10,500)
Granted595,677 
Nonvested at December 31, 2020612,927 
v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Characterization of Distributions Paid to Stockholders
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, 2020, 2019 and 2018:
Year Ended December 31,
Character of Class A Distributions:202020192018
Ordinary dividends— %17.93 %41.38 %
Capital gain distributions— %0.38 %— %
Nontaxable distributions100.00 %81.69 %58.62 %
Total100.00 %100.00 %100.00 %
Year Ended December 31,
Character of Class I Distributions:202020192018
Ordinary dividends— %17.93 %41.38 %
Capital gain distributions— %0.38 %— %
Nontaxable distributions100.00 %81.69 %58.62 %
Total100.00 %100.00 %100.00 %
Year Ended December 31,
Character of Class T Distributions:202020192018
Ordinary dividends— %4.79 %33.01 %
Capital gain distributions— %0.43 %— %
Nontaxable distributions100.00 %94.78 %66.99 %
Total100.00 %100.00 %100.00 %
Year Ended December 31,
Character of Class T2 Distributions:202020192018
Ordinary dividends— %4.79 %33.01 %
Capital gain distributions— %0.43 %— %
Nontaxable distributions100.00 %94.78 %66.99 %
Total100.00 %100.00 %100.00 %
v3.21.1
Selected Quarterly Financial Data (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Selected Quarterly Financial Data (Unaudited)
Presented in the following table is a summary of the unaudited quarterly financial information for the years ended December 31, 2020 and 2019. The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information (amounts in thousands, except shares and per share data):
2020
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
Total revenue$67,809 $70,667 $68,875 $69,185 
Total expenses(40,651)(52,119)(46,284)(48,197)
Gain on real estate dispositions439 — 2,703 — 
Income from operations27,597 18,548 25,294 20,988 
Interest and other expense, net(12,849)(13,284)(14,199)(15,319)
Net income attributable to common stockholders$14,748 $5,264 $11,095 $5,669 
Net income per common share attributable to common stockholders:
Basic$0.07 $0.02 $0.05 $0.03 
Diluted$0.07 $0.02 $0.05 $0.03 
Weighted average number of common shares outstanding:
Basic221,863,141 221,346,730 220,992,009 221,540,890 
Diluted222,475,926 221,406,461 221,029,409 221,570,975 
2019
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
Total revenue$69,434 $48,063 $46,937 $46,467 
Total expenses(52,160)(45,773)(30,780)(32,271)
Gain on real estate disposition79 — — — 
Income from operations17,353 2,290 16,157 14,196 
Interest and other expense, net(15,566)(11,920)(9,893)(9,835)
Net income (loss) attributable to common stockholders$1,787 $(9,630)$6,264 $4,361 
Net income (loss) per common share attributable to common stockholders:
Basic$0.01 $(0.07)$0.05 $0.03 
Diluted$0.01 $(0.07)$0.05 $0.03 
Weighted average number of common shares outstanding:
Basic218,928,165 137,063,509 136,135,710 136,179,343 
Diluted218,955,915 137,063,509 136,161,037 136,204,843 
v3.21.1
Subsequent Events (Tables)
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Schedule of Subsequent Events
The following table summarizes the Company's distributions paid to stockholders on January 4, 2021, for the period from December 1, 2020 through December 31, 2020 (amounts in thousands):
Payment DateCommon Stock CashDRIPTotal Distribution
January 4, 2021Class A$5,489 $1,587 $7,076 
January 4, 2021Class I325 212 537 
January 4, 2021Class T704 679 1,383 
January 4, 2021Class T256 65 121 
$6,574 $2,543 $9,117 
The following table summarizes the Company's distributions paid to stockholders on February 1, 2021, for the period from January 1, 2021 through January 31, 2021 (amounts in thousands):
Payment DateCommon Stock CashDRIPTotal Distribution
February 1, 2021Class A$5,520 $1,586 $7,106 
February 1, 2021Class I328 211 539 
February 1, 2021Class T708 679 1,387 
February 1, 2021Class T256 65 121 
$6,612 $2,541 $9,153 
The following table summarizes the Company's distributions paid to stockholders on March 2, 2021, for the period from February 1, 2021 through February 28, 2021 (amounts in thousands):
Payment DateCommon StockCashDRIPTotal Distribution
March 2, 2021Class A$4,992 $1,432 $6,424 
March 2, 2021Class I298 191 489 
March 2, 2021Class T642 613 1,255 
March 2, 2021Class T251 57 108 
$5,983 $2,293 $8,276 
Distributions Authorized
The following tables summarize the daily distributions approved and authorized by the board of directors of the Company subsequent to December 31, 2020:
Authorization Date (1)
Common Stock
Daily Distribution Rate (1)
Annualized Distribution Per Share
January 25, 2021Class A$0.001369863 $0.50 
January 25, 2021Class I$0.001369863 $0.50 
January 25, 2021Class T$0.001131781 $0.41 
January 25, 2021Class T2$0.001131781 $0.41 
Authorization Date (2)
Common Stock
Daily Distribution Rate (2)
Annualized Distribution Per Share
February 25, 2021Class A$0.001369863 $0.50 
February 25, 2021Class I$0.001369863 $0.50 
February 25, 2021Class T$0.001131781 $0.41 
February 25, 2021Class T2$0.001131781 $0.41 
Authorization Date (3)
Common Stock
Daily Distribution Rate (3)
Annualized Distribution Per Share
March 18, 2021Class A$0.001369863 $0.50 
March 18, 2021Class I$0.001369863 $0.50 
March 18, 2021Class T$0.001131781 $0.41 
March 18, 2021Class T2$0.001131781 $0.41 
(1)Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on February 1, 2021 and ending on February 28, 2021. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in February 2021 will be paid in March 2021. The distributions will be payable to stockholders from legally available funds therefor.
(2)Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on March 1, 2021 and ending on March 31, 2021. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in March 2021 will be paid in April 2021. The distributions will be payable to stockholders from legally available funds therefor.
(3)Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on April 1, 2021 and ending on April 30, 2021. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in April 2021 will be paid in May 2021. The distributions will be payable to stockholders from legally available funds therefor.
v3.21.1
Organization and Business Operations (Details)
12 Months Ended
Dec. 31, 2020
property
registration_statement
Sep. 30, 2020
employee
Sep. 29, 2020
employee
Nov. 30, 2018
initial_public_offering
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Number of employees | employee   76 0  
Number of real estate properties acquired 3      
Number of real estate properties sold 2      
Number of real estate properties owned 153      
Number of public offerings | initial_public_offering       2
Number of registration statements on Form S-3 | registration_statement 2      
v3.21.1
Summary of Significant Accounting Policies (Narrative) (Details)
3 Months Ended 12 Months Ended
Mar. 18, 2021
$ / shares
Mar. 02, 2021
USD ($)
Feb. 25, 2021
$ / shares
Feb. 01, 2021
USD ($)
Jan. 25, 2021
$ / shares
Jan. 04, 2021
USD ($)
Jun. 19, 2020
USD ($)
Nov. 08, 2019
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
property
Dec. 31, 2020
USD ($)
segment
lease
metropolitan
property
tenant
micropolitan
$ / shares
shares
Dec. 31, 2019
USD ($)
lease
tenant
$ / shares
shares
Dec. 31, 2018
USD ($)
$ / shares
shares
Sep. 30, 2020
USD ($)
Summary of Significant Accounting Policies [Line Items]                            
Number of real estate properties acquired | property                     3      
Impairment loss on real estate               $ 13,000,000 $ 8,000,000   $ 0 $ 21,000,000 $ 0  
Real estate assets, carrying amount                 2,768,462,000   $ 2,693,824,000 $ 2,768,462,000    
Impairment of acquired intangible assets                         0  
Number of tenants with impaired intangible assets | tenant                       2    
Number of impaired intangible liabilities | lease                     1 1    
Accelerated amortization of below-market leases                     $ 1,974,000 $ 212,000 0  
Number of tenants with impaired intangible liabilities | tenant                     1 1    
Goodwill                 0   $ 39,529,000 $ 0    
Goodwill impairment loss                     0      
Origination of note receivable related to real estate disposition                     28,000,000 0 0  
Reduction in rental revenue                     $ 126,000 672,000 0  
Number of micropolitan statistical areas with owned real estate investments | micropolitan                     2      
Number of metropolitan statistical areas with owned real estate investments | metropolitan                     68      
Maximum number of shares available for repurchase during any calendar year, as percentage of common stock outstanding at end of prior year                     5.00%      
Period of notice required for changes to share repurchase program                     30 days      
Purchase of noncontrolling interest                     $ 2,000      
Repurchase of common stock                     $ 29,487,000 $ 23,655,000 $ 43,230,000  
Repurchase of common stock percentage                     0.0154 0.0187    
Distributions declared per common share (in dollars per share) | $ / shares                     $ 0.48 $ 0.58 $ 0.63  
Cash paid                     $ 76,517,000 $ 49,494,000 $ 40,296,000  
Issuance of common stock under the distribution reinvestment plan                     $ 30,553,000 $ 39,934,000 $ 40,938,000  
Diluted earnings per share outstanding adjustment (in shares) | shares                     186,000 24,000 24,000  
Number of reportable business segments | segment                     2      
Impact related to uncertain tax positions from the results of operations                     $ 0 $ 0 $ 0  
Number of rent concessions and lease modifications | lease                     30      
Rental revenue from rent concessions and lease modifications, percentage collected                     99.00%      
Internalization Transaction                            
Summary of Significant Accounting Policies [Line Items]                            
Goodwill                     $ 39,529,000     $ 39,529,000
Subsequent Event                            
Summary of Significant Accounting Policies [Line Items]                            
Distributions payable   $ 8,276,000   $ 9,153,000   $ 9,117,000                
Cash paid   5,983,000   6,612,000   6,574,000                
Issuance of common stock under the distribution reinvestment plan   2,293,000   2,541,000   2,543,000                
Common Stock                            
Summary of Significant Accounting Policies [Line Items]                            
Repurchase of common stock (in shares) | shares                     3,408,870 2,557,298 4,700,554  
Repurchase of common stock                     $ 34,000 $ 25,000 $ 47,000  
Issuance of common stock under the distribution reinvestment plan                     $ 35,000 $ 43,000 $ 44,000  
Class A, I, T and T2 shares | Common Stock                            
Summary of Significant Accounting Policies [Line Items]                            
Repurchase of common stock (in shares) | shares                     3,408,870 2,557,298    
Repurchase of common stock                     $ 29,487,000 $ 23,655,000    
Repurchase of common stock, average price per share (in dollars per share) | $ / shares                     $ 8.65 $ 9.25    
Class A | Subsequent Event                            
Summary of Significant Accounting Policies [Line Items]                            
Distributions declared per common share (in dollars per share) | $ / shares $ 0.001369863   $ 0.001369863   $ 0.001369863                  
Distributions payable   6,424,000   7,106,000   7,076,000                
Cash paid   4,992,000   5,520,000   5,489,000                
Issuance of common stock under the distribution reinvestment plan   1,432,000   1,586,000   1,587,000                
Class A | Common Stock                            
Summary of Significant Accounting Policies [Line Items]                            
Repurchase of common stock (in shares) | shares                     2,666,674 1,910,894    
Class A | Common Stock | Internalization Transaction                            
Summary of Significant Accounting Policies [Line Items]                            
Purchase of noncontrolling interest                     $ 2,000      
Repurchase of common stock (in shares) | shares                     29,362      
Repurchase of common stock                     $ 254,000      
Repurchase of common stock, average price per share (in dollars per share) | $ / shares                     $ 8.65      
Class I | Subsequent Event                            
Summary of Significant Accounting Policies [Line Items]                            
Distributions declared per common share (in dollars per share) | $ / shares 0.001369863   0.001369863   0.001369863                  
Distributions payable   489,000   539,000   537,000                
Cash paid   298,000   328,000   325,000                
Issuance of common stock under the distribution reinvestment plan   191,000   211,000   212,000                
Class I | Common Stock                            
Summary of Significant Accounting Policies [Line Items]                            
Repurchase of common stock (in shares) | shares                     408,346 189,947    
Class T | Subsequent Event                            
Summary of Significant Accounting Policies [Line Items]                            
Distributions declared per common share (in dollars per share) | $ / shares 0.001131781   0.001131781   0.001131781                  
Distributions payable   1,255,000   1,387,000   1,383,000                
Cash paid   642,000   708,000   704,000                
Issuance of common stock under the distribution reinvestment plan   613,000   679,000   679,000                
Class T | Common Stock                            
Summary of Significant Accounting Policies [Line Items]                            
Repurchase of common stock (in shares) | shares                     298,224 451,058    
Class T2 | Subsequent Event                            
Summary of Significant Accounting Policies [Line Items]                            
Distributions declared per common share (in dollars per share) | $ / shares $ 0.001131781   $ 0.001131781   $ 0.001131781                  
Distributions payable   108,000   121,000   121,000                
Cash paid   51,000   56,000   56,000                
Issuance of common stock under the distribution reinvestment plan   $ 57,000   $ 65,000   $ 65,000                
Class T2 | Common Stock                            
Summary of Significant Accounting Policies [Line Items]                            
Repurchase of common stock (in shares) | shares                     35,626 5,399    
Tenant Of Data Center Property                            
Summary of Significant Accounting Policies [Line Items]                            
Number of tenants with impaired intangible assets | property                     1      
Tenant Of Healthcare Property                            
Summary of Significant Accounting Policies [Line Items]                            
Number of impaired properties | property                   1        
Number of tenants with impaired intangible assets | tenant                     1      
Rental Revenue | Geographic Concentration Risk                            
Summary of Significant Accounting Policies [Line Items]                            
Number of metropolitan statistical areas with owned real estate investments | metropolitan                     2      
Rental Revenue | Geographic Concentration Risk | Atlanta-Sandy Springs-Roswell, Georgia MSA                            
Summary of Significant Accounting Policies [Line Items]                            
Concentration risk, percentage                     11.90%      
Rental Revenue | Geographic Concentration Risk | Houston-The Woodlands-Sugar Land, Texas MSA                            
Summary of Significant Accounting Policies [Line Items]                            
Concentration risk, percentage                     10.30%      
Rental Revenue | Customer Concentration Risk                            
Summary of Significant Accounting Policies [Line Items]                            
Number of tenants | tenant                     1      
Rental Revenue | Customer Concentration Risk | Post Acute Medical LLC                            
Summary of Significant Accounting Policies [Line Items]                            
Concentration risk, percentage                     10.10%      
In-place leases                            
Summary of Significant Accounting Policies [Line Items]                            
Number of impaired acquired intangible assets | lease                     3 2    
Impairment of acquired intangible assets                     $ 4,693,000 $ 3,195,000    
In-place leases | Tenant Of Data Center Property                            
Summary of Significant Accounting Policies [Line Items]                            
Impairment of acquired intangible assets                     3,189,000      
In-place leases | Tenant Of Healthcare Property                            
Summary of Significant Accounting Policies [Line Items]                            
Impairment of acquired intangible assets             $ 1,484,000       $ 20,000      
Above-market leases                            
Summary of Significant Accounting Policies [Line Items]                            
Number of impaired acquired intangible assets | lease                     1      
Impairment of acquired intangible assets                     $ 344,000      
Impaired Real Estate Properties                            
Summary of Significant Accounting Policies [Line Items]                            
Real estate assets, carrying amount               40,266,000 30,412,000     30,412,000    
Real estate assets, fair value               $ 27,266,000 $ 22,412,000     $ 22,412,000    
v3.21.1
Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Accounting Policies [Abstract]        
Cash and cash equivalents $ 53,174 $ 69,342 $ 68,360 $ 74,803
Restricted cash 14,735 10,888 11,167 10,944
Cash, cash equivalents and restricted cash $ 67,909 $ 80,230 $ 79,527 $ 85,747
v3.21.1
Summary of Significant Accounting Policies (Schedule of Estimated Useful Lives of Assets by Class) (Details)
12 Months Ended
Dec. 31, 2020
Buildings and improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 15 years
Buildings and improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Furniture, fixtures, and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Furniture, fixtures, and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 10 years
v3.21.1
Internalization Transaction (Narrative) (Details) - USD ($)
$ in Thousands
12 Months Ended
Sep. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]        
Internalization transaction expenses   $ 3,640 $ 0 $ 0
Internalization Transaction        
Business Acquisition [Line Items]        
Membership interests acquired percentage 100.00%      
Internalization transaction, purchase price $ 40,000      
Internalization Transaction, Tranche One, Closing        
Business Acquisition [Line Items]        
Internalization transaction, cash paid 25,000      
Internalization Transaction, Tranche Two, March 31, 2021        
Business Acquisition [Line Items]        
Internalization transaction, payable 7,500      
Internalization Transaction, Tranche Three, March 31, 2022        
Business Acquisition [Line Items]        
Internalization transaction, payable $ 7,500      
v3.21.1
Internalization Transaction (Schedule of Allocation of Purchase Price) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Sep. 30, 2020
Dec. 31, 2019
Business Acquisition [Line Items]      
Goodwill $ 39,529   $ 0
Deferred internalization transaction purchase price (14,728)   $ 0
Internalization Transaction      
Business Acquisition [Line Items]      
Goodwill 39,529 $ 39,529  
Right-of-use assets - operating lease 1,205    
Total assets acquired 40,734    
Operating lease liabilities (1,060)    
Deferred internalization transaction purchase price (14,674)    
Total liabilities acquired (15,734)    
Net assets allocated at acquisition $ 25,000    
v3.21.1
Internalization Transaction (Schedule of Pro Forma Financial Information) (Details) - Internalization Transaction - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Business Acquisition [Line Items]    
Revenues $ 276,536 $ 210,901
Net income attributable to common stockholders $ 56,083 $ 11,822
Net income per common share attributable to common stockholders:    
Basic (in dollars per share) $ 0.25 $ 0.08
Diluted (in dollars per share) $ 0.25 $ 0.08
v3.21.1
Acquisitions and Dispositions (Narrative) (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2020
USD ($)
property
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Real Estate [Line Items]                      
Number of real estate properties acquired | property                 3    
Capitalized acquisition fees and costs                 $ 310    
Number of real estate properties sold | property                 2    
Sale price of real estate dispositions $ 58,000               $ 58,000    
Proceeds from real estate dispositions                 28,542 $ 2,882 $ 0
Gain on real estate disposition $ 439 $ 0 $ 2,703 $ 0 $ 79 $ 0 $ 0 $ 0 $ 3,142 $ 79 $ 0
Maximum                      
Real Estate [Line Items]                      
Acquisition fees and costs (% of contract purchase price)                 6.00%    
v3.21.1
Acquisitions and Dispositions (Schedule of Consideration Transferred for Properties Acquired) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 22, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]        
Purchase Price   $ 16,135    
Payment for construction in process   $ 28,797 $ 12,841 $ 15,583
Grimes Healthcare Facility        
Business Acquisition [Line Items]        
Ownership Percentage   100.00%    
Purchase Price   $ 5,030    
Tampa Healthcare Facility        
Business Acquisition [Line Items]        
Ownership Percentage   100.00%    
Purchase Price   $ 11,047    
Tucson Healthcare Facility IV        
Business Acquisition [Line Items]        
Ownership Percentage   100.00%    
Purchase Price   $ 58    
Payment for construction in process $ 849      
v3.21.1
Acquisitions and Dispositions (Schedule of Allocation of Acquisitions) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 22, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]        
Payment for construction in process   $ 28,797 $ 12,841 $ 15,583
Capitalized acquisition fees and costs   310    
2020 Acquisitions        
Business Acquisition [Line Items]        
In-place leases   1,748    
Right-of-use assets - finance lease   2,534    
Total assets acquired   19,100    
Finance lease liabilities   (2,854)    
Below-market leases   (169)    
Total liabilities acquired   (3,023)    
Net assets acquired   16,077    
Tucson Healthcare Facility IV        
Business Acquisition [Line Items]        
Payment for construction in process $ 849      
Capitalized acquisition fees and costs $ 58      
Land | 2020 Acquisitions        
Business Acquisition [Line Items]        
Property, plant and equipment acquired   831    
Buildings and improvements | 2020 Acquisitions        
Business Acquisition [Line Items]        
Property, plant and equipment acquired   13,524    
Tenant improvements | 2020 Acquisitions        
Business Acquisition [Line Items]        
Property, plant and equipment acquired   $ 463    
v3.21.1
Acquisitions and Dispositions (Schedule of Dispositions) (Details) - USD ($)
$ in Thousands
12 Months Ended
May 28, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Real Estate [Line Items]        
Sale Price   $ 58,000    
Net Proceeds   28,542 $ 2,882 $ 0
Notes receivable, principal amount outstanding   $ 30,700 $ 2,700  
San Antonio Healthcare Facility II        
Real Estate [Line Items]        
Ownership Percentage   100.00%    
Sale Price   $ 35,000    
Net Proceeds   $ 6,125    
Sale price of real estate disposition in cash $ 7,000      
Notes receivable, principal amount outstanding $ 28,000      
Dallas Healthcare Facility II        
Real Estate [Line Items]        
Ownership Percentage   100.00%    
Sale Price   $ 23,000    
Net Proceeds   $ 22,417    
v3.21.1
Acquired Intangible Assets, Net (Narrative) (Details)
12 Months Ended
Dec. 31, 2020
USD ($)
lease
Dec. 31, 2019
USD ($)
lease
Dec. 31, 2018
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]      
Weighted average remaining useful life of intangible assets 9 years 9 months 18 days 10 years 4 months 24 days  
Amortization of acquired intangible assets $ 37,637,000 $ 26,699,000 $ 19,919,000
Impairment of acquired intangible assets     $ 0
In-place leases      
Acquired Finite-Lived Intangible Assets [Line Items]      
Weighted average remaining useful life of intangible assets 9 years 9 months 18 days 10 years 4 months 24 days  
Impairment of acquired intangible assets $ 4,693,000 $ 3,195,000  
Number of impaired acquired intangible assets | lease 3 2  
In-place and above-market leases      
Acquired Finite-Lived Intangible Assets [Line Items]      
Impairment of acquired intangible assets $ 5,037,000    
Above-market leases      
Acquired Finite-Lived Intangible Assets [Line Items]      
Weighted average remaining useful life of intangible assets 9 years 10 months 24 days 10 years 6 months  
Impairment of acquired intangible assets $ 344,000    
Number of impaired acquired intangible assets | lease 1    
v3.21.1
Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]    
Acquired intangible asset, net of accumulated amortization $ 246,761 $ 285,459
Acquired intangible assets, accumulated amortization $ 90,730 $ 64,164
Weighted average remaining useful life of intangible assets 9 years 9 months 18 days 10 years 4 months 24 days
In-place leases    
Acquired Finite-Lived Intangible Assets [Line Items]    
Acquired intangible asset, net of accumulated amortization $ 231,200 $ 266,856
Acquired intangible assets, accumulated amortization $ 86,728 $ 62,252
Weighted average remaining useful life of intangible assets 9 years 9 months 18 days 10 years 4 months 24 days
Above-market leases    
Acquired Finite-Lived Intangible Assets [Line Items]    
Acquired intangible asset, net of accumulated amortization $ 15,561 $ 18,603
Acquired intangible assets, accumulated amortization $ 4,002 $ 1,912
Weighted average remaining useful life of intangible assets 9 years 10 months 24 days 10 years 6 months
v3.21.1
Acquired Intangible Assets, Net (Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets, Net [Abstract]    
2021 $ 30,597  
2022 29,159  
2023 28,076  
2024 26,001  
2025 23,018  
Thereafter 109,910  
Acquired intangible assets, net $ 246,761 $ 285,459
v3.21.1
Acquired Intangible Liabilities, Net (Narrative) (Details) - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Intangible Lease Liabilities, Net [Abstract]      
Amortization of below-market leases $ 7,147,000 $ 5,261,000 $ 4,832,000
Accelerated amortization of below-market leases $ 1,974,000 $ 212,000 $ 0
v3.21.1
Acquired Intangible Liabilities, Net (Schedule of Acquired Intangible Liabilities, Net) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Intangible Lease Liabilities, Net [Abstract]    
Below-market leases, net of accumulated amortization of $13,924 and $12,332, respectively (with a weighted average remaining life of 16.2 years and 16.1 years, respectively) $ 52,560 $ 59,538
Accumulated amortization of below-market leases $ 13,924 $ 12,332
Weighted average remaining life of below-market leases 16 years 2 months 12 days 16 years 1 month 6 days
v3.21.1
Acquired Intangible Liabilities, Net (Schedule of Estimated Future Amortization of Acquired Intangible Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Intangible Lease Liabilities, Net [Abstract]    
2021 $ 4,385  
2022 3,873  
2023 3,808  
2024 3,706  
2025 3,482  
Thereafter 33,306  
Acquired intangible liabilities, net $ 52,560 $ 59,538
v3.21.1
Leases (Narrative) (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
ft²
lease
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Lessee, Lease, Description [Line Items]      
Number of operating ground leases | lease 17    
Number of operating office leases | lease 1    
Number of operating ground leases without corresponding operating lease liabilities | lease 4    
Operating lease liability $ 32,050 $ 31,004  
Operating lease costs 2,567 1,388 $ 134
Sublease income $ 1,604 $ 781 94
Operating lease, weighted average incremental borrowing rate, percent 5.70%    
Operating lease, weighted average remaining lease term 48 years 1 month 6 days 50 years 8 months 12 days  
Number of finance ground leases | lease 1    
Right-of-use assets in exchange for lease liability - finance lease $ 2,854 $ 0 0
Reduction in the carrying amount of right-of-use assets - finance lease, net 7 $ 0 $ 0
Interest on finance lease liability $ 47    
Finance lease, weighted average incremental borrowing rate, percent 5.30%    
Finance lease, weighted average remaining lease term 43 years 4 months 24 days    
Minimum      
Lessee, Lease, Description [Line Items]      
Operating lease, weighted average incremental borrowing rate, percent 3.50%    
Maximum      
Lessee, Lease, Description [Line Items]      
Operating lease, weighted average incremental borrowing rate, percent 6.60%    
Corporate Lease      
Lessee, Lease, Description [Line Items]      
Operating lease liability $ 1,060    
Leased area of real estate property | ft² 24,555    
Operating lease costs $ 264    
v3.21.1
Leases (Schedule of Future Minimum Rent to Lessor from Operating Leases) (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
lease
property
Leases [Abstract]  
2021 $ 224,764
2022 233,130
2023 235,913
2024 232,177
2025 223,136
Thereafter 1,434,582
Total 2,583,702
Value of underlying operating lease asset, leases not yet commenced $ 59,171
Number of executed leases, operating leases not yet commenced | lease 2
Number of development properties, operating leases not yet commenced | property 2
v3.21.1
Leases (Schedule of Future Minimum Rent from Lessee for Operating Leases) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
2021 $ 2,464  
2022 1,682  
2023 1,638  
2024 1,687  
2025 1,688  
Thereafter 135,031  
Total undiscounted rental payments 144,190  
Less imputed interest (112,140)  
Total operating lease liabilities $ 32,050 $ 31,004
v3.21.1
Leases (Schedule of Future Minimum Rent from Lessee for Finance Lease) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
2021 $ 147  
2022 147  
2023 147  
2024 152  
2025 154  
Thereafter 7,110  
Total undiscounted rental payments 7,857  
Less imputed interest (5,014)  
Total finance lease liabilities $ 2,843 $ 0
v3.21.1
Notes Receivable, Net (Narrative) (Details)
12 Months Ended
Jan. 06, 2021
USD ($)
May 28, 2020
USD ($)
Dec. 31, 2020
USD ($)
noteReceivable
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Number of notes receivable outstanding | noteReceivable     2    
Notes receivable, net     $ 31,262,000 $ 2,700,000  
Investment in note receivable, principal amount     30,700,000 2,700,000  
Amortization of loan origination fee     166,000 0 $ 0
Estimated credit losses for notes receivable     0    
Note Receivable Due June 2022          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Notes receivable, net     $ 28,562,000 0  
Investment in note receivable, principal amount   $ 28,000,000      
Interest rate     7.00%    
Loan origination fee incurred   $ 560,000      
Amortization of loan origination fee     $ 166,000    
Interest income on notes receivable     1,187,000    
Unamortized loan origination fee     394,000    
Note Receivable Due June 2022 | Note Receivable, Period One          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Interest rate   7.00%      
Note Receivable Due June 2022 | Note Receivable, Period Two          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Interest rate   8.00%      
Note Receivable Due November 2021          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Notes receivable, net     2,700,000 $ 2,700,000  
Investment in note receivable, principal amount     $ 2,700,000    
Interest rate     6.00%    
Note Receivable Due November 2021 | Subsequent Event          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Amendment fee received $ 50,000        
Principal amount repaid $ 500,000        
v3.21.1
Notes Receivable, Net (Schedule of Notes Receivable Balance) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Notes receivable, net $ 31,262 $ 2,700
Note Receivable Due November 2021    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Notes receivable, net $ 2,700 2,700
Interest Rate 6.00%  
Note Receivable Due June 2022    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Notes receivable, net $ 28,562 $ 0
Interest Rate 7.00%  
v3.21.1
Other Assets, Net (Narrative) (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
tenant
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Line of Credit Facility [Line Items]      
Amortization of deferred financing costs $ 3,884 $ 2,825 $ 2,810
Amortization of leasing commissions 598 158 76
Lease Modifications      
Line of Credit Facility [Line Items]      
Amortization of leasing commissions $ 12    
Number of impaired leasing commissions | tenant 2    
Revolving Line of Credit      
Line of Credit Facility [Line Items]      
Amortization of deferred financing costs $ 1,206 $ 1,010 $ 1,260
v3.21.1
Other Assets, Net (Schedule of Other Assets, Net) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Other Assets [Abstract]        
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $6,902 and $5,696, respectively $ 1,634 $ 2,623    
Leasing commissions, net of accumulated amortization of $811 and $240, respectively 11,421 10,288    
Restricted cash 14,735 10,888 $ 11,167 $ 10,944
Tenant receivables 5,541 6,116    
Straight-line rent receivable, net 69,687 48,526    
Prepaid and other assets 5,443 4,709    
Derivative assets 0 884    
Total other assets, net 108,461 84,034    
Deferred financing costs, related to the revolver portion of the credit facility, accumulated amortization 6,902 5,696    
Leasing commissions, accumulated amortization $ 811 $ 240    
v3.21.1
Accounts Payable and Other Liabilities (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Sep. 30, 2020
employee
Sep. 29, 2020
employee
Dec. 31, 2019
USD ($)
Payables and Accruals [Abstract]        
Accounts payable and accrued expenses $ 14,033     $ 11,448
Accrued interest expense 4,269     5,185
Accrued property taxes 2,511     3,537
Accrued personnel costs 1,202     0
Distribution and servicing fees 3,128     0
Distributions payable to stockholders 9,117     9,093
Tenant deposits 1,047     1,500
Deferred rental income 9,767     9,003
Deferred internalization transaction purchase price 14,728     0
Derivative liabilities 20,444     5,588
Total accounts payable and other liabilities $ 80,246     $ 45,354
Number of employees | employee   76 0  
v3.21.1
Notes Payable (Schedule of Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Notes payable, principal amount outstanding $ 453,422 $ 457,345
Unamortized deferred financing costs related to notes payable (1,805) (2,500)
Total notes payable, net of deferred financing costs $ 451,617 454,845
Weighted Average    
Debt Instrument [Line Items]    
Interest Rates: Range and Weighted Average 4.40%  
Fixed Rate    
Debt Instrument [Line Items]    
Notes payable, principal amount outstanding $ 218,415 219,567
Fixed Rate | Minimum    
Debt Instrument [Line Items]    
Interest Rates: Range and Weighted Average 4.00%  
Fixed Rate | Maximum    
Debt Instrument [Line Items]    
Interest Rates: Range and Weighted Average 4.80%  
Fixed Rate | Weighted Average    
Debt Instrument [Line Items]    
Interest Rates: Range and Weighted Average 4.30%  
Variable Rate, Subject to Interest Rate Swap    
Debt Instrument [Line Items]    
Notes payable, principal amount outstanding $ 235,007 $ 237,778
Variable Rate, Subject to Interest Rate Swap | Minimum    
Debt Instrument [Line Items]    
Interest Rates: Range and Weighted Average 3.70%  
Variable Rate, Subject to Interest Rate Swap | Maximum    
Debt Instrument [Line Items]    
Interest Rates: Range and Weighted Average 5.10%  
Variable Rate, Subject to Interest Rate Swap | Weighted Average    
Debt Instrument [Line Items]    
Interest Rates: Range and Weighted Average 4.50%  
v3.21.1
Notes Payable (Schedule of Future Principal Payments Due on Debt) (Details) - Notes Payable
$ in Thousands
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]  
2021 $ 146,026
2022 166,209
2023 2,710
2024 27,360
2025 2,195
Thereafter 108,922
Total $ 453,422
v3.21.1
Credit Facility (Narrative) (Details)
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Jul. 01, 2020
USD ($)
instrument
Jan. 01, 2020
USD ($)
instrument
Line of Credit Facility [Line Items]          
Proceeds from credit facility $ 140,000,000 $ 605,000,000 $ 155,000,000    
Payments on credit facility 110,000,000 52,000,000 $ 20,000,000    
Credit facility, principal amount outstanding 938,000,000 908,000,000      
Credit facility, maximum increase $ 1,600,000,000        
Daily amount outstanding less than lenders' commitments percentage 0.50        
Daily amount outstanding greater than or equal to lenders' commitments percentage 0.50        
Minimum          
Line of Credit Facility [Line Items]          
Fee for unused portion of lenders' commitment, percentage 0.15%        
Maximum          
Line of Credit Facility [Line Items]          
Fee for unused portion of lenders' commitment, percentage 0.25%        
Credit Facility          
Line of Credit Facility [Line Items]          
Weighted average interest rate, variable 2.40%        
Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum          
Line of Credit Facility [Line Items]          
Margin range 1.75%        
Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum          
Line of Credit Facility [Line Items]          
Margin range 2.25%        
Credit Facility | Prime Rate | Minimum          
Line of Credit Facility [Line Items]          
Margin range 0.75%        
Credit Facility | Prime Rate | Maximum          
Line of Credit Facility [Line Items]          
Margin range 1.25%        
Credit Facility | Interest rate swaps          
Line of Credit Facility [Line Items]          
Number of interest rate swap agreements | instrument       2 3
Weighted average interest rate, fixed 3.77%        
Property Acquisition and Share Repurchases          
Line of Credit Facility [Line Items]          
Proceeds from credit facility $ 20,000,000        
Economic Uncertainty          
Line of Credit Facility [Line Items]          
Proceeds from credit facility 75,000,000        
Property Acquisition And Internalization Transaction          
Line of Credit Facility [Line Items]          
Proceeds from credit facility 45,000,000        
Variable Rate, Fixed Through Interest Rate Swaps          
Line of Credit Facility [Line Items]          
Credit facility, principal amount outstanding 400,000,000 250,000,000      
Variable Rate, Fixed Through Interest Rate Swaps | Interest rate swaps          
Line of Credit Facility [Line Items]          
Credit facility, principal amount outstanding       $ 100,000,000 $ 150,000,000
Variable Rate Debt          
Line of Credit Facility [Line Items]          
Credit facility, principal amount outstanding $ 538,000,000 $ 658,000,000      
v3.21.1
Credit Facility (Schedule of Credit Facility) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Line of Credit Facility [Line Items]    
Credit facility, principal amount outstanding $ 938,000 $ 908,000
Unamortized deferred financing costs related to the term loan credit facility (5,900) (7,385)
Credit facility, net of deferred financing costs of $5,900 and $7,385, respectively 932,100 900,615
Variable Rate Debt    
Line of Credit Facility [Line Items]    
Credit facility, principal amount outstanding 538,000 658,000
Variable Rate, Fixed Through Interest Rate Swaps    
Line of Credit Facility [Line Items]    
Credit facility, principal amount outstanding 400,000 250,000
Revolving Line of Credit | Variable Rate Debt    
Line of Credit Facility [Line Items]    
Credit facility, principal amount outstanding 138,000 108,000
Term Loan | Variable Rate Debt    
Line of Credit Facility [Line Items]    
Credit facility, principal amount outstanding 400,000 550,000
Term Loan | Variable Rate, Fixed Through Interest Rate Swaps    
Line of Credit Facility [Line Items]    
Credit facility, principal amount outstanding $ 400,000 $ 250,000
v3.21.1
Credit Facility (Schedule of Principal Payments Due on Credit Facility) (Details) - Credit Facility
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
extensionPeriod
Line of Credit Facility [Line Items]  
2022 $ 138,000
2023 280,000
2024 520,000
Total $ 938,000
Number of extension periods | extensionPeriod 1
Extension period 12 months
v3.21.1
Related-Party Transactions and Arrangements (Narrative) (Details) - employee
9 Months Ended
Sep. 30, 2020
Jul. 28, 2020
Sep. 30, 2020
Sep. 29, 2020
Related Party Transaction [Line Items]        
Number of employees 76   76 0
Special limited partnership interest, shareholder annual return     8.00%  
Maximum        
Related Party Transaction [Line Items]        
Disposition fee (% of contract sales price)     6.00%  
Carter Validus Advisors II, LLC and its affiliates        
Related Party Transaction [Line Items]        
Acquisition fee (% of contract purchase price of each property or asset acquired)   2.00%    
Acquisition fee (% of amount advanced with respect to loans and similar assets)   2.00%    
Acquisition expenses reimbursed (% of purchase price of each property or real estate-related investment) 0.01%      
Carter Validus Advisors II, LLC and its affiliates | Maximum        
Related Party Transaction [Line Items]        
Disposition fee (% of contract sales price)     1.00%  
Disposition fee (% of third party brokerage commission)     50.00%  
Carter Validus Advisors II, LLC        
Related Party Transaction [Line Items]        
Monthly asset management fee (% of aggregate asset value)     0.0625%  
Carter Validus Advisors II, LLC | Maximum        
Related Party Transaction [Line Items]        
Operating expense reimbursement (% of average invested assets)     2.00%  
Operating expense reimbursement ( % of net income)     25.00%  
Carter Validus Real Estate Management Services II, LLC        
Related Party Transaction [Line Items]        
Property management fee (% of gross revenues from properties managed)     3.00%  
Oversight fee (% of gross revenues from properties managed)     1.00%  
Carter Validus Real Estate Management Services II, LLC | Maximum        
Related Party Transaction [Line Items]        
Construction management fee (% of project costs)     5.00%  
v3.21.1
Related-Party Transactions and Arrangements (Schedule of Related Party Transactions) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Related Party Transaction [Line Items]      
Incurred $ 29,141 $ 53,396 $ 25,577
Payable 0 9,759  
SC Distributors, LLC | Distribution and Servicing Fees      
Related Party Transaction [Line Items]      
Incurred (65) (563)  
Incurred     368
Payable 0 6,210  
Carter Validus Advisors II, LLC and its affiliates | Acquisition fees and costs      
Related Party Transaction [Line Items]      
Incurred 97 26,072 4,272
Carter Validus Advisors II, LLC and its affiliates | Asset management fees      
Related Party Transaction [Line Items]      
Incurred 17,914 16,475 13,114
Payable 0 2,100  
Carter Validus Advisors II, LLC and its affiliates | Operating expense reimbursement      
Related Party Transaction [Line Items]      
Incurred 3,966 4,492 2,692
Payable 0 518  
Carter Validus Advisors II, LLC and its affiliates | Disposition fees      
Related Party Transaction [Line Items]      
Incurred 350 0 0
Carter Validus Advisors II, LLC and its affiliates | Loan origination fees      
Related Party Transaction [Line Items]      
Incurred 560 0 0
Carter Validus Real Estate Management Services II, LLC | Property management fees      
Related Party Transaction [Line Items]      
Incurred 5,290 5,403 4,391
Payable 0 433  
Carter Validus Real Estate Management Services II, LLC | Leasing commission fees      
Related Party Transaction [Line Items]      
Incurred 594 1,241 497
Payable 0 299  
Carter Validus Real Estate Management Services II, LLC | Construction management fees      
Related Party Transaction [Line Items]      
Incurred 435 276 $ 243
Payable $ 0 $ 199  
v3.21.1
Segment Reporting (Narrative) (Details)
3 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2020
USD ($)
segment
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Segment Reporting Information [Line Items]                      
Number of reportable business segments | segment                 2    
Goodwill $ 39,529,000       $ 0       $ 39,529,000 $ 0  
Rental revenue 67,809,000 $ 70,667,000 $ 68,875,000 $ 69,185,000 $ 69,434,000 $ 48,063,000 $ 46,937,000 $ 46,467,000 276,536,000 210,901,000 $ 177,333,000
Internalization Transaction                      
Segment Reporting Information [Line Items]                      
Goodwill $ 39,529,000 $ 39,529,000             39,529,000    
Intersegment Elimination                      
Segment Reporting Information [Line Items]                      
Rental revenue                 $ 0 $ 0 $ 0
v3.21.1
Segment Reporting (Schedule of Information for Reportable Segments) (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Nov. 08, 2019
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting Information [Line Items]                        
Rental revenue   $ 67,809 $ 70,667 $ 68,875 $ 69,185 $ 69,434 $ 48,063 $ 46,937 $ 46,467 $ 276,536 $ 210,901 $ 177,333
Rental expenses                   (43,533) (40,984) (37,327)
General and administrative expenses                   (16,681) (8,421) (5,396)
Internalization transaction expenses                   (3,640) 0 0
Asset management fees                   (17,914) (16,475) (13,114)
Depreciation and amortization                   (105,483) (74,104) (58,258)
Impairment loss on real estate - healthcare $ (13,000)         (8,000)       0 (21,000) 0
Gain on real estate dispositions   439 0 2,703 0 79 0 0 0 3,142 79 0
Income from operations   27,597 18,548 25,294 20,988 17,353 2,290 16,157 14,196 92,427 49,996 63,238
Interest and other expense, net   (12,849) (13,284) (14,199) (15,319) (15,566) (11,920) (9,893) (9,835) (55,651) (47,214) (34,365)
Net income attributable to common stockholders   $ 14,748 $ 5,264 $ 11,095 $ 5,669 $ 1,787 $ (9,630) $ 6,264 $ 4,361 36,776 2,782 28,873
Operating Segments                        
Segment Reporting Information [Line Items]                        
Rental revenue                   276,536 210,901 177,333
Rental expenses                   (43,533) (40,984) (37,327)
Segment net operating income                   233,003 169,917 140,006
Operating Segments | Data Centers                        
Segment Reporting Information [Line Items]                        
Rental revenue                   110,755 109,689 103,226
Rental expenses                   (28,346) (30,270) (27,289)
Segment net operating income                   82,409 79,419 75,937
Operating Segments | Healthcare Facilities                        
Segment Reporting Information [Line Items]                        
Rental revenue                   165,781 101,212 74,107
Rental expenses                   (15,187) (10,714) (10,038)
Segment net operating income                   $ 150,594 $ 90,498 $ 64,069
v3.21.1
Segment Reporting (Schedule of Assets by Reportable Segments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Sep. 30, 2020
Dec. 31, 2019
Assets by segment [Line Items]      
Total assets $ 3,205,289   $ 3,239,534
Goodwill 39,529   0
Operating Segments | Data centers      
Assets by segment [Line Items]      
Total assets 979,222   989,953
Goodwill   $ 15,574  
Operating Segments | Healthcare      
Assets by segment [Line Items]      
Total assets 2,147,389   2,184,450
Goodwill   $ 23,955  
All other      
Assets by segment [Line Items]      
Total assets $ 78,678   $ 65,131
v3.21.1
Segment Reporting (Schedule of Capital Additions, Acquisitions, Dispositions and Goodwill by Reportable Segments) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Capital additions and acquisitions by segment [Line Items]      
Capital additions by segment: $ 28,797 $ 12,841 $ 15,583
Acquisitions by segment: 16,135 528,259 217,332
Proceeds from Dispositions by segment: (28,542) (2,882) 0
Net cash outflows from capital additions, acquisitions and dispositions 16,390 538,218 232,915
Goodwill allocated by segment: 39,529 0 0
Operating Segments | Data centers      
Capital additions and acquisitions by segment [Line Items]      
Capital additions by segment: 3,945 7,004 2,763
Acquisitions by segment: 0 0 112,181
Proceeds from Dispositions by segment: 0 0 0
Goodwill allocated by segment: 15,574 0 0
Operating Segments | Healthcare      
Capital additions and acquisitions by segment [Line Items]      
Capital additions by segment: 24,852 5,837 12,820
Acquisitions by segment: 16,135 528,259 105,151
Proceeds from Dispositions by segment: (28,542) (2,882) 0
Goodwill allocated by segment: $ 23,955 $ 0 $ 0
v3.21.1
Fair Value (Narrative) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Fair Value [Line Items]    
Notes payable, principal amount outstanding $ 453,422 $ 457,345
Credit facility, principal amount outstanding 938,000 908,000
Notes receivable, principal amount outstanding 30,700 2,700
Fixed Rate    
Fair Value [Line Items]    
Notes payable, principal amount outstanding 218,415 219,567
Variable Rate, Fixed Through Interest Rate Swaps    
Fair Value [Line Items]    
Notes payable, principal amount outstanding 235,007 237,778
Credit facility, principal amount outstanding 400,000 250,000
Variable Rate Debt    
Fair Value [Line Items]    
Credit facility, principal amount outstanding 538,000 658,000
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Fixed Rate    
Fair Value [Line Items]    
Notes payable, fair value disclosure 229,999 222,816
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Variable Rate, Fixed Through Interest Rate Swaps    
Fair Value [Line Items]    
Notes payable, fair value disclosure 234,554 237,974
Credit facility, fair value disclosure 398,563 250,472
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Variable Rate Debt    
Fair Value [Line Items]    
Credit facility, fair value disclosure $ 536,329 $ 659,691
v3.21.1
Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Assets:    
Derivative assets $ 0 $ 884
Liabilities:    
Derivative liabilities 20,444 5,588
Recurring basis    
Assets:    
Derivative assets   884
Total assets at fair value   884
Liabilities:    
Derivative liabilities 20,444 5,588
Total liabilities at fair value 20,444 5,588
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis    
Assets:    
Derivative assets   0
Total assets at fair value   0
Liabilities:    
Derivative liabilities 0 0
Total liabilities at fair value 0 0
Significant Other Observable Inputs (Level 2) | Recurring basis    
Assets:    
Derivative assets   884
Total assets at fair value   884
Liabilities:    
Derivative liabilities 20,444 5,588
Total liabilities at fair value 20,444 5,588
Significant Unobservable Inputs (Level 3) | Recurring basis    
Assets:    
Derivative assets   0
Total assets at fair value   0
Liabilities:    
Derivative liabilities 0 0
Total liabilities at fair value $ 0 $ 0
v3.21.1
Derivative Instruments and Hedging Activities (Narrative) (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Additional loss expected to be reclassified from AOCI into earnings during next twelve months $ 9,486
Derivatives in a net liability position $ 21,901
v3.21.1
Derivative Instruments and Hedging Activities (Schedule of the Notional Amount and Fair Value of Derivative Instruments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Derivatives, Fair Value [Line Items]    
Fair Value of Asset   $ 884
Fair Value of (Liability) $ (20,444) (5,588)
Interest rate swaps | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Outstanding Notional Amount 635,007 637,778
Interest rate swaps | Designated as Hedging Instrument | Asset    
Derivatives, Fair Value [Line Items]    
Fair Value of Asset 0 884
Interest rate swaps | Designated as Hedging Instrument | (Liability)    
Derivatives, Fair Value [Line Items]    
Fair Value of (Liability) $ (20,444) $ (5,588)
v3.21.1
Derivative Instruments and Hedging Activities (Schedule of Income and Losses Recognized on Derivative Instruments) (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]                      
Amount of (Loss) Income Recognized in Other Comprehensive (Loss) Income on Derivatives                 $ (23,583) $ (9,305) $ 3,208
Amount of (Loss) Income Reclassified From Accumulated Other Comprehensive (Loss) Income to Net Income                 (7,843) 1,602 818
Total Amount of Interest and Other Expense, Net Presented in Statements of Comprehensive Income (Loss) $ 12,849 $ 13,284 $ 14,199 $ 15,319 $ 15,566 $ 11,920 $ 9,893 $ 9,835 55,651 47,214 34,365
Interest and other expense, net                      
Derivative Instruments, Gain (Loss) [Line Items]                      
Amount of (Loss) Income Reclassified From Accumulated Other Comprehensive (Loss) Income to Net Income                 (7,843) 1,602 818
Interest rate swaps                      
Derivative Instruments, Gain (Loss) [Line Items]                      
Amount of (Loss) Income Recognized in Other Comprehensive (Loss) Income on Derivatives                 $ (23,583) $ (9,305) $ 3,208
v3.21.1
Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Assets   $ 884
Gross Amounts Offset in the Balance Sheet   0
Net Amounts of Assets Presented in the Balance Sheet $ 0 884
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral   (5)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral   0
Net Amount   $ 879
v3.21.1
Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Liabilities $ 20,444 $ 5,588
Gross Amounts Offset in the Balance Sheet 0 0
Net Amounts of Liabilities Presented in the Balance Sheet 20,444 5,588
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral 0 (5)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral 0 0
Net Amount $ 20,444 $ 5,583
v3.21.1
Accumulated Other Comprehensive (Loss) Income (Schedule of Amounts Recognized in Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance, beginning $ 1,738,419 $ 1,047,385 $ 990,551
Other comprehensive (loss) income (15,740) (10,907) 2,390
Balance, ending 1,653,873 1,738,419 1,047,385
Cumulative Effect, Period of Adoption, Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance, beginning   0  
Balance, ending     0
Unrealized Income (Loss) on Derivative Instruments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance, beginning (4,704) 6,100 3,710
Other comprehensive (loss) income before reclassification (23,583) (9,305) 3,208
Amount of loss (income) reclassified from accumulated other comprehensive (loss) income to net income 7,843 (1,602) (818)
Other comprehensive (loss) income (15,740) (10,907) 2,390
Balance, ending $ (20,444) (4,704) 6,100
Unrealized Income (Loss) on Derivative Instruments | Cumulative Effect, Period of Adoption, Adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance, beginning   103  
Balance, ending     103
Unrealized Income (Loss) on Derivative Instruments | Cumulative Effect, Period of Adoption, Adjusted Balance      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance, beginning   $ 6,203  
Balance, ending     $ 6,203
v3.21.1
Accumulated Other Comprehensive (Loss) Income (Schedule of Reclassifications Out of Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                      
Interest and other expense, net $ 12,849 $ 13,284 $ 14,199 $ 15,319 $ 15,566 $ 11,920 $ 9,893 $ 9,835 $ 55,651 $ 47,214 $ 34,365
Interest rate swap contracts | Amounts Reclassified from Accumulated Other Comprehensive Loss (Income) to Net Income | Reclassification out of Accumulated Other Comprehensive (Loss) Income                      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                      
Interest and other expense, net                 $ 7,843 $ (1,602) $ (818)
v3.21.1
Stock-based Compensation (Narrative) (Details) - USD ($)
12 Months Ended
Jan. 08, 2021
Oct. 01, 2020
Jul. 01, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Mar. 06, 2020
May 06, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Stock-based compensation       $ 437,000 $ 89,000 $ 90,000    
Restricted Stock, 2021 Award | Mr Seton                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grant date fair value       1,800,000        
Restricted Stock, 2021 Award | Ms Neely                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grant date fair value       $ 700,000        
Restricted Stock, Performance-Based                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period under plan       3 years        
Restricted Stock, Performance-Based | Mr Seton                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grant date fair value, percentage       50.00%        
Restricted Stock, Performance-Based | Ms Neely                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grant date fair value, percentage       50.00%        
Restricted Stock, Time-Based                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period under plan       4 years        
Restricted Stock, Time-Based | Mr Seton                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grant date fair value, percentage       50.00%        
Restricted Stock, Time-Based | Ms Neely                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grant date fair value, percentage       50.00%        
Class A                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Number of authorized and reserved shares of common stock under plan (in shares)             5,000,000 300,000
Class A | Restricted Stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Unrecognized compensation expense       $ 4,921,000 215,000      
Unrecognized compensation expense, weighted average period of recognition       3 years 9 months 7 days        
Fair value of nonvested shares of restricted common stock       $ 5,326,336 $ 240,038      
Class A | Restricted Stock | Independent Directors [Member]                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grant date fair value   $ 7,500 $ 60,000 $ 70,000        
Award vesting period under plan   1 year 3 years 1 year        
Award vesting under plan, percentage per annum     33.34%          
Grant date fair value (in dollars per share)   $ 8.65 $ 8.65          
Class A | Restricted Stock, Time-Based | Mr Seton                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grant date fair value   $ 2,000,000            
Grants in period (in shares)   231,214            
Class A | Restricted Stock, Time-Based | Mr Seton | Subsequent Event                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period (in shares) 103,567              
Class A | Restricted Stock, Time-Based | Ms Neely                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grant date fair value   $ 1,000,000            
Grants in period (in shares)   115,607            
Class A | Restricted Stock, Time-Based | Ms Neely | Subsequent Event                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grants in period (in shares) 40,276              
Class A | Restricted Stock, One-Time | Certain Employees                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Grant date fair value (in dollars per share)   $ 8.65            
Grants in period (in shares)   206,936            
v3.21.1
Stock-based Compensation (Schedule of Nonvested Shares of Restricted Common Stock Activity) (Details) - Class A - Restricted Stock
12 Months Ended
Dec. 31, 2020
shares
Summary of Restricted Common Stock Activity, Nonvested, Number of Shares [Roll Forward]  
Beginning balance (in shares) 27,750
Vested (in shares) (10,500)
Granted (in shares) 595,677
Ending balance (in shares) 612,927
v3.21.1
Income Taxes (Narrative) (Details) - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
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    
v3.21.1
Income Taxes (Schedule of Characterization of Distributions Paid to Stockholders) (Details)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Class A      
Income Taxes [Line Items]      
Ordinary dividends (as a percent) 0.00% 17.93% 41.38%
Capital gain distributions (as a percent) 0.00% 0.38% 0.00%
Nontaxable distributions (as a percent) 100.00% 81.69% 58.62%
Total (as a percent) 100.00% 100.00% 100.00%
Class I      
Income Taxes [Line Items]      
Ordinary dividends (as a percent) 0.00% 17.93% 41.38%
Capital gain distributions (as a percent) 0.00% 0.38% 0.00%
Nontaxable distributions (as a percent) 100.00% 81.69% 58.62%
Total (as a percent) 100.00% 100.00% 100.00%
Class T      
Income Taxes [Line Items]      
Ordinary dividends (as a percent) 0.00% 4.79% 33.01%
Capital gain distributions (as a percent) 0.00% 0.43% 0.00%
Nontaxable distributions (as a percent) 100.00% 94.78% 66.99%
Total (as a percent) 100.00% 100.00% 100.00%
Class T2      
Income Taxes [Line Items]      
Ordinary dividends (as a percent) 0.00% 4.79% 33.01%
Capital gain distributions (as a percent) 0.00% 0.43% 0.00%
Nontaxable distributions (as a percent) 100.00% 94.78% 66.99%
Total (as a percent) 100.00% 100.00% 100.00%
v3.21.1
Commitments and Contingencies (Details)
Dec. 31, 2020
legalProceeding
Commitments and Contingencies Disclosure [Abstract]  
Number of pending legal proceedings to which the company is a party 0
v3.21.1
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]                      
Total revenue $ 67,809 $ 70,667 $ 68,875 $ 69,185 $ 69,434 $ 48,063 $ 46,937 $ 46,467 $ 276,536 $ 210,901 $ 177,333
Total expenses (40,651) (52,119) (46,284) (48,197) (52,160) (45,773) (30,780) (32,271) (187,251) (160,984) (114,095)
Gain on real estate dispositions 439 0 2,703 0 79 0 0 0 3,142 79 0
Income from operations 27,597 18,548 25,294 20,988 17,353 2,290 16,157 14,196 92,427 49,996 63,238
Interest and other expense, net (12,849) (13,284) (14,199) (15,319) (15,566) (11,920) (9,893) (9,835) (55,651) (47,214) (34,365)
Net income (loss) attributable to common stockholders $ 14,748 $ 5,264 $ 11,095 $ 5,669 $ 1,787 $ (9,630) $ 6,264 $ 4,361 $ 36,776 $ 2,782 $ 28,873
Net income (loss) per common share attributable to common stockholders:                      
Basic (in dollars per share) $ 0.07 $ 0.02 $ 0.05 $ 0.03 $ 0.01 $ (0.07) $ 0.05 $ 0.03 $ 0.17 $ 0.02 $ 0.22
Diluted (in dollars per share) $ 0.07 $ 0.02 $ 0.05 $ 0.03 $ 0.01 $ (0.07) $ 0.05 $ 0.03 $ 0.17 $ 0.02 $ 0.22
Weighted average number of common shares outstanding:                      
Basic (in shares) 221,863,141 221,346,730 220,992,009 221,540,890 218,928,165 137,063,509 136,135,710 136,179,343 221,436,617 157,247,345 131,040,645
Diluted (in shares) 222,475,926 221,406,461 221,029,409 221,570,975 218,955,915 137,063,509 136,161,037 136,204,843 221,622,444 157,271,668 131,064,388
v3.21.1
Subsequent Events (Distributions) (Details) - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended
Mar. 18, 2021
Mar. 02, 2021
Feb. 25, 2021
Feb. 01, 2021
Jan. 25, 2021
Jan. 04, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Subsequent Event [Line Items]                  
Cash             $ 76,517 $ 49,494 $ 40,296
Issuance of common stock under the distribution reinvestment plan             $ 30,553 $ 39,934 $ 40,938
Distributions declared per common share (in dollars per share)             $ 0.48 $ 0.58 $ 0.63
Subsequent Event                  
Subsequent Event [Line Items]                  
Cash   $ 5,983   $ 6,612   $ 6,574      
Issuance of common stock under the distribution reinvestment plan   2,293   2,541   2,543      
Distributions payable   8,276   9,153   9,117      
Class A | Subsequent Event                  
Subsequent Event [Line Items]                  
Cash   4,992   5,520   5,489      
Issuance of common stock under the distribution reinvestment plan   1,432   1,586   1,587      
Distributions payable   6,424   7,106   7,076      
Distributions declared per common share (in dollars per share) $ 0.001369863   $ 0.001369863   $ 0.001369863        
Annualized distribution per share (in dollars per share) 0.50   0.50   0.50        
Class I | Subsequent Event                  
Subsequent Event [Line Items]                  
Cash   298   328   325      
Issuance of common stock under the distribution reinvestment plan   191   211   212      
Distributions payable   489   539   537      
Distributions declared per common share (in dollars per share) 0.001369863   0.001369863   0.001369863        
Annualized distribution per share (in dollars per share) 0.50   0.50   0.50        
Class T | Subsequent Event                  
Subsequent Event [Line Items]                  
Cash   642   708   704      
Issuance of common stock under the distribution reinvestment plan   613   679   679      
Distributions payable   1,255   1,387   1,383      
Distributions declared per common share (in dollars per share) 0.001131781   0.001131781   0.001131781        
Annualized distribution per share (in dollars per share) 0.41   0.41   0.41        
Class T2 | Subsequent Event                  
Subsequent Event [Line Items]                  
Cash   51   56   56      
Issuance of common stock under the distribution reinvestment plan   57   65   65      
Distributions payable   $ 108   $ 121   $ 121      
Distributions declared per common share (in dollars per share) 0.001131781   0.001131781   0.001131781        
Annualized distribution per share (in dollars per share) $ 0.41   $ 0.41   $ 0.41        
Class A, I, T and T2 shares | Subsequent Event                  
Subsequent Event [Line Items]                  
Number of days, distribution calculation 365 days   365 days   365 days        
v3.21.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 453,422      
Initial Cost, Land 336,437      
Initial Cost, Buildings and Improvements 2,468,824      
Cost Capitalized Subsequent to Acquisition 85,697      
Gross Amount Carried at Close of Period, Land 335,678      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,555,280      
Gross Amount Carried at Close of Period, Total 2,890,958 $ 2,896,766 $ 1,758,326 $ 1,551,194
Accumulated Depreciation 197,134 $ 128,304 $ 84,594 $ 45,789
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 653      
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 89      
Gross Amount Carried at Close of Period, Land 356      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,256      
Gross Amount Carried at Close of Period, Total 3,612      
Accumulated Depreciation 604      
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 882      
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 2,342      
Gross Amount Carried at Close of Period, Land 4,049      
Gross Amount Carried at Close of Period, Buildings and Improvements 22,333      
Gross Amount Carried at Close of Period, Total 26,382      
Accumulated Depreciation 3,601      
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 5,641      
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 164      
Gross Amount Carried at Close of Period, Land 367      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,751      
Gross Amount Carried at Close of Period, Total 2,118      
Accumulated Depreciation 481      
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 464      
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 3,174      
Indianapolis Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 524      
Initial Cost, Buildings and Improvements 6,422      
Cost Capitalized Subsequent to Acquisition 37      
Gross Amount Carried at Close of Period, Land 524      
Gross Amount Carried at Close of Period, Buildings and Improvements 6,459      
Gross Amount Carried at Close of Period, Total 6,983      
Accumulated Depreciation 961      
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 0      
Gross Amount Carried at Close of Period, Land 462      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,377      
Gross Amount Carried at Close of Period, Total 5,839      
Accumulated Depreciation 1,008      
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 0      
Gross Amount Carried at Close of Period, Land 1,858      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,140      
Gross Amount Carried at Close of Period, Total 21,998      
Accumulated Depreciation 2,927      
Eagan Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 768      
Initial Cost, Buildings and Improvements 5,037      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 768      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,037      
Gross Amount Carried at Close of Period, Total 5,805      
Accumulated Depreciation 861      
Houston Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 8,329      
Initial Cost, Buildings and Improvements 36,297      
Cost Capitalized Subsequent to Acquisition (17,360)      
Gross Amount Carried at Close of Period, Land 8,329      
Gross Amount Carried at Close of Period, Buildings and Improvements 18,937      
Gross Amount Carried at Close of Period, Total 27,266      
Accumulated Depreciation 753      
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 0      
Gross Amount Carried at Close of Period, Land 556      
Gross Amount Carried at Close of Period, Buildings and Improvements 14,401      
Gross Amount Carried at Close of Period, Total 14,957      
Accumulated Depreciation 2,224      
Cincinnati Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,812      
Initial Cost, Buildings and Improvements 24,382      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,812      
Gross Amount Carried at Close of Period, Buildings and Improvements 24,382      
Gross Amount Carried at Close of Period, Total 26,194      
Accumulated Depreciation 3,881      
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 1,487      
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 1,434      
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 904      
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 0      
Gross Amount Carried at Close of Period, Land 1,504      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,193      
Gross Amount Carried at Close of Period, Total 21,697      
Accumulated Depreciation 2,978      
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 1,104      
Minnetonka Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,085      
Initial Cost, Buildings and Improvements 15,099      
Cost Capitalized Subsequent to Acquisition 119      
Gross Amount Carried at Close of Period, Land 1,999      
Gross Amount Carried at Close of Period, Buildings and Improvements 15,304      
Gross Amount Carried at Close of Period, Total 17,303      
Accumulated Depreciation 2,862      
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 1,341      
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 3,186      
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 431      
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 1,235      
Oklahoma City Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 21,760      
Initial Cost, Land 4,626      
Initial Cost, Buildings and Improvements 30,509      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 4,626      
Gross Amount Carried at Close of Period, Buildings and Improvements 30,509      
Gross Amount Carried at Close of Period, Total 35,135      
Accumulated Depreciation 4,177      
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 1,218      
Waco Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 873      
Initial Cost, Buildings and Improvements 8,233      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 873      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,233      
Gross Amount Carried at Close of Period, Total 9,106      
Accumulated Depreciation 1,050      
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 467      
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 162      
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 0      
Gross Amount Carried at Close of Period, Land 368      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,344      
Gross Amount Carried at Close of Period, Total 2,712      
Accumulated Depreciation 342      
Alpharetta Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,395      
Initial Cost, Buildings and Improvements 11,081      
Cost Capitalized Subsequent to Acquisition 25      
Gross Amount Carried at Close of Period, Land 3,395      
Gross Amount Carried at Close of Period, Buildings and Improvements 11,106      
Gross Amount Carried at Close of Period, Total 14,501      
Accumulated Depreciation 1,488      
Flint Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 111      
Initial Cost, Buildings and Improvements 7,001      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 111      
Gross Amount Carried at Close of Period, Buildings and Improvements 7,001      
Gross Amount Carried at Close of Period, Total 7,112      
Accumulated Depreciation 925      
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 174      
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 1,790      
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 29,844      
Gross Amount Carried at Close of Period, Land 2,726      
Gross Amount Carried at Close of Period, Buildings and Improvements 37,468      
Gross Amount Carried at Close of Period, Total 40,194      
Accumulated Depreciation 2,224      
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 0      
Gross Amount Carried at Close of Period, Land 896      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,684      
Gross Amount Carried at Close of Period, Total 4,580      
Accumulated Depreciation 536      
Franklin Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 6,624      
Initial Cost, Buildings and Improvements 10,971      
Cost Capitalized Subsequent to Acquisition 135      
Gross Amount Carried at Close of Period, Land 6,624      
Gross Amount Carried at Close of Period, Buildings and Improvements 11,106      
Gross Amount Carried at Close of Period, Total 17,730      
Accumulated Depreciation 1,439      
Oklahoma City Healthcare Facility VII        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 23,988      
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 3,859      
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 1,801      
Somerset Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 906      
Initial Cost, Buildings and Improvements 10,466      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 906      
Gross Amount Carried at Close of Period, Buildings and Improvements 10,466      
Gross Amount Carried at Close of Period, Total 11,372      
Accumulated Depreciation 1,373      
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 1,809      
Hawthorne Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 39,749      
Initial Cost, Land 16,498      
Initial Cost, Buildings and Improvements 57,312      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 16,498      
Gross Amount Carried at Close of Period, Buildings and Improvements 57,312      
Gross Amount Carried at Close of Period, Total 73,810      
Accumulated Depreciation 6,254      
McLean Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 23,460      
Initial Cost, Land 31,554      
Initial Cost, Buildings and Improvements 4,930      
Cost Capitalized Subsequent to Acquisition 330      
Gross Amount Carried at Close of Period, Land 31,554      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,260      
Gross Amount Carried at Close of Period, Total 36,814      
Accumulated Depreciation 616      
McLean Data Center II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 27,540      
Initial Cost, Land 20,392      
Initial Cost, Buildings and Improvements 22,727      
Cost Capitalized Subsequent to Acquisition 105      
Gross Amount Carried at Close of Period, Land 20,392      
Gross Amount Carried at Close of Period, Buildings and Improvements 22,832      
Gross Amount Carried at Close of Period, Total 43,224      
Accumulated Depreciation 2,473      
Marlton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 30,471      
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 5,896      
Andover Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 6,566      
Initial Cost, Buildings and Improvements 28,072      
Cost Capitalized Subsequent to Acquisition 514      
Gross Amount Carried at Close of Period, Land 6,566      
Gross Amount Carried at Close of Period, Buildings and Improvements 28,586      
Gross Amount Carried at Close of Period, Total 35,152      
Accumulated Depreciation 3,299      
Grand Rapids Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 21,381      
Initial Cost, Land 2,533      
Initial Cost, Buildings and Improvements 39,487      
Cost Capitalized Subsequent to Acquisition 95      
Gross Amount Carried at Close of Period, Land 2,533      
Gross Amount Carried at Close of Period, Buildings and Improvements 39,582      
Gross Amount Carried at Close of Period, Total 42,115      
Accumulated Depreciation 4,940      
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 698      
Gross Amount Carried at Close of Period, Land 1,002      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,634      
Gross Amount Carried at Close of Period, Total 6,636      
Accumulated Depreciation 621      
Chicago Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,329      
Initial Cost, Buildings and Improvements 29,940      
Cost Capitalized Subsequent to Acquisition (545)      
Gross Amount Carried at Close of Period, Land 1,358      
Gross Amount Carried at Close of Period, Buildings and Improvements 29,366      
Gross Amount Carried at Close of Period, Total 30,724      
Accumulated Depreciation 3,024      
Blythewood Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 612      
Initial Cost, Buildings and Improvements 17,714      
Cost Capitalized Subsequent to Acquisition 27      
Gross Amount Carried at Close of Period, Land 634      
Gross Amount Carried at Close of Period, Buildings and Improvements 17,719      
Gross Amount Carried at Close of Period, Total 18,353      
Accumulated Depreciation 1,842      
Tempe Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,997      
Initial Cost, Buildings and Improvements 11,991      
Cost Capitalized Subsequent to Acquisition 132      
Gross Amount Carried at Close of Period, Land 2,997      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,123      
Gross Amount Carried at Close of Period, Total 15,120      
Accumulated Depreciation 1,262      
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 0      
Gross Amount Carried at Close of Period, Land 973      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,632      
Gross Amount Carried at Close of Period, Total 10,605      
Accumulated Depreciation 986      
Norwalk Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 33,400      
Initial Cost, Land 10,125      
Initial Cost, Buildings and Improvements 43,360      
Cost Capitalized Subsequent to Acquisition 94      
Gross Amount Carried at Close of Period, Land 10,125      
Gross Amount Carried at Close of Period, Buildings and Improvements 43,454      
Gross Amount Carried at Close of Period, Total 53,579      
Accumulated Depreciation 4,207      
Allen Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 12,974      
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 2,101      
Austin Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 20,603      
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 3,270      
Beaumont Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 5,791      
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 859      
Charlotte Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 372      
Initial Cost, Buildings and Improvements 17,131      
Cost Capitalized Subsequent to Acquisition 3,382      
Gross Amount Carried at Close of Period, Land 372      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,513      
Gross Amount Carried at Close of Period, Total 20,885      
Accumulated Depreciation 2,096      
Atlanta Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 116,200      
Initial Cost, Land 19,159      
Initial Cost, Buildings and Improvements 129,778      
Cost Capitalized Subsequent to Acquisition 8,435      
Gross Amount Carried at Close of Period, Land 19,159      
Gross Amount Carried at Close of Period, Buildings and Improvements 138,213      
Gross Amount Carried at Close of Period, Total 157,372      
Accumulated Depreciation 17,357      
Sunnyvale Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 10,013      
Initial Cost, Buildings and Improvements 24,709      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 10,013      
Gross Amount Carried at Close of Period, Buildings and Improvements 24,709      
Gross Amount Carried at Close of Period, Total 34,722      
Accumulated Depreciation 2,252      
San Antonio Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 10,360      
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 1,124      
Cincinnati Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,556      
Initial Cost, Buildings and Improvements 8,966      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,556      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,966      
Gross Amount Carried at Close of Period, Total 10,522      
Accumulated Depreciation 887      
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 15      
Gross Amount Carried at Close of Period, Land 1,530      
Gross Amount Carried at Close of Period, Buildings and Improvements 7,521      
Gross Amount Carried at Close of Period, Total 9,051      
Accumulated Depreciation 776      
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 550      
King of Prussia Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 11,671      
Initial Cost, Land 1,015      
Initial Cost, Buildings and Improvements 17,413      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,015      
Gross Amount Carried at Close of Period, Buildings and Improvements 17,413      
Gross Amount Carried at Close of Period, Total 18,428      
Accumulated Depreciation 1,482      
Tempe Data Center 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 15,803      
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 15,803      
Gross Amount Carried at Close of Period, Total 15,803      
Accumulated Depreciation 1,361      
Houston Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 48,607      
Initial Cost, Land 10,082      
Initial Cost, Buildings and Improvements 101,051      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 10,082      
Gross Amount Carried at Close of Period, Buildings and Improvements 101,051      
Gross Amount Carried at Close of Period, Total 111,133      
Accumulated Depreciation 8,011      
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 1,747      
Elgin Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 5,467      
Initial Cost, Land 1,067      
Initial Cost, Buildings and Improvements 7,861      
Cost Capitalized Subsequent to Acquisition (421)      
Gross Amount Carried at Close of Period, Land 1,067      
Gross Amount Carried at Close of Period, Buildings and Improvements 7,440      
Gross Amount Carried at Close of Period, Total 8,507      
Accumulated Depreciation 602      
Oklahoma City Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,868      
Initial Cost, Buildings and Improvements 44,253      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,868      
Gross Amount Carried at Close of Period, Buildings and Improvements 44,253      
Gross Amount Carried at Close of Period, Total 46,121      
Accumulated Depreciation 3,460      
Rancho Cordova Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,760      
Initial Cost, Buildings and Improvements 32,109      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,760      
Gross Amount Carried at Close of Period, Buildings and Improvements 32,109      
Gross Amount Carried at Close of Period, Total 33,869      
Accumulated Depreciation 2,282      
Rancho Cordova Data Center II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,943      
Initial Cost, Buildings and Improvements 10,340      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,943      
Gross Amount Carried at Close of Period, Buildings and Improvements 10,340      
Gross Amount Carried at Close of Period, Total 12,283      
Accumulated Depreciation 750      
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 0      
Gross Amount Carried at Close of Period, Land 1,995      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,870      
Gross Amount Carried at Close of Period, Total 7,865      
Accumulated Depreciation 441      
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 0      
Gross Amount Carried at Close of Period, Land 1,443      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,114      
Gross Amount Carried at Close of Period, Total 13,557      
Accumulated Depreciation 799      
San Jose Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 12,205      
Initial Cost, Buildings and Improvements 34,309      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 12,205      
Gross Amount Carried at Close of Period, Buildings and Improvements 34,309      
Gross Amount Carried at Close of Period, Total 46,514      
Accumulated Depreciation 2,240      
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 0      
Gross Amount Carried at Close of Period, Land 330      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,698      
Gross Amount Carried at Close of Period, Total 6,028      
Accumulated Depreciation 357      
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 392      
Canton Data Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 345      
Initial Cost, Buildings and Improvements 8,268      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 345      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,268      
Gross Amount Carried at Close of Period, Total 8,613      
Accumulated Depreciation 473      
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 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 19,048      
Gross Amount Carried at Close of Period, Total 19,048      
Accumulated Depreciation 1,142      
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 110      
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 0      
Gross Amount Carried at Close of Period, Land 930      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,539      
Gross Amount Carried at Close of Period, Total 4,469      
Accumulated Depreciation 234      
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 142      
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 61      
Gross Amount Carried at Close of Period, Land 336      
Gross Amount Carried at Close of Period, Buildings and Improvements 22,393      
Gross Amount Carried at Close of Period, Total 22,729      
Accumulated Depreciation 1,490      
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 376      
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 189      
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 132      
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 425      
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 838      
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 475      
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 212      
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 1,240      
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 398      
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 811      
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 158      
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 79      
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 (2,807)      
Gross Amount Carried at Close of Period, Land 2,195      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,761      
Gross Amount Carried at Close of Period, Total 7,956      
Accumulated Depreciation 184      
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 55      
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 140      
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 1,232      
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 513      
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 55      
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 833      
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 66      
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 1,012      
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 282      
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 63      
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 766      
Fort Myers Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,153      
Initial Cost, Buildings and Improvements 2,387      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,153      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,387      
Gross Amount Carried at Close of Period, Total 4,540      
Accumulated Depreciation 93      
Fort Myers Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,557      
Initial Cost, Buildings and Improvements 11,064      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 3,557      
Gross Amount Carried at Close of Period, Buildings and Improvements 11,064      
Gross Amount Carried at Close of Period, Total 14,621      
Accumulated Depreciation 400      
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 104      
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 35      
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 4,653      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 26,767      
Gross Amount Carried at Close of Period, Total 26,767      
Accumulated Depreciation 1,009      
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 0      
Gross Amount Carried at Close of Period, Land 383      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,355      
Gross Amount Carried at Close of Period, Total 5,738      
Accumulated Depreciation 182      
Grapevine Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,726      
Initial Cost, Buildings and Improvements 26,849      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,726      
Gross Amount Carried at Close of Period, Buildings and Improvements 26,849      
Gross Amount Carried at Close of Period, Total 28,575      
Accumulated Depreciation 834      
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 760      
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 384      
Harlingen 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 10,628      
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 10,628      
Gross Amount Carried at Close of Period, Total 10,628      
Accumulated Depreciation 354      
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 82      
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 181      
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 76      
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 203      
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 1,110      
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 74      
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 173      
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 101      
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 0      
Gross Amount Carried at Close of Period, Land 5,210      
Gross Amount Carried at Close of Period, Buildings and Improvements 39,939      
Gross Amount Carried at Close of Period, Total 45,149      
Accumulated Depreciation 1,229      
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 69      
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 381      
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 41      
New Bedford Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,464      
Initial Cost, Buildings and Improvements 26,297      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,464      
Gross Amount Carried at Close of Period, Buildings and Improvements 26,297      
Gross Amount Carried at Close of Period, Total 28,761      
Accumulated Depreciation 827      
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 356      
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 463      
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 350      
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 79      
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 0      
Gross Amount Carried at Close of Period, Land 582      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,927      
Gross Amount Carried at Close of Period, Total 6,509      
Accumulated Depreciation 206      
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 0      
Gross Amount Carried at Close of Period, Land 2,286      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,481      
Gross Amount Carried at Close of Period, Total 7,767      
Accumulated Depreciation 187      
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 698      
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 970      
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 903      
Gross Amount Carried at Close of Period, Land 3,273      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,600      
Gross Amount Carried at Close of Period, Total 23,873      
Accumulated Depreciation 636      
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 94      
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 622      
St. Louis Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,164      
Initial Cost, Buildings and Improvements 8,052      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,164      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,052      
Gross Amount Carried at Close of Period, Total 9,216      
Accumulated Depreciation 258      
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 32      
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 406      
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 405      
Webster Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 7,371      
Initial Cost, Buildings and Improvements 243,983      
Cost Capitalized Subsequent to Acquisition 4,584      
Gross Amount Carried at Close of Period, Land 7,371      
Gross Amount Carried at Close of Period, Buildings and Improvements 248,567      
Gross Amount Carried at Close of Period, Total 255,938      
Accumulated Depreciation 7,464      
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 0      
Gross Amount Carried at Close of Period, Land 821      
Gross Amount Carried at Close of Period, Buildings and Improvements 4,139      
Gross Amount Carried at Close of Period, Total 4,960      
Accumulated Depreciation 146      
Yucca Valley Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 901      
Initial Cost, Buildings and Improvements 4,788      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 901      
Gross Amount Carried at Close of Period, Buildings and Improvements 4,788      
Gross Amount Carried at Close of Period, Total 5,689      
Accumulated Depreciation 175      
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 18,325      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 18,325      
Gross Amount Carried at Close of Period, Total 18,325      
Accumulated Depreciation 0      
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 8,349      
Gross Amount Carried at Close of Period, Land 1,763      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,349      
Gross Amount Carried at Close of Period, Total 10,112      
Accumulated Depreciation 40      
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 93      
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 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 10,297      
Gross Amount Carried at Close of Period, Total 10,297      
Accumulated Depreciation 100      
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 849      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 907      
Gross Amount Carried at Close of Period, Total 907      
Accumulated Depreciation $ 0      
v3.21.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - NARRATIVE) (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
property
Dec. 31, 2019
USD ($)
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 130  
Credit facility, principal amount outstanding $ 938,000 $ 908,000
Aggregated cost for federal income tax purposes 3,060,569  
Capitalized acquisition fees and costs 310  
Tucson Healthcare Facility IV    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]    
Capitalized acquisition fees and costs $ 58  
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  
v3.21.1
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, 2020
Dec. 31, 2019
Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at beginning of year $ 2,896,766 $ 1,758,326 $ 1,551,194
Acquisitions 14,876 1,151,827 195,328
Improvements 31,260 15,084 11,804
Impairment 0 (25,501) 0
Dispositions (51,944) (2,807) 0
Other adjustments 0 (163) 0
Balance at end of year 2,890,958 2,896,766 1,758,326
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]      
Balance at beginning of year (128,304) (84,594) (45,789)
Depreciation (69,623) (48,215) (38,805)
Impairment 0 4,501 0
Dispositions 793 4 0
Balance at end of year $ (197,134) $ (128,304) $ (84,594)