SILA REALTY TRUST, INC., 10-Q filed on 11/5/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Oct. 29, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-42129  
Entity Registrant Name SILA REALTY TRUST, INC.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 46-1854011  
Entity Address, Address Line One 1001 Water Street,  
Entity Address, Address Line Two Suite 800  
Entity Address, City or Town Tampa,  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 33602  
City Area Code (813)  
Local Phone Number 287-0101  
Title of 12(b) Security Common stock, $0.01 par value per share  
Trading Symbol SILA  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   55,119,856
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001567925  
Current Fiscal Year End Date --12-31  
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate:    
Land $ 171,848 $ 160,743
Buildings and improvements, less accumulated depreciation of $316,441 and $277,024, respectively 1,628,052 1,546,877
Total real estate, net 1,799,900 1,707,620
Cash and cash equivalents 27,709 39,844
Real estate related notes receivable, net of current expected credit loss reserve of $180 and $0, respectively 17,071 0
Intangible assets, less accumulated amortization of $136,983 and $122,208, respectively 122,519 125,655
Goodwill 17,700 17,700
Right-of-use assets - operating leases 35,530 36,332
Right-of-use assets - finance lease 1,901 0
Other assets 83,191 79,923
Total assets 2,105,521 2,007,074
Liabilities:    
Credit facility, net of deferred financing costs of $2,194 and $3,079, respectively 673,806 521,921
Accounts payable and other liabilities 36,685 33,405
Intangible liabilities, less accumulated amortization of $9,706 and $8,761, respectively 6,125 7,070
Operating lease liabilities 41,134 41,493
Finance lease liabilities 76 0
Total liabilities 757,826 603,889
Stockholders’ equity:    
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.01 par value per share, 510,000,000 shares authorized; 61,939,043 and 61,779,631 shares issued, respectively; 54,876,558 and 55,075,006 shares outstanding, respectively 549 551
Additional paid-in capital 1,993,952 1,998,777
Distributions in excess of accumulated earnings (646,093) (607,499)
Accumulated other comprehensive (loss) income (713) 11,356
Total stockholders’ equity 1,347,695 1,403,185
Total liabilities and stockholders’ equity $ 2,105,521 $ 2,007,074
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Buildings and improvements, accumulated depreciation $ 316,441,000 $ 277,024,000
Intangible assets, accumulated amortization 136,983,000 122,208,000
Credit facility, deferred financing costs 2,194,000 3,079,000
Intangible liabilities, accumulated amortization $ 9,706,000 $ 8,761,000
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) 61,939,043 61,779,631
Common stock, shares outstanding (in shares) 54,876,558 55,075,006
Real Estate Loan    
Real estate related notes receivable, net, current expected credit loss reserve $ 180,000 $ 0
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:        
Rental revenue $ 49,421 $ 46,118 $ 146,221 $ 140,311
Real estate related notes receivable interest income 427 0 615 0
Total revenues 49,848 46,118 146,836 140,311
Expenses:        
Rental expenses 5,920 5,823 18,237 17,226
Listing-related expenses 0 32 0 3,012
General and administrative expenses 4,541 4,800 15,368 18,321
Depreciation and amortization 19,396 17,865 55,340 57,009
Impairment and disposition losses 0 792 6,792 1,210
Demolition costs 147 0 147 0
Total operating expenses 30,004 29,312 95,884 96,778
Other income (expense):        
Gain on dispositions of real estate 0 0 0 76
Interest and other income 237 597 957 3,889
Interest expense (8,470) (5,468) (23,624) (15,955)
Increase in current expected credit loss reserve (2) 0 (180) 0
Total other expense (8,235) (4,871) (22,847) (11,990)
Net income attributable to common stockholders 11,609 11,935 28,105 31,543
Other comprehensive loss - unrealized loss on interest rate swaps, net (866) (11,370) (12,069) (10,617)
Comprehensive income attributable to common stockholders $ 10,743 $ 565 $ 16,036 $ 20,926
Weighted average number of common shares outstanding:        
Basic (in shares) 54,876,443 55,571,298 55,049,612 56,634,376
Diluted (in shares) 55,406,138 56,081,618 55,601,537 57,094,737
Net income per common share attributable to common stockholders:        
Basic (in dollars per share) $ 0.21 $ 0.21 $ 0.51 $ 0.55
Diluted (in dollars per share) $ 0.21 $ 0.21 $ 0.51 $ 0.55
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Distributions in Excess of Accumulated Earnings
Accumulated Other Comprehensive Income (Loss)
Balance beginning (in shares) at Dec. 31, 2023   56,983,564      
Balance beginning at Dec. 31, 2023 $ 1,494,435 $ 570 $ 2,044,450 $ (567,188) $ 16,603
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under the distribution reinvestment plan (in shares)   333,402      
Issuance of common stock under the distribution reinvestment plan 9,979 $ 3 9,976    
Vesting of restricted common stock and issuance of performance-based deferred stock unit awards (in shares)   197,559      
Stock-based compensation 3,798 $ 2 3,796    
Other offering costs (26)   (26)    
Repurchases of common stock (in shares)   (2,496,083)      
Repurchases of common stock (60,579) $ (25) (60,554)    
Distributions to common stockholders (68,058)     (68,058)  
Other comprehensive loss (10,617)       (10,617)
Net income 31,543     31,543  
Balance ending (in shares) at Sep. 30, 2024   55,018,442      
Balance ending at Sep. 30, 2024 1,400,475 $ 550 1,997,642 (603,703) 5,986
Balance beginning (in shares) at Dec. 31, 2023   56,983,564      
Balance beginning at Dec. 31, 2023 $ 1,494,435 $ 570 2,044,450 (567,188) 16,603
Balance ending (in shares) at Dec. 31, 2024 55,075,006 55,075,006      
Balance ending at Dec. 31, 2024 $ 1,403,185 $ 551 1,998,777 (607,499) 11,356
Balance beginning (in shares) at Jun. 30, 2024   57,216,478      
Balance beginning at Jun. 30, 2024 1,472,911 $ 572 2,048,406 (593,423) 17,356
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Vesting of restricted common stock and issuance of performance-based deferred stock unit awards (in shares)   14,535      
Stock-based compensation 1,311   1,311    
Repurchases of common stock (in shares)   (2,212,571)      
Repurchases of common stock (52,097) $ (22) (52,075)    
Distributions to common stockholders (22,215)     (22,215)  
Other comprehensive loss (11,370)       (11,370)
Net income 11,935     11,935  
Balance ending (in shares) at Sep. 30, 2024   55,018,442      
Balance ending at Sep. 30, 2024 $ 1,400,475 $ 550 1,997,642 (603,703) 5,986
Balance beginning (in shares) at Dec. 31, 2024 55,075,006 55,075,006      
Balance beginning at Dec. 31, 2024 $ 1,403,185 $ 551 1,998,777 (607,499) 11,356
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under the distribution reinvestment plan 0        
Vesting of restricted common stock and issuance of performance-based deferred stock unit awards (in shares)   159,412      
Stock-based compensation 3,807 $ 2 3,805    
Repurchases of common stock (in shares)   (357,860)      
Repurchases of common stock (8,634) $ (4) (8,630)    
Distributions to common stockholders (66,699)     (66,699)  
Other comprehensive loss (12,069)       (12,069)
Net income $ 28,105     28,105  
Balance ending (in shares) at Sep. 30, 2025 54,876,558 54,876,558      
Balance ending at Sep. 30, 2025 $ 1,347,695 $ 549 1,993,952 (646,093) (713)
Balance beginning (in shares) at Jun. 30, 2025   54,865,968      
Balance beginning at Jun. 30, 2025 1,357,948 $ 549 1,992,801 (635,555) 153
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Vesting of restricted common stock and issuance of performance-based deferred stock unit awards (in shares)   15,859      
Stock-based compensation 1,278   1,278    
Repurchases of common stock (in shares)   (5,269)      
Repurchases of common stock (127)   (127)    
Distributions to common stockholders (22,147)     (22,147)  
Other comprehensive loss (866)       (866)
Net income $ 11,609     11,609  
Balance ending (in shares) at Sep. 30, 2025 54,876,558 54,876,558      
Balance ending at Sep. 30, 2025 $ 1,347,695 $ 549 $ 1,993,952 $ (646,093) $ (713)
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income attributable to common stockholders $ 28,105 $ 31,543
Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities:    
Depreciation and amortization 55,340 57,009
Amortization of deferred financing costs 2,098 1,607
Amortization of above- and below-market leases, net (392) 978
Amortization of fees on real estate related notes receivable (59) 0
Other amortization expenses 549 550
Increase in current expected credit loss reserve 180 0
Gain on dispositions of real estate 0 (76)
Loss on extinguishment of debt 233 228
Impairment and disposition losses 6,792 1,210
Straight-line rent adjustments, net of write-offs (7,095) (3,767)
Stock-based compensation 3,807 3,798
Changes in operating assets and liabilities:    
Accounts payable and other liabilities (2,689) 5,463
Other assets (768) (1,276)
Net cash provided by operating activities 86,101 97,267
Cash flows from investing activities:    
Investments in real estate (148,866) (164,044)
Net proceeds from real estate dispositions 0 16,120
Capital expenditures and other costs (2,372) (1,100)
Net return of deposits for investments in real estate 350 0
Fundings of real estate related notes receivable (17,543) 0
Fees received on real estate related notes receivable 351 0
Net cash used in investing activities (168,080) (149,024)
Cash flows from financing activities:    
Proceeds from credit facility 156,000 270,000
Payments on credit facility (5,000) (270,000)
Payments of deferred financing costs (5,783) (2,578)
Repurchases of common stock (8,634) (59,966)
Offering costs on issuance of common stock 0 (61)
Distributions to common stockholders (66,739) (59,217)
Net cash provided by (used in) financing activities 69,844 (121,822)
Net change in cash, cash equivalents and restricted cash (12,135) (173,579)
Cash, cash equivalents and restricted cash - Beginning of period 39,844 202,185
Cash, cash equivalents and restricted cash - End of period 27,709 28,606
Supplemental cash flow disclosure:    
Interest paid 20,873 14,509
Supplemental disclosure of non-cash transactions:    
Common stock issued through distribution reinvestment plan 0 9,979
Change in accrued distributions related to common stock and performance-based deferred stock unit awards (40) (1,138)
Change in accrued capital expenditures and other costs 2,159 1,321
Change in accrued acquisition costs related to investments in real estate 11 9
Change in accrued costs and fees related to the tender offer 0 613
Right-of-use assets obtained in exchange for new operating lease liabilities 0 433
Right-of-use assets obtained in exchange for new finance lease liabilities $ 74 $ 0
v3.25.3
Organization and Business Operations
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business Operations Organization and Business Operations
Sila Realty Trust, Inc., or the Company, is a Maryland corporation, headquartered in Tampa, Florida, that has elected, and currently qualifies, to be taxed as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes. The Company is primarily focused on investing in high quality net lease healthcare facilities across the continuum of care, which the Company believes typically generate predictable, durable and growing income streams. The Company may also make other real estate related investments, which may include equity or debt interests in other real estate entities.
Substantially all of the Company’s business is conducted through Sila Realty Operating Partnership, LP, a Delaware limited partnership, or the Operating Partnership. The Company is the sole general partner of the Operating Partnership and directly and indirectly owns 100% of the Operating Partnership. Except as the context otherwise requires, the “Company” refers to Sila Realty Trust, Inc., the Operating Partnership and their wholly-owned subsidiaries.
The Company's common stock, par value $0.01 per share, or the Common Stock, is the sole class of stock traded on the New York Stock Exchange, or the NYSE, under the ticker symbol “SILA.”
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2024, and related notes thereto set forth in the Company’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission, or the SEC, on March 3, 2025. In the opinion of management, all adjustments, consisting of a normal and recurring nature considered for a fair presentation, have been included. Operating results for the three and nine months ended September 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
Principles of Consolidation and Basis of Presentation
The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and their wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of the condensed consolidated financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Change in Accounting Estimate
On August 4, 2025, the Company committed to a plan to demolish a 180,744 square foot healthcare facility in Boston, MA, or the Stoughton Healthcare Facility. The useful lives of the Stoughton Healthcare Facility depreciable assets have been revised to approximately seven months to coincide with the estimated demolition timeline of the Stoughton Healthcare Facility. The change in the estimated useful lives has been accounted for as a change in accounting estimate. The demolition of the Stoughton Healthcare Facility is expected to be completed in the first quarter of 2026. The change in the estimated useful lives of the Stoughton Healthcare Facility depreciable assets resulted in the recognition of additional depreciation, which reduced net income attributable to common stockholders and comprehensive income attributable to common stockholders by $1,318,000 and net income per basic and diluted share by $0.02 per share for both the three and nine months ended September 30, 2025.
The Company recorded $147,000 in demolition costs related to the Stoughton Healthcare Facility during the three and nine months ended September 30, 2025, which is recorded in demolition costs in the accompanying condensed consolidated statements of comprehensive income.
Cash, Cash Equivalents and Restricted Cash
Cash consists of demand deposits at commercial banks. Cash equivalents consist of highly liquid money market funds with original maturities of three months or less at the time of purchase. Restricted cash consists of cash held in an escrow account in accordance with a tenant's lease agreement. Restricted cash is reported in other assets in the accompanying condensed consolidated balance sheets.
The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows (amounts in thousands):
Nine Months Ended
September 30,
20252024
Beginning of period:
Cash and cash equivalents$39,844 $202,019 
Restricted cash— 166 
Cash, cash equivalents and restricted cash$39,844 $202,185 
End of period:
Cash and cash equivalents$27,709 $28,606 
Restricted cash— 

— 
Cash, cash equivalents and restricted cash$27,709 $28,606 
Real Estate Related Notes Receivable
Real estate related notes receivable are recorded at stated principal amounts, net of unamortized fees and the current expected credit loss reserve. Interest income from the Company's real estate related notes receivable is recognized over the life of each loan using the effective interest method and is recorded on the accrual basis. Recognition of fees associated with these notes receivable is deferred and recorded over the term of the loan as an adjustment to yield.
Current Expected Credit Losses Reserve
The Company recognizes and measures the reserve for credit losses under the current expected credit loss, or CECL, model required under Accounting Standards Codification, or ASC, 326, Financial Instruments - Credit Losses, or ASC 326, to estimate potential losses from real estate related notes receivable. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, and off-balance sheet credit exposures such as unfunded loan commitments. The CECL reserve is deducted from the real estate related notes receivable amortized cost basis on the accompanying condensed consolidated balance sheets. The Company records increases and decreases to the CECL reserve in the accompanying condensed consolidated statements of comprehensive income. Other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors.
The Company determines the CECL reserve quarterly by using a probability of default/loss given default method. ASC 326 details factors the Company should consider when developing the CECL reserve, including historical loss data, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. Additionally, the Company considers credit quality when developing the CECL reserve, including the borrower credit rating and the underlying collateral and progress of developments, if applicable, among other considerations. The Company considers both of the mezzanine loans as a pool when developing the CECL reserve.
Pursuant to ASC 326, the Company has made an accounting policy election not to measure the CECL reserve for accrued interest receivables, as these will be written off, if deemed uncollectible, in a timely manner. The Company generally suspends the income accrual for loans at the earlier of the date at which payments become 90 days past due or when, in the Company's opinion, recovery of income and principal becomes doubtful.
See Note 4—"Real Estate Related Notes Receivable" for additional details regarding the Company's real estate related notes receivable.
Stock-based Compensation
On May 21, 2025, the Company's stockholders approved the amendment and restatement of the Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, pursuant to which the Company has the authority and power to grant
awards of restricted shares of its Common Stock to its directors, officers and employees. The Company accounts for its stock awards in accordance with ASC 718-10, Compensation—Stock Compensation, or ASC 718-10. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). For performance-based awards, compensation costs are recognized over the service period if it is probable that the performance condition will be satisfied, with changes of the assessment at each reporting period and recording the effect of the change in the compensation cost as a cumulative catch-up adjustment. For market-based awards, compensation costs are recognized over the service period regardless of whether the market performance measures are achieved. The Company's performance-based awards and market-based awards are collectively referred to as "Performance DSUs". The compensation costs for restricted stock are recognized based on the fair value of the restricted stock awards at grant date, which is equal to the market value of the Company's Common Stock on that date of grant. Prior to the Company's listing on the NYSE, the fair value was estimated based on the most recent per share net asset value. The Company recognizes the impact of forfeitures as they occur.
Changes in Presentation
The Company previously presented tender offer repurchase of Common Stock as a separate line item in the condensed consolidated statements of stockholders' equity and the condensed consolidated statements of cash flows. These amounts have been reclassified to repurchases of common stock in the accompanying condensed consolidated statements of stockholders' equity and condensed consolidated statements of cash flows for the prior period to conform to the current period presentation.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses to improve disclosures about an entity's expenses and to provide detailed information about the types of expenses in commonly presented expense captions. ASU 2024-03 requires disclosures about specific expense categories including purchases of inventory, employee compensation, depreciation, amortization and selling expenses. Additionally, ASU 2024-03 requires a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods for fiscal years beginning after December 15, 2027, and should be applied either prospectively for reporting periods after the effective date of the ASU or retrospectively to all periods presented. Early adoption is permitted. The Company expects the adoption of this standard to expand its annual and interim expense disclosures, but otherwise have no impact on the condensed consolidated financial statements.
v3.25.3
Real Estate
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
Real Estate Real Estate
Acquisitions
During the nine months ended September 30, 2025, the Company purchased six real estate properties in four separate transactions, which were determined to be asset acquisitions, including one that was subject to a ground lease. The Company allocated the purchase price to tangible assets, consisting of land, building and improvements, and tenant improvements; intangible assets, consisting of in-place leases and right-of-use assets - finance lease; and finance lease liabilities, based on the relative fair value method of allocating all accumulated costs. The Company engaged a third-party real estate services firm to assist in performing the purchase price allocation.
The following table summarizes the cash consideration transferred, including acquisition costs, and the purchase price allocation for the acquisitions during the nine months ended September 30, 2025 (amounts in thousands):
Property Description Date AcquiredOwnership Percentage
Cash Consideration Transferred
(amount in thousands)
Knoxville Healthcare Facility 03/04/2025100%$35,320 
Dover Healthcare Facility(1)
04/16/2025100%26,818 
Southlake Healthcare Facility08/01/2025100%9,558 
Southlake Healthcare Facility II08/01/2025100%6,694 
Peoria Healthcare Facility09/05/2025100%35,120 
Plano Healthcare Facility09/05/2025100%35,367 
Total $148,877 
Total
Land$11,446 
Building and improvements110,469 
Tenant improvements13,496 
In-place leases11,639 
Right-of-use assets - finance lease1,901 
Total assets acquired148,951 
Finance lease liabilities(74)
Total liabilities assumed(74)
Net assets acquired$148,877 
(1)On April 16, 2025, the Company purchased the Dover Healthcare Facility for $24,142,000, including capitalized acquisition costs. On September 16, 2025, the Company purchased additional land to expand the Dover Healthcare Facility for $2,676,000, including acquisition costs.
The Company capitalized acquisition costs of $1,289,000, which are included in the allocation of the real estate acquisitions presented above.
Investment Risk Concentrations
As of September 30, 2025, the Company did not have exposure to geographic concentration that accounted for at least 10.0% of rental revenue for the nine months ended September 30, 2025.
As of September 30, 2025, the Company had one exposure to tenant concentration that accounted for at least 10.0% of rental revenue for the nine months ended September 30, 2025. The leases with tenants at properties under the common control of PAM Health and its affiliates accounted for 16.1% of rental revenue for the nine months ended September 30, 2025.
Impairment
During the three months ended September 30, 2025, the Company did not record any impairment losses. During the nine months ended September 30, 2025, the Company recorded impairment losses on real estate of $6,792,000. During the three and nine months ended September 30, 2024, the Company recorded impairment and disposition losses of $792,000 and $1,210,000, respectively. Refer below for further details on the impairment losses recorded.
Steward
On May 6, 2024, Steward Health Care System LLC, or Steward, the sponsor and owner of the former tenant at the Stoughton Healthcare Facility, announced that it filed for Chapter 11 bankruptcy protection under the United States Bankruptcy Code. On September 19, 2024, the U.S. Bankruptcy Court for the Southern District of Texas approved Steward's request to reject the Company's lease.
During the nine months ended September 30, 2025, the Company recorded impairment losses on real estate of $3,531,000 attributable to the Stoughton Healthcare Facility. The fair value of the Stoughton Healthcare Facility was measured based on inputs that are derived principally from observable market data related to the marketing for sale of the asset, which resides within Level 2 of the fair value hierarchy. This impairment was allocated to buildings and improvements. On August 4, 2025,
the Company committed to a plan to demolish the Stoughton Healthcare Facility. See Note 2—"Summary of Significant Accounting Policies" for additional information about the Stoughton Healthcare Facility.
GenesisCare
As disclosed in the Current Report on Form 8-K that the Company filed with the SEC on June 5, 2023, GenesisCare, the sponsor and owner of the tenant in certain of the Company's real estate properties announced that it filed for Chapter 11 bankruptcy protection under the United States Bankruptcy Code on June 1, 2023. On March 27, 2024, the Company entered into a second amendment to the second amended and restated master lease, or the GenesisCare Amended Master Lease, with GenesisCare in connection with its emergence from bankruptcy on February 16, 2024. The Company received a $2,000,000 severance fee from GenesisCare, or the GenesisCare Severance Fee, on March 27, 2024. The Company recognizes the GenesisCare Severance Fee in rental revenue on a straight-line basis over the remaining GenesisCare Amended Master Lease term. During both the three months ended September 30, 2025 and 2024, the Company recognized $57,000 of amortization of the GenesisCare Severance Fee in rental revenue in the accompanying condensed consolidated statements of comprehensive income. During the nine months ended September 30, 2025 and 2024, the Company recognized $170,000 and $117,000, respectively, of amortization of the GenesisCare Severance Fee in rental revenue in the accompanying condensed consolidated statements of comprehensive income.
During the three and nine months ended September 30, 2024, the Company recorded impairment and disposition losses of $792,000 and $1,210,000, respectively, as a result of triggering events that occurred at certain properties and costs related to the disposition of the Fort Myers Healthcare Facilities.
Other Impairment Losses and Accelerated Amortization of Intangible Assets
In addition to the impairments disclosed above, during the nine months ended September 30, 2025, the Company recorded impairment losses on real estate of $3,261,000 as a result of a tenant at a single-tenant property who vacated its leased space during the nine months ended September 30, 2025, resulting in a book value of $2,300,000.
During the three and nine months ended September 30, 2025 the Company did not record any accelerated amortization of in-place lease intangible assets, above-market lease intangible assets or below-market lease intangible liabilities. During the three months ended September 30, 2024 the Company did not record any accelerated amortization of in-place lease intangible assets, above-market lease intangible assets or below-market lease intangible liabilities. During the nine months ended September 30, 2024, the Company recorded accelerated amortization of in-place lease intangible assets, above-market lease intangible assets and below-market lease intangible liabilities of $4,646,000, $2,825,000, and $2,038,000, respectively, primarily due to the GenesisCare Amended Master Lease.
Impairment losses on real estate and disposition losses are recorded as impairment and disposition losses in the accompanying condensed consolidated statements of comprehensive income. Accelerated amortization of in-place leases is included in depreciation and amortization in the accompanying condensed consolidated statements of comprehensive income. Accelerated amortization of above-market leases is recorded as a reduction to rental revenue in the accompanying condensed consolidated statements of comprehensive income. Accelerated amortization of below-market leases is recorded as an increase to rental revenue in the accompanying condensed consolidated statements of comprehensive income.
v3.25.3
Real Estate Related Notes Receivable
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Real Estate Related Notes Receivable Real Estate Related Notes Receivable
On November 5, 2024, the Company entered into two mezzanine loans for the development of an inpatient rehabilitation facility and a behavioral healthcare facility in Lynchburg, Virginia, or the Mezzanine Loans. The Mezzanine Loans have total loan amounts of $12,543,000 and $5,000,000, respectively, and a maturity date of November 5, 2029, or the Maturity Date. The Mezzanine Loans bear interest at a rate of 13% per annum for the period commencing November 5, 2024 through November 4, 2027, and 15% per annum for the period commencing November 5, 2027 through the Maturity Date. The Company received an upfront fee of 2% of the total loan amount of the Mezzanine Loans, and will receive an additional 1% fee if the Mezzanine Loans have not been paid in full before November 5, 2027 and another 1% fee if the Mezzanine Loans have not been paid in full before November 5, 2028. The Mezzanine Loans include purchase options for the Company for both the inpatient rehabilitation facility and the behavioral healthcare facility upon completion of construction.
The Company's real estate related notes receivable consist of the Mezzanine Loans. For the nine months ended September 30, 2025, the Company's real estate related notes receivable activity was as follows (amounts in thousands):
Principal BalanceFeesCarrying Value
Real estate related notes receivable, as of December 31, 2024$— $— $— 
Fundings of real estate related notes receivable17,543 — 17,543 
Fees received on notes receivable— (351)(351)
Amortization of fees— 59 59 
Real estate related notes receivable, as of September 30, 2025$17,543 $(292)$17,251 
CECL reserve(180)
Real estate related notes receivable, net, as of September 30, 2025$17,071 
During the three and nine months ended September 30, 2025, the Company recognized interest income related to the real estate related notes receivable of $427,000 and $615,000, respectively, including $35,000 and $59,000, respectively, related to the amortization of fees which is included in real estate related notes receivable interest income in the accompanying condensed consolidated statements of comprehensive income.
Current Expected Credit Loss Reserve
Refer to Note 2—"Summary of Significant Accounting Policies" for further discussion of the Company's CECL reserves. As of September 30, 2025, the Company's total CECL reserve balance was $180,000. During the three months ended September 30, 2025, the Company recorded an increase to the total CECL reserve of $2,000. During the nine months ended September 30, 2025, the Company recorded an increase to the CECL reserve of $180,000. There was no CECL reserve as of December 31, 2024.
v3.25.3
Intangible Assets, Net
 9 Months Ended
Sep. 30, 2025
Finite-Lived Intangible Assets, Net [Abstract]  
Intangible Assets, Net Intangible Assets, Net
Intangible assets, net, consisted of the following as of September 30, 2025 and December 31, 2024 (amounts in thousands, except weighted average remaining life amounts):
 September 30, 2025December 31, 2024
In-place leases, net of accumulated amortization of $128,996 and $114,774, respectively (with a weighted average remaining life of 7.3 years and 7.3 years, respectively)
$117,816 $120,399 
Above-market leases, net of accumulated amortization of $7,987 and $7,434, respectively (with a weighted average remaining life of 6.9 years and 7.6 years, respectively)
4,703 5,256 
$122,519 $125,655 
The aggregate weighted average remaining life of the intangible assets was 7.3 years as of both September 30, 2025 and December 31, 2024.
Amortization of intangible assets was $4,786,000 and $5,266,000 for the three months ended September 30, 2025 and 2024, respectively, and $14,775,000 and $23,338,000 for the nine months ended September 30, 2025 and 2024, respectively. Amortization of in-place leases is included in depreciation and amortization, and amortization of above-market leases is recorded as a reduction to rental revenue, in the accompanying condensed consolidated statements of comprehensive income.
v3.25.3
Intangible Liabilities, Net
 9 Months Ended
Sep. 30, 2025
Intangible Lease Liabilities, Net [Abstract]  
Intangible Liabilities, Net Intangible Liabilities, Net
Intangible liabilities, net, consisted of the following as of September 30, 2025 and December 31, 2024 (amounts in thousands, except weighted average remaining life amounts):
September 30, 2025December 31, 2024
Below-market leases, net of accumulated amortization of $9,706 and $8,761, respectively (with a weighted average remaining life of 5.4 years and 6.1 years, respectively)
$6,125 $7,070 
Amortization of below-market leases was $315,000 for each of the three months ended September 30, 2025 and 2024, and $945,000 and $3,068,000 for the nine months ended September 30, 2025 and 2024, respectively. Amortization of below-market leases is recorded as an increase to rental revenue in the accompanying condensed consolidated statements of comprehensive income.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
Lessor
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
The following table summarizes the Company's rental revenue from operating leases for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Rental income
$45,586 $42,564 $134,347 $129,171 
Variable lease income
3,835 3,554 11,874 11,140 
Total rental revenue
$49,421 $46,118 $146,221 $140,311 
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2025, for the period ending December 31, 2025, and for each of the next four years ending December 31, and thereafter, are as follows (amounts in thousands):
September 30, 2025(1)
Period ending December 31, 2025$44,185 
2026175,161 
2027172,367 
2028167,798 
2029162,888 
Thereafter1,248,888 
Total$1,971,287 
(1)The table includes payments from a tenant who is on the cash basis of accounting for revenue recognition purposes that has continued to make rental payments as of September 30, 2025.
Lessee
The Company is subject to various non-cancellable operating lease agreements on which certain of its properties reside (ground leases) and for its corporate office. Additionally, the Company has one non-cancellable lease agreement that is classified as a finance lease related to a ground lease of a healthcare property.
The Company's operating leases and finance lease do not provide implicit interest rates. In order to calculate the present value of the remaining operating and finance lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating leases and finance lease.
The effects of the Company's operating leases are recorded in right-of-use assets - operating leases and operating lease liabilities on the condensed consolidated balance sheets. The effects of the Company's finance lease are recorded in right-of-use assets - finance lease and finance lease liabilities on the condensed consolidated balance sheets.
The future rent payments under non-cancellable leases in effect as of September 30, 2025, for the period ending December 31, 2025, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
Operating
Finance
Period ending December 31, 2025$690 $— 
20262,811 9 
20272,852 9 
20282,868 9 
20292,603 9 
Thereafter103,513 67 
Total undiscounted rental payments115,337 103 
Less imputed interest(74,203)(27)
Total lease liabilities$41,134 $76 

The weighted average IBR and weighted average remaining lease term as of September 30, 2025 and December 31, 2024 for the Company's operating leases are as follows:
 September 30, 2025December 31, 2024
Weighted average IBR5.5 %5.5 %
Weighted average remaining lease term34.6 years35.2 years
The IBR and remaining lease term as of September 30, 2025 and December 31, 2024 for the Company's finance lease is as follows:
 September 30, 2025December 31, 2024
IBR
5.8 %— %
Remaining lease term
10.8 years— 
The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
Location in Condensed Consolidated Statements of Comprehensive Income2025202420252024
Operating lease costs:
Ground lease costs(1)
Rental expenses$689 $690 $2,067 $2,053 
Corporate operating lease costsGeneral and administrative expenses167 185 533 561 
Finance lease costs:
Interest on lease liabilityInterest expense1 — 2 — 
Supplemental disclosure of cash flows information:
Operating cash outflows for operating leases(2)
$218 $205 $627 $624 
Right-of-use assets obtained in exchange for new operating lease liabilities$— $405 $— $433 
Right-of-use assets obtained in exchange for new finance lease liabilities$— $— $74 $— 
(1)The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying condensed consolidated statements of comprehensive income.
(2)Amounts are net of reimbursements the Company receives from tenants for certain operating ground leases.
Leases Leases
Lessor
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
The following table summarizes the Company's rental revenue from operating leases for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Rental income
$45,586 $42,564 $134,347 $129,171 
Variable lease income
3,835 3,554 11,874 11,140 
Total rental revenue
$49,421 $46,118 $146,221 $140,311 
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2025, for the period ending December 31, 2025, and for each of the next four years ending December 31, and thereafter, are as follows (amounts in thousands):
September 30, 2025(1)
Period ending December 31, 2025$44,185 
2026175,161 
2027172,367 
2028167,798 
2029162,888 
Thereafter1,248,888 
Total$1,971,287 
(1)The table includes payments from a tenant who is on the cash basis of accounting for revenue recognition purposes that has continued to make rental payments as of September 30, 2025.
Lessee
The Company is subject to various non-cancellable operating lease agreements on which certain of its properties reside (ground leases) and for its corporate office. Additionally, the Company has one non-cancellable lease agreement that is classified as a finance lease related to a ground lease of a healthcare property.
The Company's operating leases and finance lease do not provide implicit interest rates. In order to calculate the present value of the remaining operating and finance lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating leases and finance lease.
The effects of the Company's operating leases are recorded in right-of-use assets - operating leases and operating lease liabilities on the condensed consolidated balance sheets. The effects of the Company's finance lease are recorded in right-of-use assets - finance lease and finance lease liabilities on the condensed consolidated balance sheets.
The future rent payments under non-cancellable leases in effect as of September 30, 2025, for the period ending December 31, 2025, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
Operating
Finance
Period ending December 31, 2025$690 $— 
20262,811 9 
20272,852 9 
20282,868 9 
20292,603 9 
Thereafter103,513 67 
Total undiscounted rental payments115,337 103 
Less imputed interest(74,203)(27)
Total lease liabilities$41,134 $76 

The weighted average IBR and weighted average remaining lease term as of September 30, 2025 and December 31, 2024 for the Company's operating leases are as follows:
 September 30, 2025December 31, 2024
Weighted average IBR5.5 %5.5 %
Weighted average remaining lease term34.6 years35.2 years
The IBR and remaining lease term as of September 30, 2025 and December 31, 2024 for the Company's finance lease is as follows:
 September 30, 2025December 31, 2024
IBR
5.8 %— %
Remaining lease term
10.8 years— 
The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
Location in Condensed Consolidated Statements of Comprehensive Income2025202420252024
Operating lease costs:
Ground lease costs(1)
Rental expenses$689 $690 $2,067 $2,053 
Corporate operating lease costsGeneral and administrative expenses167 185 533 561 
Finance lease costs:
Interest on lease liabilityInterest expense1 — 2 — 
Supplemental disclosure of cash flows information:
Operating cash outflows for operating leases(2)
$218 $205 $627 $624 
Right-of-use assets obtained in exchange for new operating lease liabilities$— $405 $— $433 
Right-of-use assets obtained in exchange for new finance lease liabilities$— $— $74 $— 
(1)The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying condensed consolidated statements of comprehensive income.
(2)Amounts are net of reimbursements the Company receives from tenants for certain operating ground leases.
v3.25.3
Other Assets
 9 Months Ended
Sep. 30, 2025
Other Assets [Abstract]  
Other Assets Other Assets
Other assets consisted of the following as of September 30, 2025 and December 31, 2024 (amounts in thousands):
 September 30, 2025December 31, 2024
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $1,009 and $2,988, respectively
$5,541 $1,203 
Leasing commissions, net of accumulated amortization of $471 and $306, respectively
2,307 1,941 
Tenant receivables2,496 3,281 
Straight-line rent receivable65,032 58,400 
Real estate deposits— 350 
Prepaid and other assets4,313 3,392 
Derivative assets - interest rate swaps3,502 11,356 
$83,191 $79,923 
v3.25.3
Accounts Payable and Other Liabilities
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Accounts Payable and Other Liabilities Accounts Payable and Other Liabilities
Accounts payable and other liabilities consisted of the following as of September 30, 2025 and December 31, 2024 (amounts in thousands):
 September 30, 2025December 31, 2024
Accounts payable and accrued expenses$6,923 $6,303 
Accrued interest expense2,615 2,187 
Accrued property taxes4,773 3,897 
Accrued personnel costs2,337 6,660 
Performance DSUs distributions payable504 544 
Tenant deposits1,529 1,691 
Deferred rental income13,789 12,123 
Derivative liabilities - interest rate swaps4,215 — 
$36,685 $33,405 
v3.25.3
Credit Facility
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Credit Facility Credit Facility
The Company's debt consists of a senior unsecured revolving line of credit with Bank of America, N.A., as Administrative Agent for the lenders, or the 2029 Revolving Credit Agreement, a senior unsecured amended and restated term loan agreement with Truist Bank, as Administrative Agent for the lenders, or the 2027 Term Loan Agreement, and a senior unsecured term loan with Truist Bank, as Administrative Agent for the lenders, or the 2028 Term Loan Agreement, or collectively, the Unsecured Credit Facility. The Unsecured Credit Facility consisted of the following amounts outstanding as of September 30, 2025 and December 31, 2024 (amounts in thousands):
Interest Rate
September 30, 2025December 31, 2024
Variable 2029 Revolving Credit Agreement(1)
5.37%$151,000 $— 
Variable 2027 Term Loan Agreement fixed through interest rate swaps(2)
5.11%250,000 250,000 
Variable 2028 Term Loan Agreement fixed through interest rate swaps(3)
4.18%275,000 275,000 
Total Unsecured Credit Facility, principal amount outstanding4.79%676,000 525,000 
Unamortized deferred financing costs related to Unsecured Credit Facility term loans(2,194)(3,079)
Total Unsecured Credit Facility, net of deferred financing costs$673,806 $521,921 
(1)Interest rate represents the daily Secured Overnight Financing Rate, or SOFR, of 4.12% in effect on the Company's revolving line of credit plus the applicable margin of 1.25% as of September 30, 2025.
(2)Fixed through four interest rate swaps that mature on March 20, 2029.
(3)Fixed through six interest rate swaps that mature on January 31, 2028.
Significant activities regarding the credit facility during the nine months ended September 30, 2025 include:
•On February 18, 2025, the Company entered into the 2029 Revolving Credit Agreement for aggregate commitments available of up to $600,000,000, which may be increased, subject to lender approval, through incremental term loans and/or revolving loan commitments in an aggregate amount not to exceed $1,500,000,000. The maturity date for the 2029 Revolving Credit Agreement is February 16, 2029, which, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to certain conditions, including a payment of an extension fee. The 2029 Revolving Credit Agreement was entered into to replace the Company's prior $500,000,000 revolving line of credit, which had a maturity date of February 15, 2026, or the 2026 Revolving Credit Agreement, with the option to extend for two six-month periods. The Company did not exercise the option to extend. Upon closing of the 2029 Revolving Credit Agreement, the Company extinguished all commitments associated with the 2026 Revolving Credit Agreement. At the Company’s election, borrowings under the 2029 Revolving Credit Agreement may be made as Base Rate loans or SOFR loans. The applicable margin for loans that are Base Rate loans is adjustable based on a total leverage ratio, ranging from 0.25% to 0.90%. The applicable margin for loans that are SOFR loans is adjustable based on a total leverage ratio, ranging from 1.25% to 1.90%. In addition to interest, the Company is required to pay a fee on the unused portion of the lenders’ commitments under the 2029 Revolving Credit Agreement at a rate per annum equal to 0.20% if the average daily amount outstanding under the 2029 Revolving Credit Agreement is less than 50% of the aggregate commitments, or 0.15% if the average daily amount outstanding under the 2029 Revolving Credit Agreement is equal to or greater than 50% of the aggregate commitments. The unused fee is payable quarterly in arrears. Additionally, upon closing of the 2029 Revolving Credit Agreement, the Company entered into a First Amendment to the 2027 Term Loan Agreement, and a Second Amendment to the 2028 Term Loan Agreement, to align certain terms and covenants to the 2029 Revolving Credit Agreement.
•In connection with entering into the 2029 Revolving Credit Agreement to replace the 2026 Revolving Credit Agreement, the Company recognized a loss on extinguishment of debt of $233,000 during the nine months ended September 30, 2025. The loss on extinguishment of debt was recognized in interest expense in the accompanying condensed consolidated statements of comprehensive income.
The principal payments due on the credit facility as of September 30, 2025, for the period ending December 31, 2025, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
Amount
Period ending December 31, 2025$— 
2026— 
2027250,000 
2028275,000 
2029151,000 
Thereafter— 
$676,000 
v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company's healthcare properties are aggregated into one operating segment due to their similar economic characteristics. The healthcare operating segment is the Company's only reportable segment.
In the healthcare operating segment, the Company generates income from rental revenue from leases and tenant reimbursements, which include additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses. Additionally, the healthcare operating segment earns interest income from real estate related investments.
The Company's chief operating decision maker, or CODM, is the Chief Executive Officer, who assesses the performance of the operating segment using net income, which is reported on the condensed consolidated statements of comprehensive income as net income attributable to common stockholders. The CODM assesses net income at least quarterly to review budget-to-actual variances, review quarter-over-quarter actual variances, evaluate the operating performance of the healthcare properties, and allocate resources within the segment. Segment expenses provided to the CODM for budget-to-actual variance review and quarter-over-quarter actual variance review include rental expenses, general and administrative expenses, depreciation and amortization, impairment and disposition losses, demolition costs, and interest expense. Additionally, the CODM considers net income when determining the amount of distributions necessary to maintain the Company's REIT status.
There were no intersegment sales or transfers during the three and nine months ended September 30, 2025 and 2024. Segment assets are reported on the condensed consolidated balance sheets as total assets while capital expenditures for the reportable segment are reported on the condensed consolidated statements of cash flows as capital expenditures and other costs.
v3.25.3
Fair Value
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Cash and cash equivalents, restricted cash, tenant receivables, prepaid and other assets, accounts payable and other liabilities—The Company considers the carrying values of these financial instruments, assets and liabilities, to approximate fair value because of the short period of time between origination of the instruments and their expected realization.
Real estate related notes receivable—The carrying value of the real estate related notes receivable was $17,071,000, which approximated fair value as of September 30, 2025. The fair value of the Company's real estate related notes receivable is estimated using significant unobservable inputs not based on observable market activity, but rather through particular valuation techniques (Level 3). The fair value was measured using a discounted cash flow methodology, taking into consideration various factors including discount rates, credit worthiness of borrowers, availability and cost of financing and other factors.
Credit facility—The outstanding principal of the credit facility was $676,000,000 and $525,000,000, which approximated its fair value due to the variable nature of the terms as of September 30, 2025 and December 31, 2024, respectively.
The fair value of the Company's credit facility is estimated based on the interest rates currently offered to the Company by its financial institutions.
Derivative instruments—The Company’s derivative instruments consist of interest rate swaps. These swaps are carried at fair value to comply with the provisions of ASC 820. The fair value of these instruments is determined using interest rate market pricing models. The Company incorporated credit valuation adjustments to appropriately reflect the Company’s nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The Company determined that the inputs used to value its interest rate swaps, with the exception of the credit valuation adjustment, fall within Level 2 of the fair value hierarchy. The credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the respective counterparty. However, as of September 30, 2025, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.
Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize or be liable for on disposition of the financial assets and liabilities.
The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (amounts in thousands):
 September 30, 2025
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total Fair
Value
Assets:
Derivative assets - interest rate swaps$— $3,502 $— $3,502 
Total assets at fair value$— $3,502 $— $3,502 
Liabilities:
Derivative liabilities - interest rate swaps$— $4,215 $— $4,215 
Total liabilities at fair value$— $4,215 $— $4,215 
 December 31, 2024
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total Fair
Value
Assets:
Derivative assets - interest rate swaps$— $11,356 $— $11,356 
Total assets at fair value$— $11,356 $— $11,356 
Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets and accounts payable and other liabilities, respectively.
v3.25.3
Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy.
For derivatives designated and qualifying as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive (loss) income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive (loss) income related to derivatives will be reclassified to interest expense as interest is incurred on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $1,639,000 will be reclassified from accumulated other comprehensive (loss) income as a reduction to interest expense. As of September 30, 2025, the Company had 10 interest rate swap agreements, of which six mature on January 31, 2028 and four mature on March 20, 2029.
The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands):
Derivatives
Designated as
Hedging
Instruments		Weighted Average Fixed Interest RateEffective
Dates		Maturity
Dates		September 30, 2025December 31, 2024
Outstanding
Notional
Amount		Fair Value ofOutstanding
Notional
Amount		Fair Value of
Assets(Liabilities)Assets(Liabilities)
Interest rate swaps(1)
2.83%05/02/2022 to 05/01/202301/31/2028$275,000 $3,502 $(482)$275,000 $9,261 $— 
Interest rate swaps(1)
3.76%12/31/202403/20/2029250,000 — (3,733)250,000 2,095 — 
$525,000 $3,502 $(4,215)$525,000 $11,356 $— 
(1)     Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets and accounts payable and other liabilities, respectively.
The notional amount under the agreements is an indication of the extent of the Company’s involvement in each instrument at the time, but does not represent exposure to credit, interest rate or market risks.
The table below summarizes the amount of income and loss recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):
Derivatives in Cash Flow
Hedging Relationships		Amount of Income (Loss) Recognized
in Other Comprehensive Income on Derivatives		Location of Income (Loss) Reclassified From
Accumulated Other
Comprehensive Income to
Net Income		Amount of Income
Reclassified From
Accumulated Other
Comprehensive Income to
Net Income		Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income
Three Months Ended September 30, 2025
Interest rate swaps$559 Interest expense$1,425 $(8,470)
Three Months Ended September 30, 2024
Interest rate swaps$(6,843)Interest expense$4,527 $(5,468)
Nine Months Ended September 30, 2025
Interest rate swaps$(7,856)Interest expense$4,213 $(23,624)
Nine Months Ended September 30, 2024
Interest rate swaps$2,943 Interest expense$13,560 $(15,955)
Credit Risk-Related Contingent Features
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. As of September 30, 2025, the fair value of derivatives related to counterparties that were in a net liability position was $3,598,000, inclusive of accrued interest but excluding any adjustment for nonperformance risk related to the agreement. As of December 31, 2024, the Company had no counterparties with fair value of derivatives in a net liability position, inclusive of accrued interest but excluding any adjustment for nonperformance risk related to the agreement. As of both September 30, 2025 and December 31, 2024, there were no termination events or events of default related to the interest rate swaps.
Tabular Disclosure Offsetting Derivatives
The Company has elected not to offset derivative positions in its condensed consolidated financial statements. The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of September 30, 2025 and December 31, 2024 (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
September 30, 2025$3,502 $— $3,502 $(542)$— $2,960 
December 31, 2024$11,356 $— $11,356 $— $— $11,356 
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
September 30, 2025$4,215 $— $4,215 $(542)$— $3,673 
December 31, 2024$— $— $— $— $— $— 
v3.25.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
On April 8, 2024, the Company amended its charter to effect a one-for-four reverse stock split, effective May 1, 2024. On June 13, 2024, authorized but unissued shares of Class I Common Stock, Class T Common Stock and Class T2 Common Stock were reclassified into additional shares of Class A Common Stock and outstanding shares of Class I Common Stock and Class T Common Stock were converted into shares of Class A Common Stock. Class A Common Stock was then immediately renamed “Common Stock” and is the sole class of stock traded on the NYSE.
Distributions Paid and Distributions Payable
The Company declared and paid distributions per share of Common Stock in the amount of $0.40 for each of the three months ended September 30, 2025 and 2024. The Company declared and paid distributions per share of Common Stock in the amount of $1.20 for each of the nine months ended September 30, 2025 and 2024.
On November 3, 2025, the Board authorized a quarterly cash dividend of $0.40 per share of Common Stock payable on December 4, 2025, to the Company's stockholders of record as of the close of business on November 20, 2025.
On April 5, 2024, the Board approved the termination of the distribution reinvestment plan, effective May 1, 2024.
At-the-Market Program
On August 12, 2025, the Company entered into an ATM Equity Offering Sales Agreement, or the ATM Program, through which, from time to time, the Company may offer and sell shares of Common Stock having an aggregate offering price of up to $250,000,000. During the three and nine months ended September 30, 2025, no shares were issued under the ATM Program and as of September 30, 2025, the Company had $250,000,000 in gross sales of available capacity under the ATM Program.
Share Repurchases
Share Repurchase Program
On August 4, 2025, the Board authorized a share repurchase program of up to $75,000,000 in gross purchase proceeds for a period of three-years from August 4, 2025, subject to the limitation of $25,000,000 in gross purchase proceeds in any twelve-month period, or the 2025 SRP. Repurchases of common stock under the 2025 SRP may be made from time to time in the open market, in privately negotiated purchases, in accelerated share repurchase programs or by any other lawful means. The number of shares of common stock purchased and the timing of any purchases will depend on a number of factors, including the price and availability of common stock and general market conditions. The 2025 SRP replaced the Company's prior share repurchase program. The Company did not repurchase any shares under the 2025 SRP during the nine months ended September 30, 2025.
During the nine months ended September 30, 2025, 304,878 shares of Common Stock were repurchased for an aggregate purchase price of $7,344,000, excluding all related costs and fees (an average of $24.09 per share) under the Company's prior
share repurchase program. The Company did not repurchase any shares under this prior share repurchase program during the year ended December 31, 2024.
Other Repurchases of Common Stock
During the nine months ended September 30, 2025, the Company repurchased 52,982 shares of Common Stock for the net settlement of withholding taxes in connection with the vesting of restricted stock and performance-based deferred stock unit awards, for an aggregate purchase price of $1,284,000 (an average of $24.22 per share). During the nine months ended September 30, 2024, the Company repurchased 283,694 Class A shares, Class I shares and Class T shares of Common Stock pursuant to one of the Company's prior share repurchase programs for the net settlement of withholding taxes in connection with the vesting of restricted stock and performance-based deferred stock unit awards (246,206 Class A shares, 7,574 Class I shares and 29,914 Class T shares), for an aggregate purchase price of $8,486,000 (an average of $29.92 per share). Additionally, during the nine months ended September 30, 2024, the Company purchased 2,212,389 shares of Common Stock for an aggregate purchase price of $50,000,000, excluding related costs and fees (an average of $22.60 per share) as a result of a modified "Dutch Auction" tender offer, or the Tender Offer. The Company incurred $2,093,000 of costs and fees related to the Tender Offer.
Accumulated Other Comprehensive (Loss) Income
The following table presents a rollforward of amounts recognized in accumulated other comprehensive (loss) income by component for the nine months ended September 30, 2025 and 2024 (amounts in thousands):
Unrealized Loss
on Derivative
Instruments
Balance as of December 31, 2024$11,356 
Other comprehensive loss before reclassification(7,856)
Amount of income reclassified from accumulated other comprehensive loss to net income(4,213)
Other comprehensive loss(12,069)
Balance as of September 30, 2025$(713)

Unrealized Loss
 on Derivative
Instruments
Balance as of December 31, 202316,603 
Other comprehensive income before reclassification2,943 
Amount of income reclassified from accumulated other comprehensive income to net income(13,560)
Other comprehensive loss(10,617)
Balance as of September 30, 2024$5,986 
The following table presents reclassifications out of accumulated other comprehensive (loss) income for the nine months ended September 30, 2025 and 2024 (amounts in thousands):
Details about Accumulated Other
Comprehensive Income Components		Income Amounts Reclassified from
Accumulated Other Comprehensive Income to Net Income		Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income
Nine Months Ended
September 30,
20252024
Interest rate swap contracts$(4,213)

$(13,560)Interest expense
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company calculates basic and diluted earnings per share using the two-class method. Basic earnings per share is computed based on the weighted average shares of the Company's Common Stock outstanding for the period. Diluted earnings per share is computed based on the weighted average number of shares outstanding and all potentially dilutive securities, which include shares of restricted Common Stock and Performance DSUs. The shares of restricted Common Stock contain non-forfeitable dividend distribution rights and are considered participating securities. The Performance DSUs are entitled to dividend equivalents which are paid to the grantee only in the event that the applicable performance criteria are achieved and the Performance DSUs vest.
The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per share using the two-class method (amounts in thousands, except share data and per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Earnings:
Net income attributable to common stockholders
$11,609 $11,935 $28,105 $31,543 
Less: Income allocated to participating securities
(60)(80)(153)(171)
Net income used in basic earnings per share
11,549 11,855 27,952 31,372 
Add back: Income allocated to participating securities
60 80 153 171 
Net income used in diluted earnings per share
$11,609 $11,935 $28,105 $31,543 
Weighted Average Shares:
Basic weighted average number of common shares outstanding
54,876,443 55,571,298 55,049,612 56,634,376 
Dilutive effect of weighted average shares of non-vested restricted common stock
285,845 373,047 301,588 308,968 
Dilutive effect of weighted average shares of Performance DSUs
243,850 137,273 250,337 151,393 
Diluted weighted average number of common shares outstanding
55,406,138 56,081,618 55,601,537 57,094,737 
Net income per share attributable to common stockholders:
Basic
$0.21 $0.21 $0.51 $0.55 
Diluted
$0.21 $0.21 $0.51 $0.55 
v3.25.3
Stock-based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
On March 6, 2020, the Board approved the A&R Incentive Plan pursuant to which the Company has the authority and power to grant awards of restricted shares of its Common Stock to its directors, executive officers, and employees.
On April 2, 2025, the Board adopted the A&R Incentive Plan. The Company's stockholders approved the A&R Incentive Plan on May 21, 2025, which, among other things, increased the number of shares authorized for issuance by 1,000,000 shares to 2,250,000 shares.
During the nine months ended September 30, 2025, the Company granted time-based awards to its executive officers and certain employees, consisting of 109,737 restricted shares of Common Stock, net of forfeitures, or the Time-Based 2025 Awards. The Time-Based 2025 Awards will vest 25% annually following the grant date, subject to each executive's and employee's employment through the applicable vesting dates, with certain exceptions. As of September 30, 2025, there was $2,189,000 of total unrecognized stock-based compensation expense related to these awards, which will be recognized over the vesting period.
Additionally, during the nine months ended September 30, 2025, the Company's compensation committee granted Performance DSUs to its executive officers, or the Performance-Based 2025 Awards. The Performance-Based 2025 Awards will be measured based on the Company's market performance over a three-year performance period ending on December 31, 2027. Subject to each executive's continuous employment through the applicable vesting dates, with certain exceptions, the Performance-Based 2025 Awards, if any, will be issued following the performance period end date. Market-based awards are valued as of the grant date utilizing a Monte Carlo simulation model that assesses the probability of satisfying certain market-based thresholds over a three-year performance period. The number of shares of Common Stock that vest is based on the Company's total shareholder return, or TSR, relative to that of the MSCI US REIT Index and a Healthcare REIT Peer Group on a percentile basis. As of September 30, 2025, there was $1,989,000 of total unrecognized stock-based compensation expense related to these awards, which will be recognized over the vesting period.
The Time-Based 2025 Awards and the Performance-Based 2025 Awards, or collectively, the 2025 Awards, were granted under and are subject to the terms of the A&R Incentive Plan and award agreements.
During the three months ended September 30, 2025, the Company granted an aggregate of 21,300 shares of restricted Common Stock to the Company's five independent directors in connection with their annual compensation. Each independent
director received 4,260 shares of restricted Common Stock that will vest on the date of the Company's next annual meeting of shareholders, subject to the directors continued service through such vesting date. These awards were granted under and subject to the terms of the A&R Incentive Plan and an award agreement. As of September 30, 2025, there was $364,000 of total unrecognized stock-based compensation expense related to these awards, which will be recognized over the vesting period.
The Company recognized total stock-based compensation expense of $1,278,000 and $1,311,000 for the three months ended September 30, 2025 and 2024, respectively, and $3,807,000 and $3,798,000 for the nine months ended September 30, 2025 and 2024, respectively. The Company did not recognize any accelerated stock-based compensation expense for the three months ended September 30, 2025. The Company recognized accelerated stock-based compensation expense of $19,000 for the nine months ended September 30, 2025, as a result of the acceleration of award agreements. The Company recognized accelerated stock-based compensation expense of $12,000 and $875,000 for the three and nine months ended September 30, 2024, respectively, primarily as a result of the acceleration of awards pursuant to severance agreements with departed executive officers. Stock-based compensation expense is reported in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income, and forfeitures are recorded as they occur.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Tenant Improvements
The Company may provide tenant improvement allowances in new or renewal leases for the purpose of refurbishing or renovating tenant space. The Company may also assume tenant improvement obligations included in leases acquired in its real estate acquisitions. Many of these allowances are subject to contingencies that make it difficult to predict when they will be utilized, if at all.
Development
The Company has a commitment to fund a development to expand the Dover Healthcare Facility on the acquired adjacent land as discussed in Note 3—"Real Estate" for up to $9,837,000.
Legal Proceedings
In the ordinary course of business, the Company may become subject to litigation or claims. As of September 30, 2025, there were, and currently there are, no material pending legal proceedings to which the Company is a party. While the resolution of a lawsuit or proceeding may have an impact to the Company's financial results for the period in which it is resolved, the Company believes that the final resolution of the lawsuits or proceedings in which it is currently involved, either individually or in the aggregate, will not have a material adverse effect on its financial position, results of operations or liquidity.
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Distributions Authorized
On November 3, 2025, the Board authorized a quarterly cash dividend of $0.40 per share of Common Stock payable on December 4, 2025, to the Company's stockholders of record as of the close of business on November 20, 2025. The quarterly cash dividend of $0.40 per share represents an annualized amount of $1.60 per share.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation
The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and their wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates & Change in Accounting Estimate
Use of Estimates
The preparation of the condensed consolidated financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Change in Accounting Estimate
On August 4, 2025, the Company committed to a plan to demolish a 180,744 square foot healthcare facility in Boston, MA, or the Stoughton Healthcare Facility. The useful lives of the Stoughton Healthcare Facility depreciable assets have been revised to approximately seven months to coincide with the estimated demolition timeline of the Stoughton Healthcare Facility. The change in the estimated useful lives has been accounted for as a change in accounting estimate. The demolition of the Stoughton Healthcare Facility is expected to be completed in the first quarter of 2026. The change in the estimated useful lives of the Stoughton Healthcare Facility depreciable assets resulted in the recognition of additional depreciation, which reduced net income attributable to common stockholders and comprehensive income attributable to common stockholders by $1,318,000 and net income per basic and diluted share by $0.02 per share for both the three and nine months ended September 30, 2025.
The Company recorded $147,000 in demolition costs related to the Stoughton Healthcare Facility during the three and nine months ended September 30, 2025, which is recorded in demolition costs in the accompanying condensed consolidated statements of comprehensive income.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash
Cash consists of demand deposits at commercial banks. Cash equivalents consist of highly liquid money market funds with original maturities of three months or less at the time of purchase. Restricted cash consists of cash held in an escrow account in accordance with a tenant's lease agreement. Restricted cash is reported in other assets in the accompanying condensed consolidated balance sheets.
Real Estate Related Notes Receivable
Real Estate Related Notes Receivable
Real estate related notes receivable are recorded at stated principal amounts, net of unamortized fees and the current expected credit loss reserve. Interest income from the Company's real estate related notes receivable is recognized over the life of each loan using the effective interest method and is recorded on the accrual basis. Recognition of fees associated with these notes receivable is deferred and recorded over the term of the loan as an adjustment to yield.
Current Expected Credit Losses Reserve
Current Expected Credit Losses Reserve
The Company recognizes and measures the reserve for credit losses under the current expected credit loss, or CECL, model required under Accounting Standards Codification, or ASC, 326, Financial Instruments - Credit Losses, or ASC 326, to estimate potential losses from real estate related notes receivable. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, and off-balance sheet credit exposures such as unfunded loan commitments. The CECL reserve is deducted from the real estate related notes receivable amortized cost basis on the accompanying condensed consolidated balance sheets. The Company records increases and decreases to the CECL reserve in the accompanying condensed consolidated statements of comprehensive income. Other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors.
The Company determines the CECL reserve quarterly by using a probability of default/loss given default method. ASC 326 details factors the Company should consider when developing the CECL reserve, including historical loss data, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. Additionally, the Company considers credit quality when developing the CECL reserve, including the borrower credit rating and the underlying collateral and progress of developments, if applicable, among other considerations. The Company considers both of the mezzanine loans as a pool when developing the CECL reserve.
Pursuant to ASC 326, the Company has made an accounting policy election not to measure the CECL reserve for accrued interest receivables, as these will be written off, if deemed uncollectible, in a timely manner. The Company generally suspends the income accrual for loans at the earlier of the date at which payments become 90 days past due or when, in the Company's opinion, recovery of income and principal becomes doubtful.
See Note 4—"Real Estate Related Notes Receivable" for additional details regarding the Company's real estate related notes receivable.
Stock-based Compensation
Stock-based Compensation
On May 21, 2025, the Company's stockholders approved the amendment and restatement of the Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, pursuant to which the Company has the authority and power to grant
awards of restricted shares of its Common Stock to its directors, officers and employees. The Company accounts for its stock awards in accordance with ASC 718-10, Compensation—Stock Compensation, or ASC 718-10. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). For performance-based awards, compensation costs are recognized over the service period if it is probable that the performance condition will be satisfied, with changes of the assessment at each reporting period and recording the effect of the change in the compensation cost as a cumulative catch-up adjustment. For market-based awards, compensation costs are recognized over the service period regardless of whether the market performance measures are achieved. The Company's performance-based awards and market-based awards are collectively referred to as "Performance DSUs". The compensation costs for restricted stock are recognized based on the fair value of the restricted stock awards at grant date, which is equal to the market value of the Company's Common Stock on that date of grant. Prior to the Company's listing on the NYSE, the fair value was estimated based on the most recent per share net asset value. The Company recognizes the impact of forfeitures as they occur.
Changes in Presentation
Changes in Presentation
The Company previously presented tender offer repurchase of Common Stock as a separate line item in the condensed consolidated statements of stockholders' equity and the condensed consolidated statements of cash flows. These amounts have been reclassified to repurchases of common stock in the accompanying condensed consolidated statements of stockholders' equity and condensed consolidated statements of cash flows for the prior period to conform to the current period presentation.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses to improve disclosures about an entity's expenses and to provide detailed information about the types of expenses in commonly presented expense captions. ASU 2024-03 requires disclosures about specific expense categories including purchases of inventory, employee compensation, depreciation, amortization and selling expenses. Additionally, ASU 2024-03 requires a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods for fiscal years beginning after December 15, 2027, and should be applied either prospectively for reporting periods after the effective date of the ASU or retrospectively to all periods presented. Early adoption is permitted. The Company expects the adoption of this standard to expand its annual and interim expense disclosures, but otherwise have no impact on the condensed consolidated financial statements.
v3.25.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows (amounts in thousands):
Nine Months Ended
September 30,
20252024
Beginning of period:
Cash and cash equivalents$39,844 $202,019 
Restricted cash— 166 
Cash, cash equivalents and restricted cash$39,844 $202,185 
End of period:
Cash and cash equivalents$27,709 $28,606 
Restricted cash— 

— 
Cash, cash equivalents and restricted cash$27,709 $28,606 
Schedule of Restrictions on Cash and Cash Equivalents
The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows (amounts in thousands):
Nine Months Ended
September 30,
20252024
Beginning of period:
Cash and cash equivalents$39,844 $202,019 
Restricted cash— 166 
Cash, cash equivalents and restricted cash$39,844 $202,185 
End of period:
Cash and cash equivalents$27,709 $28,606 
Restricted cash— 

— 
Cash, cash equivalents and restricted cash$27,709 $28,606 
v3.25.3
Real Estate (Tables)
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
Schedule of Consideration Transferred for Properties Acquired
The following table summarizes the cash consideration transferred, including acquisition costs, and the purchase price allocation for the acquisitions during the nine months ended September 30, 2025 (amounts in thousands):
Property Description Date AcquiredOwnership Percentage
Cash Consideration Transferred
(amount in thousands)
Knoxville Healthcare Facility 03/04/2025100%$35,320 
Dover Healthcare Facility(1)
04/16/2025100%26,818 
Southlake Healthcare Facility08/01/2025100%9,558 
Southlake Healthcare Facility II08/01/2025100%6,694 
Peoria Healthcare Facility09/05/2025100%35,120 
Plano Healthcare Facility09/05/2025100%35,367 
Total $148,877 
Schedule of Allocation of Acquisitions
Total
Land$11,446 
Building and improvements110,469 
Tenant improvements13,496 
In-place leases11,639 
Right-of-use assets - finance lease1,901 
Total assets acquired148,951 
Finance lease liabilities(74)
Total liabilities assumed(74)
Net assets acquired$148,877 
(1)On April 16, 2025, the Company purchased the Dover Healthcare Facility for $24,142,000, including capitalized acquisition costs. On September 16, 2025, the Company purchased additional land to expand the Dover Healthcare Facility for $2,676,000, including acquisition costs.
v3.25.3
Real Estate Related Notes Receivable (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Real Estate Related Notes Receivable Activity For the nine months ended September 30, 2025, the Company's real estate related notes receivable activity was as follows (amounts in thousands):
Principal BalanceFeesCarrying Value
Real estate related notes receivable, as of December 31, 2024$— $— $— 
Fundings of real estate related notes receivable17,543 — 17,543 
Fees received on notes receivable— (351)(351)
Amortization of fees— 59 59 
Real estate related notes receivable, as of September 30, 2025$17,543 $(292)$17,251 
CECL reserve(180)
Real estate related notes receivable, net, as of September 30, 2025$17,071 
v3.25.3
Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Finite-Lived Intangible Assets, Net [Abstract]  
Schedule of Intangible Assets, Net
Intangible assets, net, consisted of the following as of September 30, 2025 and December 31, 2024 (amounts in thousands, except weighted average remaining life amounts):
 September 30, 2025December 31, 2024
In-place leases, net of accumulated amortization of $128,996 and $114,774, respectively (with a weighted average remaining life of 7.3 years and 7.3 years, respectively)
$117,816 $120,399 
Above-market leases, net of accumulated amortization of $7,987 and $7,434, respectively (with a weighted average remaining life of 6.9 years and 7.6 years, respectively)
4,703 5,256 
$122,519 $125,655 
v3.25.3
Intangible Liabilities, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Intangible Lease Liabilities, Net [Abstract]  
Schedule of Intangible Liabilities, Net
Intangible liabilities, net, consisted of the following as of September 30, 2025 and December 31, 2024 (amounts in thousands, except weighted average remaining life amounts):
September 30, 2025December 31, 2024
Below-market leases, net of accumulated amortization of $9,706 and $8,761, respectively (with a weighted average remaining life of 5.4 years and 6.1 years, respectively)
$6,125 $7,070 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Rental Revenue from Operating Leases
The following table summarizes the Company's rental revenue from operating leases for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Rental income
$45,586 $42,564 $134,347 $129,171 
Variable lease income
3,835 3,554 11,874 11,140 
Total rental revenue
$49,421 $46,118 $146,221 $140,311 
Schedule of Future Minimum Rent to Lessor from Operating Leases
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2025, for the period ending December 31, 2025, and for each of the next four years ending December 31, and thereafter, are as follows (amounts in thousands):
September 30, 2025(1)
Period ending December 31, 2025$44,185 
2026175,161 
2027172,367 
2028167,798 
2029162,888 
Thereafter1,248,888 
Total$1,971,287 
(1)The table includes payments from a tenant who is on the cash basis of accounting for revenue recognition purposes that has continued to make rental payments as of September 30, 2025.
Schedule of Future Minimum Rent from Lessee for Operating Leases
The future rent payments under non-cancellable leases in effect as of September 30, 2025, for the period ending December 31, 2025, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
Operating
Finance
Period ending December 31, 2025$690 $— 
20262,811 9 
20272,852 9 
20282,868 9 
20292,603 9 
Thereafter103,513 67 
Total undiscounted rental payments115,337 103 
Less imputed interest(74,203)(27)
Total lease liabilities$41,134 $76 

The weighted average IBR and weighted average remaining lease term as of September 30, 2025 and December 31, 2024 for the Company's operating leases are as follows:
 September 30, 2025December 31, 2024
Weighted average IBR5.5 %5.5 %
Weighted average remaining lease term34.6 years35.2 years
The IBR and remaining lease term as of September 30, 2025 and December 31, 2024 for the Company's finance lease is as follows:
 September 30, 2025December 31, 2024
IBR
5.8 %— %
Remaining lease term
10.8 years— 
Schedule of Finance Lease, Liability, to be Paid, Maturity
The future rent payments under non-cancellable leases in effect as of September 30, 2025, for the period ending December 31, 2025, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
Operating
Finance
Period ending December 31, 2025$690 $— 
20262,811 9 
20272,852 9 
20282,868 9 
20292,603 9 
Thereafter103,513 67 
Total undiscounted rental payments115,337 103 
Less imputed interest(74,203)(27)
Total lease liabilities$41,134 $76 

The weighted average IBR and weighted average remaining lease term as of September 30, 2025 and December 31, 2024 for the Company's operating leases are as follows:
 September 30, 2025December 31, 2024
Weighted average IBR5.5 %5.5 %
Weighted average remaining lease term34.6 years35.2 years
The IBR and remaining lease term as of September 30, 2025 and December 31, 2024 for the Company's finance lease is as follows:
 September 30, 2025December 31, 2024
IBR
5.8 %— %
Remaining lease term
10.8 years— 
Schedule of Lease Cost
The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
Location in Condensed Consolidated Statements of Comprehensive Income2025202420252024
Operating lease costs:
Ground lease costs(1)
Rental expenses$689 $690 $2,067 $2,053 
Corporate operating lease costsGeneral and administrative expenses167 185 533 561 
Finance lease costs:
Interest on lease liabilityInterest expense1 — 2 — 
Supplemental disclosure of cash flows information:
Operating cash outflows for operating leases(2)
$218 $205 $627 $624 
Right-of-use assets obtained in exchange for new operating lease liabilities$— $405 $— $433 
Right-of-use assets obtained in exchange for new finance lease liabilities$— $— $74 $— 
(1)The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying condensed consolidated statements of comprehensive income.
(2)Amounts are net of reimbursements the Company receives from tenants for certain operating ground leases.
v3.25.3
Other Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Other Assets [Abstract]  
Schedule of Other Assets
Other assets consisted of the following as of September 30, 2025 and December 31, 2024 (amounts in thousands):
 September 30, 2025December 31, 2024
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $1,009 and $2,988, respectively
$5,541 $1,203 
Leasing commissions, net of accumulated amortization of $471 and $306, respectively
2,307 1,941 
Tenant receivables2,496 3,281 
Straight-line rent receivable65,032 58,400 
Real estate deposits— 350 
Prepaid and other assets4,313 3,392 
Derivative assets - interest rate swaps3,502 11,356 
$83,191 $79,923 
v3.25.3
Accounts Payable and Other Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Other Liabilities
Accounts payable and other liabilities consisted of the following as of September 30, 2025 and December 31, 2024 (amounts in thousands):
 September 30, 2025December 31, 2024
Accounts payable and accrued expenses$6,923 $6,303 
Accrued interest expense2,615 2,187 
Accrued property taxes4,773 3,897 
Accrued personnel costs2,337 6,660 
Performance DSUs distributions payable504 544 
Tenant deposits1,529 1,691 
Deferred rental income13,789 12,123 
Derivative liabilities - interest rate swaps4,215 — 
$36,685 $33,405 
v3.25.3
Credit Facility (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Credit Facility The Unsecured Credit Facility consisted of the following amounts outstanding as of September 30, 2025 and December 31, 2024 (amounts in thousands):
Interest Rate
September 30, 2025December 31, 2024
Variable 2029 Revolving Credit Agreement(1)
5.37%$151,000 $— 
Variable 2027 Term Loan Agreement fixed through interest rate swaps(2)
5.11%250,000 250,000 
Variable 2028 Term Loan Agreement fixed through interest rate swaps(3)
4.18%275,000 275,000 
Total Unsecured Credit Facility, principal amount outstanding4.79%676,000 525,000 
Unamortized deferred financing costs related to Unsecured Credit Facility term loans(2,194)(3,079)
Total Unsecured Credit Facility, net of deferred financing costs$673,806 $521,921 
(1)Interest rate represents the daily Secured Overnight Financing Rate, or SOFR, of 4.12% in effect on the Company's revolving line of credit plus the applicable margin of 1.25% as of September 30, 2025.
(2)Fixed through four interest rate swaps that mature on March 20, 2029.
(3)Fixed through six interest rate swaps that mature on January 31, 2028.
Schedule of Future Principal Payments Due on Debt
The principal payments due on the credit facility as of September 30, 2025, for the period ending December 31, 2025, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
Amount
Period ending December 31, 2025$— 
2026— 
2027250,000 
2028275,000 
2029151,000 
Thereafter— 
$676,000 
v3.25.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (amounts in thousands):
 September 30, 2025
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total Fair
Value
Assets:
Derivative assets - interest rate swaps$— $3,502 $— $3,502 
Total assets at fair value$— $3,502 $— $3,502 
Liabilities:
Derivative liabilities - interest rate swaps$— $4,215 $— $4,215 
Total liabilities at fair value$— $4,215 $— $4,215 
 December 31, 2024
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total Fair
Value
Assets:
Derivative assets - interest rate swaps$— $11,356 $— $11,356 
Total assets at fair value$— $11,356 $— $11,356 
v3.25.3
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the Notional Amount and Fair Value of Derivative Instruments
The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands):
Derivatives
Designated as
Hedging
Instruments		Weighted Average Fixed Interest RateEffective
Dates		Maturity
Dates		September 30, 2025December 31, 2024
Outstanding
Notional
Amount		Fair Value ofOutstanding
Notional
Amount		Fair Value of
Assets(Liabilities)Assets(Liabilities)
Interest rate swaps(1)
2.83%05/02/2022 to 05/01/202301/31/2028$275,000 $3,502 $(482)$275,000 $9,261 $— 
Interest rate swaps(1)
3.76%12/31/202403/20/2029250,000 — (3,733)250,000 2,095 — 
$525,000 $3,502 $(4,215)$525,000 $11,356 $— 
(1)     Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets and accounts payable and other liabilities, respectively.
Schedule of Income and Losses Recognized on Derivative Instruments
The table below summarizes the amount of income and loss recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):
Derivatives in Cash Flow
Hedging Relationships		Amount of Income (Loss) Recognized
in Other Comprehensive Income on Derivatives		Location of Income (Loss) Reclassified From
Accumulated Other
Comprehensive Income to
Net Income		Amount of Income
Reclassified From
Accumulated Other
Comprehensive Income to
Net Income		Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income
Three Months Ended September 30, 2025
Interest rate swaps$559 Interest expense$1,425 $(8,470)
Three Months Ended September 30, 2024
Interest rate swaps$(6,843)Interest expense$4,527 $(5,468)
Nine Months Ended September 30, 2025
Interest rate swaps$(7,856)Interest expense$4,213 $(23,624)
Nine Months Ended September 30, 2024
Interest rate swaps$2,943 Interest expense$13,560 $(15,955)
Schedule of Offsetting of Derivative Assets The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of September 30, 2025 and December 31, 2024 (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
September 30, 2025$3,502 $— $3,502 $(542)$— $2,960 
December 31, 2024$11,356 $— $11,356 $— $— $11,356 
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
September 30, 2025$4,215 $— $4,215 $(542)$— $3,673 
December 31, 2024$— $— $— $— $— $— 
v3.25.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [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 nine months ended September 30, 2025 and 2024 (amounts in thousands):
Unrealized Loss
on Derivative
Instruments
Balance as of December 31, 2024$11,356 
Other comprehensive loss before reclassification(7,856)
Amount of income reclassified from accumulated other comprehensive loss to net income(4,213)
Other comprehensive loss(12,069)
Balance as of September 30, 2025$(713)

Unrealized Loss
 on Derivative
Instruments
Balance as of December 31, 202316,603 
Other comprehensive income before reclassification2,943 
Amount of income reclassified from accumulated other comprehensive income to net income(13,560)
Other comprehensive loss(10,617)
Balance as of September 30, 2024$5,986 
Schedule of Reclassifications Out of Accumulated Other Comprehensive (Loss) Income
The following table presents reclassifications out of accumulated other comprehensive (loss) income for the nine months ended September 30, 2025 and 2024 (amounts in thousands):
Details about Accumulated Other
Comprehensive Income Components		Income Amounts Reclassified from
Accumulated Other Comprehensive Income to Net Income		Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income
Nine Months Ended
September 30,
20252024
Interest rate swap contracts$(4,213)

$(13,560)Interest expense
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per share using the two-class method (amounts in thousands, except share data and per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Earnings:
Net income attributable to common stockholders
$11,609 $11,935 $28,105 $31,543 
Less: Income allocated to participating securities
(60)(80)(153)(171)
Net income used in basic earnings per share
11,549 11,855 27,952 31,372 
Add back: Income allocated to participating securities
60 80 153 171 
Net income used in diluted earnings per share
$11,609 $11,935 $28,105 $31,543 
Weighted Average Shares:
Basic weighted average number of common shares outstanding
54,876,443 55,571,298 55,049,612 56,634,376 
Dilutive effect of weighted average shares of non-vested restricted common stock
285,845 373,047 301,588 308,968 
Dilutive effect of weighted average shares of Performance DSUs
243,850 137,273 250,337 151,393 
Diluted weighted average number of common shares outstanding
55,406,138 56,081,618 55,601,537 57,094,737 
Net income per share attributable to common stockholders:
Basic
$0.21 $0.21 $0.51 $0.55 
Diluted
$0.21 $0.21 $0.51 $0.55 
v3.25.3
Organization and Business Operations (Details) - $ / shares
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Operating Partnership    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Ownership interest (as a percentage) 100.00%  
v3.25.3
Summary of Significant Accounting Policies - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
Sep. 30, 2024
USD ($)
$ / shares
Sep. 30, 2025
USD ($)
$ / shares
Sep. 30, 2024
USD ($)
$ / shares
Aug. 04, 2025
ft²
Change in Accounting Estimate [Line Items]          
Reduction in net income attributable to common stockholders $ (11,609) $ (11,935) $ (28,105) $ (31,543)  
Reduction in comprehensive income attributable to common stockholders $ (10,743) $ (565) $ (16,036) $ (20,926)  
Reduction in net income per basic share (in dollars per share) | $ / shares $ (0.21) $ (0.21) $ (0.51) $ (0.55)  
Reduction in net income per diluted share (in dollars per share) | $ / shares $ (0.21) $ (0.21) $ (0.51) $ (0.55)  
Demolition costs $ 147 $ 0 $ 147 $ 0  
Change in Accounting Method Accounted for as Change in Estimate          
Change in Accounting Estimate [Line Items]          
Reduction in net income attributable to common stockholders 1,318   1,318    
Reduction in comprehensive income attributable to common stockholders $ 1,318   $ 1,318    
Reduction in net income per basic share (in dollars per share) | $ / shares $ 0.02   $ 0.02    
Reduction in net income per diluted share (in dollars per share) | $ / shares $ 0.02   $ 0.02    
Stoughton Healthcare Facility          
Change in Accounting Estimate [Line Items]          
Area of real estate property | ft²         180,744
Demolition costs $ 147   $ 147    
Stoughton Healthcare Facility | Change in Accounting Method Accounted for as Change in Estimate          
Change in Accounting Estimate [Line Items]          
Estimated useful life         7 months
v3.25.3
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Accounting Policies [Abstract]        
Cash and cash equivalents $ 27,709 $ 39,844 $ 28,606 $ 202,019
Restricted cash 0 0 0 166
Cash, cash equivalents and restricted cash $ 27,709 $ 39,844 $ 28,606 $ 202,185
v3.25.3
Real Estate - Narrative (Details)
 3 Months Ended 9 Months Ended
Mar. 27, 2024
USD ($)
Sep. 30, 2025
USD ($)
tenant
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
property
acquisition
tenant
Sep. 30, 2024
USD ($)
Real Estate [Line Items]          
Number of real estate properties acquired | property       6  
Number of transactions | acquisition       4  
Capitalized acquisition costs       $ 1,289,000  
Impairment losses   $ 0   6,792,000  
Impairment and disposition losses   0 $ 792,000 6,792,000 $ 1,210,000
Impairment of intangible lease liabilities   0 0 0 2,038,000
In-place leases          
Real Estate [Line Items]          
Impairment of intangible assets   0 0 0 4,646,000
Above-market leases          
Real Estate [Line Items]          
Impairment of intangible assets   $ 0 0 $ 0 2,825,000
One Tenant | Revenue | Customer Concentration Risk          
Real Estate [Line Items]          
Number of major tenants | tenant   1   1  
PAM Health | Revenue | Customer Concentration Risk          
Real Estate [Line Items]          
Concentration risk, percentage       16.10%  
Steward Health Care System LLC          
Real Estate [Line Items]          
Impairment losses       $ 3,531,000  
GenesisCare Master Lease          
Real Estate [Line Items]          
Severance fees $ 2,000,000        
Straight line basis rental revenue   $ 57,000 $ 57,000 170,000 $ 117,000
Single Tenant Who Vacated Its Leased Space          
Real Estate [Line Items]          
Impairment losses       3,261,000  
Book value   $ 2,300,000   $ 2,300,000  
v3.25.3
Real Estate - Schedule of Consideration Transferred for Properties Acquired (Details) - USD ($)
$ in Thousands
 5 Months Ended 9 Months Ended
Sep. 16, 2025
Sep. 05, 2025
Aug. 01, 2025
Apr. 16, 2025
Mar. 04, 2025
Sep. 16, 2025
Sep. 30, 2025
Business Combination [Line Items]              
Cash Consideration transferred             $ 148,877
Knoxville Healthcare Facility              
Business Combination [Line Items]              
Ownership Percentage         100.00%    
Cash Consideration transferred         $ 35,320    
Dover Healthcare Facility              
Business Combination [Line Items]              
Ownership Percentage 100.00%         100.00%  
Cash Consideration transferred $ 2,676     $ 24,142   $ 26,818  
Southlake Healthcare Facility              
Business Combination [Line Items]              
Ownership Percentage     100.00%        
Cash Consideration transferred     $ 9,558        
Southlake Healthcare Facility II              
Business Combination [Line Items]              
Ownership Percentage     100.00%        
Cash Consideration transferred     $ 6,694        
Peoria Healthcare Facility              
Business Combination [Line Items]              
Ownership Percentage   100.00%          
Cash Consideration transferred   $ 35,120          
Plano Healthcare Facility              
Business Combination [Line Items]              
Ownership Percentage   100.00%          
Cash Consideration transferred   $ 35,367          
v3.25.3
Real Estate - Schedule of Allocation of Acquisitions (Details) - USD ($)
$ in Thousands
 5 Months Ended 9 Months Ended
Sep. 16, 2025
Apr. 16, 2025
Sep. 16, 2025
Sep. 30, 2025
Real Estate [Line Items]        
Land       $ 11,446
Building and improvements       110,469
Tenant improvements       13,496
In-place leases       11,639
Right-of-use assets - finance lease       1,901
Total assets acquired       148,951
Finance lease liabilities       (74)
Total liabilities assumed       (74)
Net assets acquired       148,877
Purchase price       148,877
Capitalized acquisition costs       $ 1,289
Dover Healthcare Facility        
Real Estate [Line Items]        
Purchase price $ 2,676 $ 24,142 $ 26,818  
v3.25.3
Real Estate Related Notes Receivable - Narrative (Details)
 3 Months Ended 9 Months Ended
Nov. 05, 2024
USD ($)
loan
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Real Estate [Line Items]            
Real estate related notes receivable, net   $ 17,071,000   $ 17,071,000   $ 0
Real estate related notes receivable interest income   427,000 $ 0 615,000 $ 0  
Amortization of fees       59,000 $ 0  
Real Estate Loan            
Real Estate [Line Items]            
Number of mezzanine loans | loan 2          
Real estate related notes receivable, net   17,071,000   17,071,000    
Upfront fee 2.00%          
Real estate related notes receivable interest income   427,000   615,000    
Amortization of fees   35,000   59,000    
Financing receivable, allowance for credit loss   180,000   180,000   $ 0
Financing receivable, allowance for credit loss, period increase   $ 2,000   $ 180,000    
Real Estate Loan | Covenant term one            
Real Estate [Line Items]            
Interest rate 13.00%          
Additional fee percentage 1.00%          
Real Estate Loan | Covenant term two            
Real Estate [Line Items]            
Interest rate 15.00%          
Additional fee percentage 1.00%          
Real Estate Loan | Inpatient Rehabilitation Facility            
Real Estate [Line Items]            
Real estate related notes receivable, net $ 12,543,000          
Real Estate Loan | Behavioral Healthcare Facility            
Real Estate [Line Items]            
Real estate related notes receivable, net $ 5,000,000          
v3.25.3
Real Estate Related Notes Receivable - Real Estate-Related Notes Receivable Activity (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Increase (Decrease) in Financing Receivables [Roll Forward]        
Fees received on notes receivable   $ (351,000) $ 0  
Amortization of fees   59,000 $ 0  
Real estate related notes receivable, net $ 17,071,000 17,071,000   $ 0
Real Estate Loan        
Increase (Decrease) in Financing Receivables [Roll Forward]        
Real estate-related notes receivable, beginning balance, carrying value   0    
Fundings of real estate related notes receivable   17,543,000    
Fees received on notes receivable   (351,000)    
Amortization of fees 35,000 59,000    
Real estate related notes receivable, ending balance, principal balance 17,543,000 17,543,000    
Real estate related notes receivable, ending balance, fees (292,000) (292,000)    
Real estate related notes receivable, ending balance, carrying value 17,251,000 17,251,000    
CECL reserve (180,000) (180,000)   $ 0
Real estate related notes receivable, net $ 17,071,000 $ 17,071,000    
v3.25.3
Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Intangible assets, accumulated amortization $ 136,983 $ 122,208
Weighted average remaining useful life of intangible assets (in years) 7 years 3 months 18 days 7 years 3 months 18 days
Intangible assets, net of accumulated amortization $ 122,519 $ 125,655
In-place leases    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Intangible assets, accumulated amortization $ 128,996 $ 114,774
Weighted average remaining useful life of intangible assets (in years) 7 years 3 months 18 days 7 years 3 months 18 days
Intangible assets, net of accumulated amortization $ 117,816 $ 120,399
Above-market leases    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Intangible assets, accumulated amortization $ 7,987 $ 7,434
Weighted average remaining useful life of intangible assets (in years) 6 years 10 months 24 days 7 years 7 months 6 days
Intangible assets, net of accumulated amortization $ 4,703 $ 5,256
v3.25.3
Intangible Assets, Net - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]          
Weighted average remaining useful life of intangible assets (in years)     7 years 3 months 18 days   7 years 3 months 18 days
Amortization of intangible assets $ 4,786 $ 5,266 $ 14,775 $ 23,338  
v3.25.3
Intangible Liabilities, Net - Schedule of Intangible Liabilities, Net (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Intangible Lease Liabilities, Net [Abstract]    
Accumulated amortization of below-market leases $ 9,706 $ 8,761
Weighted average remaining life of below-market leases 5 years 4 months 24 days 6 years 1 month 6 days
Below-market leases, net of accumulated amortization $ 6,125 $ 7,070
v3.25.3
Intangible Liabilities, Net - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Intangible Lease Liabilities, Net [Abstract]        
Amortization of below-market leases $ 315 $ 315 $ 945 $ 3,068
v3.25.3
Leases - Schedule of Rental Revenue from Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Rental income $ 45,586 $ 42,564 $ 134,347 $ 129,171
Variable lease income 3,835 3,554 11,874 11,140
Total rental revenue $ 49,421 $ 46,118 $ 146,221 $ 140,311
v3.25.3
Leases - Schedule of Future Minimum Rent to Lessor from Operating Leases (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Leases [Abstract]  
Period ending December 31, 2025 $ 44,185
2026 175,161
2027 172,367
2028 167,798
2029 162,888
Thereafter 1,248,888
Total $ 1,971,287
v3.25.3
Leases - Narrative (Details)
Sep. 30, 2025
lease_agreement
Leases [Abstract]  
Number of non cancellable finance lease agreements 1
v3.25.3
Leases - Schedule of Rent Payments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Operating    
Period ending December 31, 2025 $ 690  
2026 2,811  
2027 2,852  
2028 2,868  
2029 2,603  
Thereafter 103,513  
Total undiscounted rental payments 115,337  
Less imputed interest (74,203)  
Total lease liabilities 41,134 $ 41,493
Finance    
Period ending December 31, 2025 0  
2026 9  
2027 9  
2028 9  
2029 9  
Thereafter 67  
Total undiscounted rental payments 103  
Less imputed interest (27)  
Total lease liabilities $ 76 $ 0
Weighted average IBR 5.50% 5.50%
Weighted average remaining lease term 34 years 7 months 6 days 35 years 2 months 12 days
IBR - finance lease 5.80% 0.00%
Remaining lease term - finance lease 10 years 9 months 18 days 0 years
v3.25.3
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Lessee, Lease, Description [Line Items]        
Interest on lease liability $ 1 $ 0 $ 2 $ 0
Supplemental disclosure of cash flows information:        
Operating cash outflows for operating leases 218 205 627 624
Right-of-use assets obtained in exchange for new operating lease liabilities 0 405 0 433
Right-of-use assets obtained in exchange for new finance lease liabilities 0 0 74 0
Rental expenses        
Lessee, Lease, Description [Line Items]        
Operating lease costs: 689 690 2,067 2,053
General and administrative expenses        
Lessee, Lease, Description [Line Items]        
Operating lease costs: $ 167 $ 185 $ 533 $ 561
v3.25.3
Other Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Other Assets [Abstract]    
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $1,009 and $2,988, respectively $ 5,541 $ 1,203
Leasing commissions, net of accumulated amortization of $471 and $306, respectively 2,307 1,941
Tenant receivables 2,496 3,281
Straight-line rent receivable 65,032 58,400
Real estate deposits 0 350
Prepaid and other assets 4,313 3,392
Derivative assets - interest rate swaps 3,502 11,356
Total other assets 83,191 79,923
Deferred financing costs, related to the revolver portion of the credit facility, accumulated amortization 1,009 2,988
Leasing commissions, accumulated amortization $ 471 $ 306
v3.25.3
Accounts Payable and Other Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accounts payable and accrued expenses $ 6,923 $ 6,303
Accrued interest expense 2,615 2,187
Accrued property taxes 4,773 3,897
Accrued personnel costs 2,337 6,660
Performance DSUs distributions payable 504 544
Tenant deposits 1,529 1,691
Deferred rental income 13,789 12,123
Derivative liabilities - interest rate swaps 4,215 0
Total accounts payable and other liabilities $ 36,685 $ 33,405
v3.25.3
Credit Facility - Schedule of Credit Facility (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
swap_agreement
Dec. 31, 2024
USD ($)
Line of Credit Facility [Line Items]    
Interest Rate 4.79%  
Total Unsecured Credit Facility, principal amount outstanding $ 676,000 $ 525,000
Unamortized deferred financing costs related to Unsecured Credit Facility term loans (2,194) (3,079)
Total Unsecured Credit Facility, net of deferred financing costs $ 673,806 521,921
Revolving Line of Credit | Variable 2029 Revolving Credit Agreement    
Line of Credit Facility [Line Items]    
Interest Rate 5.37%  
Total Unsecured Credit Facility, principal amount outstanding $ 151,000 0
Variable Interest Rate Type SOFR  
Variable rate percent 4.12%  
Margin range 1.25%  
Term Loan | Variable 2027 Term Loan Agreement fixed through interest rate swaps    
Line of Credit Facility [Line Items]    
Interest Rate 5.11%  
Total Unsecured Credit Facility, principal amount outstanding $ 250,000 250,000
Number of interest rates swaps | swap_agreement 4  
Term Loan | Variable 2028 Term Loan Agreement fixed through interest rate swaps    
Line of Credit Facility [Line Items]    
Interest Rate 4.18%  
Total Unsecured Credit Facility, principal amount outstanding $ 275,000 $ 275,000
Number of interest rates swaps | swap_agreement 6  
v3.25.3
Credit Facility - Narrative (Details)
 9 Months Ended
Feb. 18, 2025
USD ($)
extension
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Line of Credit Facility [Line Items]      
Loss on extinguishment of debt   $ 233,000 $ 228,000
Revolving Line of Credit      
Line of Credit Facility [Line Items]      
Extension period 6 months    
Number of extensions | extension 2    
Revolving Line of Credit | Minimum      
Line of Credit Facility [Line Items]      
Commitment fee percentage 0.15%    
Revolving Line of Credit | Minimum | Base Rate      
Line of Credit Facility [Line Items]      
Margin range 0.25%    
Revolving Line of Credit | Minimum | SOFR      
Line of Credit Facility [Line Items]      
Margin range 1.25%    
Revolving Line of Credit | Maximum      
Line of Credit Facility [Line Items]      
Commitment fee percentage 0.20%    
Revolving Line of Credit | Maximum | Base Rate      
Line of Credit Facility [Line Items]      
Margin range 0.90%    
Revolving Line of Credit | Maximum | SOFR      
Line of Credit Facility [Line Items]      
Margin range 1.90%    
Revolving Line of Credit | Line of Credit      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity $ 1,500,000,000    
Revolving Line of Credit | Variable 2029 Revolving Credit Agreement      
Line of Credit Facility [Line Items]      
Margin range   1.25%  
Revolving Line of Credit | Variable 2029 Revolving Credit Agreement | Line of Credit      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity 600,000,000    
Revolving Line of Credit | 2026 Variable Rate Line of Credit | Line of Credit      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity $ 500,000,000    
v3.25.3
Credit Facility - Schedule of Principal Payments Due on Credit Facility (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Debt Disclosure [Abstract]  
Period ending December 31, 2025 $ 0
2026 0
2027 250,000
2028 275,000
2029 151,000
Thereafter 0
Total $ 676,000
v3.25.3
Segment Reporting (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable business segments 1
v3.25.3
Fair Value - Narrative (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Real estate related notes receivable, net $ 17,071 $ 0
Total Unsecured Credit Facility, principal amount outstanding $ 676,000 $ 525,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable and other liabilities Accounts payable and other liabilities
v3.25.3
Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets:    
Derivative assets - interest rate swaps $ 3,502 $ 11,356
Liabilities:    
Derivative liabilities - interest rate swaps 4,215 0
Recurring basis    
Assets:    
Total assets at fair value 3,502 11,356
Liabilities:    
Total liabilities at fair value 4,215  
Recurring basis | Interest rate swaps    
Assets:    
Derivative assets - interest rate swaps 3,502 11,356
Liabilities:    
Derivative liabilities - interest rate swaps 4,215  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis    
Assets:    
Total assets at fair value 0 0
Liabilities:    
Total liabilities at fair value 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | Interest rate swaps    
Assets:    
Derivative assets - interest rate swaps 0 0
Liabilities:    
Derivative liabilities - interest rate swaps 0  
Significant Other Observable Inputs (Level 2) | Recurring basis    
Assets:    
Total assets at fair value 3,502 11,356
Liabilities:    
Total liabilities at fair value 4,215  
Significant Other Observable Inputs (Level 2) | Recurring basis | Interest rate swaps    
Assets:    
Derivative assets - interest rate swaps 3,502 11,356
Liabilities:    
Derivative liabilities - interest rate swaps 4,215  
Significant Unobservable Inputs (Level 3) | Recurring basis    
Assets:    
Total assets at fair value 0 0
Liabilities:    
Total liabilities at fair value 0  
Significant Unobservable Inputs (Level 3) | Recurring basis | Interest rate swaps    
Assets:    
Derivative assets - interest rate swaps 0 $ 0
Liabilities:    
Derivative liabilities - interest rate swaps $ 0  
v3.25.3
Derivative Instruments and Hedging Activities - Narrative (Details)
Sep. 30, 2025
USD ($)
mature
swap_agreement
Dec. 31, 2024
USD ($)
Derivative [Line Items]    
Additional gain expected to be reclassified from AOCI into earnings during next twelve months | $ $ 1,639,000  
Derivative, counterparties in net liability position, aggregate fair value | $ $ 3,598,000 $ 0
Interest rate swaps | Designated as Hedging Instrument    
Derivative [Line Items]    
Number of interest rate swaps | swap_agreement 10  
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028 | Designated as Hedging Instrument    
Derivative [Line Items]    
Number of interest rate swaps | mature 6  
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing March 20, 2029 | Designated as Hedging Instrument    
Derivative [Line Items]    
Number of interest rate swaps | swap_agreement 4  
v3.25.3
Derivative Instruments and Hedging Activities - Schedule of the Notional Amount and Fair Value of Derivative Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Fair Value of Assets $ 3,502 $ 11,356
Fair Value of Liabilities (4,215) 0
Interest rate swaps | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Outstanding Notional Amount 525,000 525,000
Interest rate swaps | Assets | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Fair Value of Assets 3,502 11,356
Interest rate swaps | Liabilities | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Fair Value of Liabilities $ (4,215) 0
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028    
Derivatives, Fair Value [Line Items]    
Weighted average interest rate, percentage 2.83%  
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028 | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Outstanding Notional Amount $ 275,000 275,000
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028 | Assets | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Fair Value of Assets 3,502 9,261
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing January 31, 2028 | Liabilities | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Fair Value of Liabilities $ (482) 0
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing March 20, 2029    
Derivatives, Fair Value [Line Items]    
Weighted average interest rate, percentage 3.76%  
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing March 20, 2029 | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Outstanding Notional Amount $ 250,000 250,000
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing March 20, 2029 | Assets | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Fair Value of Assets 0 2,095
Interest rate swaps | Variable Rate Term Loan, Subject To Interest Rate Swap, Maturing March 20, 2029 | Liabilities | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Fair Value of Liabilities $ (3,733) $ 0
v3.25.3
Derivative Instruments and Hedging Activities - Schedule of Income and Losses Recognized on Derivative Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income $ (8,470) $ (5,468) $ (23,624) $ (15,955)
Interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives 559 (6,843) (7,856) 2,943
Interest rate swaps | Interest expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Income Reclassified From Accumulated Other Comprehensive Income to Net Income $ 1,425 $ 4,527 $ 4,213 $ 13,560
v3.25.3
Derivative Instruments and Hedging Activities - Schedule of Offsetting of Derivative Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Assets $ 3,502 $ 11,356
Gross Amounts Offset in the Balance Sheet 0 0
Net Amounts of Assets Presented in the Balance Sheet 3,502 11,356
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral (542) 0
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral 0 0
Net Amount $ 2,960 $ 11,356
v3.25.3
Derivative Instruments and Hedging Activities - Schedule of Offsetting of Derivative Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Liabilities $ 4,215 $ 0
Gross Amounts Offset in the Balance Sheet 0 0
Net Amounts of Liabilities Presented in the Balance Sheet 4,215 0
Financial Instruments Collateral (542) 0
Cash Collateral 0 0
Net Amount $ 3,673 $ 0
v3.25.3
Stockholders' Equity - Narrative (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Nov. 03, 2025
$ / shares
Aug. 04, 2025
USD ($)
Apr. 08, 2024
Sep. 30, 2025
USD ($)
$ / shares
shares
Sep. 30, 2024
USD ($)
$ / shares
shares
Sep. 30, 2025
USD ($)
$ / shares
shares
Sep. 30, 2024
USD ($)
$ / shares
shares
Dec. 31, 2024
shares
Aug. 12, 2025
USD ($)
Equity, Class of Treasury Stock [Line Items]                  
Reverse stock split, conversion ratio     0.25            
Distributions declared per common share (in dollars per share) | $ / shares       $ 0.40 $ 0.40 $ 1.20 $ 1.20    
Distributions paid per common share (in dollars per share) | $ / shares       $ 0.40 $ 0.40 $ 1.20 $ 1.20    
Repurchase of common stock related to withholding (in shares) | shares           52,982      
Settlement of withholding obligation           $ 1,284,000      
Repurchases of common stock       $ 127,000 $ 52,097,000 8,634,000 $ 60,579,000    
Common stock repurchases of common stock           $ 8,634,000 $ 59,966,000    
Common Stock                  
Equity, Class of Treasury Stock [Line Items]                  
Repurchases of common stock (in shares) | shares       5,269 2,212,571 357,860 2,496,083    
Repurchase of common stock, average price per share (in dollars per share) | $ / shares           $ 24.22      
Repurchases of common stock         $ 22,000 $ 4,000 $ 25,000    
Common Stock | Class A, I and T Shares                  
Equity, Class of Treasury Stock [Line Items]                  
Repurchases of common stock (in shares) | shares             283,694    
Repurchase of common stock, average price per share (in dollars per share) | $ / shares             $ 29.92    
Repurchases of common stock             $ 8,486,000    
Common Stock | Common Class A                  
Equity, Class of Treasury Stock [Line Items]                  
Repurchases of common stock (in shares) | shares             246,206    
Common Stock | Common Class I                  
Equity, Class of Treasury Stock [Line Items]                  
Repurchases of common stock (in shares) | shares             7,574    
Common Stock | Common Class T                  
Equity, Class of Treasury Stock [Line Items]                  
Repurchases of common stock (in shares) | shares             29,914    
2025 Share Repurchase Program                  
Equity, Class of Treasury Stock [Line Items]                  
Share repurchase program, authorized amount   $ 75,000,000              
Share repurchase program, period   3 years              
Share repurchase program, authorized, annual amount   $ 25,000,000              
Repurchases of common stock (in shares) | shares           0      
Prior Share Repurchase Program                  
Equity, Class of Treasury Stock [Line Items]                  
Repurchases of common stock (in shares) | shares           304,878   0  
Stock repurchased value           $ 7,344,000      
Purchase price (in dollars per share) | $ / shares           $ 24.09      
Dutch Auction Tender Offer                  
Equity, Class of Treasury Stock [Line Items]                  
Common stock repurchases of common stock             $ 50,000,000    
Repurchase costs             $ 2,093,000    
Dutch Auction Tender Offer | Common Stock                  
Equity, Class of Treasury Stock [Line Items]                  
Repurchases of common stock (in shares) | shares             2,212,389    
Purchase price (in dollars per share) | $ / shares             $ 22.60    
At The Market Equity Offering                  
Equity, Class of Treasury Stock [Line Items]                  
Aggregate offering price                 $ 250,000,000
Number of shares issued in transaction (in shares) | shares       0   0      
Available capacity under the ATM Program       $ 250,000,000   $ 250,000,000      
Subsequent Event                  
Equity, Class of Treasury Stock [Line Items]                  
Distributions declared per common share (in dollars per share) | $ / shares $ 0.40                
v3.25.3
Stockholders' Equity - Amounts Recognized in AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance beginning $ 1,357,948 $ 1,472,911 $ 1,403,185 $ 1,494,435
Other comprehensive (loss) income (866) (11,370) (12,069) (10,617)
Balance ending 1,347,695 1,400,475 1,347,695 1,400,475
Unrealized Loss on Derivative Instruments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance beginning     11,356 16,603
Other comprehensive (loss) income before reclassification     (7,856) 2,943
Amount of income reclassified from accumulated other comprehensive (loss) income to net income     (4,213) (13,560)
Other comprehensive (loss) income     (12,069) (10,617)
Balance ending $ (713) $ 5,986 $ (713) $ 5,986
v3.25.3
Stockholders' Equity - Reclassifications Out of AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense $ (8,470) $ (5,468) $ (23,624) $ (15,955)
Income Amounts Reclassified from Accumulated Other Comprehensive Income to Net Income | Reclassification out of Accumulated Other Comprehensive Income (Loss)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense     $ (4,213) $ (13,560)
v3.25.3
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings:        
Net income attributable to common stockholders $ 11,609 $ 11,935 $ 28,105 $ 31,543
Less: Income allocated to participating securities (60) (80) (153) (171)
Net income used in basic earnings per share 11,549 11,855 27,952 31,372
Add back: Income allocated to participating securities 60 80 153 171
Net income used in diluted earnings per share $ 11,609 $ 11,935 $ 28,105 $ 31,543
Weighted Average Shares:        
Basic weighted average number of common shares outstanding (in shares) 54,876,443 55,571,298 55,049,612 56,634,376
Diluted weighted average number of common shares outstanding (in shares) 55,406,138 56,081,618 55,601,537 57,094,737
Net income per share attributable to common stockholders:        
Basic (in dollars per share) $ 0.21 $ 0.21 $ 0.51 $ 0.55
Diluted (in dollars per share) $ 0.21 $ 0.21 $ 0.51 $ 0.55
Restricted Stock        
Weighted Average Shares:        
Dilutive effect of weighted average shares (in shares) 285,845 373,047 301,588 308,968
Performance DSUs        
Weighted Average Shares:        
Dilutive effect of weighted average shares (in shares) 243,850 137,273 250,337 151,393
v3.25.3
Stock-based Compensation - Narrative (Details)
 3 Months Ended 9 Months Ended
Apr. 02, 2025
shares
Sep. 30, 2025
USD ($)
director
shares
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
shares
Sep. 30, 2024
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Increase in number of shares authorized (in shares) | shares 1,000,000        
Number of shares authorized (in shares) | shares 2,250,000        
Stock-based compensation | $   $ 1,278,000 $ 1,311,000 $ 3,807,000 $ 3,798,000
Accelerated stock-based compensation | $   0 $ 12,000 $ 19,000 $ 875,000
Restricted Stock, Time-Based          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Awards granted (in shares) | shares       109,737  
Award vesting under plan, percentage per annum       25.00%  
Unrecognized stock-based compensation expense | $   2,189,000   $ 2,189,000  
Restricted Stock, Performance-Based          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized stock-based compensation expense | $   $ 1,989,000   $ 1,989,000  
Share-based compensation arrangement by share-based payment award, performance period       3 years  
Restricted Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Awards granted (in shares) | shares   21,300      
Director | Restricted Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Awards granted (in shares) | shares   4,260      
Unrecognized stock-based compensation expense | $   $ 364,000   $ 364,000  
Number of directors | director   5      
v3.25.3
Commitments and Contingencies (Details)
legal_proceeding in Thousands, $ in Thousands
Sep. 30, 2025
USD ($)
legal_proceeding
Loss Contingencies [Line Items]  
Number of pending legal proceedings to which the company is a party | legal_proceeding 0
Dover Healthcare Facility  
Loss Contingencies [Line Items]  
Development commitment | $ $ 9,837
v3.25.3
Subsequent Events (Details) - $ / shares
 3 Months Ended 9 Months Ended
Nov. 03, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Subsequent Event [Line Items]          
Distributions declared per common share (in dollars per share)   $ 0.40 $ 0.40 $ 1.20 $ 1.20
Subsequent Event          
Subsequent Event [Line Items]          
Distributions declared per common share (in dollars per share) $ 0.40        
Annualized distribution per share (in dollars per share) $ 1.60