SILA REALTY TRUST, INC., 10-Q filed on 11/10/2022
Quarterly Report
v3.22.2.2
Cover - shares
 9 Months Ended
Sep. 30, 2022
Nov. 04, 2022
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
Document Transition Report false  
Entity File Number 000-55435  
Entity Registrant Name SILA REALTY TRUST, INC.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 46-1854011  
Entity Address, Address Line One 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 None  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001567925  
No Trading Symbol Flag true  
Current Fiscal Year End Date --12-31  
Class A    
Entity Common Stock, Shares Outstanding (in shares)   168,298,000
Class I    
Entity Common Stock, Shares Outstanding (in shares)   16,717,000
Class T    
Entity Common Stock, Shares Outstanding (in shares)   40,990,000
Class T2    
Entity Common Stock, Shares Outstanding (in shares)   0
v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Real estate:    
Land $ 166,037 $ 163,992
Buildings and improvements, less accumulated depreciation of $199,236 and $165,784, respectively 1,764,835 1,648,685
Construction in progress 0 14,628
Total real estate, net 1,930,872 1,827,305
Cash and cash equivalents 17,291 32,359
Acquired intangible assets, less accumulated amortization of $85,888 and $71,067, respectively 177,315 181,639
Goodwill 23,006 23,284
Right-of-use assets 38,580 24,033
Other assets, net 102,745 66,365
Assets held for sale 0 22,570
Total assets 2,289,809 2,177,555
Liabilities:    
Credit facility, net of deferred financing costs of $2,570 and $3,226, respectively 597,430 496,774
Accounts payable and other liabilities 28,579 39,597
Acquired intangible liabilities, less accumulated amortization of $5,550 and $4,444, respectively 12,319 12,962
Lease liabilities 41,640 26,394
Liabilities held for sale 0 698
Total liabilities 679,968 576,425
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; 240,666,572 and 238,226,119 shares issued, respectively; 225,833,531 and 224,179,939 shares outstanding, respectively 2,258 2,242
Additional paid-in capital 2,019,564 2,004,404
Distributions in excess of accumulated earnings (441,591) (400,669)
Accumulated other comprehensive income (loss) 29,610 (4,847)
Total stockholders’ equity 1,609,841 1,601,130
Total liabilities and stockholders’ equity $ 2,289,809 $ 2,177,555
v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Buildings and improvements, accumulated depreciation $ 199,236 $ 165,784
Acquired intangible assets, accumulated amortization 85,888 71,067
Credit facility, deferred financing costs 2,570 3,226
Acquired intangible liabilities, accumulated amortization $ 5,550 $ 4,444
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) 240,666,572 238,226,119
Common stock, shares outstanding (in shares) 225,833,531 224,179,939
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Rental revenue $ 46,881 $ 43,063 $ 136,081 $ 129,232
Expenses:        
Rental expenses 3,232 3,024 9,267 9,513
General and administrative expenses 6,118 6,348 20,718 19,610
Depreciation and amortization 18,641 17,259 54,443 53,098
Impairment losses 0 10,241 7,387 27,837
Total expenses 27,991 36,872 91,815 110,058
Gain on real estate disposition 0 0 460 0
Interest and other expense, net 5,498 11,737 17,942 30,035
Income (loss) from continuing operations 13,392 (5,546) 26,784 (10,861)
Income from discontinued operations 0 377,191 0 401,444
Net income attributable to common stockholders 13,392 371,645 26,784 390,583
Other comprehensive income - unrealized gain on interest rate swaps, net 16,345 2,241 34,457 9,808
Comprehensive income attributable to common stockholders $ 29,737 $ 373,886 $ 61,241 $ 400,391
Weighted average number of common shares outstanding:        
Basic (in shares) 225,638,485 223,661,774 225,052,921 223,079,613
Diluted (in shares) 226,957,015 223,661,774 226,399,118 223,079,613
Basic:        
Basic, continuing operations (in dollars per share) $ 0.06 $ (0.03) $ 0.12 $ (0.05)
Basic, discontinued operations (in dollars per share) 0 1.69 0 1.80
Net income attributable to common stockholders (in dollars per share) 0.06 1.66 0.12 1.75
Diluted:        
Diluted, continuing operations (in dollars per share) 0.06 (0.03) 0.12 (0.05)
Diluted, discontinued operations (in dollars per share) 0 1.69 0 1.80
Net income attributable to common stockholders (in dollars per share) 0.06 1.66 0.12 1.75
Distributions declared per common share (in dollars per share) $ 0.10 $ 1.86 $ 0.30 $ 2.11
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-in Capital
Distributions in Excess of Accumulated Earnings
Accumulated Other Comprehensive (Loss) Income
Balance, (in shares) at Dec. 31, 2020     222,045,522      
Balance, beginning at Dec. 31, 2020   $ 1,653,873 $ 2,220 $ 1,983,361 $ (311,264) $ (20,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock under the distribution reinvestment plan (in shares)     2,532,368      
Issuance of common stock under the distribution reinvestment plan $ 21,750 21,750 $ 25 21,725    
Vesting of restricted stock (in shares)     21,386      
Stock-based compensation   1,756   1,756    
Distribution and servicing fees   649   649    
Repurchase of common stock (in shares)     (772,581)      
Repurchase of common stock   (6,564) $ (7) (6,557)    
Distributions to common stockholders   (470,251)     (470,251)  
Other comprehensive income (loss)   9,808       9,808
Net income $ 390,583 390,583     390,583  
Balance, (in shares) at Sep. 30, 2021     223,826,695      
Balance, ending at Sep. 30, 2021   1,601,604 $ 2,238 2,000,934 (390,932) (10,636)
Balance, (in shares) at Jun. 30, 2021     223,285,587      
Balance, beginning at Jun. 30, 2021   1,638,713 $ 2,233 1,995,298 (345,941) (12,877)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock under the distribution reinvestment plan (in shares)     826,280      
Issuance of common stock under the distribution reinvestment plan   6,917 $ 8 6,909    
Vesting of restricted stock (in shares)     18,075      
Stock-based compensation   637   637    
Distribution and servicing fees   573   573    
Repurchase of common stock (in shares)     (303,247)      
Repurchase of common stock   (2,486) $ (3) (2,483)    
Distributions to common stockholders   (416,636)     (416,636)  
Other comprehensive income (loss)   2,241       2,241
Net income   371,645     371,645  
Balance, (in shares) at Sep. 30, 2021     223,826,695      
Balance, ending at Sep. 30, 2021   1,601,604 $ 2,238 2,000,934 (390,932) (10,636)
Balance, (in shares) at Dec. 31, 2021 224,179,939   224,179,939      
Balance, beginning at Dec. 31, 2021   1,601,130 $ 2,242 2,004,404 (400,669) (4,847)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock under the distribution reinvestment plan (in shares)     2,265,628      
Issuance of common stock under the distribution reinvestment plan $ 18,594 18,594 $ 23 18,571    
Vesting of restricted stock (in shares)     174,825      
Stock-based compensation   3,034 $ 1 3,033    
Repurchase of common stock (in shares)     (786,861)      
Repurchase of common stock   (6,452) $ (8) (6,444)    
Distributions to common stockholders   (67,706)     (67,706)  
Other comprehensive income (loss)   34,457       34,457
Net income $ 26,784 26,784     26,784  
Balance, (in shares) at Sep. 30, 2022 225,833,531   225,833,531      
Balance, ending at Sep. 30, 2022   1,609,841 $ 2,258 2,019,564 (441,591) 29,610
Balance, (in shares) at Jun. 30, 2022     225,240,223      
Balance, beginning at Jun. 30, 2022   1,597,668 $ 2,252 2,014,252 (432,101) 13,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock under the distribution reinvestment plan (in shares)     767,755      
Issuance of common stock under the distribution reinvestment plan   6,304 $ 8 6,296    
Vesting of restricted stock (in shares)     50,689      
Stock-based compensation   860   860    
Repurchase of common stock (in shares)     (225,136)      
Repurchase of common stock   (1,846) $ (2) (1,844)    
Distributions to common stockholders   (22,882)     (22,882)  
Other comprehensive income (loss)   16,345       16,345
Net income   13,392     13,392  
Balance, (in shares) at Sep. 30, 2022 225,833,531   225,833,531      
Balance, ending at Sep. 30, 2022   $ 1,609,841 $ 2,258 $ 2,019,564 $ (441,591) $ 29,610
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income attributable to common stockholders $ 26,784 $ 390,583
Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities:    
Depreciation and amortization 54,443 64,857
Amortization of deferred financing costs 1,267 2,761
Amortization of above- and below-market leases 362 (1,239)
Other amortization expenses 1,989 2,159
Gain on real estate disposition from continuing operations (460) 0
Gain on real estate dispositions of discontinued operations 0 (395,801)
Loss on extinguishment of debt 3,367 28,751
Impairment losses 7,387 27,837
Straight-line rent adjustments (7,530) (12,492)
Stock-based compensation 3,034 1,756
Changes in operating assets and liabilities:    
Accounts payable and other liabilities (2,770) (7,172)
Other assets 1,158 2,816
Net cash provided by operating activities 89,031 104,816
Cash flows from investing activities:    
Investment in real estate (157,194) (25,048)
Consideration paid for the internalization transaction 0 (15,000)
Proceeds from real estate disposition 22,822 1,295,367
Capital expenditures (7,577) (20,323)
Change in deposits and other costs for investments in real estate 0 (400)
Collection of notes receivable 0 28,500
Net cash (used in) provided by investing activities (141,949) 1,263,096
Cash flows from financing activities:    
Payments on notes payable 0 (453,422)
Proceeds from credit facility 845,000 15,000
Payments on credit facility (745,000) (433,000)
Payments for extinguishment of debt (4) (29,244)
Payments of deferred financing costs (6,936) (436)
Repurchase of common stock (6,452) (6,564)
Offering costs on issuance of common stock (193) (1,807)
Distributions to common stockholders (48,920) (450,143)
Net cash provided by (used in) financing activities 37,495 (1,359,616)
Net change in cash, cash equivalents and restricted cash (15,423) 8,296
Cash, cash equivalents and restricted cash - Beginning of period 32,880 67,909
Cash, cash equivalents and restricted cash - End of period 17,457 76,205
Supplemental cash flow disclosure:    
Interest paid, net of interest capitalized of $48 and $296, respectively 12,451 34,142
Supplemental disclosure of non-cash transactions:    
Common stock issued through distribution reinvestment plan 18,594 21,750
Change in accrued distributions to common stockholders 192 (1,642)
Change in accounts payable and other liabilities related to capital expenditures (3,295) 605
Right-of-use assets obtained in exchange for new operating lease liabilities $ 15,305 $ 625
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Statement of Cash Flows [Abstract]    
Interest capitalized $ 48 $ 296
v3.22.2.2
Organization and Business Operations
 9 Months Ended
Sep. 30, 2022
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, for federal income tax purposes. The Company invests in high-quality healthcare properties leased to long-term tenants. The Company is primarily focused on investing in and managing strategic healthcare assets across the continuum of care, with emphasis on lower cost patient settings, which, the Company believes, typically generate predictable, durable and growing income streams. The Company may also make other real estate-related investments in healthcare properties, 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 through its wholly-owned subsidiaries, owns 100% of the Operating Partnership.
The Company formerly invested in data center properties and during the second quarter of 2021, the Company's board of directors, or the Board, made a determination to sell the Company's data center properties. On May 19, 2021, the Company and certain of its wholly-owned subsidiaries entered into a purchase and sale agreement, or the PSA, for the sale of up to 29 data center properties owned by the Company, which constituted the entirety of the Company's data center segment. The decision of the Board to sell the data center properties, as well as the execution of the PSA, represented a strategic shift that had a major effect on the Company's results and operations for the periods presented. As of December 31, 2021, the Company had no assets or liabilities related to the data center segment. The operations of the data center segment have been classified as income from discontinued operations on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2021.
On July 22, 2021, the Company completed the sale of its data center segment, or the Data Center Sale, for an aggregate sale price of $1,320,000,000, and generated net proceeds of approximately $1,295,367,000. Concurrently, the Board declared a special cash distribution of $1.75 per share of Class A, Class I, Class T and Class T2 shares of common stock. The special cash distribution was funded with the proceeds from the Data Center Sale. The special cash distribution was paid on July 30, 2021 to stockholders of record at the close of business on July 26, 2021, in an aggregate amount of approximately $392,685,000.
Except as the context otherwise requires, the “Company” refers to Sila Realty Trust, Inc., the Operating Partnership and their wholly-owned subsidiaries.
v3.22.2.2
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2022
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, 2021, and related notes thereto set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on March 29, 2022. 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, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
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.
Restricted Cash
Restricted cash consists of cash held in escrow accounts for tenant and capital improvements in accordance with the respective tenants' lease agreement. Restricted cash is reported in other assets, net, 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,
20222021
Beginning of period:
Cash and cash equivalents$32,359 $53,174 
Restricted cash521 14,735 
Cash, cash equivalents and restricted cash$32,880 $67,909 
End of period:
Cash and cash equivalents$17,291 $75,363 
Restricted cash166 

842 
Cash, cash equivalents and restricted cash$17,457 $76,205 
Reclassifications
Certain amounts in the condensed consolidated financial statements for prior periods have been reclassified to conform to the current period presentation.
v3.22.2.2
Real Estate Investments
 9 Months Ended
Sep. 30, 2022
Real Estate [Abstract]  
Real Estate Investments Real Estate Investments
2022 Real Estate Property Acquisitions
During the nine months ended September 30, 2022, the Company purchased seven real estate properties in five separate transactions, or the 2022 Acquisitions, which were each determined to be asset acquisitions. The Company allocated the purchase price of the 2022 Acquisitions to tangible assets, consisting of land, building and improvements, tenant improvements, and acquired intangible assets and liabilities, consisting of in-place and above and below market leases, based on the relative fair value method of allocating all accumulated costs.
The following table summarizes the consideration transferred for the 2022 Acquisitions during the nine months ended September 30, 2022:
Property Description Date AcquiredOwnership PercentagePurchase Price
(amount in thousands)
Yukon Healthcare Facility03/10/2022100%$19,554 
Pleasant Hills Healthcare Facility05/12/2022100%14,303 
Prosser Healthcare Facilities (1)
05/20/2022100%8,593 
Tampa Healthcare Facility II07/20/2022100%51,259 
Escondido Healthcare Facility07/21/2022100%63,485 
Total $157,194 
(1)     The Prosser Healthcare Facilities consist of three healthcare properties.
The following table summarizes the Company's purchase price allocation of the 2022 Acquisitions during the nine months ended September 30, 2022 (amounts in thousands):
Total
Land$2,646 
Building and improvements136,938 
Tenant improvements4,840 
In-place leases12,779 
Above-market leases454 
Total assets acquired157,657 
Below-market leases(463)
Net assets acquired$157,194 
Acquisition costs associated with transactions determined to be asset acquisitions are capitalized. The Company capitalized acquisition costs of approximately $617,000 related to the 2022 Acquisitions, which are included in the Company's allocation of the real estate acquisitions presented above.
2022 Real Estate Property Disposition
On February 10, 2022, the Company sold one land parcel that formerly contained a healthcare property, or the 2022 Disposition, for an aggregate sale price of $24,000,000 and generated net proceeds of $22,701,000. For the nine months ended September 30, 2022, the Company recognized an aggregate gain on sale of $460,000, which is presented in gain on real estate disposition in the condensed consolidated statements of comprehensive income.
Concentration of Credit Risk and Significant Leases
As of September 30, 2022, the Company had one exposure to geographic concentration that accounted for greater than 10.0% of rental revenue for the nine months ended September 30, 2022. Real estate investments located in the Houston-The Woodlands-Sugar Land, Texas metropolitan statistical area accounted for 10.9% of rental revenue for the nine months ended September 30, 2022.
As of September 30, 2022, the Company had one exposure to tenant concentration that accounted for greater than 10.0% of rental revenue for the nine months ended September 30, 2022. The leases with tenants at healthcare properties under common control of Post Acute Medical, LLC and its affiliates accounted for 14.2% of rental revenue for the nine months ended September 30, 2022.
Impairments of Real Estate, Goodwill, Acquired Intangible Assets and Acquired Intangible Liabilities
During the nine months ended September 30, 2022, the Company recorded an impairment loss on real estate, including goodwill, in the aggregate amount of $7,387,000 related to a healthcare property. The fair value of this property was determined based on a market approach model using a signed purchase and sale agreement to estimate the fair value and classified within Level 2 of the fair value hierarchy. In addition, during the nine months ended September 30, 2022, the Company recognized an impairment of one in-place lease intangible asset in the amount of approximately $380,000 related to a tenant in this property. During the three months ended September 30, 2022, the Company did not have impairment of real estate, goodwill, acquired intangible assets or acquired intangible liabilities.
During the three months ended September 30, 2021, the Company recorded an impairment loss on real estate in the amount of $10,241,000 related to one healthcare property for which the carrying value exceeded the estimated fair value.
During the three months ended September 30, 2021, the Company did not have impairment of goodwill, acquired intangible assets or acquired intangible liabilities.
During the nine months ended September 30, 2021, the Company recorded impairment losses on real estate, including goodwill, in the aggregate amount of $27,837,000 related to one healthcare property held for use, one healthcare property classified as held for sale and one land parcel that formerly contained a healthcare property classified as held for sale, for which the carrying values exceeded the estimated fair values less costs to sell. The fair value of the properties with impairment charges during the three and nine months September 30, 2021, were determined based on a market approach model using comparable properties adjusted for differences in characteristics to estimate the fair value and classified within Level 2 of the fair value hierarchy. During the nine months ended September 30, 2021, the Company recognized an impairment of one in-place lease intangible asset in the amount of approximately $1,120,000 related to one healthcare tenant. The impaired properties for the three and nine months ended September 30, 2021 have all been subsequently sold.
During the nine months ended September 30, 2021, the Company did not have impairment of acquired intangible liabilities.
Impairment charges on real estate and goodwill are recorded as impairment losses in the accompanying condensed consolidated statements of comprehensive income. Impairment of the in-place leases is included in depreciation and amortization in the accompanying condensed consolidated statements of comprehensive income.
v3.22.2.2
Held for Sale and Discontinued Operations
 9 Months Ended
Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Held for Sale and Discontinued Operations Held for Sale and Discontinued Operations
On August 30, 2021, the Company entered into a purchase and sale agreement for the sale of one land parcel that formerly contained a healthcare property. The purchase and sale agreement required that the structures on the healthcare property be demolished prior to the sale. The structures on the property were demolished and the property consisted solely of land as of December 31, 2021. The Company classified the land as held for sale as of December 31, 2021. The Company sold the land held for sale on February 10, 2022.
The following table presents the major classes of the assets and liabilities held for sale as presented separately in the condensed consolidated balance sheet as of December 31, 2021 (amounts in thousands):
December 31, 2021
Assets:
Real estate:
Land$22,241 
Buildings and improvements, net— 
Total real estate, net22,241 
Other assets, net329 
Assets held for sale$22,570 
Liabilities:
Accounts payable and other liabilities698 
Liabilities held for sale$698 
The operations reflected in income from discontinued operations (which consisted solely of the Company's former data center segment) on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2021, were as follows (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
20212021
Revenue:
Rental revenue$6,180 $57,903 
Lease termination revenue75 7,075 
Total revenue6,255 64,978 
Expenses:
Rental expenses2,504 15,737 
Depreciation and amortization35 11,759 
Total expenses2,539 27,496 
Interest and other expense, net (1)
25,085 31,839 
Income from discontinued operations(21,369)5,643 
Gain on real estate dispositions(2)
398,560 395,801 
Net income from discontinued operations attributable to common stockholders$377,191 $401,444 
(1)    Interest expense attributable to discontinued operations for the three and nine months ended September 30, 2021 was $25,085,000 and $31,856,000, respectively, which related to notes payable on certain data center properties. On July 22, 2021, in connection with the Data Center Sale, the Company paid off all data center and healthcare related notes payable, with an outstanding principal balance of $450,806,000 at the time of repayment.
(2)    Represents gain on real estate dispositions related to the Data Center Sale that occurred on July 22, 2021. The Company recognized $2,759,000 in transaction costs during the second quarter of 2021, resulting in the total gain being higher during the three months ended September 30, 2021.
Capital expenditures on a cash basis for the nine months ended September 30, 2021, were $2,215,000, related to properties classified within discontinued operations.
There were no significant non-cash operating or investing activities for the properties classified within discontinued operations for the nine months ended September 30, 2021.
v3.22.2.2
Acquired Intangible Assets, Net
 9 Months Ended
Sep. 30, 2022
Finite-Lived Intangible Assets, Net [Abstract]  
Acquired Intangible Assets, Net Acquired Intangible Assets, Net
Acquired intangible assets, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts):
 September 30, 2022December 31, 2021
In-place leases, net of accumulated amortization of $79,932 and $66,579, respectively (with a weighted average remaining life of 9.1 years and 9.5 years, respectively)
$164,702 $168,012 
Above-market leases, net of accumulated amortization of $5,956 and $4,488, respectively (with a weighted average remaining life of 8.1 years and 8.8 years, respectively)
12,613 13,627 
$177,315 $181,639 
The aggregate weighted average remaining life of the acquired intangible assets was 9.1 years and 9.5 years as of September 30, 2022 and December 31, 2021, respectively.
Amortization of acquired intangible assets was $5,839,000 and $5,507,000 for the three months ended September 30, 2022 and 2021, respectively, and $17,557,000 and $17,624,000 for the nine months ended September 30, 2022 and 2021, respectively. Amortization of in-place leases is included in depreciation and amortization, and amortization of above-market leases is recorded as an adjustment to rental revenue in the accompanying condensed consolidated statements of comprehensive income.
v3.22.2.2
Acquired Intangible Liabilities, Net
 9 Months Ended
Sep. 30, 2022
Intangible Lease Liabilities, Net [Abstract]  
Acquired Intangible Liabilities, Net Acquired Intangible Liabilities, Net
Acquired intangible liabilities, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts):
September 30, 2022December 31, 2021
Below-market leases, net of accumulated amortization of $5,550 and $4,444, respectively (with a weighted average remaining life of 8.6 years and 9.3 years, respectively)
$12,319 $12,962 
Amortization of below-market leases was $373,000 and $338,000 for the three months ended September 30, 2022 and 2021, respectively, and $1,106,000 and $979,000 for the nine months ended September 30, 2022 and 2021, respectively. Amortization of below-market leases is recorded as an adjustment to rental revenue in the accompanying condensed consolidated statements of comprehensive income.
v3.22.2.2
Leases
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases Leases
Lessor
Rental Revenue
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
Three months ending December 31, 2022$42,292 
2023172,586 
2024173,961 
2025170,002 
2026163,163 
Thereafter1,096,932 
Total$1,818,936 
Lessee
The Company is subject to various non-cancellable operating ground lease agreements and a finance ground lease agreement on which certain of its properties reside. In addition, the Company has non-cancellable corporate-related operating leases.
The Company's operating leases and the finance lease do not provide an implicit interest rate. In order to calculate the present value of the remaining operating and finance lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, 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 or finance leases.
The Company's right-of-use assets classified as operating leases and finance lease are recorded in right-of-use assets on the condensed consolidated balance sheets.
As of September 30, 2022, the Company's IBRs for its operating leases were between 2.5% and 6.4%, with a weighted average IBR of 5.5%. The weighted average remaining lease term for the Company's operating leases was 37.4 years and 36.1 years as of September 30, 2022 and December 31, 2021, respectively.
As of September 30, 2022, the Company's IBR for its finance lease was 5.3%. The remaining lease term for the Company's finance lease was 41.7 years and 42.4 years as of September 30, 2022 and December 31, 2021, respectively.
The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
YearOperatingFinance
Three months ending December 31, 2022$622 $34 
20232,539 136 
20242,606 141 
20252,625 143 
20262,572 143 
Thereafter103,696 6,441 
Total undiscounted rental payments114,660 7,038 
Less imputed interest(75,671)(4,387)
Total lease liabilities$38,989 $2,651 
The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
Location in Condensed Consolidated Statements of Comprehensive Income2022202120222021
Operating lease costs:
Ground lease costsRental expenses$575 $422 $1,442 $1,266 
Ground lease costs (1)
Income from discontinued operations— 25 — 414 
Corporate operating lease costsGeneral and administrative expenses182 297 559 825 
Finance lease costs:
Amortization of right-of-use assetDepreciation and amortization$5 $5 $15 $14 
Interest on lease liabilityInterest and other expense, net35 35 105 102 
(1)Amount relates to lease costs attributable to operating ground leases related to data center properties disposed of in the Data Center Sale on July 22, 2021.
Leases Leases
Lessor
Rental Revenue
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
Three months ending December 31, 2022$42,292 
2023172,586 
2024173,961 
2025170,002 
2026163,163 
Thereafter1,096,932 
Total$1,818,936 
Lessee
The Company is subject to various non-cancellable operating ground lease agreements and a finance ground lease agreement on which certain of its properties reside. In addition, the Company has non-cancellable corporate-related operating leases.
The Company's operating leases and the finance lease do not provide an implicit interest rate. In order to calculate the present value of the remaining operating and finance lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, 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 or finance leases.
The Company's right-of-use assets classified as operating leases and finance lease are recorded in right-of-use assets on the condensed consolidated balance sheets.
As of September 30, 2022, the Company's IBRs for its operating leases were between 2.5% and 6.4%, with a weighted average IBR of 5.5%. The weighted average remaining lease term for the Company's operating leases was 37.4 years and 36.1 years as of September 30, 2022 and December 31, 2021, respectively.
As of September 30, 2022, the Company's IBR for its finance lease was 5.3%. The remaining lease term for the Company's finance lease was 41.7 years and 42.4 years as of September 30, 2022 and December 31, 2021, respectively.
The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
YearOperatingFinance
Three months ending December 31, 2022$622 $34 
20232,539 136 
20242,606 141 
20252,625 143 
20262,572 143 
Thereafter103,696 6,441 
Total undiscounted rental payments114,660 7,038 
Less imputed interest(75,671)(4,387)
Total lease liabilities$38,989 $2,651 
The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
Location in Condensed Consolidated Statements of Comprehensive Income2022202120222021
Operating lease costs:
Ground lease costsRental expenses$575 $422 $1,442 $1,266 
Ground lease costs (1)
Income from discontinued operations— 25 — 414 
Corporate operating lease costsGeneral and administrative expenses182 297 559 825 
Finance lease costs:
Amortization of right-of-use assetDepreciation and amortization$5 $5 $15 $14 
Interest on lease liabilityInterest and other expense, net35 35 105 102 
(1)Amount relates to lease costs attributable to operating ground leases related to data center properties disposed of in the Data Center Sale on July 22, 2021.
Leases Leases
Lessor
Rental Revenue
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
Three months ending December 31, 2022$42,292 
2023172,586 
2024173,961 
2025170,002 
2026163,163 
Thereafter1,096,932 
Total$1,818,936 
Lessee
The Company is subject to various non-cancellable operating ground lease agreements and a finance ground lease agreement on which certain of its properties reside. In addition, the Company has non-cancellable corporate-related operating leases.
The Company's operating leases and the finance lease do not provide an implicit interest rate. In order to calculate the present value of the remaining operating and finance lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, 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 or finance leases.
The Company's right-of-use assets classified as operating leases and finance lease are recorded in right-of-use assets on the condensed consolidated balance sheets.
As of September 30, 2022, the Company's IBRs for its operating leases were between 2.5% and 6.4%, with a weighted average IBR of 5.5%. The weighted average remaining lease term for the Company's operating leases was 37.4 years and 36.1 years as of September 30, 2022 and December 31, 2021, respectively.
As of September 30, 2022, the Company's IBR for its finance lease was 5.3%. The remaining lease term for the Company's finance lease was 41.7 years and 42.4 years as of September 30, 2022 and December 31, 2021, respectively.
The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
YearOperatingFinance
Three months ending December 31, 2022$622 $34 
20232,539 136 
20242,606 141 
20252,625 143 
20262,572 143 
Thereafter103,696 6,441 
Total undiscounted rental payments114,660 7,038 
Less imputed interest(75,671)(4,387)
Total lease liabilities$38,989 $2,651 
The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
Location in Condensed Consolidated Statements of Comprehensive Income2022202120222021
Operating lease costs:
Ground lease costsRental expenses$575 $422 $1,442 $1,266 
Ground lease costs (1)
Income from discontinued operations— 25 — 414 
Corporate operating lease costsGeneral and administrative expenses182 297 559 825 
Finance lease costs:
Amortization of right-of-use assetDepreciation and amortization$5 $5 $15 $14 
Interest on lease liabilityInterest and other expense, net35 35 105 102 
(1)Amount relates to lease costs attributable to operating ground leases related to data center properties disposed of in the Data Center Sale on July 22, 2021.
v3.22.2.2
Other Assets, Net
 9 Months Ended
Sep. 30, 2022
Other Assets [Abstract]  
Other Assets, Net Other Assets, Net
Other assets, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands):

 September 30, 2022December 31, 2021
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $635 and $8,332, respectively
$3,432 $482 
Leasing commissions, net of accumulated amortization of $151 and $121, respectively
792 780 
Restricted cash166 521 
Tenant receivables1,637 1,851 
Straight-line rent receivable63,255 55,725 
Prepaid and other assets3,739 4,835 
Derivative assets29,724 2,171 
$102,745 $66,365 
v3.22.2.2
Accounts Payable and Other Liabilities
 9 Months Ended
Sep. 30, 2022
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, 2022 and December 31, 2021 (amounts in thousands):
 September 30, 2022December 31, 2021
Accounts payable and accrued expenses$5,482 $9,409 
Accrued interest expense1,563 1,626 
Accrued property taxes2,794 2,913 
Accrued personnel costs3,138 4,198 
Distribution and servicing fees— 182 
Distributions payable to stockholders7,456 7,355 
Performance DSUs distributions payable485 394 
Tenant deposits877 802 
Deferred rental income6,784 7,100 
Derivative liabilities— 5,618 
$28,579 $39,597 
v3.22.2.2
Credit Facility
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Credit Facility Credit Facility
The Company's outstanding credit facility as of September 30, 2022 and December 31, 2021 consisted of the following (amounts in thousands):
September 30, 2022December 31, 2021
Variable rate revolving line of credit25,000 — 
Variable rate term loans fixed through interest rate swaps485,000 400,000 
Variable rate term loans90,000 100,000 
Total credit facility, principal amount outstanding600,000 500,000 
Unamortized deferred financing costs related to the term loan credit facility(2,570)(3,226)
Total credit facility, net of deferred financing costs$597,430 $496,774 
Significant activities regarding the credit facility during the nine months ended September 30, 2022, include:
•On February 15, 2022, the Company, the Operating Partnership and certain of the Company's subsidiaries, entered into a senior unsecured revolving credit agreement, or the Revolving Credit Agreement, with Truist Bank, as Administrative Agent for the lenders, for aggregate commitments available of up to $500,000,000, which may be increased, subject to lender approval, through incremental term loans and/or revolving loan commitments in an aggregate amount not to exceed $1,000,000,000. The maturity date for the Revolving Credit Agreement is February 15, 2026, 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 the payment of an extension fee. The 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 April 27, 2022, with the option to extend for one twelve-month period. The Company did not exercise the option to extend. Upon closing of the Revolving Credit Agreement, the Company extinguished all commitments associated with the prior revolving line of credit. Simultaneously with the Revolving Credit Agreement’s execution, on February 15, 2022, the Company, the Operating Partnership, and certain of the Company's subsidiaries, entered into the senior unsecured term loan agreement, or the 2024 Term Loan Agreement, with Truist Bank, as Administrative Agent for the lenders. The 2024 Term Loan Agreement was fully funded at closing, and is made up of aggregate commitments of $300,000,000, which may be increased, subject to lender approval, to an aggregate amount not to exceed $600,000,000. The 2024 Term Loan Agreement has a maturity date of December 31, 2024, and, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee. The 2024 Term Loan Agreement was entered into to replace the Company's prior term loan, which was paid off in its entirety upon closing of the Revolving Credit Agreement and the 2024 Term Loan Agreement.
•In connection with the repayment of our prior credit facility, the Company recognized a loss on extinguishment of debt of $3,367,000 during the nine months ended September 30, 2022, which included loan costs in the amount of $4,000 and accelerated unamortized debt issuance costs of $3,363,000. The loss on extinguishment of debt was recognized in interest and other expense, net, in the accompanying condensed consolidated statements of comprehensive income.
•On April 8, 2022, the Company entered into five interest rate swap agreements, two of which have an effective date of May 2, 2022 and an aggregate notional amount of $85,000,000, and three of which have an effective date of May 1, 2023 and an aggregate notional amount of $150,000,000.
•On May 17, 2022, the Company, the Operating Partnership and certain of the Company’s subsidiaries, entered into a new senior unsecured term loan agreement, or the 2028 Term Loan Agreement, with Truist Bank, as Administrative Agent for the lenders, for aggregate commitments of up to $275,000,000, of which $205,000,000 was drawn at closing to pay down the Company’s Revolving Credit Agreement in its entirety. The remainder of the commitments were available for three months following the closing date, or the Availability Period, and were available in no more than three subsequent draws with a minimum of $20,000,000 per draw, or the remaining commitments available. After the Availability Period, the undrawn portion was no longer available. If the committed amount was not fully drawn within 60 days of closing, the Company was required to pay a fee to the lenders, calculated as 0.25% per annum on the average daily amount of the undrawn portion, payable quarterly in arrears, until the earlier of (i) the date when the commitments have been funded in full, or (ii) August 17, 2022. The 2028 Term Loan Agreement may be increased, subject to lender approval, to an aggregate amount not to exceed $500,000,000 and has a maturity date of January 31, 2028. The 2028 Term Loan Agreement is pari passu with the Company’s Revolving Credit Agreement and 2024 Term Loan Agreement. The Company refers to the 2028 Term Loan Agreement, the Revolving Credit Agreement and the 2024 Term Loan Agreement, collectively, as the “Unsecured Credit Facility,” which has aggregate commitments available of $1,075,000,000. At the Company’s election, loans under the Unsecured Credit Facility may be made as Base Rate Loans or Secured Overnight Financing Rate, or SOFR, Loans. The applicable margin for loans that are Base Rate Loans is
adjustable based on a total leverage ratio, ranging from 0.25% to 0.90%. The applicable margin for loans that are SOFR Loans is adjustable based on a total leverage ratio, ranging from 1.25% to 1.90%. In addition to interest, the Company is required to pay a fee on the unused portion of the lenders’ commitments under the Revolving Credit Agreement at a rate per annum equal to 0.20% if the average daily amount outstanding under the Revolving Credit Agreement is less than 50% of the aggregate commitments, or 0.15% if the average daily amount outstanding under the Revolving Credit Agreement is equal to or greater than 50% of the aggregate commitments. The unused fee is payable quarterly in arrears.
•On July 12, 2022 and July 20, 2022, the Company drew $50,000,000 and $20,000,000, respectively, on the 2028 Term Loan Agreement, to fund acquisitions. As of July 20, 2022, the 2028 Term Loan Agreement commitments were fully funded.
•During the nine months ended September 30, 2022, the Company drew $70,000,000 on the Revolving Credit Agreement to fund acquisitions and repaid $40,000,000 on the Revolving Credit Agreement, with proceeds from dispositions and cash flows from operations.
The principal payments due on the Unsecured Credit Facility as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
Three months ending December 31, 2022$— 
2023— 
2024300,000 
2025— 
202625,000 
Thereafter275,000 
$600,000 
v3.22.2.2
Fair Value
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Credit facility—The outstanding principal of the credit facility was $600,000,000 and $500,000,000, which approximated its fair value due to the variable nature of the terms as of September 30, 2022 and December 31, 2021, 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—Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amount the Company could realize, or be liable for, on disposition of the financial instruments. The Company determined that the majority of the inputs used to value its interest rate swaps fall within Level 2 of the fair value hierarchy. The credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the respective counterparty. However, as of September 30, 2022, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. See Note 12—"Derivative Instruments and Hedging Activities" for further discussion of the Company's derivative instruments.
The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (amounts in thousands):
 September 30, 2022
 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$— $29,724 $— $29,724 
Total assets at fair value$— $29,724 $— $29,724 
 December 31, 2021
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total Fair
Value
Assets:
Derivative assets$— $2,171 $— $2,171 
Total assets at fair value$— $2,171 $— $2,171 
Liabilities:
Derivative liabilities$— $5,618 $— $5,618 
Total liabilities at fair value$— $5,618 $— $5,618 
Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets, net, and accounts payable and other liabilities, respectively.
v3.22.2.2
Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreements without exchange of the underlying notional amount.
Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges to hedge the variability of the anticipated cash flows on its variable rate credit facility. Changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in accumulated other comprehensive income (loss) in the accompanying condensed consolidated statements of stockholders' equity and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
In connection with the Data Center Sale on July 22, 2021, the Company terminated eight interest rate swap agreements related to mortgage notes fixed through interest rate swaps. Prior to the termination of the eight interest rate swaps, the Company de-designated and then formally re-designated these hedged transactions. During the three and nine months ended September 30, 2022, as the hedged forecasted transactions affected earnings, the Company reclassified approximately $291,000 and $1,274,000, respectively, from accumulated other comprehensive income (loss) to interest and other expense, net, related to the swap terminations, in the accompanying condensed consolidated statements of comprehensive income.
Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest and other expense, net, as interest is incurred on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $15,406,000 will be reclassified from accumulated other comprehensive income (loss) as an increase to earnings.
The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands):
Derivatives
Designated as
Hedging
Instruments		Balance
Sheet
Location
Effective
Dates (2), (3)
Maturity
Dates (2)
September 30, 2022December 31, 2021
Outstanding
Notional
Amount (2)
Fair Value ofOutstanding
Notional
Amount		Fair Value of
Assets(Liabilities)Assets(Liabilities)
Interest rate swaps(1)05/01/2022 to
05/01/2023		04/27/2023 to
01/31/2028		$485,000 $29,724 $— $400,000 $2,171 $(5,618)
(1)     Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets, net, and accounts payable and other liabilities, respectively.
(2)    During the three months ended June 30, 2022, the Company entered into three interest rate swap agreements with an aggregate notional amount of $150,000,000, that have an effective date of May 1, 2023, to replace two interest rate swaps with an aggregate notional amount of $150,000,000 that have a maturity date of April 27, 2023.
(3)    In May 2022, the Company entered into bilateral agreements with its swap counterparties to transition all of its interest rate swap agreements to SOFR. As of June 30, 2022, all of the Company's interest rate swap agreements were indexed to SOFR.
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 losses recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2022 and 2021 (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 (Loss) to
Net Income		Amount of Income (Loss)
Reclassified From
Accumulated Other
Comprehensive Income (Loss) to
Net Income		Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income
Three Months Ended September 30, 2022
Interest rate swaps - continuing operations$16,724 Interest and other expense, net$379 $5,498 
Three Months Ended September 30, 2021
Interest rate swaps - continuing operations$(253)Interest and other expense, net$(1,952)$11,737 
Interest rate swaps - discontinued operations— Income from discontinued operations(542)377,191 
Total$(253)$(2,494)
Nine Months Ended September 30, 2022
Interest rate swaps - continuing operations$31,545 Interest and other expense, net$(2,912)$17,942 
Nine Months Ended September 30, 2021
Interest rate swaps - continuing operations$2,555 Interest and other expense, net$(5,643)$30,035 
Interest rate swaps - discontinued operations(37)Income from discontinued operations(1,647)401,444 
Total$2,518 $(7,290)
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, 2022, the Company had no derivatives with fair value in a net liability position, inclusive of accrued interest but excluding any adjustment for nonperformance risk related to the agreement. As of September 30, 2022, 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, 2022 and December 31, 2021 (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, 2022$29,724 $— $29,724 $— $— $29,724 
December 31, 2021$2,171 $— $2,171 $(1,023)$— $1,148 
Offsetting of Derivative Liabilities    
    Gross Amounts Not Offset in the Balance Sheet 
 Gross
Amounts of
Recognized
Liabilities		Gross Amounts
Offset in the
Balance Sheet		Net Amounts of
Liabilities
Presented in the
Balance Sheet		Financial Instruments
Collateral		Cash CollateralNet
Amount
September 30, 2022$— $— $— $— $— $— 
December 31, 2021$5,618 $— $5,618 $(1,023)$— $4,595 
v3.22.2.2
Stockholders' Equity
 9 Months Ended
Sep. 30, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchase Program
The Company’s Amended and Restated Share Repurchase Program, or SRP, allows for repurchases of shares of the Company’s common stock upon meeting certain criteria. The SRP provides that all repurchases during any calendar year, including those redeemable upon death or a "Qualifying Disability" (as defined in the Company's SRP) of a stockholder, be limited to those that can be funded with equivalent proceeds raised from the DRIP during the prior calendar year and other operating funds, if any, as the Board, in its sole discretion, may reserve for this purpose.
Repurchases of shares of the Company’s common stock are at the sole discretion of the Board, provided, however, that the Company limits the number of shares repurchased during any calendar year to 5.0% of the total number of shares of common stock outstanding as of December 31st of the previous calendar year. The SRP is subject to terms and limitations, including, but not limited to, quarterly share limitations, an annual 5.0% share limitation and DRIP funding limitations and any amendments to the plan, as more fully described below. In addition, the Board, in its sole discretion, may suspend (in whole or in part) the SRP at any time, and may amend, reduce, terminate or otherwise change the SRP upon 30 days' prior notice to the Company’s stockholders for any reason it deems appropriate.
The Company will currently only repurchase shares due to death and involuntary exigent circumstances in accordance with the SRP, subject in each case to the terms and limitations of the SRP. Under the SRP, the Company may waive certain of the terms and requirements of the SRP in the event of the death of a stockholder who is a natural person, including shares held through an Individual Retirement Account or other retirement or profit-sharing plan, and certain trusts meeting the requirements of the SRP. The Company may also waive certain of the terms and requirements of the SRP in the event of an involuntary exigent circumstance, as determined by the Company or any of the executive officers thereof, in its or their sole discretion. See Part II, Item 2. "Unregistered Sales of Equity Securities" for more information on the Company's SRP.
During the nine months ended September 30, 2022, the Company repurchased 786,861 Class A shares, Class I shares and Class T shares of common stock (690,494 Class A shares, 20,905 Class I shares and 75,462 Class T shares), for an aggregate purchase price of approximately $6,452,000 (an average of $8.20 per share). During the nine months ended September 30, 2021, the Company repurchased 772,581 Class A shares, Class I shares and Class T shares of common stock (715,406 Class A shares, 8,322 Class I shares and 48,853 Class T shares), for an aggregate purchase price of approximately $6,564,000 (an average of $8.50 per share).
Accumulated Other Comprehensive Income (Loss)
The following table presents a rollforward of amounts recognized in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2022 and 2021 (amounts in thousands):
Unrealized Income
on Derivative
Instruments
Balance as of December 31, 2021$(4,847)
Other comprehensive income before reclassification31,545 
Amount of loss reclassified from accumulated other comprehensive income (loss) to net income2,912 
Other comprehensive income34,457 
Balance as of September 30, 2022$29,610 
Unrealized Income
 on Derivative
Instruments
Balance as of December 31, 2020$(20,444)
Other comprehensive income before reclassification2,518 
Amount of loss reclassified from accumulated other comprehensive loss to net income7,290 
Other comprehensive income9,808 
Balance as of September 30, 2021$(10,636)
The following table presents reclassifications out of accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021 (amounts in thousands):
Details about Accumulated Other
Comprehensive Income (Loss) Components		Loss Amounts Reclassified from
Accumulated Other Comprehensive Income (Loss) to Net Income		Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income
Nine Months Ended
September 30,
20222021
Interest rate swap contracts - continuing operations$2,912 $5,643 Interest and other expense, net
Interest rate swap contracts - discontinued operations— 1,647 Income from discontinued operations
Interest rate swap contracts$2,912 

$7,290 
v3.22.2.2
Earnings Per Share
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per ShareThe Company calculates basic earnings per share by dividing net income attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share is computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock and Performance DSUs give rise to potentially dilutive shares of common stock. For the three and nine months ended September 30, 2022, diluted earnings per share reflected the effect of approximately 1,319,000 and 1,346,000, respectively, of non-vested shares of restricted common stock and Performance DSUs that were outstanding. For the three and nine months ended September 30, 2021, diluted earnings per share was computed the same as basic earnings per share, because the Company recorded a loss from continuing operations, which would make potentially dilutive shares of 990,000 and 965,000, respectively, related to non-vested shares of restricted common stock and Performance DSUs, anti-dilutive.
v3.22.2.2
Stock-based Compensation
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
On March 6, 2020, the Board approved the Amended and Restated 2014 Restricted Share Plan, or the A&R Incentive Plan, pursuant to which the Company has the authority and power to grant awards of restricted shares of its Class A common stock to its directors, officers and employees. The Company accounts for its stock awards in accordance with ASC 718-10, Compensation—Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). For performance-based awards, compensation costs are recognized over the service period if it is probable that the performance condition will be satisfied, with changes of the assessment at each reporting period and recording the effect of the change in the compensation cost as a cumulative catch-up adjustment. The compensation costs for restricted stock are recognized based on the fair value of the restricted stock awards at grant date less forfeitures (if applicable). Forfeitures are accounted for as they occur.
On January 3, 2022, the Company granted time-based awards to its executive officers, consisting of 217,988 restricted shares of Class A common stock, or the Time-Based 2022 Awards. The Time-Based 2022 Awards will vest ratably over four years following the grant date, subject to each executive's employment through the applicable vesting dates, with certain exceptions.
In addition, on January 3, 2022, the Company's compensation committee approved performance-based deferred stock unit awards, or Performance DSUs, to be granted for performance-based awards, or the Performance-Based 2022 Awards. The Performance-Based 2022 Awards will be measured based on Company performance over a three-year performance period ending on December 31, 2024. The Performance-Based 2022 Awards vest after the last day of the performance period and are subject to continued employment through the applicable vesting date.
The Time-Based 2022 Awards and the Performance-Based 2022 Awards, or collectively, the 2022 Awards, were granted under and are subject to the terms of the A&R Incentive Plan and award agreements.
Stock-based compensation expense for the 2022 Awards for the three and nine months ended September 30, 2022, was approximately $260,000 and $864,000, respectively, which is reported in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income. The Company recognized accelerated stock-based compensation expense of $326,000 during the nine months ended September 30, 2022. The Company recognized total stock-based compensation expense of approximately $860,000 and $637,000, respectively, for the three months ended September 30, 2022 and 2021, and $3,034,000 and $1,756,000, respectively, for the nine months ended September 30, 2022 and 2021, which is reported in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income.
v3.22.2.2
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
In the ordinary course of business, the Company may become subject to litigation or claims. As of September 30, 2022, 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.
v3.22.2.2
Subsequent Events
 9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Distributions Paid to Stockholders
The following table summarizes the Company's distributions paid to stockholders on October 6, 2022, for the period from September 1, 2022 through September 30, 2022 (amounts in thousands):
Payment DateCommon Stock CashDRIPTotal Distribution
October 6, 2022Class A$4,358 $1,206 $5,564 
October 6, 2022Class I324 224 548 
October 6, 2022Class T716 628 1,344 
$5,398 $2,058 $7,456 
The following table summarizes the Company's distributions paid to stockholders on November 4, 2022, for the period from October 1, 2022 through October 31, 2022 (amounts in thousands):
Payment DateCommon Stock CashDRIPTotal Distribution
November 4, 2022Class A$4,506 $1,249 $5,755 
November 4, 2022Class I338 229 567 
November 4, 2022Class T743 648 1,391 
$5,587 $2,126 $7,713 
Distributions Authorized
The following tables summarize the daily distributions approved and authorized by the Board subsequent to September 30, 2022:
Authorization Date (1)
Common Stock
Daily Distribution Rate (1)
Annualized Distribution Per Share
October 20, 2022Class A$0.00109589 $0.40 
October 20, 2022Class I$0.00109589 $0.40 
October 20, 2022Class T$0.00109589 $0.40 
Authorization Date (2)
Common Stock
Daily Distribution Rate (2)
Annualized Distribution Per Share
November 8, 2022Class A$0.00109589 $0.40 
November 8, 2022Class I$0.00109589 $0.40 
November 8, 2022Class T$0.00109589 $0.40 
(1)Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on November 1, 2022 and ending on November 30, 2022. The distributions are calculated based on 365 days in the calendar year. The distributions declared for each record date in November 2022 will be paid in December 2022. The distributions are payable to stockholders from legally available funds therefor.
(2)Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on December 1, 2022 and ending on December 31, 2022. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in December 2022 will be paid in January 2023. The distributions will be payable to stockholders from legally available funds therefor.
v3.22.2.2
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2022
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
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.
Restricted Cash Restricted CashRestricted cash consists of cash held in escrow accounts for tenant and capital improvements in accordance with the respective tenants' lease agreement. Restricted cash is reported in other assets, net, in the accompanying condensed consolidated balance sheets.
Reclassifications
Reclassifications
Certain amounts in the condensed consolidated financial statements for prior periods have been reclassified to conform to the current period presentation.
v3.22.2.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Reconciliation of Cash, Cash Equivalents and Restricted Cash 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,
20222021
Beginning of period:
Cash and cash equivalents$32,359 $53,174 
Restricted cash521 14,735 
Cash, cash equivalents and restricted cash$32,880 $67,909 
End of period:
Cash and cash equivalents$17,291 $75,363 
Restricted cash166 

842 
Cash, cash equivalents and restricted cash$17,457 $76,205 
v3.22.2.2
Real Estate Investments (Tables)
 9 Months Ended
Sep. 30, 2022
Real Estate [Abstract]  
Schedule of Consideration Transferred for Properties Acquired
The following table summarizes the consideration transferred for the 2022 Acquisitions during the nine months ended September 30, 2022:
Property Description Date AcquiredOwnership PercentagePurchase Price
(amount in thousands)
Yukon Healthcare Facility03/10/2022100%$19,554 
Pleasant Hills Healthcare Facility05/12/2022100%14,303 
Prosser Healthcare Facilities (1)
05/20/2022100%8,593 
Tampa Healthcare Facility II07/20/2022100%51,259 
Escondido Healthcare Facility07/21/2022100%63,485 
Total $157,194 
(1)     The Prosser Healthcare Facilities consist of three healthcare properties.
Schedule of Allocation of Acquisitions
The following table summarizes the Company's purchase price allocation of the 2022 Acquisitions during the nine months ended September 30, 2022 (amounts in thousands):
Total
Land$2,646 
Building and improvements136,938 
Tenant improvements4,840 
In-place leases12,779 
Above-market leases454 
Total assets acquired157,657 
Below-market leases(463)
Net assets acquired$157,194 
v3.22.2.2
Held for Sale and Discontinued Operations (Tables)
 9 Months Ended
Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Major Classes of Assets and Liabilities Classified as Held for Sale and Operations Reflected in Discontinued Operations
The following table presents the major classes of the assets and liabilities held for sale as presented separately in the condensed consolidated balance sheet as of December 31, 2021 (amounts in thousands):
December 31, 2021
Assets:
Real estate:
Land$22,241 
Buildings and improvements, net— 
Total real estate, net22,241 
Other assets, net329 
Assets held for sale$22,570 
Liabilities:
Accounts payable and other liabilities698 
Liabilities held for sale$698 
The operations reflected in income from discontinued operations (which consisted solely of the Company's former data center segment) on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2021, were as follows (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
20212021
Revenue:
Rental revenue$6,180 $57,903 
Lease termination revenue75 7,075 
Total revenue6,255 64,978 
Expenses:
Rental expenses2,504 15,737 
Depreciation and amortization35 11,759 
Total expenses2,539 27,496 
Interest and other expense, net (1)
25,085 31,839 
Income from discontinued operations(21,369)5,643 
Gain on real estate dispositions(2)
398,560 395,801 
Net income from discontinued operations attributable to common stockholders$377,191 $401,444 
(1)    Interest expense attributable to discontinued operations for the three and nine months ended September 30, 2021 was $25,085,000 and $31,856,000, respectively, which related to notes payable on certain data center properties. On July 22, 2021, in connection with the Data Center Sale, the Company paid off all data center and healthcare related notes payable, with an outstanding principal balance of $450,806,000 at the time of repayment.
(2)    Represents gain on real estate dispositions related to the Data Center Sale that occurred on July 22, 2021. The Company recognized $2,759,000 in transaction costs during the second quarter of 2021, resulting in the total gain being higher during the three months ended September 30, 2021.
v3.22.2.2
Acquired Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2022
Finite-Lived Intangible Assets, Net [Abstract]  
Schedule of Acquired Intangible Assets, Net
Acquired intangible assets, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts):
 September 30, 2022December 31, 2021
In-place leases, net of accumulated amortization of $79,932 and $66,579, respectively (with a weighted average remaining life of 9.1 years and 9.5 years, respectively)
$164,702 $168,012 
Above-market leases, net of accumulated amortization of $5,956 and $4,488, respectively (with a weighted average remaining life of 8.1 years and 8.8 years, respectively)
12,613 13,627 
$177,315 $181,639 
v3.22.2.2
Acquired Intangible Liabilities, Net (Tables)
 9 Months Ended
Sep. 30, 2022
Intangible Lease Liabilities, Net [Abstract]  
Schedule of Acquired Intangible Liabilities, Net
Acquired intangible liabilities, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands, except weighted average remaining life amounts):
September 30, 2022December 31, 2021
Below-market leases, net of accumulated amortization of $5,550 and $4,444, respectively (with a weighted average remaining life of 8.6 years and 9.3 years, respectively)
$12,319 $12,962 
v3.22.2.2
Leases (Tables)
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Schedule of Future Minimum Rent to Lessor from Operating Leases
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
Three months ending December 31, 2022$42,292 
2023172,586 
2024173,961 
2025170,002 
2026163,163 
Thereafter1,096,932 
Total$1,818,936 
Schedule of Future Minimum Rent from Lessee for Operating Leases
The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
YearOperatingFinance
Three months ending December 31, 2022$622 $34 
20232,539 136 
20242,606 141 
20252,625 143 
20262,572 143 
Thereafter103,696 6,441 
Total undiscounted rental payments114,660 7,038 
Less imputed interest(75,671)(4,387)
Total lease liabilities$38,989 $2,651 
Schedule of Future Minimum Rent from Lessee for Finance Lease
The future rent payments, discounted by the Company's IBRs, under non-cancellable leases in effect as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
YearOperatingFinance
Three months ending December 31, 2022$622 $34 
20232,539 136 
20242,606 141 
20252,625 143 
20262,572 143 
Thereafter103,696 6,441 
Total undiscounted rental payments114,660 7,038 
Less imputed interest(75,671)(4,387)
Total lease liabilities$38,989 $2,651 
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, 2022 and 2021 (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
Location in Condensed Consolidated Statements of Comprehensive Income2022202120222021
Operating lease costs:
Ground lease costsRental expenses$575 $422 $1,442 $1,266 
Ground lease costs (1)
Income from discontinued operations— 25 — 414 
Corporate operating lease costsGeneral and administrative expenses182 297 559 825 
Finance lease costs:
Amortization of right-of-use assetDepreciation and amortization$5 $5 $15 $14 
Interest on lease liabilityInterest and other expense, net35 35 105 102 
(1)Amount relates to lease costs attributable to operating ground leases related to data center properties disposed of in the Data Center Sale on July 22, 2021.
v3.22.2.2
Other Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2022
Other Assets [Abstract]  
Schedule of Other Assets, Net
Other assets, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands):

 September 30, 2022December 31, 2021
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $635 and $8,332, respectively
$3,432 $482 
Leasing commissions, net of accumulated amortization of $151 and $121, respectively
792 780 
Restricted cash166 521 
Tenant receivables1,637 1,851 
Straight-line rent receivable63,255 55,725 
Prepaid and other assets3,739 4,835 
Derivative assets29,724 2,171 
$102,745 $66,365 
v3.22.2.2
Accounts Payable and Other Liabilities (Tables)
 9 Months Ended
Sep. 30, 2022
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Other Liabilities
Accounts payable and other liabilities consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands):
 September 30, 2022December 31, 2021
Accounts payable and accrued expenses$5,482 $9,409 
Accrued interest expense1,563 1,626 
Accrued property taxes2,794 2,913 
Accrued personnel costs3,138 4,198 
Distribution and servicing fees— 182 
Distributions payable to stockholders7,456 7,355 
Performance DSUs distributions payable485 394 
Tenant deposits877 802 
Deferred rental income6,784 7,100 
Derivative liabilities— 5,618 
$28,579 $39,597 
v3.22.2.2
Credit Facility (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Credit Facility
The Company's outstanding credit facility as of September 30, 2022 and December 31, 2021 consisted of the following (amounts in thousands):
September 30, 2022December 31, 2021
Variable rate revolving line of credit25,000 — 
Variable rate term loans fixed through interest rate swaps485,000 400,000 
Variable rate term loans90,000 100,000 
Total credit facility, principal amount outstanding600,000 500,000 
Unamortized deferred financing costs related to the term loan credit facility(2,570)(3,226)
Total credit facility, net of deferred financing costs$597,430 $496,774 
Schedule of Future Principal Payments Due on Debt
The principal payments due on the Unsecured Credit Facility as of September 30, 2022, for the three months ending December 31, 2022, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
Three months ending December 31, 2022$— 
2023— 
2024300,000 
2025— 
202625,000 
Thereafter275,000 
$600,000 
v3.22.2.2
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (amounts in thousands):
 September 30, 2022
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total Fair
Value
Assets:
Derivative assets$— $29,724 $— $29,724 
Total assets at fair value$— $29,724 $— $29,724 
 December 31, 2021
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total Fair
Value
Assets:
Derivative assets$— $2,171 $— $2,171 
Total assets at fair value$— $2,171 $— $2,171 
Liabilities:
Derivative liabilities$— $5,618 $— $5,618 
Total liabilities at fair value$— $5,618 $— $5,618 
v3.22.2.2
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the Notional Amount and Fair Value of Derivative Instruments
The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands):
Derivatives
Designated as
Hedging
Instruments		Balance
Sheet
Location
Effective
Dates (2), (3)
Maturity
Dates (2)
September 30, 2022December 31, 2021
Outstanding
Notional
Amount (2)
Fair Value ofOutstanding
Notional
Amount		Fair Value of
Assets(Liabilities)Assets(Liabilities)
Interest rate swaps(1)05/01/2022 to
05/01/2023		04/27/2023 to
01/31/2028		$485,000 $29,724 $— $400,000 $2,171 $(5,618)
(1)     Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets, net, and accounts payable and other liabilities, respectively.
(2)    During the three months ended June 30, 2022, the Company entered into three interest rate swap agreements with an aggregate notional amount of $150,000,000, that have an effective date of May 1, 2023, to replace two interest rate swaps with an aggregate notional amount of $150,000,000 that have a maturity date of April 27, 2023.
(3)    In May 2022, the Company entered into bilateral agreements with its swap counterparties to transition all of its interest rate swap agreements to SOFR. As of June 30, 2022, all of the Company's interest rate swap agreements were indexed to SOFR.
Schedule of Income and Losses Recognized on Derivative Instruments
The table below summarizes the amount of income and losses recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2022 and 2021 (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 (Loss) to
Net Income		Amount of Income (Loss)
Reclassified From
Accumulated Other
Comprehensive Income (Loss) to
Net Income		Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income
Three Months Ended September 30, 2022
Interest rate swaps - continuing operations$16,724 Interest and other expense, net$379 $5,498 
Three Months Ended September 30, 2021
Interest rate swaps - continuing operations$(253)Interest and other expense, net$(1,952)$11,737 
Interest rate swaps - discontinued operations— Income from discontinued operations(542)377,191 
Total$(253)$(2,494)
Nine Months Ended September 30, 2022
Interest rate swaps - continuing operations$31,545 Interest and other expense, net$(2,912)$17,942 
Nine Months Ended September 30, 2021
Interest rate swaps - continuing operations$2,555 Interest and other expense, net$(5,643)$30,035 
Interest rate swaps - discontinued operations(37)Income from discontinued operations(1,647)401,444 
Total$2,518 $(7,290)
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, 2022 and December 31, 2021 (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, 2022$29,724 $— $29,724 $— $— $29,724 
December 31, 2021$2,171 $— $2,171 $(1,023)$— $1,148 
Schedule of Offsetting of Derivative Liabilities
Offsetting of Derivative Liabilities    
    Gross Amounts Not Offset in the Balance Sheet 
 Gross
Amounts of
Recognized
Liabilities		Gross Amounts
Offset in the
Balance Sheet		Net Amounts of
Liabilities
Presented in the
Balance Sheet		Financial Instruments
Collateral		Cash CollateralNet
Amount
September 30, 2022$— $— $— $— $— $— 
December 31, 2021$5,618 $— $5,618 $(1,023)$— $4,595 
v3.22.2.2
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2022
Stockholders' Equity Note [Abstract]  
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The following table presents a rollforward of amounts recognized in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2022 and 2021 (amounts in thousands):
Unrealized Income
on Derivative
Instruments
Balance as of December 31, 2021$(4,847)
Other comprehensive income before reclassification31,545 
Amount of loss reclassified from accumulated other comprehensive income (loss) to net income2,912 
Other comprehensive income34,457 
Balance as of September 30, 2022$29,610 
Unrealized Income
 on Derivative
Instruments
Balance as of December 31, 2020$(20,444)
Other comprehensive income before reclassification2,518 
Amount of loss reclassified from accumulated other comprehensive loss to net income7,290 
Other comprehensive income9,808 
Balance as of September 30, 2021$(10,636)
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
The following table presents reclassifications out of accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021 (amounts in thousands):
Details about Accumulated Other
Comprehensive Income (Loss) Components		Loss Amounts Reclassified from
Accumulated Other Comprehensive Income (Loss) to Net Income		Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income
Nine Months Ended
September 30,
20222021
Interest rate swap contracts - continuing operations$2,912 $5,643 Interest and other expense, net
Interest rate swap contracts - discontinued operations— 1,647 Income from discontinued operations
Interest rate swap contracts$2,912 

$7,290 
v3.22.2.2
Subsequent Events (Tables)
 9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Schedule of Subsequent Events
The following table summarizes the Company's distributions paid to stockholders on October 6, 2022, for the period from September 1, 2022 through September 30, 2022 (amounts in thousands):
Payment DateCommon Stock CashDRIPTotal Distribution
October 6, 2022Class A$4,358 $1,206 $5,564 
October 6, 2022Class I324 224 548 
October 6, 2022Class T716 628 1,344 
$5,398 $2,058 $7,456 
The following table summarizes the Company's distributions paid to stockholders on November 4, 2022, for the period from October 1, 2022 through October 31, 2022 (amounts in thousands):
Payment DateCommon Stock CashDRIPTotal Distribution
November 4, 2022Class A$4,506 $1,249 $5,755 
November 4, 2022Class I338 229 567 
November 4, 2022Class T743 648 1,391 
$5,587 $2,126 $7,713 
Distributions Authorized
The following tables summarize the daily distributions approved and authorized by the Board subsequent to September 30, 2022:
Authorization Date (1)
Common Stock
Daily Distribution Rate (1)
Annualized Distribution Per Share
October 20, 2022Class A$0.00109589 $0.40 
October 20, 2022Class I$0.00109589 $0.40 
October 20, 2022Class T$0.00109589 $0.40 
Authorization Date (2)
Common Stock
Daily Distribution Rate (2)
Annualized Distribution Per Share
November 8, 2022Class A$0.00109589 $0.40 
November 8, 2022Class I$0.00109589 $0.40 
November 8, 2022Class T$0.00109589 $0.40 
(1)Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on November 1, 2022 and ending on November 30, 2022. The distributions are calculated based on 365 days in the calendar year. The distributions declared for each record date in November 2022 will be paid in December 2022. The distributions are payable to stockholders from legally available funds therefor.
(2)Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on December 1, 2022 and ending on December 31, 2022. The distributions will be calculated based on 365 days in the calendar year. The distributions declared for each record date in December 2022 will be paid in January 2023. The distributions will be payable to stockholders from legally available funds therefor.
v3.22.2.2
Organization and Business Operations (Details)
$ / shares in Units, $ in Thousands
 9 Months Ended
Jul. 30, 2021
USD ($)
Jul. 22, 2021
USD ($)
$ / shares
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
May 19, 2021
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Proceeds from real estate disposition     $ 22,822 $ 1,295,367  
Special cash dividend (in dollars per share) | $ / shares   $ 1.75      
Special cash distribution (in dollars) $ 392,685        
Discontinued Operations, Held-for-sale | Data Centers          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of real estate properties owned | property         29
Discontinued Operations, Disposed of by Sale | Data Centers          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Aggregate sales price   $ 1,320,000      
Proceeds from real estate disposition   $ 1,295,367      
v3.22.2.2
Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2020
Accounting Policies [Abstract]        
Cash and cash equivalents $ 17,291 $ 32,359 $ 75,363 $ 53,174
Restricted cash 166 521 842 14,735
Cash, cash equivalents and restricted cash $ 17,457 $ 32,880 $ 76,205 $ 67,909
v3.22.2.2
Real Estate Investments (Narrative) (Details)
 3 Months Ended 9 Months Ended
Feb. 10, 2022
USD ($)
property
Sep. 30, 2022
USD ($)
statisticalArea
tenant
transaction
Sep. 30, 2021
USD ($)
property
Sep. 30, 2022
USD ($)
transaction
property
lease
tenant
statisticalArea
Sep. 30, 2021
USD ($)
tenant
lease
Dec. 31, 2021
numberOfLandParcel
Real Estate [Line Items]            
Number of real estate properties acquired | property       7    
Number of transactions | transaction   5   5    
Proceeds from real estate disposition       $ 22,822,000 $ 1,295,367,000  
Gain on real estate disposition   $ 0 $ 0 460,000 0  
Impairment loss   0 10,241,000 $ 7,387,000 27,837,000  
Impairment of acquired intangible assets   0 0      
Impairment loss on real estate   0 10,241,000      
Impairment loss on goodwill   0 0      
Impairment of acquired intangible liabilities   $ 0 $ 0   $ 0  
Number of impaired properties | property     1      
In-place leases            
Real Estate [Line Items]            
Number of impaired acquired intangible assets | lease       1 1  
Impairment of acquired intangible assets       $ 380,000 $ 1,120,000  
Tenant of Healthcare Property            
Real Estate [Line Items]            
Number of tenants with impaired intangible assets | tenant         1  
Revenue | Geographic Concentration Risk            
Real Estate [Line Items]            
Number of metropolitan statistical areas with owned real estate investments | statisticalArea   1   1    
Revenue | Geographic Concentration Risk | Houston-The Woodlands-Sugar Land, Texas MSA            
Real Estate [Line Items]            
Concentration risk, percentage       10.90%    
Revenue | Customer Concentration Risk            
Real Estate [Line Items]            
Number of major tenants | tenant   1   1    
Revenue | Customer Concentration Risk | Post Acute Medical LLC and affiliates            
Real Estate [Line Items]            
Concentration risk, percentage       14.20%    
2022 Acquisitions            
Real Estate [Line Items]            
Capitalized acquisition costs       $ 617,000    
Disposal Group, Held-for-sale, Not Discontinued Operations | Healthcare            
Real Estate [Line Items]            
Number of real estate properties owned | numberOfLandParcel           1
2022 Disposition | Disposal Group, Disposed of by Sale, Not Discontinued Operations            
Real Estate [Line Items]            
Number of real estate properties sold | property 1          
Sale price of real estate dispositions $ 24,000,000          
Proceeds from real estate disposition 22,701,000          
Gain on real estate disposition $ 460,000          
v3.22.2.2
Real Estate Investments (Schedule of Consideration Transferred for Properties Acquired) (Details)
$ in Thousands
 9 Months Ended
Jul. 21, 2022
USD ($)
Jul. 20, 2022
USD ($)
May 20, 2022
USD ($)
property
May 12, 2022
USD ($)
Mar. 10, 2022
USD ($)
Sep. 30, 2022
USD ($)
Business Acquisition [Line Items]            
Purchase Price           $ 157,194
Yukon Healthcare Facility            
Business Acquisition [Line Items]            
Ownership Percentage         100.00%  
Purchase Price         $ 19,554  
Pleasant Hills Healthcare Facility            
Business Acquisition [Line Items]            
Ownership Percentage       100.00%    
Purchase Price       $ 14,303    
Prosser Healthcare Facilities            
Business Acquisition [Line Items]            
Ownership Percentage     100.00%      
Purchase Price     $ 8,593      
Number of healthcare properties | property     3      
Tampa Healthcare Facility II            
Business Acquisition [Line Items]            
Ownership Percentage   100.00%        
Purchase Price   $ 51,259        
Escondido Healthcare Facility            
Business Acquisition [Line Items]            
Ownership Percentage 100.00%          
Purchase Price $ 63,485          
v3.22.2.2
Real Estate Investments (Schedule of Allocation of Acquisitions) (Details) - 2022 Acquisitions
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
Business Acquisition [Line Items]  
Total assets acquired $ 157,657
Below-market leases (463)
Net assets acquired 157,194
In-place leases  
Business Acquisition [Line Items]  
Leases 12,779
Above-market leases  
Business Acquisition [Line Items]  
Leases 454
Land  
Business Acquisition [Line Items]  
Property, plant and equipment acquired 2,646
Building and improvements  
Business Acquisition [Line Items]  
Property, plant and equipment acquired 136,938
Tenant Improvements  
Business Acquisition [Line Items]  
Property, plant and equipment acquired $ 4,840
v3.22.2.2
Held for Sale and Discontinued Operations (Narrative) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Dec. 31, 2021
numberOfLandParcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Capital expenditures $ 7,577 $ 20,323  
Disposal Group, Held-for-sale, Not Discontinued Operations | Healthcare      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Number of real estate properties owned | numberOfLandParcel     1
Held-for-sale or Disposed of by Sale | Data Centers      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Capital expenditures   $ 2,215  
v3.22.2.2
Held for Sale and Discontinued Operations (Disposal Group Financials) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Jun. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Jul. 22, 2021
Assets:              
Assets held for sale $ 0     $ 0   $ 22,570  
Liabilities:              
Liabilities held for sale 0     0   698  
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]              
Income from discontinued operations $ 0 $ 377,191   $ 0 $ 401,444    
Held-for-sale or Disposed of by Sale              
Assets:              
Total real estate, net           22,241  
Other assets, net           329  
Assets held for sale           22,570  
Liabilities:              
Accounts payable and other liabilities           698  
Liabilities held for sale           698  
Held-for-sale or Disposed of by Sale | Land              
Assets:              
Total real estate, net           22,241  
Held-for-sale or Disposed of by Sale | Building and improvements              
Assets:              
Total real estate, net           $ 0  
Discontinued Operations, Disposed of by Sale | Data Centers              
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]              
Rental revenue   6,180     57,903    
Lease termination revenue   75     7,075    
Total revenue   6,255     64,978    
Rental expenses   2,504     15,737    
Depreciation and amortization   35     11,759    
Total expenses   2,539     27,496    
Interest and other expense, net   25,085     31,839    
Income from discontinued operations   (21,369)     5,643    
Gain on real estate dispositions   398,560     395,801    
Income from discontinued operations   377,191     401,444    
Interest expense attributable to discontinued operations   $ 25,085     $ 31,856    
Transaction costs     $ 2,759        
Discontinued Operations, Disposed of by Sale | Healthcare | Data Centers | Continuing Operations              
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]              
Notes payable, principal amount outstanding             $ 450,806
v3.22.2.2
Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, accumulated amortization $ 85,888 $ 71,067
Weighted average remaining useful life of intangible assets 9 years 1 month 6 days 9 years 6 months
Acquired intangible assets, net of accumulated amortization $ 177,315 $ 181,639
In-place leases    
Acquired Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, accumulated amortization $ 79,932 $ 66,579
Weighted average remaining useful life of intangible assets 9 years 1 month 6 days 9 years 6 months
Acquired intangible assets, net of accumulated amortization $ 164,702 $ 168,012
Above-market leases    
Acquired Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, accumulated amortization $ 5,956 $ 4,488
Weighted average remaining useful life of intangible assets 8 years 1 month 6 days 8 years 9 months 18 days
Acquired intangible assets, net of accumulated amortization $ 12,613 $ 13,627
v3.22.2.2
Acquired Intangible Assets, Net (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]          
Weighted average remaining useful life of intangible assets     9 years 1 month 6 days   9 years 6 months
Amortization of acquired intangible assets $ 5,839 $ 5,507 $ 17,557 $ 17,624  
v3.22.2.2
Acquired Intangible Liabilities, Net (Schedule of Acquired Intangible Liabilities, Net) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Intangible Lease Liabilities, Net [Abstract]    
Accumulated amortization of below-market leases $ 5,550 $ 4,444
Weighted average remaining life of below-market leases 8 years 7 months 6 days 9 years 3 months 18 days
Below-market leases, net of accumulated amortization $ 12,319 $ 12,962
v3.22.2.2
Acquired Intangible Liabilities, Net (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Intangible Lease Liabilities, Net [Abstract]        
Amortization of below-market leases $ 373 $ 338 $ 1,106 $ 979
v3.22.2.2
Leases (Schedule of Future Minimum Rent to Lessor from Operating Leases) (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
Leases [Abstract]  
Three months ending December 31, 2022 $ 42,292
2023 172,586
2024 173,961
2025 170,002
2026 163,163
Thereafter 1,096,932
Total $ 1,818,936
v3.22.2.2
Leases (Narrative) (Details)
Sep. 30, 2022
Dec. 31, 2021
Lessee, Lease, Description [Line Items]    
Operating lease, weighted average incremental borrowing rate, percent 5.50%  
Operating lease, weighted average remaining lease term 37 years 4 months 24 days 36 years 1 month 6 days
Finance lease, incremental borrowing rate, percent 5.30%  
Finance lease, remaining lease term 41 years 8 months 12 days 42 years 4 months 24 days
Minimum    
Lessee, Lease, Description [Line Items]    
Operating lease, incremental borrowing rate, percent 2.50%  
Maximum    
Lessee, Lease, Description [Line Items]    
Operating lease, incremental borrowing rate, percent 6.40%  
v3.22.2.2
Leases (Schedule of Rent Payments from Lessee) (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
Operating  
Three months ending December 31, 2022 $ 622
2023 2,539
2024 2,606
2025 2,625
2026 2,572
Thereafter 103,696
Total undiscounted rental payments 114,660
Less imputed interest (75,671)
Total lease liabilities 38,989
Finance  
Three months ending December 31, 2022 34
2023 136
2024 141
2025 143
2026 143
Thereafter 6,441
Total undiscounted rental payments 7,038
Less imputed interest (4,387)
Total lease liabilities $ 2,651
v3.22.2.2
Leases (Schedule of Lease Cost) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Rental expenses        
Lessee, Lease, Description [Line Items]        
Operating lease costs $ 575 $ 422 $ 1,442 $ 1,266
Income from discontinued operations        
Lessee, Lease, Description [Line Items]        
Operating lease costs 0 25 0 414
General and administrative expenses        
Lessee, Lease, Description [Line Items]        
Operating lease costs 182 297 559 825
Depreciation and amortization        
Lessee, Lease, Description [Line Items]        
Finance lease costs 5 5 15 14
Interest and other expense, net        
Lessee, Lease, Description [Line Items]        
Interest on lease liability $ 35 $ 35 $ 105 $ 102
v3.22.2.2
Other Assets, Net (Schedule of Other Assets, Net) (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Other Assets [Abstract]    
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $635 and $8,332, respectively $ 3,432 $ 482
Leasing commissions, net of accumulated amortization of $151 and $121, respectively 792 780
Restricted cash 166 521
Tenant receivables 1,637 1,851
Straight-line rent receivable 63,255 55,725
Prepaid and other assets 3,739 4,835
Derivative assets 29,724 2,171
Total other assets, net 102,745 66,365
Deferred financing costs, related to the revolver portion of the credit facility, accumulated amortization 635 8,332
Leasing commissions, accumulated amortization $ 151 $ 121
v3.22.2.2
Accounts Payable and Other Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Payables and Accruals [Abstract]    
Accounts payable and accrued expenses $ 5,482 $ 9,409
Accrued interest expense 1,563 1,626
Accrued property taxes 2,794 2,913
Accrued personnel costs 3,138 4,198
Distribution and servicing fees 0 182
Distributions payable to stockholders 7,456 7,355
Performance DSUs distributions payable 485 394
Tenant deposits 877 802
Deferred rental income 6,784 7,100
Derivative liabilities 0 5,618
Total accounts payable and other liabilities $ 28,579 $ 39,597
v3.22.2.2
Credit Facility (Schedule of Credit Facility) (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Line of Credit Facility [Line Items]    
Total credit facility, principal amount outstanding $ 600,000 $ 500,000
Unamortized deferred financing costs related to the term loan credit facility (2,570) (3,226)
Total credit facility, net of deferred financing costs 597,430 496,774
Revolving Line of Credit | Variable rate revolving line of credit    
Line of Credit Facility [Line Items]    
Total credit facility, principal amount outstanding 25,000 0
Term Loan | Variable rate term loans fixed through interest rate swaps    
Line of Credit Facility [Line Items]    
Total credit facility, principal amount outstanding 485,000 400,000
Term Loan | Variable rate term loans    
Line of Credit Facility [Line Items]    
Total credit facility, principal amount outstanding $ 90,000 $ 100,000
v3.22.2.2
Credit Facility (Narrative) (Details)
 9 Months Ended
Jul. 20, 2022
USD ($)
Jul. 12, 2022
USD ($)
May 17, 2022
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Apr. 08, 2022
USD ($)
agreement
Feb. 15, 2022
USD ($)
Feb. 14, 2022
USD ($)
Dec. 31, 2021
USD ($)
Line of Credit Facility [Line Items]                  
Total credit facility, net of deferred financing costs       $ 597,430,000         $ 496,774,000
Loss on extinguishment of debt       3,367,000 $ 28,751,000        
Debt extinguishment costs       4,000 $ 29,244,000        
Accelerated unamortized debt issuance costs       3,363,000          
Minimum draw     $ 20,000,000            
Interest rate swaps                  
Line of Credit Facility [Line Items]                  
Number of derivative instruments | agreement           5      
Interest Rate Swap, Effective Date May 2, 2022                  
Line of Credit Facility [Line Items]                  
Number of derivative instruments | agreement           2      
Notational amount           $ 85,000,000      
Interest Rate Swap, Effective Date May 1, 2023                  
Line of Credit Facility [Line Items]                  
Number of derivative instruments | agreement           3      
Notational amount           $ 150,000,000      
Unsecured Debt | Term Loan                  
Line of Credit Facility [Line Items]                  
Commitments available             $ 300,000,000    
Term loan, maximum increase             600,000,000    
Unsecured Debt | 2028 Term Loan                  
Line of Credit Facility [Line Items]                  
Commitments available     275,000,000            
Term loan, maximum increase     500,000,000            
Proceeds from term loan $ 20,000,000 $ 50,000,000 $ 205,000,000            
Ticketing fee     0.25%            
Fee percentage, average daily amount outstanding less than half of commitments     0.20%            
Fee percentage, average daily amount outstanding more than half of commitments     0.15%            
Unsecured Debt | 2028 Term Loan | Base Rate | Minimum                  
Line of Credit Facility [Line Items]                  
Margin range     0.25%            
Unsecured Debt | 2028 Term Loan | Base Rate | Maximum                  
Line of Credit Facility [Line Items]                  
Margin range     0.90%            
Unsecured Debt | 2028 Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum                  
Line of Credit Facility [Line Items]                  
Margin range     1.25%            
Unsecured Debt | 2028 Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum                  
Line of Credit Facility [Line Items]                  
Margin range     1.90%            
Unsecured Debt | Unsecured Credit Facility                  
Line of Credit Facility [Line Items]                  
Commitments available       1,075,000,000          
Revolving Line of Credit                  
Line of Credit Facility [Line Items]                  
Debt extinguishment costs       4,000          
Revolving Line of Credit | Variable rate revolving line of credit                  
Line of Credit Facility [Line Items]                  
Commitments available             500,000,000 $ 500,000,000  
Proceeds from term loan       70,000,000          
Repayments of debt       $ 40,000,000          
Revolving Line of Credit | Unsecured Debt                  
Line of Credit Facility [Line Items]                  
Credit facility, maximum increase             $ 1,000,000,000    
v3.22.2.2
Credit Facility (Schedule of Principal Payments Due on Credit Facility) (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
Debt Disclosure [Abstract]  
Three months ending December 31, 2022 $ 0
2023 0
2024 300,000
2025 0
2026 25,000
Thereafter 275,000
Total $ 600,000
v3.22.2.2
Fair Value (Narrative) (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Fair Value Disclosures [Abstract]    
Total credit facility, principal amount outstanding $ 600,000 $ 500,000
v3.22.2.2
Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Assets:    
Derivative assets $ 29,724 $ 2,171
Liabilities:    
Derivative liabilities 0 5,618
Recurring basis    
Assets:    
Derivative assets 29,724 2,171
Total assets at fair value 29,724 2,171
Liabilities:    
Derivative liabilities   5,618
Total liabilities at fair value   5,618
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis    
Assets:    
Derivative assets 0 0
Total assets at fair value 0 0
Liabilities:    
Derivative liabilities   0
Total liabilities at fair value   0
Significant Other Observable Inputs (Level 2) | Recurring basis    
Assets:    
Derivative assets 29,724 2,171
Total assets at fair value 29,724 2,171
Liabilities:    
Derivative liabilities   5,618
Total liabilities at fair value   5,618
Significant Unobservable Inputs (Level 3) | Recurring basis    
Assets:    
Derivative assets 0 0
Total assets at fair value $ 0 0
Liabilities:    
Derivative liabilities   0
Total liabilities at fair value   $ 0
v3.22.2.2
Derivative Instruments and Hedging Activities (Narrative) (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2022
USD ($)
Apr. 08, 2022
agreement
Jul. 22, 2021
interestRateSwapInstrument
Derivative Instruments, Gain (Loss) [Line Items]        
Additional gain expected to be reclassified from AOCI into earnings during next twelve months $ 15,406 $ 15,406    
Discontinued Operations, Disposed of by Sale | Data Centers | Continuing Operations        
Derivative Instruments, Gain (Loss) [Line Items]        
Amounts reclassified from AOCI to earnings $ 291 $ 1,274    
Interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Number of derivative instruments | agreement     5  
Interest rate swaps | Discontinued Operations, Disposed of by Sale | Data Centers | Continuing Operations        
Derivative Instruments, Gain (Loss) [Line Items]        
Number of derivative instruments | interestRateSwapInstrument       8
v3.22.2.2
Derivative Instruments and Hedging Activities (Schedule of the Notional Amount and Fair Value of Derivative Instruments) (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
Apr. 08, 2022
USD ($)
agreement
Dec. 31, 2021
USD ($)
Derivatives, Fair Value [Line Items]      
Fair Value of Asset $ 29,724   $ 2,171
Fair Value of Liability 0   (5,618)
Interest rate swaps      
Derivatives, Fair Value [Line Items]      
Number of derivative instruments | agreement   5  
Interest rate swaps | Designated as Hedging Instrument      
Derivatives, Fair Value [Line Items]      
Outstanding Notional Amount 485,000   400,000
Interest rate swaps | Designated as Hedging Instrument | Other Assets, Net      
Derivatives, Fair Value [Line Items]      
Fair Value of Asset 29,724   2,171
Interest rate swaps | Designated as Hedging Instrument | Accounts Payable      
Derivatives, Fair Value [Line Items]      
Fair Value of Liability $ 0   $ (5,618)
Interest Rate Swap, Effective Date May 1, 2023      
Derivatives, Fair Value [Line Items]      
Outstanding Notional Amount   $ 150,000  
Number of derivative instruments | agreement   3  
Interest Rate Swap, Maturity Date April 27, 2023      
Derivatives, Fair Value [Line Items]      
Outstanding Notional Amount   $ 150,000  
Number of derivative instruments | agreement   2  
v3.22.2.2
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, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives   $ (253)   $ 2,518
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income   (2,494)   (7,290)
Interest and other expense, net $ 5,498 11,737 $ 17,942 30,035
Income from discontinued operations 0 377,191 0 401,444
Data Centers | Discontinued Operations, Disposed of by Sale        
Derivative Instruments, Gain (Loss) [Line Items]        
Income from discontinued operations   377,191   401,444
Continuing Operations        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest and other expense, net 5,498 11,737 17,942 30,035
Interest rate swaps | Data Centers | Discontinued Operations, Disposed of by Sale        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives   0   (37)
Interest rate swaps | Continuing Operations        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives 16,724 (253) 31,545 2,555
Interest rate swaps | Interest and other expense, net | Continuing Operations        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income $ 379 (1,952) $ (2,912) (5,643)
Interest rate swaps | Income from discontinued operations | Data Centers | Discontinued Operations, Disposed of by Sale        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) to Net Income   $ (542)   $ (1,647)
v3.22.2.2
Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Assets $ 29,724 $ 2,171
Gross Amounts Offset in the Balance Sheet 0 0
Net Amounts of Assets Presented in the Balance Sheet 29,724 2,171
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral 0 (1,023)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral 0 0
Net Amount $ 29,724 $ 1,148
v3.22.2.2
Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Liabilities $ 0 $ 5,618
Gross Amounts Offset in the Balance Sheet 0 0
Net Amounts of Liabilities Presented in the Balance Sheet 0 5,618
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral 0 (1,023)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral 0 0
Net Amount $ 0 $ 4,595
v3.22.2.2
Stockholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Class of Stock [Line Items]        
Maximum number of shares available for repurchase during any calendar year, as percentage of common stock outstanding at end of prior year     5.00%  
Period of notice required for changes to share repurchase program     30 days  
Common Stock        
Class of Stock [Line Items]        
Repurchase of common stock (in shares) 225,136 303,247 786,861 772,581
Repurchase of common stock $ 2 $ 3 $ 8 $ 7
Class A, I and T Shares | Common Stock        
Class of Stock [Line Items]        
Repurchase of common stock (in shares)     786,861 772,581
Repurchase of common stock     $ 6,452 $ 6,564
Repurchase of common stock, average price per share (in dollars per share)     $ 8.20 $ 8.50
Class A | Common Stock        
Class of Stock [Line Items]        
Repurchase of common stock (in shares)     690,494 715,406
Class I | Common Stock        
Class of Stock [Line Items]        
Repurchase of common stock (in shares)     20,905 8,322
Class T | Common Stock        
Class of Stock [Line Items]        
Repurchase of common stock (in shares)     75,462 48,853
v3.22.2.2
Stockholders' Equity (Amounts Recognized in AOCI) (Details) - Unrealized Income (Loss) on Derivative Instruments - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning $ (4,847) $ (20,444)
Other comprehensive income (loss) before reclassification 31,545 2,518
Amount of loss reclassified from accumulated other comprehensive income (loss) to net income 2,912 7,290
Other comprehensive income (loss) 34,457 9,808
Balance, ending $ 29,610 $ (10,636)
v3.22.2.2
Stockholders' Equity (Reclassifications Out of AOCI) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest and other expense, net $ 5,498 $ 11,737 $ 17,942 $ 30,035
Income from discontinued operations 0 (377,191) 0 (401,444)
Net income (loss) attributable to common stockholders $ (13,392) $ (371,645) (26,784) (390,583)
Interest rate swaps | Loss Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income | Reclassification out of Accumulated Other Comprehensive Income (Loss)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest and other expense, net     2,912 5,643
Income from discontinued operations     0 1,647
Net income (loss) attributable to common stockholders     $ 2,912 $ 7,290
v3.22.2.2
Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Earnings Per Share [Abstract]        
Diluted earnings per share outstanding adjustment (in shares) 1,319   1,346  
Anti-dilutive shares excluded from computation of earnings per share (in shares)   990   965
v3.22.2.2
Stock-based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 03, 2022
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation   $ 860 $ 637 $ 3,034 $ 1,756
Accelerated stock-based compensation       326  
Restricted Stock, Time-Based          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Awards granted (in shares) 217,988        
Award vesting period under plan 4 years        
Restricted Stock, Time-Based and Performance Based          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation   $ 260   $ 864  
v3.22.2.2
Commitments and Contingencies (Details)
Sep. 30, 2022
legalProceeding
Commitments and Contingencies Disclosure [Abstract]  
Number of pending legal proceedings to which the company is a party 0
v3.22.2.2
Subsequent Events (Distributions) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Nov. 08, 2022
Nov. 04, 2022
Oct. 20, 2022
Oct. 06, 2022
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Subsequent Event [Line Items]                
Cash             $ 48,920 $ 450,143
Issuance of common stock under the distribution reinvestment plan             $ 18,594 $ 21,750
Distributions declared per common share (in dollars per share)         $ 0.10 $ 1.86 $ 0.30 $ 2.11
Subsequent Event                
Subsequent Event [Line Items]                
Cash   $ 5,587   $ 5,398        
Issuance of common stock under the distribution reinvestment plan   2,126   2,058        
Distributions paid   7,713   7,456        
Class A | Subsequent Event                
Subsequent Event [Line Items]                
Cash   4,506   4,358        
Issuance of common stock under the distribution reinvestment plan   1,249   1,206        
Distributions paid   5,755   5,564        
Distributions declared per common share (in dollars per share) $ 0.00109589   $ 0.00109589          
Annualized distribution per share (in dollars per share) 0.40   0.40          
Class I | Subsequent Event                
Subsequent Event [Line Items]                
Cash   338   324        
Issuance of common stock under the distribution reinvestment plan   229   224        
Distributions paid   567   548        
Distributions declared per common share (in dollars per share) 0.00109589   0.00109589          
Annualized distribution per share (in dollars per share) 0.40   0.40          
Class T | Subsequent Event                
Subsequent Event [Line Items]                
Cash   743   716        
Issuance of common stock under the distribution reinvestment plan   648   628        
Distributions paid   $ 1,391   $ 1,344        
Distributions declared per common share (in dollars per share) 0.00109589   0.00109589          
Annualized distribution per share (in dollars per share) $ 0.40   $ 0.40          
Class A, I and T shares | Subsequent Event                
Subsequent Event [Line Items]                
Number of days, distribution calculation 365 days   365 days