SILA REALTY TRUST, INC., 10-K filed on 3/6/2024
Annual Report
v3.24.0.1
Cover - USD ($)
12 Months Ended
Dec. 31, 2023
Feb. 29, 2024
Jun. 30, 2023
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Documents Incorporated by Reference
Portions of Registrant’s proxy statement for the 2024 annual stockholders meeting, to be filed with the Securities and Exchange Commission within 120 days after the end of the Registrant’s fiscal year ended December 31, 2023, are incorporated by reference in Part III. Items 10, 11, 12, 13 and 14.
   
Amendment Flag false    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001567925    
No Trading Symbol Flag true    
Class A      
Entity Public Float     $ 1,371,507,000
Entity Common Stock, Shares Outstanding (in shares)   169,361,000  
Class I      
Entity Public Float     137,112,000
Entity Common Stock, Shares Outstanding (in shares)   17,019,000  
Class T      
Entity Public Float     336,623,000
Entity Common Stock, Shares Outstanding (in shares)   41,891,000  
Class T2      
Entity Public Float     $ 0
Entity Common Stock, Shares Outstanding (in shares)   0  
v3.24.0.1
Audit Information
12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location Tampa, Florida
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Real estate:    
Land $ 157,821 $ 163,419
Buildings and improvements, less accumulated depreciation of $227,156 and $209,118, respectively 1,470,831 1,716,663
Total real estate, net 1,628,652 1,880,082
Cash and cash equivalents 202,019 12,917
Intangible assets, less accumulated amortization of $102,456 and $90,239, respectively 134,999 167,483
Goodwill 17,700 21,710
Right-of-use assets 36,384 37,443
Other assets 79,825 100,167
Total assets 2,099,579 2,219,802
Liabilities:    
Credit facility, net of deferred financing costs of $1,847 and $2,412, respectively 523,153 580,588
Accounts payable and other liabilities 30,381 30,619
Intangible liabilities, less accumulated amortization of $7,417 and $5,923, respectively 10,452 11,946
Lease liabilities 41,158 41,554
Total liabilities 605,144 664,707
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; 244,617,615 and 241,425,332 shares issued, respectively; 227,934,254 and 226,255,969 shares outstanding, respectively 2,279 2,263
Additional paid-in capital 2,042,741 2,024,176
Distributions in excess of accumulated earnings (567,188) (499,334)
Accumulated other comprehensive income 16,603 27,990
Total stockholders’ equity 1,494,435 1,555,095
Total liabilities and stockholders’ equity $ 2,099,579 $ 2,219,802
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Buildings and improvements, accumulated depreciation $ 227,156 $ 209,118
Intangible assets, accumulated amortization 102,456 90,239
Credit facility, deferred financing costs 1,847 2,412
Intangible liabilities, accumulated amortization $ 7,417 $ 5,923
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) 244,617,615 241,425,332
Common stock, shares outstanding (in shares) 227,934,254 226,255,969
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue:      
Rental revenue $ 189,065 $ 179,986 $ 172,838
Expenses:      
Rental expenses 20,196 17,950 17,712
General and administrative expenses 23,896 22,079 21,388
Depreciation and amortization 74,293 77,199 70,259
Impairment losses 24,252 47,424 27,837
Total operating expenses 142,637 164,652 137,196
Gain on real estate dispositions 22 460 89
Interest and other income 702 305 3,110
Interest expense 23,110 24,077 37,625
Income (loss) from continuing operations 24,042 (7,978) 1,216
Income from discontinued operations 0 0 401,444
Net income (loss) attributable to common stockholders 24,042 (7,978) 402,660
Other comprehensive (loss) income - unrealized (loss) gain on interest rate swaps, net (11,387) 32,837 15,597
Comprehensive income attributable to common stockholders $ 12,655 $ 24,859 $ 418,257
Weighted average number of common shares outstanding:      
Basic (in shares) 227,199,543 225,320,043 223,325,293
Diluted (in shares) 229,046,546 225,320,043 224,293,339
Basic:      
Continuing operations (in dollars per share) $ 0.11 $ (0.03) $ 0
Discontinued operations, (in dollars per share) 0 0 1.80
Net income (loss) attributable to common stockholders, (in dollars per share) 0.11 (0.03) 1.80
Diluted:      
Continuing operations (in dollars per share) 0.10 (0.03) 0
Discontinued operations (in dollars per share) 0 0 1.79
Net income (loss) attributable to common stockholders, (in dollars per share) $ 0.10 $ (0.03) $ 1.79
v3.24.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Distributions in Excess of Accumulated Earnings
Accumulated Other Comprehensive Income (Loss)
Balance, (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)   3,243,363      
Issuance of common stock under the distribution reinvestment plan 27,584 $ 33 27,551    
Vesting of restricted stock (in shares)   24,955      
Stock-based compensation 2,379   2,379    
Distribution and servicing fees 639   639    
Other offering costs (9)   (9)    
Repurchase of common stock (in shares)   (1,133,901)      
Repurchase of common stock (9,528) $ (11) (9,517)    
Distributions to common stockholders (492,065)     (492,065)  
Other comprehensive income (loss) 15,597       15,597
Net income (loss) 402,660     402,660  
Balance, (in shares) at Dec. 31, 2021   224,179,939      
Balance ending 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)   3,026,326      
Issuance of common stock under the distribution reinvestment plan 24,834 $ 30 24,804    
Vesting of restricted stock (in shares)   172,887      
Stock-based compensation 4,180 $ 2 4,178    
Other offering costs (4)   (4)    
Repurchase of common stock (in shares)   (1,123,183)      
Repurchase of common stock (9,217) $ (11) (9,206)    
Distributions to common stockholders (90,687)     (90,687)  
Other comprehensive income (loss) 32,837       32,837
Net income (loss) $ (7,978)     (7,978)  
Balance, (in shares) at Dec. 31, 2022 226,255,969 226,255,969      
Balance ending at Dec. 31, 2022 $ 1,555,095 $ 2,263 2,024,176 (499,334) 27,990
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under the distribution reinvestment plan (in shares)   3,031,829      
Issuance of common stock under the distribution reinvestment plan 24,751 $ 30 24,721    
Vesting of restricted stock (in shares)   160,453      
Stock-based compensation 6,284 $ 1 6,283    
Other offering costs (80)   (80)    
Repurchase of common stock (in shares)   (1,513,997)      
Repurchase of common stock (12,374) $ (15) (12,359)    
Distributions to common stockholders (91,896)     (91,896)  
Other comprehensive income (loss) (11,387)       (11,387)
Net income (loss) $ 24,042     24,042  
Balance, (in shares) at Dec. 31, 2023 227,934,254 227,934,254      
Balance ending at Dec. 31, 2023 $ 1,494,435 $ 2,279 $ 2,042,741 $ (567,188) $ 16,603
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) attributable to common stockholders $ 24,042 $ (7,978) $ 402,660
Adjustments to reconcile net income (loss) attributable to common stockholders to net cash provided by operating activities:      
Depreciation and amortization 74,293 77,199 82,018
Amortization of deferred financing costs 1,665 1,679 3,425
Amortization of above- and below-market leases 733 484 (1,098)
Other amortization expenses 794 2,302 3,269
Gain on real estate dispositions from continuing operations (22) (460) (89)
Gain on real estate dispositions of discontinued operations 0 0 (395,801)
Loss on extinguishment of debt 0 3,367 28,751
Impairment losses 24,252 47,424 27,837
Straight-line rent adjustments, net of write-offs (2,197) (7,261) (15,665)
Stock-based compensation 6,284 4,180 2,379
Changes in operating assets and liabilities:      
Accounts payable and other liabilities 26 (170) (4,521)
Other assets (946) 909 3,777
Net cash provided by operating activities 128,924 121,675 136,942
Cash flows from investing activities:      
Investments in real estate (69,822) (157,194) (71,462)
Consideration paid for the internalization transaction 0 0 (15,000)
Proceeds from real estate dispositions and related notes receivable 270,306 22,822 1,338,709
Capital expenditures and other costs (3,177) (8,440) (25,405)
Net cash provided by (used in) investing activities 197,307 (142,812) 1,226,842
Cash flows from financing activities:      
Payments on notes payable 0 0 (453,422)
Proceeds from credit facility 50,000 845,000 15,000
Payments on credit facility (108,000) (762,000) (453,000)
Payments for extinguishment of debt 0 (4) (29,244)
Payments of deferred financing costs (193) (6,937) (444)
Repurchase of common stock (12,374) (9,217) (9,528)
Offering costs on issuance of common stock (47) (192) (2,326)
Distributions to common stockholders (66,515) (65,310) (465,849)
Net cash (used in) provided by financing activities (137,129) 1,340 (1,398,813)
Net change in cash, cash equivalents and restricted cash 189,102 (19,797) (35,029)
Cash, cash equivalents and restricted cash - Beginning of year 13,083 32,880 67,909
Cash, cash equivalents and restricted cash - End of year 202,185 13,083 32,880
Supplemental cash flow disclosure:      
Interest paid, net of interest capitalized of $0, $44 and $395, respectively 21,671 17,361 38,558
Supplemental disclosure of non-cash transactions:      
Common stock issued through distribution reinvestment plan 24,751 24,834 27,584
Change in accrued distributions to common stockholders 630 543 (1,368)
Change in accounts payable and other liabilities related to capital expenditures and investments in real estate (1,332) (3,705) (243)
Right-of-use assets obtained in exchange for new lease liabilities $ 0 $ 15,305 $ 625
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Cash Flows [Abstract]      
Interest capitalized $ 0 $ 44 $ 395
v3.24.0.1
Organization and Business Operations
12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business Operations Organization and Business Operations
Sila Realty Trust, Inc., or the Company, is a Maryland corporation, headquartered in Tampa, Florida, that has elected, and currently qualifies, to be taxed as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes. The Company is primarily focused on investing in high quality healthcare assets across the continuum of care, which the Company believes typically generate predictable, durable and growing income streams. The Company may also make other real estate-related investments, which may include equity or debt interests in other real estate entities.
Substantially all of the Company’s business is conducted through Sila Realty Operating Partnership, LP, a Delaware limited partnership, or the Operating Partnership. The Company is the sole general partner of the Operating Partnership and directly and indirectly owns 100% of the Operating Partnership.
Except as the context otherwise requires, the “Company” refers to Sila Realty Trust, Inc., the Operating Partnership and their wholly-owned subsidiaries.
v3.24.0.1
Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. Such consolidated financial statements and the accompanying notes thereto are the responsibility of management. These accounting policies conform to U.S. generally accepted accounting principles, or GAAP, in all material respects, and have been consistently applied in preparing the consolidated financial statements.
Principles of Consolidation and Basis of Presentation
The accompanying consolidated financial statements include the accounts of the Company, the Operating Partnership, and their wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of the consolidated financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Cash, Cash Equivalents and Restricted Cash
Cash consists of demand deposits at commercial banks. Cash equivalents consist of highly liquid investments in money market funds with original maturities of three months or less at the time of purchase. Restricted cash consists of cash held in an escrow account in accordance with a tenant's lease agreement. Restricted cash is reported in other assets in the accompanying consolidated balance sheets. The Company maintains its cash, cash equivalents and restricted cash at various financial institutions. As of December 31, 2023, certain of the Company’s cash deposits exceeded federally insured amounts. To date, the Company has experienced no loss or lack of access to cash in its accounts. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.
The following table presents a reconciliation of the beginning of year and end of year cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the totals shown in the consolidated statements of cash flows (amounts in thousands):
Year Ended
December 31,
202320222021
Beginning of year:
Cash and cash equivalents$12,917 $32,359 $53,174 
Restricted cash166 521 14,735 
Cash, cash equivalents and restricted cash$13,083 $32,880 $67,909 
End of year:
Cash and cash equivalents$202,019 $12,917 $32,359 
Restricted cash166 

166 521 
Cash, cash equivalents and restricted cash$202,185 $13,083 $32,880 
Investment in Real Estate
Real estate costs related to the acquisition, development, construction and improvement of properties are capitalized. Repair and maintenance costs are expensed as incurred, and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate assets. The Company considers the period of future benefit of an asset in determining the appropriate useful life. Real estate assets, other than land, are depreciated on a straight-line basis over each asset’s useful life. The Company anticipates the estimated useful lives of its assets by class as follows:
Buildings and improvements
15 – 40 years
Tenant improvementsShorter of lease term or expected useful life
Furniture, fixtures, and equipment
3 – 10 years
Allocation of Purchase Price of Real Estate
Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or an asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates the purchase price based on the estimated fair value of each separately identifiable asset and liability. For the year ended December 31, 2023, all of the Company's acquisitions were determined to be asset acquisitions.
The fair value of the tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings and improvements based on management’s determination of the relative fair value of these assets.
The amount allocated to in-place leases includes an estimate of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. These lease intangibles are amortized to depreciation and amortization expense over the remaining terms of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
The amounts allocated to above-market and below-market leases are recorded based on the present value of the difference between: (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of current market lease rates for the corresponding leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. These above-market and below-market amounts are amortized as an adjustment of rental revenue over the remaining terms of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts of above-market and below-market lease values related to that lease would be recorded as an adjustment to rental revenue.
Held for Sale
The Company classifies a real estate property as held for sale upon satisfaction of all of the following criteria: (i) management commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such properties; (iii) there is an active program to locate a buyer; (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year; (v) the property is being actively marketed for sale; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as the amortization of any related intangible assets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell.
Impairments
The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating undiscounted future cash flows, including eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the asset group, an impairment charge will be recorded to the extent that the carrying value exceeds the estimated fair value of the asset group.
When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental rates subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, probability weighting of potential uses of the property, sale prices of comparable properties, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate assets.
In addition, the Company determines fair value by using a direct capitalization method, a discounted cash flow method using the assumptions noted above, or by utilizing comparable market information based on the view of a market participant. The use of alternative assumptions in these approaches could result in a different determination of the property’s estimated fair value and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate assets.
The Company accounts for goodwill in accordance with Accounting Standards Codification, or ASC, 350, Intangibles - Goodwill and Other, and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. Goodwill has an indefinite life and is not amortized.
The Company evaluates goodwill for impairment at least annually, as of the last day of each year, or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more-likely-than-not indicate that the fair value of a reporting unit is below its carrying value.
The Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. Under a qualitative assessment, the impairment analysis for goodwill represents an evaluation of whether it is more-likely-than-not the reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative analysis indicates that it is more-likely-than-not that the estimated carrying value of a reporting unit, including goodwill, exceeds its fair value, the Company performs the quantitative analysis. The quantitative analysis consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit.
Deferred Financing Costs
Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining and further modifying financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Deferred financing costs related to the term loan portion of the credit facility are recorded as a reduction of the related debt on the accompanying consolidated balance sheets. Deferred financing costs related to the revolving line of credit are recorded in other assets in the accompanying consolidated balance sheets.
Fair Value
ASC 820, Fair Value Measurements and Disclosures, or ASC 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.
Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:
Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2—Inputs other than quoted prices for similar assets and liabilities in active markets that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).
Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.
Revenue Recognition and Tenant Receivables
The majority of the Company's revenue is derived from rental revenue, which is accounted for in accordance with ASC 842, Leases, or ASC 842. Under ASC 842, rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). For lease arrangements where it is not probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis or the lease payments that have been collected from the lessee. Differences between rental revenue recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable. Tenant reimbursements, which are comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are recognized when the services are provided and the performance obligations are satisfied.
Share Repurchase Program
The Company’s Amended and Restated Share Repurchase Program, or the 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 Company's distribution reinvestment plan, or DRIP, during the prior calendar year and other operating funds, if any, as the Company's board of directors, or 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. 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.
Distribution Policy
In order to maintain its status as a REIT, the Company is required to make distributions each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends paid deduction and excluding capital gains. To the extent funds are available, the Company intends to continue to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates. Distributions to stockholders are determined by the Board and are dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing
of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT.
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. Forfeitures are accounted for as they occur.
Earnings Per Share
The Company calculates basic earnings per share by dividing net income (loss) attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. All classes of common stock are allocated net income (loss) attributable to common stockholders at the same rate per share and receive the same gross distribution per share. 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-based deferred stock unit awards, or Performance DSUs, are considered to be participating securities because they contain non-forfeitable rights to distributions and give rise to potentially dilutive shares of common stock.
Reportable Segments
ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an entity’s reportable segments. As of December 31, 2023 and December 31, 2022, all of the Company's consolidated revenues were generated from real estate investments in healthcare properties. The Company’s chief operating decision maker evaluates operating performance of healthcare properties on an individual property level, which are aggregated into one operating segment due to their similar economic characteristics. The aggregated operating segment is the Company's only reportable segment.
Derivative Instruments and Hedging Activities
As required by ASC 815, Derivatives and Hedging, or ASC 815, the Company records all derivative instruments at fair value as assets and liabilities on its consolidated balance sheets. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.
In accordance with the fair value measurement guidance in Accounting Standards Update, or ASU, 2011-04, Fair Value Measurement, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
The Company is exposed to variability in expected future cash flows that are attributable to interest rate changes in the normal course of business. The Company’s primary strategy in entering into derivative contracts is to add stability to future cash flows by managing its exposure to interest rate fluctuations. The Company utilizes derivative instruments, including interest rate swaps, to effectively convert its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes.
In accordance with ASC 815, the Company designates interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the gains or losses on the derivative instruments are reported as other comprehensive (loss) income - unrealized (loss) gain on interest rate swaps, net in the consolidated statements of comprehensive income and are reclassified into earnings in the same line item associated with the forecasted transaction in the same period during which the hedged transactions affect earnings.
Income Taxes
The Company currently qualifies and is taxed as a REIT under Sections 856 through 860 of the Code. Accordingly, it will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT,
it would be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Accordingly, failure to qualify as a REIT could have a material adverse impact on the results of operations and amounts available for distribution to stockholders.
The dividends paid deduction of a REIT for qualifying dividends paid to its stockholders is computed using the Company’s taxable income as opposed to net income reported in the consolidated financial statements. Taxable income, generally, will differ from net income reported in the consolidated financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.
The Company has concluded that there was no impact related to uncertain tax positions from results of operations of the Company for the years ended December 31, 2023, 2022 and 2021. The earliest tax year currently subject to examination is 2020.
Recently Issued Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis to all periods presented. Early adoption is permitted. The Company is evaluating the disclosure requirements of ASU 2023-07 and does not anticipate that this update will have a material impact on its consolidated financial statements.
v3.24.0.1
Real Estate
12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Real Estate Investments Real Estate
Acquisitions
During the year ended December 31, 2023, the Company purchased two real estate properties in two separate transactions, which were determined to be asset acquisitions. The Company allocated the purchase price to tangible assets, consisting of land, building and improvements and tenant improvements, and intangible assets, consisting of in-place leases, based on the relative fair value method of allocating all accumulated costs.
The following table summarizes the consideration transferred and the purchase price allocation for acquisitions during the year ended December 31, 2023 (amounts in thousands):
Property Description Date AcquiredOwnership PercentageConsideration Transferred
(amount in thousands)
West Palm Beach Healthcare Facility06/15/2023100%$9,920 
Burr Ridge Healthcare Facility 09/27/2023100%59,902 
Total $69,822 
Total
Land$6,892 
Building and improvements51,337 
Tenant improvements1,826 
In-place leases9,767 
Total assets acquired$69,822 
The Company capitalized acquisition costs of approximately $158,000, which are included in the allocation of the real estate acquisitions presented above.
Dispositions
During the year ended December 31, 2023, the Company sold three real estate properties for $271,107,000, generating net proceeds of $270,306,000.
Investment Risk Concentrations
As of December 31, 2023, the Company had one exposure to geographic concentration that accounted for at least 10.0% of rental revenue for the year ended December 31, 2023. Real estate properties located in the Houston-Pasadena-The Woodlands, Texas metropolitan statistical area accounted for 10.2% of rental revenue for the year ended December 31, 2023.
As of December 31, 2023, the Company had one exposure to tenant concentration that accounted for at least 10.0% of rental revenue for the year ended December 31, 2023. The leases with tenants at properties under the common control of Post Acute Medical, LLC and its affiliates accounted for 14.5% of rental revenue for the year ended December 31, 2023.
Impairment Losses
The Company recorded impairment losses on real estate of $24,252,000 (including goodwill impairments of $4,010,000), for the year ended December 31, 2023, as a result of property sales and tenant related triggering events that occurred at certain properties. In addition, during the year ended December 31, 2023, the Company recorded an impairment of in-place lease and above-market lease intangible assets of $1,130,000 and $260,000, respectively. The fair values of these properties were determined based on the guidance in ASC 820. These impairments were allocated to the asset groups, for each respective property, on a pro-rata basis, which included land, buildings and improvements, and their related intangible assets.
During the year ended December 31, 2022, the Company recorded impairment losses on real estate of $47,424,000 (including goodwill impairments of $1,574,000). In addition, during the year ended December 31, 2022, the Company recorded an impairment of an in-place lease intangible asset of $4,345,000.
During the year ended December 31, 2021, the Company recorded impairment losses on real estate of $27,837,000 (including goodwill impairments of $671,000). The impaired properties related to the 2021 impairments were all subsequently sold.
Impairment losses on real estate (including goodwill impairments) are recorded as impairment losses in the accompanying consolidated statements of comprehensive income. Impairments of in-place leases are included in depreciation and amortization in the accompanying consolidated statements of comprehensive income. Impairments of above-market leases are recorded as a reduction to rental revenue in the accompanying consolidated statements of comprehensive income.
The following table summarizes the rollforward of goodwill for the years ended December 31, 2023 and 2022 (amounts in thousands):
Year Ended December 31,
20232022
Balance at beginning of year$21,710 $23,284 
Impairment losses(4,010)(1,574)
Balance at end of year$17,700 $21,710 
v3.24.0.1
Discontinued Operations
12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
The Company formerly invested in data center properties and during the second quarter of 2021, 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 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. 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.
The operations reflected in income from discontinued operations (which consisted solely of the Company's former data center segment) on the consolidated statements of comprehensive income for the year ended December 31, 2021, were as follows (amounts in thousands):
Year Ended
December 31,
2021
Revenue:
Rental revenue$57,903 
Lease termination revenue7,075 
Total revenue64,978 
Expenses:
Rental expenses15,737 
Depreciation and amortization11,759 
Total expenses27,496 
Interest and other expense, net (1)
31,839 
Income from discontinued operations5,643 
Gain on real estate dispositions395,801 
Net income from discontinued operations attributable to common stockholders$401,444 
(1)    Interest expense attributable to discontinued operations for the year ended December 31, 2021 was $31,856,000, 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 and incurred approximately $23,738,000 of debt extinguishment costs related to the data center properties.
Capital expenditures on a cash basis for the year ended December 31, 2021, was $2,763,000, 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 year ended December 31, 2021.
v3.24.0.1
Intangible Assets, Net
12 Months Ended
Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]  
Intangible Assets, Net Intangible Assets, Net
Intangible assets, net, consisted of the following as of December 31, 2023 and 2022 (amounts in thousands, except weighted average remaining life amounts):
 December 31, 2023December 31, 2022
In-place leases, net of accumulated amortization of $95,325 and $83,788, respectively (with a weighted average remaining life of 7.8 years and 8.9 years, respectively)
$125,188 $155,365 
Above-market leases, net of accumulated amortization of $7,131 and $6,451, respectively (with a weighted average remaining life of 6.7 years and 7.9 years, respectively)
9,811 12,118 
$134,999 $167,483 
The aggregate weighted average remaining life of the intangible assets was 7.7 years and 8.8 years as of December 31, 2023 and 2022, respectively.
Amortization of intangible assets was $23,766,000, $27,389,000 and $23,157,000 for the years ended December 31, 2023, 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 consolidated statements of comprehensive income.
Estimated amortization expense on the intangible assets as of December 31, 2023, for each of the next five years ending December 31 and thereafter, is as follows (amounts in thousands):
YearAmount
2024$20,351 
202518,362 
202616,815 
202715,238 
202813,704 
Thereafter50,529 
$134,999 
v3.24.0.1
Intangible Liabilities, Net
12 Months Ended
Dec. 31, 2023
Intangible Lease Liabilities, Net [Abstract]  
Intangible Liabilities, Net Intangible Liabilities, Net
Intangible liabilities, net, consisted of the following as of December 31, 2023 and 2022 (amounts in thousands, except weighted average remaining life amounts):
December 31, 2023December 31, 2022
Below-market leases, net of accumulated amortization of $7,417 and $5,923, respectively (with a weighted average remaining life of 7.4 years and 8.4 years, respectively)
$10,452 $11,946 
Amortization of below-market leases was $1,494,000, $1,479,000 and $1,322,000 for the years ended December 31, 2023, 2022, and 2021 respectively. Amortization of below-market leases is recorded as an adjustment to rental revenue in the accompanying consolidated statements of comprehensive income.
Estimated amortization of the intangible liabilities as of December 31, 2023, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2024$1,494 
20251,494 
20261,475 
20271,450 
20281,146 
Thereafter3,393 
$10,452 
v3.24.0.1
Leases
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
Lessor
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of December 31, 2023, for each of the next five years ending December 31, and thereafter, are as follows (amounts in thousands):

December 31, 2023
2024$177,637 
2025173,816 
2026168,143 
2027165,189 
2028160,868 
Thereafter829,692 
Total$1,675,345 
Lessee
The Company is subject to various non-cancellable operating lease agreements on which certain of its properties reside and for its corporate offices.
The Company's operating leases do not provide implicit interest rates. In order to calculate the present value of the remaining operating lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating leases.
The effects of the Company's leases are recorded in right-of-use assets and lease liabilities on the consolidated balance sheets.
The future rent payments, discounted by the Company's IBRs, under non-cancellable operating leases in effect as of December 31, 2023, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
December 31, 2023
2024$2,746 
20252,768 
20262,715 
20272,681 
20282,692 
Thereafter104,764 
Total undiscounted rental payments118,366 
Less imputed interest(77,208)
Total lease liabilities$41,158 
Weighted average IBR5.5 %
Weighted average remaining lease term36.5 years
The following table provides details of the Company's total lease costs for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands):
Year Ended
December 31,
Location in Consolidated Statements of Comprehensive Income202320222021
Operating lease costs:
Ground lease costs (1)
Rental expenses$2,727 $2,246 $1,846 
Ground lease costs (2)
Income from discontinued operations— — 414 
Corporate operating lease costsGeneral and administrative expenses735 741 1,129 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$732 $531 $1,067 
(1)The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying consolidated statements of comprehensive income.
(2)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
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of December 31, 2023, for each of the next five years ending December 31, and thereafter, are as follows (amounts in thousands):

December 31, 2023
2024$177,637 
2025173,816 
2026168,143 
2027165,189 
2028160,868 
Thereafter829,692 
Total$1,675,345 
Lessee
The Company is subject to various non-cancellable operating lease agreements on which certain of its properties reside and for its corporate offices.
The Company's operating leases do not provide implicit interest rates. In order to calculate the present value of the remaining operating lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating leases.
The effects of the Company's leases are recorded in right-of-use assets and lease liabilities on the consolidated balance sheets.
The future rent payments, discounted by the Company's IBRs, under non-cancellable operating leases in effect as of December 31, 2023, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
December 31, 2023
2024$2,746 
20252,768 
20262,715 
20272,681 
20282,692 
Thereafter104,764 
Total undiscounted rental payments118,366 
Less imputed interest(77,208)
Total lease liabilities$41,158 
Weighted average IBR5.5 %
Weighted average remaining lease term36.5 years
The following table provides details of the Company's total lease costs for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands):
Year Ended
December 31,
Location in Consolidated Statements of Comprehensive Income202320222021
Operating lease costs:
Ground lease costs (1)
Rental expenses$2,727 $2,246 $1,846 
Ground lease costs (2)
Income from discontinued operations— — 414 
Corporate operating lease costsGeneral and administrative expenses735 741 1,129 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$732 $531 $1,067 
(1)The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying consolidated statements of comprehensive income.
(2)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.
v3.24.0.1
Other Assets
12 Months Ended
Dec. 31, 2023
Other Assets [Abstract]  
Other Assets Other Assets
Other assets consisted of the following as of December 31, 2023 and 2022 (amounts in thousands):
 December 31, 2023December 31, 2022
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $1,917 and $889, respectively
$2,271 $3,178 
Leasing commissions, net of accumulated amortization of $191 and $167, respectively
593 775 
Restricted cash166 166 
Tenant receivables2,398 1,736 
Straight-line rent receivable53,248 62,457 
Prepaid and other assets4,089 3,865 
Derivative assets17,060 27,990 
$79,825 $100,167 
Amortization of deferred financing costs related to the revolver portion of the credit facility for the years ended December 31, 2023, 2022, and 2021 was $1,027,000, $1,087,000, and $1,430,000, respectively, which was recorded as interest expense, in the accompanying consolidated statements of comprehensive income.
v3.24.0.1
Accounts Payable and Other Liabilities
12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
Accounts Payable and Other Liabilities Accounts Payable and Other Liabilities
Accounts payable and other liabilities consisted of the following as of December 31, 2023 and 2022 (amounts in thousands):
 December 31, 2023December 31, 2022
Accounts payable and accrued expenses$3,906 $5,387 
Accrued interest expense1,714 1,941 
Accrued property taxes3,687 2,421 
Accrued personnel costs4,425 3,940 
Distributions payable to stockholders7,782 7,719 
Performance DSUs distributions payable1,140 573 
Tenant deposits877 877 
Deferred rental income6,393 7,761 
Derivative liabilities457 — 
$30,381 $30,619 
v3.24.0.1
Credit Facility
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Credit Facility Credit Facility
The Company's outstanding credit facility as of December 31, 2023 and 2022 consisted of the following (amounts in thousands):
Weighted
Average Contractual Rate(1)
December 31, 2023December 31, 2022
Variable rate revolving line of credit—%$— $8,000 
Variable rate term loans fixed through interest rate swaps3.28%525,000 485,000 
Variable rate term loans—%— 90,000 
Total credit facility, principal amount outstanding3.28%525,000 583,000 
Unamortized deferred financing costs related to credit facility term loans(1,847)(2,412)
Total credit facility, net of deferred financing costs$523,153 $580,588 
(1)Weighted average contractual rate is as of December 31, 2023.
Significant activities regarding the credit facility during the year ended December 31, 2023 include:
On February 17, 2023, the Company entered into an interest rate swap agreement to hedge $40,000,000 of its variable rate term loans with an effective date of March 1, 2023.
On March 8, 2023, the Company repaid $8,000,000 on its revolving line of credit with cash flows from operations.
On April 13, 2023, the Company repaid $10,000,000 on its 2024 term loan with proceeds from a disposition and cash flows from operations.
On July 13, 2023, the Company repaid $10,000,000 on its 2024 term loan with proceeds from the collection of a note receivable related to a disposition and cash flows from operations.
On September 26, 2023, the Company drew $50,000,000 on its revolving line of credit to fund an acquisition.
On November 1, 2023, the Company repaid $8,000,000 on its revolving line of credit with cash flows from operations and proceeds from a disposition.
On December 8, 2023, the Company, the Operating Partnership, and Truist Bank amended the credit facility to address the calculation of pool availability, including (i) removing the implied debt service coverage ratio restriction which reduces the impact of market interest rate volatility on the Company’s ability to access commitments available, (ii) removing the ground lease concentration limitation, and (iii) amending the credit facility from a borrowing base calculation to an unencumbered pool structure, including the addition of an unsecured interest coverage ratio requirement.
On December 19, 2023, the Company repaid $42,000,000 on its revolving line of credit and $30,000,000 on its 2024 term loan with proceeds from a disposition.
The principal payments due on the credit facility as of December 31, 2023, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
Amount
2024 (1)
$250,000 
2025— 
2026— 
2027— 
2028275,000 
Thereafter— 
$525,000 
(1)The 2024 term loan 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 Company currently meets these conditions and therefore may choose to exercise its option to extend the maturity date of the 2024 term loan.
As of December 31, 2023, the maximum commitments available under the revolving line of credit were $500,000,000, which may be increased, subject to lender approval, through incremental term loans and/or revolving loan commitments in an aggregate amount not to exceed $1,000,000,000. As of December 31, 2023, the maximum commitments available under the 2024 Term Loan were $250,000,000, which may be increased, subject to lender approval, to an aggregate amount not to exceed $550,000,000. As of December 31, 2023, the maximum commitments available under the 2028 Term Loan Agreement were $275,000,000, which may be increased, subject to lender approval, to an aggregate amount not to exceed $500,000,000.
At the Company’s election, loans under the 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 line of credit at a rate per annum equal to 0.20% if the average daily amount outstanding under the revolving line of credit is less than 50% of the aggregate commitments, or 0.15% if the average daily amount outstanding under the revolving line of credit is equal to or greater than 50% of the aggregate commitments. The unused fee is payable quarterly in arrears and recorded as interest expense in the accompanying consolidated statements of comprehensive income.
The revolving line of credit contains customary financial and operating covenants, including covenants relating to a maximum consolidated leverage ratio, maximum secured leverage ratio, fixed charge coverage ratio, unsecured interest coverage ratio, minimum consolidated tangible net worth, maximum distribution/payout ratio, covenants restricting the issuance of debt, imposition of liens, and entering into affiliate transactions.
v3.24.0.1
Fair Value
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Cash and cash equivalents, restricted cash, tenant receivables, prepaid and other assets, accounts payable and other liabilities—The Company considers the carrying values of these financial instruments, assets and liabilities, to approximate fair value because of the short period of time between origination of the instruments and their expected realization.
Credit facility—The outstanding principal of the credit facility was $525,000,000 and $583,000,000, which approximated its fair value due to the variable nature of the terms as of December 31, 2023 and 2022, respectively.
The fair value of the Company's credit facility is estimated based on the interest rates currently offered to the Company by its financial institutions.
Derivative instruments—The Company’s derivative instruments consist of interest rate swaps. These swaps are carried at fair value to comply with the provisions of ASC 820. The fair value of these instruments is determined using interest rate market pricing models. The Company incorporated credit valuation adjustments to appropriately reflect the Company’s nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The Company determined that the majority of the inputs used to value its interest rate swaps fall within Level 2 of the fair value hierarchy. The credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the respective counterparty. However, as of December 31, 2023, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.
Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize or be liable for on disposition of the financial assets and liabilities.
The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 (amounts in thousands):
 December 31, 2023
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
Total Fair
Value
Assets:
Derivative assets$— $17,060 $— $17,060 
Total assets at fair value$— $17,060 $— $17,060 
Liabilities:
Derivative liabilities$— $457 $— $457 
Total liabilities at fair value$— $457 $— $457 
 December 31, 2022
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
Total Fair
Value
Assets:
Derivative assets$— $27,990 $— $27,990 
Total assets at fair value$— $27,990 $— $27,990 
Derivative assets and liabilities are reported in the consolidated balance sheets as other assets and accounts payable and other liabilities, respectively.
Real Estate Assets—Certain real estate assets (which include land, buildings and improvements and intangible assets) were adjusted to fair value as a result of impairments which occurred during the year ended December 31, 2023. The fair values of real estate assets were determined by using either third-party purchase offers, the direct capitalization method or comparable sales information. The fair values of real estate assets based on third-party purchase offers are reflected in the Level 2 fair value hierarchy. The direct capitalization method is based on applying a capitalization rate to the estimated market rental income to be generated by the property. The comparable sales technique uses estimates of properties similar to the subject property by comparing prices per square foot considering recent transaction activity. The estimates of comparable sales and prices per square foot have been adjusted, and are considered significant inputs and thus are classified within Level 3 of the fair value hierarchy.
The following table shows the fair value of the Company's real estate assets, including intangible assets (at fair value measured on a non-recurring basis on the date of impairment), which the Company continues to own, as of December 31, 2023 (amounts in thousands):
December 31, 2023
Fair Value Hierarchy
Quoted Prices in Active
Markets for Identical
Assets (Level 1)
Significant Other
Observable Inputs
(Level 2) (1)
Significant
Unobservable
Inputs (Level 3)
Total Fair
Value
Total Losses (2)
Real estate assets$— $21,400 $16,200 $37,600 $20,758 
(1)Amount includes $1,400,000 attributable to a real estate asset that was adjusted to fair value on December 31, 2022, which the Company continues to own as of December 31, 2023. The Company recorded total losses of $29,010,000 for this real estate asset during the year ended December 31, 2022.
(2)Amount represents losses recorded during 2023 and includes impairments of in-place lease intangible assets of $1,130,000, and real estate assets of $19,628,000 (including goodwill impairments of $792,000).
The following table sets forth quantitative information about the significant unobservable inputs of the Company’s Level 3 real estate recorded as of December 31, 2023:
Significant Unobservable InputsDecember 31, 2023
Overall capitalization rate8.5%
Market rent per square foot$45.00
Range of comparable sale price per square foot$60.86 -$98.04 
v3.24.0.1
Derivative Instruments and Hedging Activities
12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy.
For derivatives designated and qualifying as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest is incurred on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $14,114,000 will be reclassified from accumulated other comprehensive income as a reduction to interest expense.
The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands):
Derivatives
Designated as
Hedging
Instruments
Balance
Sheet
Location
Effective
Dates
Maturity
Dates
December 31, 2023December 31, 2022
Outstanding
Notional
Amount
Fair Value ofOutstanding
Notional
Amount
Fair Value of
Assets(Liabilities)Assets
Interest rate swaps(1)05/01/2022 to
05/01/2023
12/31/2024 to
01/31/2028
$525,000 $17,060 $(457)$485,000 $27,990 
(1)     Derivative assets and liabilities are reported in the consolidated balance sheets as other assets and accounts payable and other liabilities, respectively.
The notional amount under the agreements is an indication of the extent of the Company’s involvement in each instrument at the time, but does not represent exposure to credit, interest rate or market risks.
The table below summarizes the amount of income and loss recognized on the interest rate derivatives designated as cash flow hedges for the years ended December 31, 2023, 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 to
Net Income (Loss)
Amount of Income (Loss)
Reclassified From
Accumulated Other
Comprehensive Income to
Net Income (Loss)
Total Amount of Line Item in Consolidated Statements of Comprehensive Income
Year Ended December 31, 2023
Interest rate swaps$5,293 Interest expense$16,680 $23,110 
Year Ended December 31, 2022
Interest rate swaps$32,317 Interest expense$(520)$24,077 
Year Ended December 31, 2021
Interest rate swaps - continuing operations$5,956 Interest expense$(8,031)$37,625 
Interest rate swaps - discontinued operations(37)Income from discontinued operations(1,647)401,444 
Total$5,919 $(9,678)
Credit Risk-Related Contingent Features
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. As of December 31, 2023, the Company had no derivatives with fair value in a net liability position, inclusive of accrued interest but excluding any adjustment for nonperformance risk related to the agreement. As of December 31, 2023, there were no termination events or events of default related to the interest rate swaps.
Tabular Disclosure Offsetting Derivatives
The Company has elected not to offset derivative positions in its consolidated financial statements. The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of December 31, 2023 and December 31, 2022 (amounts in thousands):
Offsetting of Derivative Assets    
    Gross Amounts Not Offset in the Balance Sheet 
 Gross
Amounts of
Recognized
Assets
Gross Amounts
Offset in the
Balance Sheet
Net Amounts of
Assets Presented in
the Balance Sheet
Financial Instruments
Collateral
Cash CollateralNet
Amount
December 31, 2023$17,060 $— $17,060 $(457)$— $16,603 
December 31, 2022$27,990 $— $27,990 $— $— $27,990 
Offsetting of Derivative Liabilities
Gross Amounts Not Offset in the Balance Sheet
Gross
Amounts of
Recognized
Liabilities
Gross Amounts
Offset in the
Balance Sheet
Net Amounts of
Liabilities
Presented in the
Balance Sheet
Financial Instruments
Collateral
Cash CollateralNet
Amount
December 31, 2023$457 $— $457 $(457)$— $— 
v3.24.0.1
Stockholders' Equity
12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Distributions Paid and Distributions Payable
The Company declared distributions per share of common stock in the amounts of $0.40, $0.40 and $2.19 for the years ended December 31, 2023, 2022 and 2021, respectively. The distributions declared for the year ended December 31, 2021, includes 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. As of December 31, 2023, the Company had distributions payable of approximately $7,782,000. Of these distributions payable, approximately $5,729,000 was paid in cash and approximately $2,053,000 was reinvested in shares of common stock pursuant to the DRIP on January 8, 2024.
Share Repurchase Program
The Company’s Amended and Restated Share Repurchase Program allows for repurchases of shares of the Company’s common stock upon meeting certain criteria. During the year ended December 31, 2023, the Company repurchased 1,513,997 Class A shares, Class I shares and Class T shares of common stock (1,182,006 Class A shares, 105,660 Class I shares and 226,331 Class T shares), or 0.67% of shares outstanding as of December 31, 2022, for an aggregate purchase price of approximately $12,374,000 (an average of $8.17 per share). During the year ended December 31, 2022, the Company repurchased 1,123,183 Class A shares, Class I shares and Class T shares of common stock (981,772 Class A shares, 31,666 Class I shares and 109,745 Class T shares), or 0.50% of shares outstanding as of December 31, 2021, for an aggregate purchase price of approximately $9,217,000 (an average of $8.21 per share).
Accumulated Other Comprehensive Income
The following table presents a rollforward of amounts recognized in accumulated other comprehensive income by component for the years ended December 31, 2023, 2022, and 2021 (amounts in thousands):
Unrealized Income (Loss)
on Derivative
Instruments
Balance as of December 31, 2020$(20,444)
Other comprehensive income before reclassification5,919 
Amount of loss reclassified from accumulated other comprehensive loss to net income9,678 
Other comprehensive income15,597 
Balance as of December 31, 2021$(4,847)
Other comprehensive income before reclassification32,317 
Amount of loss reclassified from accumulated other comprehensive loss to net loss520 
Other comprehensive income32,837 
Balance as of December 31, 2022$27,990 
Other comprehensive income before reclassification5,293 
Amount of income reclassified from accumulated other comprehensive income to net income(16,680)
Other comprehensive loss(11,387)
Balance as of December 31, 2023$16,603 
The following table presents reclassifications out of accumulated other comprehensive income for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands):
Details about Accumulated Other
Comprehensive Income Components
(Income) Loss Amounts Reclassified from
Accumulated Other Comprehensive Income to Net Income (Loss)
Affected Line Items in the Consolidated Statements of Comprehensive Income
Year Ended
December 31,
202320222021
Interest rate swap contracts - continuing operations$(16,680)$520 $8,031 Interest expense
Interest rate swap contracts - discontinued operations— — 1,647 Income from discontinued operations
Interest rate swap contracts$(16,680)

$520 $9,678 
v3.24.0.1
Earnings Per Share
12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per ShareThe Company calculates basic earnings per share by dividing net income (loss) attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. All classes of common stock are allocated net income (loss) attributable to common stockholders at the same rate per share and receive the same gross distribution per share. 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-based deferred stock unit awards, or Performance DSUs, are considered to be participating securities because they contain non-forfeitable rights to distributions and give rise to potentially dilutive shares of common stock. For the year ended December 31, 2023, diluted earnings per share reflected the effect of approximately 1,847,000 non-vested shares of restricted common stock and Performance DSUs that were outstanding. For the year ended December 31, 2022, diluted earnings per share was computed the same as basic earnings per share because the Company recorded a loss from continuing operations, which would make potentially dilutive shares of 1,341,000 related to non-vested shares of restricted common stock and Performance DSUs, anti-dilutive. For the year ended December 31, 2021, diluted earnings per share reflected the effect of approximately 968,000 non-vested shares of restricted common stock and Performance DSUs that were outstanding.
v3.24.0.1
Stock-based Compensation
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
The Board has authorized a total of 5,000,000 Class A shares of common stock for issuance under the A&R Incentive Plan on a fully diluted basis at any time. Subject to certain limited exceptions, restricted stock may not be sold, assigned, transferred, pledged, encumbered, hypothecated or otherwise disposed of and is subject to forfeiture within the vesting period.
The Company recognized total stock-based compensation expense of $6,284,000, $4,180,000, and $2,379,000 respectively, for the years ended December 31, 2023, 2022, and 2021. Stock-based compensation expense is reported in general and administrative expenses in the accompanying consolidated statements of comprehensive income, and forfeitures are recorded as they occur.
As of December 31, 2023 and 2022, there was $6,807,000 and $6,834,000, respectively, of total unrecognized compensation expense related to nonvested shares of the Company’s restricted Class A common stock and Performance DSUs. This expense is expected to be recognized over a remaining weighted average period of 1.94 years. This expected expense does not include the impact of any future stock-based compensation awards.
The fair value of each restricted stock and Performance DSU award is estimated based on the most recent Estimated Per Share NAV. As of December 31, 2023 and 2022, the fair value of the nonvested shares of restricted Class A common stock and Performance DSUs was $15,098,000 and $11,703,000, respectively. The following table summarizes restricted Class A common stock activity, including Performance DSUs, for the year ended December 31, 2023:
Shares
Nonvested at December 31, 20221,423,690 
Granted793,718 
Vested(160,453)
Forfeited(38,451)
Nonvested at December 31, 20232,018,504 
v3.24.0.1
Income Taxes
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that it distributes to the stockholders. For U.S. federal income tax purposes, distributions to stockholders are characterized as either ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S. stockholders’ respective bases in their shares. The following table shows the character of distributions the Company paid on a percentage basis during the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
Character of Distributions (1):
202320222021
Ordinary dividends61.41 %40.94 %27.91 %
Capital gain distributions— %— %— %
Nontaxable distributions38.59 %59.06 %72.09 %
Total100.00 %100.00 %100.00 %
Year Ended December 31,
Character of Special Distribution (1):
202320222021
Ordinary dividends— %— %12.39 %
Capital gain distributions— %— %86.66 %
Nontaxable distributions— %— %0.95 %
Total— %— %100.00 %
(1)Attributable to Class A shares, Class I shares, Class T shares of common stock for the year ended December 31, 2023. Attributable to Class A shares, Class I shares, Class T shares, and Class T2 shares of common stock for the years ended December 31, 2022 and 2021.
The Company applies the rules under ASC 740-10, Accounting for Uncertainty in Income Taxes, for uncertain tax positions using a “more likely than not” recognition threshold for tax positions. Pursuant to these rules, the financial statement effects of a tax position are initially recognized when it is more likely than not, based on the technical merits of the tax position, that such a position will be sustained upon examination by the relevant tax authorities. If the tax benefit meets the “more likely than not” threshold, the measurement of the tax benefit will be based on the Company's estimate of the ultimate tax benefit to be sustained if audited by the taxing authority. The Company concluded there was no impact related to uncertain tax positions
from the results of the operations of the Company for the years ended December 31, 2023, 2022 and 2021. The earliest tax year currently subject to examination is 2020.
The Company’s policy is to recognize accrued interest related to unrecognized tax benefits as a component of interest expense and penalties related to unrecognized tax benefits as a component of general and administrative expenses. From inception through December 31, 2023, the Company has not recognized any interest expense or penalties related to unrecognized tax benefits.
v3.24.0.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2023
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 December 31, 2023, 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.
v3.24.0.1
Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Distributions Paid to Stockholders
The following table summarizes the Company's distributions paid to stockholders on January 8, 2024, for the period from December 1, 2023 through December 31, 2023 (amounts in thousands):
Payment DateCommon Stock CashDRIPTotal Distribution
January 8, 2024Class A$4,597 $1,190 $5,787 
January 8, 2024Class I347 229 576 
January 8, 2024Class T785 634 1,419 
$5,729 $2,053 $7,782 
The following table summarizes the Company's distributions paid to stockholders on February 7, 2024, for the period from January 1, 2024 through January 31, 2024 (amounts in thousands):
Payment DateCommon Stock CashDRIPTotal Distribution
February 7, 2024Class A$4,600 $1,181 $5,781 
February 7, 2024Class I347 229 576 
February 7, 2024Class T786 632 1,418 
$5,733 $2,042 $7,775 
Distributions Authorized
The following tables summarize the daily distributions approved and authorized by the Board subsequent to December 31, 2023:
Authorization Date (1)
Common Stock
Daily Distribution Rate (1)
Annualized Distribution Per Share
January 15, 2024Class A$0.00109290 $0.40 
January 15, 2024Class I$0.00109290 $0.40 
January 15, 2024Class T$0.00109290 $0.40 
Authorization Date (2)
Common Stock
Daily Distribution Rate (2)
Annualized Distribution Per Share
February 15, 2024Class A$0.00109290 $0.40 
February 15, 2024Class I$0.00109290 $0.40 
February 15, 2024Class T$0.00109290 $0.40 
Authorization Date (3)
Common Stock
Daily Distribution Rate (3)
Annualized Distribution Per Share
March 5, 2024Class A$0.00109290 $0.40 
March 5, 2024Class I$0.00109290 $0.40 
March 5, 2024Class T$0.00109290 $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 February 1, 2024 and ending on February 29, 2024. The distributions are calculated based on 366 days in the calendar year. The distributions declared for each record date in February 2024 will be paid in March 2024. 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 March 1, 2024 and ending on March 31, 2024. The distributions will be calculated based on 366 days in the calendar year. The distributions declared for each record date in March 2024 will be paid in April 2024. The distributions will be payable to stockholders from legally available funds therefor.
(3)Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on April 1, 2024 and ending on April 30, 2024. The distributions will be calculated based on 366 days in the calendar year. The distributions declared for each record date in April 2024 will be paid in May 2024. The distributions will be payable to stockholders from legally available funds therefor.
Disposition of New Bedford Healthcare Facility
On January 31, 2024, the Company sold the New Bedford Healthcare Facility for $1,500,000, generating net proceeds of $1,407,000, after transaction costs and other prorations, subject to additional transaction costs paid subsequent to the closing date.
Acquisition of Brownsburg Healthcare Facility
On February 26, 2024, the Company purchased 100% of the ownership interests in a healthcare property in Brownsburg, Indiana, or the Brownsburg Healthcare Facility, for a contract purchase price of $39,063,000.
v3.24.0.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
SCHEDULE III — REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2023
(in thousands)
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)
Gross Amount
Carried at
December 31, 2023
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements
LandBuildings and
Improvements (c)
TotalAccumulated
Depreciation (d)
Year
Constructed
Year
Renovated
Date
Acquired
Houston Healthcare FacilityHouston, TX$— (a)$762 $2,970 $106 $762 $3,076 $3,838 $960 199307/31/2014
Cincinnati Healthcare FacilityCincinnati, OH— (a)356 3,167 114 356 3,281 3,637 907 200110/29/2014
Winston-Salem Healthcare FacilityWinston-Salem, NC— (a)684 4,903 — 684 4,903 5,587 1,322 200412/17/2014
Stoughton Healthcare FacilityStoughton, MA— (a)4,049 19,991 (13,054)2,018 8,968 10,986 — 1973199712/23/2014
Fort Worth Healthcare FacilityFort Worth, TX— (a)8,297 35,615 — 8,297 35,615 43,912 8,443 201412/31/2014
Fort Worth Healthcare Facility IIFort Worth, TX— (a)367 1,587 201 367 1,788 2,155 665 201412/31/2014
Winter Haven Healthcare FacilityWinter Haven, FL— (a)— 2,805 — — 2,805 2,805 697 200901/27/2015
Overland Park Healthcare FacilityOverland Park, KS— (a)1,558 20,549 — 1,558 20,549 22,107 4,794 201402/17/2015
Clarion Healthcare FacilityClarion, PA— (a)462 5,377 — 462 5,377 5,839 1,553 201206/01/2015
Webster Healthcare FacilityWebster, TX— (a)1,858 20,140 — 1,858 20,140 21,998 4,511 201506/05/2015
Augusta Healthcare FacilityAugusta, ME— (a)556 14,401 103 556 14,504 15,060 3,455 201007/22/2015
Cincinnati Healthcare Facility IIICincinnati, OH— (a)446 10,239 446 10,243 10,689 2,304 201407/22/2015
Florence Healthcare FacilityFlorence, KY— (a)650 9,919 — 650 9,919 10,569 2,223 201407/22/2015
Oakland Healthcare FacilityOakland, ME— (a)229 5,416 — 229 5,416 5,645 1,400 200407/22/2015
Wyomissing Healthcare FacilityWyomissing, PA— (a)1,504 20,193 — 1,504 20,193 21,697 4,615 200707/24/2015
Luling Healthcare FacilityLuling, TX— (a)824 7,530 — 824 7,530 8,354 1,712 200307/30/2015
Omaha Healthcare FacilityOmaha, NE— (a)1,259 9,796 — 1,259 9,796 11,055 2,113 201410/14/2015
Sherman Healthcare FacilitySherman, TX— (a)1,679 23,926 — 1,679 23,926 25,605 5,051 2005201011/20/2015
Sherman Healthcare Facility IISherman, TX— (a)214 3,209 — 214 3,209 3,423 683 200511/20/2015
Fort Worth Healthcare Facility IIIFort Worth, TX— (a)3,120 9,312 — 3,120 9,312 12,432 1,970 19982007/201512/23/2015
Oklahoma City Healthcare FacilityOklahoma City, OK— (a)4,626 30,509 99 4,626 30,608 35,234 6,663 19851998/200312/29/2015
Oklahoma City Healthcare Facility IIOklahoma City, OK— (a)991 8,366 — 991 8,366 9,357 1,942 1994199912/29/2015
Edmond Healthcare FacilityEdmond, OK— (a)796 3,199 — 796 3,199 3,995 749 200201/20/2016
Oklahoma City Healthcare Facility IIIOklahoma City, OK— (a)452 1,081 — 452 1,081 1,533 260 200601/27/2016
Oklahoma City Healthcare Facility IVOklahoma City, OK— (a)368 2,344 28 368 2,372 2,740 549 200701/27/2016
Newcastle Healthcare FacilityNewcastle, OK— (a)412 1,173 — 412 1,173 1,585 281 1995199902/03/2016
Oklahoma City Healthcare Facility VOklahoma City, OK— (a)541 12,445 — 541 12,445 12,986 2,891 200802/11/2016
Rancho Mirage Healthcare FacilityRancho Mirage, CA— (a)2,724 7,626 29,843 2,725 37,468 40,193 5,035 201803/01/2016
Oklahoma City Healthcare Facility VIOklahoma City, OK— (a)896 3,684 84 896 3,768 4,664 873 200703/07/2016
Oklahoma City Healthcare Facility VIIOklahoma City, OK— (a)3,203 32,380 — 3,203 32,380 35,583 6,408 201606/22/2016
Las Vegas Healthcare FacilityLas Vegas, NV— (a)2,614 639 22,091 2,895 22,449 25,344 3,577 201706/24/2016
Oklahoma City Healthcare Facility VIIIOklahoma City, OK— (a)2,002 15,384 — 2,002 15,384 17,386 3,003 1997200806/30/2016
Marlton Healthcare FacilityMarlton, NJ— (a)— 57,154 — 57,159 57,159 10,185 199511/01/2016
Grand Rapids Healthcare FacilityGrand Rapids, MI— (a)2,533 39,487 1,554 2,533 41,041 43,574 8,282 200812/07/2016
Corpus Christi Healthcare FacilityCorpus Christi, TX— (a)975 4,963 793 1,002 5,729 6,731 1,150 1992201612/22/2016
Aurora Healthcare FacilityAurora, IL— (a)973 9,632 19 973 9,651 10,624 1,768 200203/30/2017
Allen Healthcare FacilityAllen, TX— (a)857 20,582 — 857 20,582 21,439 3,763 200703/31/2017
Austin Healthcare FacilityAustin, TX— (a)1,368 32,039 — 1,368 32,039 33,407 5,858 201203/31/2017
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)
Gross Amount
Carried at
December 31, 2023
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements
LandBuildings and
Improvements (c)
TotalAccumulated
Depreciation (d)
Year
Constructed
Year
Renovated
Date
Acquired
Beaumont Healthcare FacilityBeaumont, TX— (a)946 8,372 — 946 8,372 9,318 1,539 199103/31/2017
San Antonio Healthcare FacilitySan Antonio, TX— (a)1,813 11,706 — 1,813 11,706 13,519 2,076 1984
(e)
06/29/2017
Silverdale Healthcare FacilitySilverdale, WA— (a)1,530 7,506 48 1,530 7,554 9,084 1,469 200508/25/2017
Silverdale Healthcare Facility IISilverdale, WA— (a)1,542 4,981 — 1,542 4,981 6,523 1,052 200709/20/2017
Saginaw Healthcare FacilitySaginaw, MI— (a)1,251 15,878 235 1,251 16,113 17,364 3,519 200212/21/2017
Carrollton Healthcare FacilityCarrollton, TX— (a)1,995 5,870 39 1,995 5,909 7,904 943 201504/27/2018
Katy Healthcare FacilityKaty, TX— (a)1,443 12,114 — 1,443 12,114 13,557 1,742 201506/08/2018
Indianola Healthcare FacilityIndianola, IA— (a)330 5,698 67 330 5,765 6,095 828 201409/26/2018
Indianola Healthcare Facility IIIndianola, IA— (a)709 6,061 — 709 6,061 6,770 904 201109/26/2018
Benton Healthcare FacilityBenton, AR— (a)— 19,048 — — 19,048 19,048 2,694 1992/1999201210/17/2018
Benton Healthcare Facility IIBenton, AR— (a)— 1,647 — — 1,647 1,647 259 198310/17/2018
Bryant Healthcare FacilityBryant, AR— (a)930 3,539 57 930 3,596 4,526 554 199510/17/2018
Hot Springs Healthcare FacilityHot Springs, AR— (a)384 2,077 — 384 2,077 2,461 334 200910/17/2018
Clive Healthcare FacilityClive, IA— (a)336 22,332 158 336 22,490 22,826 3,637 200811/26/2018
Valdosta Healthcare FacilityValdosta, GA— (a)659 5,626 — 659 5,626 6,285 907 200411/28/2018
Valdosta Healthcare Facility IIValdosta, GA— (a)471 2,780 — 471 2,780 3,251 455 199211/28/2018
Bryant Healthcare Facility IIBryant, AR— (a)647 3,364 — 647 3,364 4,011 419 201608/16/2019
Laredo Healthcare FacilityLaredo, TX— (a)— 12,137 — — 12,137 12,137 1,412 1998202309/19/2019
Laredo Healthcare Facility IILaredo, TX— (a)— 23,677 83 — 23,760 23,760 2,816 199809/19/2019
Poplar Bluff Healthcare FacilityPoplar Bluff, MO— (a)— 13,515 — — 13,515 13,515 1,579 201309/19/2019
Tucson Healthcare FacilityTucson, AZ— (a)— 5,998 — — 5,998 5,998 704 199809/19/2019
Akron Healthcare FacilityGreen, OH— (a)3,503 38,512 — 3,503 38,512 42,015 4,320 201210/04/2019
Akron Healthcare Facility IIGreen, OH— (a)1,085 10,277 — 1,085 10,277 11,362 1,385 201310/04/2019
Akron Healthcare Facility IIIAkron, OH— (a)2,206 26,044 — 2,206 26,044 28,250 2,823 200810/04/2019
Alexandria Healthcare FacilityAlexandria, LA— (a)— 5,076 — — 5,076 5,076 550 200710/04/2019
Appleton Healthcare FacilityAppleton, WI— (a)414 1,900 — 414 1,900 2,314 274 201110/04/2019
Austin Healthcare Facility IIAustin, TX— (a)3,229 7,534 (2,807)2,195 5,761 7,956 641 200610/04/2019
Bellevue Healthcare FacilityGreen Bay, WI— (a)567 1,269 — 567 1,269 1,836 190 201010/04/2019
Bonita Springs Healthcare FacilityBonita Springs, FL—  1,199 4,373 — 1,199 4,373 5,572 487 2002200510/04/2019
Bridgeton Healthcare FacilityBridgeton, MO— (a)— 39,740 — — 39,740 39,740 4,289 201210/04/2019
Covington Healthcare FacilityCovington, LA— (a)2,238 16,635 — 2,238 16,635 18,873 1,786 198410/04/2019
Crestview Healthcare FacilityCrestview, FL—  400 1,536 — 400 1,536 1,936 191 2004201010/04/2019
Dallas Healthcare FacilityDallas, TX— (a)6,072 27,457 — 6,072 27,457 33,529 2,900 201110/04/2019
De Pere Healthcare FacilityDe Pere, WI— (a)615 1,596 — 615 1,596 2,211 231 200510/04/2019
Denver Healthcare FacilityThornton, CO— (a)3,586 32,363 — 3,586 32,363 35,949 3,525 1962201810/04/2019
El Segundo Healthcare FacilityEl Segundo, CA—  2,659 9,016 — 2,659 9,016 11,675 981 200910/04/2019
Fairlea Healthcare FacilityFairlea, WV—  139 1,910 — 139 1,910 2,049 220 199910/04/2019
Fayetteville Healthcare FacilityFayetteville, AR— (a)485 24,855 — 485 24,855 25,340 2,669 1994200910/04/2019
Fort Myers Healthcare FacilityFort Myers, FL—  2,153 2,387 (562)2,012 1,966 3,978 36 199910/04/2019
Fort Myers Healthcare Facility IIFort Myers, FL—  3,557 11,064 (2,304)3,272 9,045 12,317 152 2010202210/04/2019
Fort Walton Beach Healthcare FacilityFort Walton Beach, FL—  385 3,182 — 385 3,182 3,567 363 200510/04/2019
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)
Gross Amount
Carried at
December 31, 2023
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements
LandBuildings and
Improvements (c)
TotalAccumulated
Depreciation (d)
Year
Constructed
Year
Renovated
Date
Acquired
Frankfort Healthcare FacilityFrankfort, KY—  342 950 — 342 950 1,292 122 1993201910/04/2019
Frisco Healthcare FacilityFrisco, TX— (a)— 22,114 4,790 — 26,904 26,904 3,884 2010202010/04/2019
Goshen Healthcare FacilityGoshen, IN— (a)383 5,355 — 383 5,355 5,738 636 201010/04/2019
Hammond Healthcare FacilityHammond, LA— (a)2,693 23,750 — 2,693 23,750 26,443 2,648 200610/04/2019
Hammond Healthcare Facility IIHammond, LA— (a)950 12,147 — 950 12,147 13,097 1,339 200410/04/2019
Henderson Healthcare FacilityHenderson, NV—  839 2,390 — 839 2,390 3,229 285 200010/04/2019
Houston Healthcare Facility IIIHouston, TX— (a)752 5,832 — 752 5,832 6,584 631 1998201810/04/2019
Howard Healthcare FacilityHoward, WI— (a)529 1,818 — 529 1,818 2,347 264 201110/04/2019
Jacksonville Healthcare FacilityJacksonville, FL—  1,233 6,173 — 1,233 6,173 7,406 708 200910/04/2019
Lafayette Healthcare FacilityLafayette, LA— (a)4,819 35,424 — 4,819 35,424 40,243 3,866 2004200510/04/2019
Lakewood Ranch Healthcare FacilityLakewood Ranch, FL—  636 1,784 — 636 1,784 2,420 259 200810/04/2019
Las Vegas Healthcare Facility IILas Vegas, NV—  651 5,323 — 651 5,323 5,974 603 200710/04/2019
Lehigh Acres Healthcare FacilityLehigh Acres, FL—  441 2,956 — 441 2,956 3,397 351 200210/04/2019
Lubbock Healthcare FacilityLubbock, TX— (a)5,210 39,939 — 5,210 39,939 45,149 4,282 200310/04/2019
Manitowoc Healthcare FacilityManitowoc, WI— (a)257 1,733 — 257 1,733 1,990 242 200310/04/2019
Manitowoc Healthcare Facility IIManitowoc, WI— (a)250 11,231 — 250 11,231 11,481 1,328 1964201010/04/2019
Marinette Healthcare FacilityMarinette, WI— (a)208 1,002 — 208 1,002 1,210 144 200810/04/2019
New Bedford Healthcare FacilityNew Bedford, MA—  2,464 26,297 (27,522)115 1,124 1,239 32 1942199510/04/2019
New Braunfels Healthcare FacilityNew Braunfels, TX— (a)2,568 11,386 — 2,568 11,386 13,954 1,239 200710/04/2019
North Smithfield Healthcare FacilityNorth Smithfield, RI— (a)1,309 14,024 — 1,309 14,024 15,333 1,611 1965200010/04/2019
Oklahoma City Healthcare Facility IXOklahoma City, OK— (a)1,316 9,822 — 1,316 9,822 11,138 1,220 200710/04/2019
Oshkosh Healthcare FacilityOshkosh, WI— (a)414 2,043 (1)413 2,043 2,456 275 201010/04/2019
Palm Desert Healthcare FacilityPalm Desert, CA—  582 5,927 — 582 5,927 6,509 718 200510/04/2019
Rancho Mirage Healthcare Facility IIRancho Mirage, CA—  2,286 5,481 (3,767)1,227 2,773 4,000 — 2008202210/04/2019
San Antonio Healthcare Facility IIISan Antonio, TX— (a)1,824 22,809 — 1,824 22,809 24,633 2,432 201210/04/2019
San Antonio Healthcare Facility IVSan Antonio, TX— (a)— 31,694 — — 31,694 31,694 3,379 198710/04/2019
San Antonio Healthcare Facility VSan Antonio, TX— (a)3,273 19,697 1,023 3,273 20,720 23,993 2,469 201710/04/2019
Santa Rosa Beach Healthcare FacilitySanta Rosa Beach, FL—  741 3,049 — 741 3,049 3,790 326 200310/04/2019
Savannah Healthcare FacilitySavannah, GA—  2,300 20,186 — 2,300 20,186 22,486 2,168 201410/04/2019
Sturgeon Bay Healthcare FacilitySturgeon Bay, WI— (a)248 700 — 248 700 948 111 200710/04/2019
Victoria Healthcare FacilityVictoria, TX— (a)328 12,908 — 328 12,908 13,236 1,414 201310/04/2019
Victoria Healthcare Facility IIVictoria, TX— (a)446 12,986 — 446 12,986 13,432 1,409 199810/04/2019
Wilkes-Barre Healthcare FacilityMountain Top, PA— (a)821 4,139 — 821 4,139 4,960 509 201210/04/2019
Yucca Valley Healthcare FacilityYucca Valley, CA—  901 4,788 (4,310)241 1,138 1,379 19 200910/04/2019
Tucson Healthcare Facility IITucson, AZ— (a)— — 25,324 — 25,324 25,324 1,735 202112/26/2019
Tucson Healthcare Facility IIITucson, AZ— (a)1,763 — 8,177 1,763 8,177 9,940 983 202012/27/2019
Grimes Healthcare FacilityGrimes, IA— (a)831 3,690 — 831 3,690 4,521 417 201802/19/2020
Tampa Healthcare FacilityTampa, FL— (a)— 10,297 — — 10,297 10,297 1,140 201509/08/2020
Tucson Healthcare Facility IVTucson, AZ— — 58 18,057 — 18,115 18,115 1,289 202212/22/2020
Greenwood Healthcare FacilityGreenwood, IN— (a)1,603 22,588 — 1,603 22,588 24,191 1,591 2008201804/19/2021
Clive Healthcare Facility IIClive, IA— (a)1,555 17,898 — 1,555 17,898 19,453 1,073 200812/08/2021
Initial CostCost
Capitalized
Subsequent to
Acquisition (b)
Gross Amount
Carried at
December 31, 2023
Property DescriptionLocationEncumbrancesLandBuildings and
Improvements
LandBuildings and
Improvements (c)
TotalAccumulated
Depreciation (d)
Year
Constructed
Year
Renovated
Date
Acquired
Clive Healthcare Facility IIIClive, IA— (a)843 12,299 57 843 12,356 13,199 634 200812/08/2021
Clive Healthcare Facility IVClive, IA— (a)720 7,863 — 720 7,863 8,583 499 2009201812/08/2021
Clive Undeveloped LandClive, IA— 1,061 — — 1,061 — 1,061 — 12/08/2021
Clive Undeveloped Land IIClive, IA— 460 — — 460 — 460 — 12/08/2021
Yukon Healthcare FacilityYukon, OK— 1,288 16,779 — 1,288 16,779 18,067 835 202003/10/2022
Pleasant Hills Healthcare FacilityPleasant Hills, PA— 922 12,905 — 922 12,905 13,827 701 201505/12/2022
Prosser Healthcare Facility IProsser, WA— 282 1,933 — 282 1,933 2,215 105 202005/20/2022
Prosser Healthcare Facility IIProsser, WA— 95 3,374 — 95 3,374 3,469 176 2013201905/20/2022
Prosser Healthcare Facility IIIProsser, WA— 59 2,070 — 59 2,070 2,129 107 201305/20/2022
Tampa Healthcare Facility IITampa, FL— — 47,042 — — 47,042 47,042 1,821 202207/20/2022
Escondido Healthcare FacilityEscondido, CA— — 57,675 — — 57,675 57,675 2,163 202107/21/2022
West Palm Beach Healthcare FacilityWest Palm Beach, FL— 2,064 7,011 30 2,065 7,040 9,105 107 19992007/201906/15/2023
Burr Ridge Healthcare Facility Burr Ridge, IL— 4,828 46,152 — 4,828 46,152 50,980 387 201009/27/2023
$— $165,071 $1,631,875 $58,862 $157,821 $1,697,987 $1,855,808 $227,156 
(a)Property is contributed to the pool of unencumbered properties of the Company's credit facility. As of December 31, 2023, 111 commercial real estate properties were contributed to the pool of unencumbered properties under the Company's credit facility and the Company had an outstanding principal balance of $525,000,000.
(b)The reduction to costs capitalized subsequent to acquisition primarily include impairment charges, property dispositions and other adjustments.
(c)The aggregated cost for federal income tax purposes is approximately $2,011,524,000 (unaudited).
(d)The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings and improvements are depreciated over 15-40 years and tenant improvements are depreciated over the shorter of lease term or expected useful life.
(e)Property is currently under renovation.
NOTES TO SCHEDULE III — REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2023
(in thousands)
Year Ended December 31,
202320222021
Real Estate:
Balance at beginning of year$2,089,200 $2,015,330 $2,890,958 
Additions:
Acquisitions60,055 144,424 66,890 
Improvements1,727 4,735 23,288 
Other adjustments— 182 978 
Deductions:
Impairment(28,651)(53,230)(29,673)
Dispositions(266,523)(22,241)(936,594)
Other adjustments— — (517)
Balance at end of year$1,855,808 $2,089,200 $2,015,330 
Accumulated Depreciation:
Balance at beginning of year$(209,118)$(165,784)$(197,134)
Additions:
Depreciation(52,404)(51,584)(56,999)
Deductions:
Impairment8,409 8,250 2,507 
Dispositions25,957 — 85,325 
Other adjustments— — 517 
Balance at end of year$(227,156)$(209,118)$(165,784)
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net Income (Loss) $ 24,042 $ (7,978) $ 402,660
v3.24.0.1
Insider Trading Arrangements
3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation
The accompanying consolidated financial statements include the accounts of the Company, the Operating Partnership, and their wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of the consolidated financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash
Cash consists of demand deposits at commercial banks. Cash equivalents consist of highly liquid investments in money market funds with original maturities of three months or less at the time of purchase. Restricted cash consists of cash held in an escrow account in accordance with a tenant's lease agreement. Restricted cash is reported in other assets in the accompanying consolidated balance sheets. The Company maintains its cash, cash equivalents and restricted cash at various financial institutions. As of December 31, 2023, certain of the Company’s cash deposits exceeded federally insured amounts. To date, the Company has experienced no loss or lack of access to cash in its accounts. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.
Investment in Real Estate
Investment in Real Estate
Real estate costs related to the acquisition, development, construction and improvement of properties are capitalized. Repair and maintenance costs are expensed as incurred, and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate assets. The Company considers the period of future benefit of an asset in determining the appropriate useful life. Real estate assets, other than land, are depreciated on a straight-line basis over each asset’s useful life. The Company anticipates the estimated useful lives of its assets by class as follows:
Buildings and improvements
15 – 40 years
Tenant improvementsShorter of lease term or expected useful life
Furniture, fixtures, and equipment
3 – 10 years
Allocation of Purchase Price of Real Estate
Allocation of Purchase Price of Real Estate
Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or an asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates the purchase price based on the estimated fair value of each separately identifiable asset and liability. For the year ended December 31, 2023, all of the Company's acquisitions were determined to be asset acquisitions.
The fair value of the tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings and improvements based on management’s determination of the relative fair value of these assets.
The amount allocated to in-place leases includes an estimate of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. These lease intangibles are amortized to depreciation and amortization expense over the remaining terms of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
The amounts allocated to above-market and below-market leases are recorded based on the present value of the difference between: (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of current market lease rates for the corresponding leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. These above-market and below-market amounts are amortized as an adjustment of rental revenue over the remaining terms of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts of above-market and below-market lease values related to that lease would be recorded as an adjustment to rental revenue.
Held for Sale
Held for Sale
The Company classifies a real estate property as held for sale upon satisfaction of all of the following criteria: (i) management commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such properties; (iii) there is an active program to locate a buyer; (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year; (v) the property is being actively marketed for sale; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as the amortization of any related intangible assets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell.
Impairments
Impairments
The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate assets may not be recoverable, the Company assesses the recoverability of the asset group by estimating undiscounted future cash flows, including eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the asset group, an impairment charge will be recorded to the extent that the carrying value exceeds the estimated fair value of the asset group.
When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental rates subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, probability weighting of potential uses of the property, sale prices of comparable properties, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate assets.
In addition, the Company determines fair value by using a direct capitalization method, a discounted cash flow method using the assumptions noted above, or by utilizing comparable market information based on the view of a market participant. The use of alternative assumptions in these approaches could result in a different determination of the property’s estimated fair value and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate assets.
The Company accounts for goodwill in accordance with Accounting Standards Codification, or ASC, 350, Intangibles - Goodwill and Other, and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. Goodwill has an indefinite life and is not amortized.
The Company evaluates goodwill for impairment at least annually, as of the last day of each year, or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more-likely-than-not indicate that the fair value of a reporting unit is below its carrying value.
The Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. Under a qualitative assessment, the impairment analysis for goodwill represents an evaluation of whether it is more-likely-than-not the reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative analysis indicates that it is more-likely-than-not that the estimated carrying value of a reporting unit, including goodwill, exceeds its fair value, the Company performs the quantitative analysis. The quantitative analysis consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit.
Deferred Financing Costs
Deferred Financing Costs
Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining and further modifying financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Deferred financing costs related to the term loan portion of the credit facility are recorded as a reduction of the related debt on the accompanying consolidated balance sheets. Deferred financing costs related to the revolving line of credit are recorded in other assets in the accompanying consolidated balance sheets.
Fair Value
Fair Value
ASC 820, Fair Value Measurements and Disclosures, or ASC 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.
Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:
Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2—Inputs other than quoted prices for similar assets and liabilities in active markets that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).
Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.
Revenue Recognition and Tenant Receivables
Revenue Recognition and Tenant Receivables
The majority of the Company's revenue is derived from rental revenue, which is accounted for in accordance with ASC 842, Leases, or ASC 842. Under ASC 842, rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). For lease arrangements where it is not probable that the Company will collect all or substantially all of the remaining lease payments under the term of the lease, rental revenue is limited to the lesser of the rental revenue that would be recognized on a straight-line basis or the lease payments that have been collected from the lessee. Differences between rental revenue recognized and amounts contractually due under the lease agreements are credited or charged to straight-line rent receivable. Tenant reimbursements, which are comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are recognized when the services are provided and the performance obligations are satisfied.
Share Repurchase Program
Share Repurchase Program
The Company’s Amended and Restated Share Repurchase Program, or the 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 Company's distribution reinvestment plan, or DRIP, during the prior calendar year and other operating funds, if any, as the Company's board of directors, or 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. 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.
Distribution Policy
Distribution Policy
In order to maintain its status as a REIT, the Company is required to make distributions each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends paid deduction and excluding capital gains. To the extent funds are available, the Company intends to continue to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates. Distributions to stockholders are determined by the Board and are dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing
of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT.
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. Forfeitures are accounted for as they occur.
Earnings Per Share
Earnings Per Share
The Company calculates basic earnings per share by dividing net income (loss) attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. All classes of common stock are allocated net income (loss) attributable to common stockholders at the same rate per share and receive the same gross distribution per share. 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-based deferred stock unit awards, or Performance DSUs, are considered to be participating securities because they contain non-forfeitable rights to distributions and give rise to potentially dilutive shares of common stock.
Reportable Segments
Reportable Segments
ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an entity’s reportable segments. As of December 31, 2023 and December 31, 2022, all of the Company's consolidated revenues were generated from real estate investments in healthcare properties. The Company’s chief operating decision maker evaluates operating performance of healthcare properties on an individual property level, which are aggregated into one operating segment due to their similar economic characteristics. The aggregated operating segment is the Company's only reportable segment.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
As required by ASC 815, Derivatives and Hedging, or ASC 815, the Company records all derivative instruments at fair value as assets and liabilities on its consolidated balance sheets. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.
In accordance with the fair value measurement guidance in Accounting Standards Update, or ASU, 2011-04, Fair Value Measurement, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
The Company is exposed to variability in expected future cash flows that are attributable to interest rate changes in the normal course of business. The Company’s primary strategy in entering into derivative contracts is to add stability to future cash flows by managing its exposure to interest rate fluctuations. The Company utilizes derivative instruments, including interest rate swaps, to effectively convert its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes.
In accordance with ASC 815, the Company designates interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the gains or losses on the derivative instruments are reported as other comprehensive (loss) income - unrealized (loss) gain on interest rate swaps, net in the consolidated statements of comprehensive income and are reclassified into earnings in the same line item associated with the forecasted transaction in the same period during which the hedged transactions affect earnings.
Income Taxes
Income Taxes
The Company currently qualifies and is taxed as a REIT under Sections 856 through 860 of the Code. Accordingly, it will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT,
it would be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Accordingly, failure to qualify as a REIT could have a material adverse impact on the results of operations and amounts available for distribution to stockholders.
The dividends paid deduction of a REIT for qualifying dividends paid to its stockholders is computed using the Company’s taxable income as opposed to net income reported in the consolidated financial statements. Taxable income, generally, will differ from net income reported in the consolidated financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.
The Company has concluded that there was no impact related to uncertain tax positions from results of operations of the Company for the years ended December 31, 2023, 2022 and 2021. The earliest tax year currently subject to examination is 2020.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis to all periods presented. Early adoption is permitted. The Company is evaluating the disclosure requirements of ASU 2023-07 and does not anticipate that this update will have a material impact on its consolidated financial statements.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Reconciliation of Cash, Cash Equivalents and Restricted Cash
The following table presents a reconciliation of the beginning of year and end of year cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the totals shown in the consolidated statements of cash flows (amounts in thousands):
Year Ended
December 31,
202320222021
Beginning of year:
Cash and cash equivalents$12,917 $32,359 $53,174 
Restricted cash166 521 14,735 
Cash, cash equivalents and restricted cash$13,083 $32,880 $67,909 
End of year:
Cash and cash equivalents$202,019 $12,917 $32,359 
Restricted cash166 

166 521 
Cash, cash equivalents and restricted cash$202,185 $13,083 $32,880 
Schedule of Estimated Useful Lives of Assets by Class The Company anticipates the estimated useful lives of its assets by class as follows:
Buildings and improvements
15 – 40 years
Tenant improvementsShorter of lease term or expected useful life
Furniture, fixtures, and equipment
3 – 10 years
v3.24.0.1
Real Estate (Tables)
12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Schedule of Consideration Transferred for Properties Acquired
The following table summarizes the consideration transferred and the purchase price allocation for acquisitions during the year ended December 31, 2023 (amounts in thousands):
Property Description Date AcquiredOwnership PercentageConsideration Transferred
(amount in thousands)
West Palm Beach Healthcare Facility06/15/2023100%$9,920 
Burr Ridge Healthcare Facility 09/27/2023100%59,902 
Total $69,822 
Schedule of Allocation of Acquisitions
Total
Land$6,892 
Building and improvements51,337 
Tenant improvements1,826 
In-place leases9,767 
Total assets acquired$69,822 
Schedule of Goodwill
The following table summarizes the rollforward of goodwill for the years ended December 31, 2023 and 2022 (amounts in thousands):
Year Ended December 31,
20232022
Balance at beginning of year$21,710 $23,284 
Impairment losses(4,010)(1,574)
Balance at end of year$17,700 $21,710 
v3.24.0.1
Discontinued Operations (Tables)
12 Months Ended
Dec. 31, 2023
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 operations reflected in income from discontinued operations (which consisted solely of the Company's former data center segment) on the consolidated statements of comprehensive income for the year ended December 31, 2021, were as follows (amounts in thousands):
Year Ended
December 31,
2021
Revenue:
Rental revenue$57,903 
Lease termination revenue7,075 
Total revenue64,978 
Expenses:
Rental expenses15,737 
Depreciation and amortization11,759 
Total expenses27,496 
Interest and other expense, net (1)
31,839 
Income from discontinued operations5,643 
Gain on real estate dispositions395,801 
Net income from discontinued operations attributable to common stockholders$401,444 
(1)    Interest expense attributable to discontinued operations for the year ended December 31, 2021 was $31,856,000, 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 and incurred approximately $23,738,000 of debt extinguishment costs related to the data center properties.
v3.24.0.1
Intangible Assets, Net (Tables)
12 Months Ended
Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]  
Schedule of Intangible Assets, Net
Intangible assets, net, consisted of the following as of December 31, 2023 and 2022 (amounts in thousands, except weighted average remaining life amounts):
 December 31, 2023December 31, 2022
In-place leases, net of accumulated amortization of $95,325 and $83,788, respectively (with a weighted average remaining life of 7.8 years and 8.9 years, respectively)
$125,188 $155,365 
Above-market leases, net of accumulated amortization of $7,131 and $6,451, respectively (with a weighted average remaining life of 6.7 years and 7.9 years, respectively)
9,811 12,118 
$134,999 $167,483 
Schedule of Estimated Future Amortization of Intangible Assets
Estimated amortization expense on the intangible assets as of December 31, 2023, for each of the next five years ending December 31 and thereafter, is as follows (amounts in thousands):
YearAmount
2024$20,351 
202518,362 
202616,815 
202715,238 
202813,704 
Thereafter50,529 
$134,999 
v3.24.0.1
Intangible Liabilities, Net (Tables)
12 Months Ended
Dec. 31, 2023
Intangible Lease Liabilities, Net [Abstract]  
Schedule of Intangible Liabilities, Net
Intangible liabilities, net, consisted of the following as of December 31, 2023 and 2022 (amounts in thousands, except weighted average remaining life amounts):
December 31, 2023December 31, 2022
Below-market leases, net of accumulated amortization of $7,417 and $5,923, respectively (with a weighted average remaining life of 7.4 years and 8.4 years, respectively)
$10,452 $11,946 
Schedule of Estimated Future Amortization of Intangible Liabilities
Estimated amortization of the intangible liabilities as of December 31, 2023, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
YearAmount
2024$1,494 
20251,494 
20261,475 
20271,450 
20281,146 
Thereafter3,393 
$10,452 
v3.24.0.1
Leases (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Future Minimum Rent to Lessor from Operating Leases
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of December 31, 2023, for each of the next five years ending December 31, and thereafter, are as follows (amounts in thousands):

December 31, 2023
2024$177,637 
2025173,816 
2026168,143 
2027165,189 
2028160,868 
Thereafter829,692 
Total$1,675,345 
Schedule of Future Minimum Rent from Lessee for Operating Leases
The future rent payments, discounted by the Company's IBRs, under non-cancellable operating leases in effect as of December 31, 2023, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
December 31, 2023
2024$2,746 
20252,768 
20262,715 
20272,681 
20282,692 
Thereafter104,764 
Total undiscounted rental payments118,366 
Less imputed interest(77,208)
Total lease liabilities$41,158 
Weighted average IBR5.5 %
Weighted average remaining lease term36.5 years
Schedule of Lease Cost
The following table provides details of the Company's total lease costs for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands):
Year Ended
December 31,
Location in Consolidated Statements of Comprehensive Income202320222021
Operating lease costs:
Ground lease costs (1)
Rental expenses$2,727 $2,246 $1,846 
Ground lease costs (2)
Income from discontinued operations— — 414 
Corporate operating lease costsGeneral and administrative expenses735 741 1,129 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$732 $531 $1,067 
(1)The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying consolidated statements of comprehensive income.
(2)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.
v3.24.0.1
Other Assets (Tables)
12 Months Ended
Dec. 31, 2023
Other Assets [Abstract]  
Schedule of Other Assets
Other assets consisted of the following as of December 31, 2023 and 2022 (amounts in thousands):
 December 31, 2023December 31, 2022
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $1,917 and $889, respectively
$2,271 $3,178 
Leasing commissions, net of accumulated amortization of $191 and $167, respectively
593 775 
Restricted cash166 166 
Tenant receivables2,398 1,736 
Straight-line rent receivable53,248 62,457 
Prepaid and other assets4,089 3,865 
Derivative assets17,060 27,990 
$79,825 $100,167 
v3.24.0.1
Accounts Payable and Other Liabilities (Tables)
12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Other Liabilities
Accounts payable and other liabilities consisted of the following as of December 31, 2023 and 2022 (amounts in thousands):
 December 31, 2023December 31, 2022
Accounts payable and accrued expenses$3,906 $5,387 
Accrued interest expense1,714 1,941 
Accrued property taxes3,687 2,421 
Accrued personnel costs4,425 3,940 
Distributions payable to stockholders7,782 7,719 
Performance DSUs distributions payable1,140 573 
Tenant deposits877 877 
Deferred rental income6,393 7,761 
Derivative liabilities457 — 
$30,381 $30,619 
v3.24.0.1
Credit Facility (Tables)
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Credit Facility
The Company's outstanding credit facility as of December 31, 2023 and 2022 consisted of the following (amounts in thousands):
Weighted
Average Contractual Rate(1)
December 31, 2023December 31, 2022
Variable rate revolving line of credit—%$— $8,000 
Variable rate term loans fixed through interest rate swaps3.28%525,000 485,000 
Variable rate term loans—%— 90,000 
Total credit facility, principal amount outstanding3.28%525,000 583,000 
Unamortized deferred financing costs related to credit facility term loans(1,847)(2,412)
Total credit facility, net of deferred financing costs$523,153 $580,588 
(1)Weighted average contractual rate is as of December 31, 2023.
Schedule of Future Principal Payments Due on Debt
The principal payments due on the credit facility as of December 31, 2023, for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands):
Amount
2024 (1)
$250,000 
2025— 
2026— 
2027— 
2028275,000 
Thereafter— 
$525,000 
(1)The 2024 term loan has a maturity date of December 31, 2024, and, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee. The Company currently meets these conditions and therefore may choose to exercise its option to extend the maturity date of the 2024 term loan.
v3.24.0.1
Fair Value (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 (amounts in thousands):
 December 31, 2023
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
Total Fair
Value
Assets:
Derivative assets$— $17,060 $— $17,060 
Total assets at fair value$— $17,060 $— $17,060 
Liabilities:
Derivative liabilities$— $457 $— $457 
Total liabilities at fair value$— $457 $— $457 
 December 31, 2022
 Fair Value Hierarchy 
 Quoted Prices in Active
Markets for Identical
Assets (Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
Total Fair
Value
Assets:
Derivative assets$— $27,990 $— $27,990 
Total assets at fair value$— $27,990 $— $27,990 
Schedule of Fair Value, Real Estate Assets Measured on Non-Recurring Basis
The following table shows the fair value of the Company's real estate assets, including intangible assets (at fair value measured on a non-recurring basis on the date of impairment), which the Company continues to own, as of December 31, 2023 (amounts in thousands):
December 31, 2023
Fair Value Hierarchy
Quoted Prices in Active
Markets for Identical
Assets (Level 1)
Significant Other
Observable Inputs
(Level 2) (1)
Significant
Unobservable
Inputs (Level 3)
Total Fair
Value
Total Losses (2)
Real estate assets$— $21,400 $16,200 $37,600 $20,758 
(1)Amount includes $1,400,000 attributable to a real estate asset that was adjusted to fair value on December 31, 2022, which the Company continues to own as of December 31, 2023. The Company recorded total losses of $29,010,000 for this real estate asset during the year ended December 31, 2022.
(2)Amount represents losses recorded during 2023 and includes impairments of in-place lease intangible assets of $1,130,000, and real estate assets of $19,628,000 (including goodwill impairments of $792,000).
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following table sets forth quantitative information about the significant unobservable inputs of the Company’s Level 3 real estate recorded as of December 31, 2023:
Significant Unobservable InputsDecember 31, 2023
Overall capitalization rate8.5%
Market rent per square foot$45.00
Range of comparable sale price per square foot$60.86 -$98.04 
v3.24.0.1
Derivative Instruments and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the Notional Amount and Fair Value of Derivative Instruments
The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands):
Derivatives
Designated as
Hedging
Instruments
Balance
Sheet
Location
Effective
Dates
Maturity
Dates
December 31, 2023December 31, 2022
Outstanding
Notional
Amount
Fair Value ofOutstanding
Notional
Amount
Fair Value of
Assets(Liabilities)Assets
Interest rate swaps(1)05/01/2022 to
05/01/2023
12/31/2024 to
01/31/2028
$525,000 $17,060 $(457)$485,000 $27,990 
(1)     Derivative assets and liabilities are reported in the consolidated balance sheets as other assets and accounts payable and other liabilities, respectively.
Schedule of Income and Losses Recognized on Derivative Instruments
The table below summarizes the amount of income and loss recognized on the interest rate derivatives designated as cash flow hedges for the years ended December 31, 2023, 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 to
Net Income (Loss)
Amount of Income (Loss)
Reclassified From
Accumulated Other
Comprehensive Income to
Net Income (Loss)
Total Amount of Line Item in Consolidated Statements of Comprehensive Income
Year Ended December 31, 2023
Interest rate swaps$5,293 Interest expense$16,680 $23,110 
Year Ended December 31, 2022
Interest rate swaps$32,317 Interest expense$(520)$24,077 
Year Ended December 31, 2021
Interest rate swaps - continuing operations$5,956 Interest expense$(8,031)$37,625 
Interest rate swaps - discontinued operations(37)Income from discontinued operations(1,647)401,444 
Total$5,919 $(9,678)
Schedule of Offsetting of Derivative Assets The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of December 31, 2023 and December 31, 2022 (amounts in thousands):
Offsetting of Derivative Assets    
    Gross Amounts Not Offset in the Balance Sheet 
 Gross
Amounts of
Recognized
Assets
Gross Amounts
Offset in the
Balance Sheet
Net Amounts of
Assets Presented in
the Balance Sheet
Financial Instruments
Collateral
Cash CollateralNet
Amount
December 31, 2023$17,060 $— $17,060 $(457)$— $16,603 
December 31, 2022$27,990 $— $27,990 $— $— $27,990 
Schedule of Offsetting of Derivative Liabilities
Offsetting of Derivative Liabilities
Gross Amounts Not Offset in the Balance Sheet
Gross
Amounts of
Recognized
Liabilities
Gross Amounts
Offset in the
Balance Sheet
Net Amounts of
Liabilities
Presented in the
Balance Sheet
Financial Instruments
Collateral
Cash CollateralNet
Amount
December 31, 2023$457 $— $457 $(457)$— $— 
v3.24.0.1
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The following table presents a rollforward of amounts recognized in accumulated other comprehensive income by component for the years ended December 31, 2023, 2022, and 2021 (amounts in thousands):
Unrealized Income (Loss)
on Derivative
Instruments
Balance as of December 31, 2020$(20,444)
Other comprehensive income before reclassification5,919 
Amount of loss reclassified from accumulated other comprehensive loss to net income9,678 
Other comprehensive income15,597 
Balance as of December 31, 2021$(4,847)
Other comprehensive income before reclassification32,317 
Amount of loss reclassified from accumulated other comprehensive loss to net loss520 
Other comprehensive income32,837 
Balance as of December 31, 2022$27,990 
Other comprehensive income before reclassification5,293 
Amount of income reclassified from accumulated other comprehensive income to net income(16,680)
Other comprehensive loss(11,387)
Balance as of December 31, 2023$16,603 
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
The following table presents reclassifications out of accumulated other comprehensive income for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands):
Details about Accumulated Other
Comprehensive Income Components
(Income) Loss Amounts Reclassified from
Accumulated Other Comprehensive Income to Net Income (Loss)
Affected Line Items in the Consolidated Statements of Comprehensive Income
Year Ended
December 31,
202320222021
Interest rate swap contracts - continuing operations$(16,680)$520 $8,031 Interest expense
Interest rate swap contracts - discontinued operations— — 1,647 Income from discontinued operations
Interest rate swap contracts$(16,680)

$520 $9,678 
v3.24.0.1
Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Nonvested Shares of Restricted Common Stock Activity The following table summarizes restricted Class A common stock activity, including Performance DSUs, for the year ended December 31, 2023:
Shares
Nonvested at December 31, 20221,423,690 
Granted793,718 
Vested(160,453)
Forfeited(38,451)
Nonvested at December 31, 20232,018,504 
v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Characterization of Distributions Paid to Stockholders The following table shows the character of distributions the Company paid on a percentage basis during the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
Character of Distributions (1):
202320222021
Ordinary dividends61.41 %40.94 %27.91 %
Capital gain distributions— %— %— %
Nontaxable distributions38.59 %59.06 %72.09 %
Total100.00 %100.00 %100.00 %
Year Ended December 31,
Character of Special Distribution (1):
202320222021
Ordinary dividends— %— %12.39 %
Capital gain distributions— %— %86.66 %
Nontaxable distributions— %— %0.95 %
Total— %— %100.00 %
(1)Attributable to Class A shares, Class I shares, Class T shares of common stock for the year ended December 31, 2023. Attributable to Class A shares, Class I shares, Class T shares, and Class T2 shares of common stock for the years ended December 31, 2022 and 2021.
v3.24.0.1
Subsequent Events (Tables)
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Schedule of Subsequent Events
The following table summarizes the Company's distributions paid to stockholders on January 8, 2024, for the period from December 1, 2023 through December 31, 2023 (amounts in thousands):
Payment DateCommon Stock CashDRIPTotal Distribution
January 8, 2024Class A$4,597 $1,190 $5,787 
January 8, 2024Class I347 229 576 
January 8, 2024Class T785 634 1,419 
$5,729 $2,053 $7,782 
The following table summarizes the Company's distributions paid to stockholders on February 7, 2024, for the period from January 1, 2024 through January 31, 2024 (amounts in thousands):
Payment DateCommon Stock CashDRIPTotal Distribution
February 7, 2024Class A$4,600 $1,181 $5,781 
February 7, 2024Class I347 229 576 
February 7, 2024Class T786 632 1,418 
$5,733 $2,042 $7,775 
The following tables summarize the daily distributions approved and authorized by the Board subsequent to December 31, 2023:
Authorization Date (1)
Common Stock
Daily Distribution Rate (1)
Annualized Distribution Per Share
January 15, 2024Class A$0.00109290 $0.40 
January 15, 2024Class I$0.00109290 $0.40 
January 15, 2024Class T$0.00109290 $0.40 
Authorization Date (2)
Common Stock
Daily Distribution Rate (2)
Annualized Distribution Per Share
February 15, 2024Class A$0.00109290 $0.40 
February 15, 2024Class I$0.00109290 $0.40 
February 15, 2024Class T$0.00109290 $0.40 
Authorization Date (3)
Common Stock
Daily Distribution Rate (3)
Annualized Distribution Per Share
March 5, 2024Class A$0.00109290 $0.40 
March 5, 2024Class I$0.00109290 $0.40 
March 5, 2024Class T$0.00109290 $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 February 1, 2024 and ending on February 29, 2024. The distributions are calculated based on 366 days in the calendar year. The distributions declared for each record date in February 2024 will be paid in March 2024. 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 March 1, 2024 and ending on March 31, 2024. The distributions will be calculated based on 366 days in the calendar year. The distributions declared for each record date in March 2024 will be paid in April 2024. The distributions will be payable to stockholders from legally available funds therefor.
(3)Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on April 1, 2024 and ending on April 30, 2024. The distributions will be calculated based on 366 days in the calendar year. The distributions declared for each record date in April 2024 will be paid in May 2024. The distributions will be payable to stockholders from legally available funds therefor.
v3.24.0.1
Organization and Business Operations (Details)
12 Months Ended
Dec. 31, 2023
Operating Partnership  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Ownership interest (as a percentage) 100.00%
v3.24.0.1
Summary of Significant Accounting Policies (Share Repurchase Program) (Details)
12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
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
v3.24.0.1
Summary of Significant Accounting Policies (Reportable Segments) (Details)
12 Months Ended
Dec. 31, 2023
segment
Accounting Policies [Abstract]  
Number of reportable business segments 1
v3.24.0.1
Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accounting Policies [Abstract]        
Cash and cash equivalents $ 202,019 $ 12,917 $ 32,359 $ 53,174
Restricted cash 166 166 521 14,735
Cash, cash equivalents and restricted cash $ 202,185 $ 13,083 $ 32,880 $ 67,909
v3.24.0.1
Summary of Significant Accounting Policies (Investment In Real Estate) (Details)
Dec. 31, 2023
Building and improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 15 years
Building and improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Furniture and Fixtures | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Furniture and Fixtures | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 10 years
v3.24.0.1
Real Estate (Narrative) (Details)
12 Months Ended
Dec. 31, 2023
USD ($)
property
statisticalArea
tenant
acquistion
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Real Estate [Line Items]      
Number of real estate properties acquired | property 2    
Number of asset acquisitions | acquistion 2    
Capitalized acquisition costs $ 158,000    
Proceeds from real estate dispositions and related notes receivable 270,306,000 $ 22,822,000 $ 1,338,709,000
Impairment loss 24,252,000 47,424,000 27,837,000
Impairment loss on goodwill $ 4,010,000 $ 1,574,000 $ 671,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] Impairment loss Impairment loss Impairment loss
In-place leases      
Real Estate [Line Items]      
Impairment of intangible assets $ 1,130,000 $ 4,345,000  
Above-market leases      
Real Estate [Line Items]      
Impairment of intangible assets $ 260,000    
Revenue | Geographic Concentration Risk | Houston-The Woodlands-Sugar Land, Texas MSA      
Real Estate [Line Items]      
Number of geographic concentration | statisticalArea 1    
Concentration risk, percentage 10.20%    
Revenue | Customer Concentration Risk | One Tenant      
Real Estate [Line Items]      
Number of major tenants | tenant 1    
Revenue | Customer Concentration Risk | Post Acute Medical LLC and affiliates      
Real Estate [Line Items]      
Concentration risk, percentage 14.50%    
2023 Real Estate Property Disposition, 1 | Disposal Group, Disposed of by Sale, Not Discontinued Operations      
Real Estate [Line Items]      
Number of real estate properties owned | property 3    
Sale price of real estate dispositions $ 271,107,000    
v3.24.0.1
Real Estate (Schedule of Consideration Transferred for Properties Acquired) (Details) - USD ($)
$ in Thousands
12 Months Ended
Sep. 27, 2023
Jun. 15, 2023
Dec. 31, 2023
Business Acquisition [Line Items]      
Consideration transferred     $ 69,822
West Palm Beach Healthcare Facility      
Business Acquisition [Line Items]      
Ownership Percentage   100.00%  
Consideration transferred   $ 9,920  
Burr Ridge Healthcare Facility      
Business Acquisition [Line Items]      
Ownership Percentage 100.00%    
Consideration transferred $ 59,902    
v3.24.0.1
Real Estate (Schedule of Allocation of Acquisitions) (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2023
USD ($)
Business Acquisition [Line Items]  
Total assets acquired $ 69,822
In-place leases  
Business Acquisition [Line Items]  
Leases 9,767
Land  
Business Acquisition [Line Items]  
Property, plant and equipment acquired 6,892
Building and improvements  
Business Acquisition [Line Items]  
Property, plant and equipment acquired 51,337
Tenant improvements  
Business Acquisition [Line Items]  
Property, plant and equipment acquired $ 1,826
v3.24.0.1
Real Estate (Schedule of Rollforward of Goodwill) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Roll Forward]      
Balance at beginning of year $ 21,710 $ 23,284  
Impairment losses (4,010) (1,574) $ (671)
Balance at end of year $ 17,700 $ 21,710 $ 23,284
v3.24.0.1
Discontinued Operations (Narrative) (Details)
$ / shares in Units, $ in Thousands
12 Months Ended
Jul. 30, 2021
USD ($)
Jul. 22, 2021
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 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 dispositions and related notes receivable     $ 270,306 $ 22,822 $ 1,338,709  
Special cash dividend (in dollars per share) | $ / shares   $ 1.75        
Special cash distributions $ 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 dispositions and related notes receivable   $ 1,295,367        
v3.24.0.1
Discontinued Operations (Disposal Group Financials) (Details) - USD ($)
$ in Thousands
12 Months Ended
Jul. 22, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]        
Gain on real estate dispositions   $ 0 $ 0 $ 395,801
Net income from discontinued operations attributable to common stockholders   0 0 401,444
Notes payable, principal amount outstanding $ 450,806      
Capital expenditures   $ 3,177 $ 8,440 25,405
Held-for-sale or Disposed of by Sale | Data Centers        
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]        
Rental revenue       57,903
Lease termination revenue       7,075
Total revenue       64,978
Rental expenses       15,737
Depreciation and amortization       11,759
Total expenses       27,496
Interest and other expense, net       31,839
Income from discontinued operations       5,643
Gain on real estate dispositions       395,801
Net income from discontinued operations attributable to common stockholders       401,444
Capital expenditures       2,763
Discontinued Operations, Disposed of by Sale | Data Centers        
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]        
Interest expense attributable to discontinued operations       $ 31,856
Debt extinguishment costs incurred $ 23,738      
v3.24.0.1
Intangible Assets, Net (Schedule of Intangible Assets, Net) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]    
Intangible assets, accumulated amortization $ 102,456 $ 90,239
Weighted average remaining useful life of intangible assets (in years) 7 years 8 months 12 days 8 years 9 months 18 days
Intangible assets, net of accumulated amortization $ 134,999 $ 167,483
In-place leases    
Acquired Finite-Lived Intangible Assets [Line Items]    
Intangible assets, accumulated amortization $ 95,325 $ 83,788
Weighted average remaining useful life of intangible assets (in years) 7 years 9 months 18 days 8 years 10 months 24 days
Intangible assets, net of accumulated amortization $ 125,188 $ 155,365
Above-market leases    
Acquired Finite-Lived Intangible Assets [Line Items]    
Intangible assets, accumulated amortization $ 7,131 $ 6,451
Weighted average remaining useful life of intangible assets (in years) 6 years 8 months 12 days 7 years 10 months 24 days
Intangible assets, net of accumulated amortization $ 9,811 $ 12,118
v3.24.0.1
Intangible Assets, Net (Narrative) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]      
Weighted average remaining useful life of intangible assets (in years) 7 years 8 months 12 days 8 years 9 months 18 days  
Amortization of intangible assets $ 23,766 $ 27,389 $ 23,157
v3.24.0.1
Intangible Assets, Net (Schedule of Estimated Future Amortization Expense of Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
2024 $ 20,351  
2025 18,362  
2026 16,815  
2027 15,238  
2028 13,704  
Thereafter 50,529  
Acquired intangible assets, net of accumulated amortization $ 134,999 $ 167,483
v3.24.0.1
Intangible Liabilities, Net (Schedule of Intangible Liabilities, Net) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Intangible Lease Liabilities, Net [Abstract]    
Accumulated amortization of below-market leases $ 7,417 $ 5,923
Weighted average remaining life of below-market leases 7 years 4 months 24 days 8 years 4 months 24 days
Below-market leases, net of accumulated amortization $ 10,452 $ 11,946
v3.24.0.1
Intangible Liabilities, Net (Narrative) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Intangible Lease Liabilities, Net [Abstract]      
Amortization of below-market leases $ 1,494 $ 1,479 $ 1,322
v3.24.0.1
Intangible Liabilities, Net (Schedule of Estimated Future Amortization of Intangible Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Intangible Lease Liabilities, Net [Abstract]    
2024 $ 1,494  
2025 1,494  
2026 1,475  
2027 1,450  
2028 1,146  
Thereafter 3,393  
Acquired intangible liabilities, net $ 10,452 $ 11,946
v3.24.0.1
Leases (Schedule of Future Minimum Rent to Lessor from Operating Leases) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Leases [Abstract]  
2024 $ 177,637
2025 173,816
2026 168,143
2027 165,189
2028 160,868
Thereafter 829,692
Total $ 1,675,345
v3.24.0.1
Leases (Schedule of Rent Payments from Lessee) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
2024 $ 2,746  
2025 2,768  
2026 2,715  
2027 2,681  
2028 2,692  
Thereafter 104,764  
Total undiscounted rental payments 118,366  
Less imputed interest (77,208)  
Lease liabilities $ 41,158 $ 41,554
Weighted average IBR 5.50%  
Weighted average remaining lease term 36 years 6 months  
v3.24.0.1
Leases (Schedule of Lease Cost) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows for operating leases $ 732 $ 531 $ 1,067
Rental expenses      
Lessee, Lease, Description [Line Items]      
Operating lease costs 2,727 2,246 1,846
Income from discontinued operations      
Lessee, Lease, Description [Line Items]      
Operating lease costs 0 0 414
General and administrative expenses      
Lessee, Lease, Description [Line Items]      
Operating lease costs $ 735 $ 741 $ 1,129
v3.24.0.1
Other Assets (Schedule of Other Assets) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Line of Credit Facility [Line Items]      
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $1,917 and $889, respectively $ 2,271 $ 3,178  
Leasing commissions, net of accumulated amortization of $191 and $167, respectively 593 775  
Restricted cash 166 166  
Tenant receivables 2,398 1,736  
Straight-line rent receivable 53,248 62,457  
Prepaid and other assets 4,089 3,865  
Derivative assets 17,060 27,990  
Total other assets 79,825 100,167  
Deferred financing costs, related to the revolver portion of the credit facility, accumulated amortization 1,917 889  
Leasing commissions, accumulated amortization 191 167  
Amortization of deferred financing costs 1,665 1,679 $ 3,425
Revolving Line of Credit      
Line of Credit Facility [Line Items]      
Amortization of deferred financing costs $ 1,027 $ 1,087 $ 1,430
v3.24.0.1
Accounts Payable and Other Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Payables and Accruals [Abstract]    
Accounts payable and accrued expenses $ 3,906 $ 5,387
Accrued interest expense 1,714 1,941
Accrued property taxes 3,687 2,421
Accrued personnel costs 4,425 3,940
Distributions payable to stockholders 7,782 7,719
Performance DSUs distributions payable 1,140 573
Tenant deposits 877 877
Deferred rental income 6,393 7,761
Derivative liabilities 457 0
Total accounts payable and other liabilities $ 30,381 $ 30,619
v3.24.0.1
Credit Facility (Schedule of Credit Facility) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]    
Total credit facility, Weighted Average Contractual Rate 3.28%  
Total credit facility, principal amount outstanding $ 525,000 $ 583,000
Unamortized deferred financing costs related to credit facility term loans (1,847) (2,412)
Total credit facility, net of deferred financing costs $ 523,153 580,588
Revolving Line of Credit | Variable rate revolving line of credit    
Line of Credit Facility [Line Items]    
Total credit facility, Weighted Average Contractual Rate 0.00%  
Total credit facility, principal amount outstanding $ 0 8,000
Term Loan | Variable rate term loans fixed through interest rate swaps    
Line of Credit Facility [Line Items]    
Total credit facility, Weighted Average Contractual Rate 3.28%  
Total credit facility, principal amount outstanding $ 525,000 485,000
Term Loan | Variable rate term loans    
Line of Credit Facility [Line Items]    
Total credit facility, Weighted Average Contractual Rate 0.00%  
Total credit facility, principal amount outstanding $ 0 $ 90,000
v3.24.0.1
Credit Facility (Narrative) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 19, 2023
Nov. 01, 2023
Sep. 26, 2023
Jul. 13, 2023
Apr. 13, 2023
Mar. 08, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Feb. 17, 2023
Line of Credit Facility [Line Items]                    
Payments on credit facility             $ 108,000 $ 762,000 $ 453,000  
Proceeds from credit facility             50,000 $ 845,000 $ 15,000  
2028 Term Loan | Term Loan                    
Line of Credit Facility [Line Items]                    
Commitments available             275,000      
Maximum borrowing capacity             $ 500,000      
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%      
2024 Term Loan | Term Loan                    
Line of Credit Facility [Line Items]                    
Commitments available             $ 250,000      
Maximum borrowing capacity             $ 550,000      
Minimum | 2028 Term Loan | Term Loan | Base Rate                    
Line of Credit Facility [Line Items]                    
Margin range             0.25%      
Minimum | 2028 Term Loan | Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                    
Line of Credit Facility [Line Items]                    
Margin range             1.25%      
Maximum | 2028 Term Loan | Term Loan | Base Rate                    
Line of Credit Facility [Line Items]                    
Margin range             0.90%      
Maximum | 2028 Term Loan | Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                    
Line of Credit Facility [Line Items]                    
Margin range             1.90%      
Revolving Line of Credit                    
Line of Credit Facility [Line Items]                    
Commitments available             $ 500,000      
Maximum borrowing capacity             $ 1,000,000      
Payments on credit facility $ 42,000 $ 8,000       $ 8,000        
Proceeds from credit facility     $ 50,000              
Term Loan                    
Line of Credit Facility [Line Items]                    
Payments on credit facility $ 30,000     $ 10,000 $ 10,000          
Interest Rate Swap, Effective Date March 1, 2023                    
Line of Credit Facility [Line Items]                    
Notional amount                   $ 40,000
v3.24.0.1
Credit Facility (Schedule of Principal Payments Due on Credit Facility) (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2023
USD ($)
Extension
Debt Disclosure [Abstract]  
2024 $ 250,000
2025 0
2026 0
2027 0
2028 275,000
Thereafter 0
Total $ 525,000
2024 term loan, extension period 6 months
Number of extensions | Extension 2
v3.24.0.1
Fair Value (Narrative) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]    
Total credit facility, principal amount outstanding $ 525,000 $ 583,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable and other liabilities Accounts payable and other liabilities
v3.24.0.1
Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets:    
Derivative assets $ 17,060 $ 27,990
Derivative liabilities 457 0
Recurring basis    
Assets:    
Derivative assets 17,060 27,990
Total assets at fair value 17,060 27,990
Derivative liabilities 457  
Total liabilities at fair value 457  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis    
Assets:    
Derivative assets 0 0
Total assets at fair value 0 0
Derivative liabilities 0  
Total liabilities at fair value 0  
Significant Other Observable Inputs (Level 2) | Recurring basis    
Assets:    
Derivative assets 17,060 27,990
Total assets at fair value 17,060 27,990
Derivative liabilities 457  
Total liabilities at fair value 457  
Significant Unobservable Inputs (Level 3) | Recurring basis    
Assets:    
Derivative assets 0 0
Total assets at fair value 0 $ 0
Derivative liabilities 0  
Total liabilities at fair value $ 0  
v3.24.0.1
Fair Value (Schedule of Fair Value, Real Estate Assets Measured on Non-Recurring Basis) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Estimated fair value $ 1,628,652 $ 1,880,082  
Impairment loss on real estate 20,758 29,010  
Impairment loss on goodwill 4,010 1,574 $ 671
In-place leases      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment of intangible assets 1,130 4,345  
Nonrecurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Estimated fair value 37,600    
Impairment loss on real estate 19,628    
Impairment loss on goodwill 792    
Quoted Prices in Active Markets for Identical Assets (Level 1) | Nonrecurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Estimated fair value 0    
Significant Other Observable Inputs (Level 2) | Nonrecurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Estimated fair value 21,400 $ 1,400  
Significant Unobservable Inputs (Level 3) | Nonrecurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Estimated fair value $ 16,200    
v3.24.0.1
Fair Value (Summary of Significant Unobservable Inputs) (Details) - Significant Unobservable Inputs (Level 3)
Dec. 31, 2023
$ / sqft
Overall capitalization rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Real estate assets, measurement input 0.085
Market rent per square foot | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Real estate assets, measurement input 45.00
Range of comparable sale price per square foot | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Real estate assets, measurement input 60.86
Range of comparable sale price per square foot | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Real estate assets, measurement input 98.04
v3.24.0.1
Derivative Instruments and Hedging Activities (Narrative) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Additional gain expected to be reclassified from AOCI into earnings during next twelve months $ 14,114
v3.24.0.1
Derivative Instruments and Hedging Activities (Schedule of the Notional Amount and Fair Value of Derivative Instruments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Fair Value of Asset $ 17,060 $ 27,990
Fair Value of Liability (457)  
Interest rate swaps | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Outstanding Notional Amount 525,000 485,000
Interest rate swaps | Designated as Hedging Instrument | Other Assets    
Derivatives, Fair Value [Line Items]    
Fair Value of Asset 17,060 $ 27,990
Interest rate swaps | Designated as Hedging Instrument | Accounts Payable and Other Liabilities    
Derivatives, Fair Value [Line Items]    
Fair Value of Liability $ (457)  
v3.24.0.1
Derivative Instruments and Hedging Activities (Schedule of Income and Losses Recognized on Derivative Instruments) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives     $ 5,919
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income to Net Income (Loss)     (9,678)
Interest and other income $ 23,110 $ 24,077  
Continuing Operations      
Derivative Instruments, Gain (Loss) [Line Items]      
Interest and other income     37,625
Discontinued Operations, Disposed of by Sale | Data Centers      
Derivative Instruments, Gain (Loss) [Line Items]      
Interest and other income     (401,444)
Interest rate swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives 5,293 32,317  
Interest rate swaps | Continuing Operations      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives     5,956
Interest rate swaps | Discontinued Operations, Disposed of by Sale | Data Centers      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Income (Loss) Recognized in Other Comprehensive Income on Derivatives     (37)
Interest rate swaps | Interest expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income to Net Income (Loss) $ 16,680 $ (520)  
Interest rate swaps | Interest expense | Continuing Operations      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income to Net Income (Loss)     (8,031)
Interest rate swaps | Income from discontinued operations | Discontinued Operations, Disposed of by Sale | Data Centers      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income to Net Income (Loss)     $ (1,647)
v3.24.0.1
Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Assets $ 17,060 $ 27,990
Gross Amounts Offset in the Balance Sheet 0 0
Net Amounts of Assets Presented in the Balance Sheet 17,060 27,990
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral (457) 0
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral 0 0
Net Amount $ 16,603 $ 27,990
v3.24.0.1
Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross Amounts of Recognized Liabilities $ 457  
Gross Amounts Offset in the Balance Sheet 0  
Net Amounts of Liabilities Presented in the Balance Sheet 457 $ 0
Financial Instruments Collateral (457)  
Cash Collateral 0  
Net Amount $ 0  
v3.24.0.1
Stockholders' Equity (Narrative) (Details)
$ / shares in Units, $ in Thousands
12 Months Ended
Mar. 05, 2024
$ / shares
Feb. 15, 2024
$ / shares
Feb. 07, 2024
USD ($)
Jan. 15, 2024
$ / shares
Jan. 08, 2024
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Class of Stock [Line Items]                
Distributions declared per common share (in dollars per share) | $ / shares           $ 0.40 $ 0.40 $ 2.19
Special cash distribution per common share (in dollars per share) | $ / shares             $ 1.75  
Issuance of common stock under the distribution reinvestment plan           $ 24,751 $ 24,834 $ 27,584
Stock Redeemed or Called During Period, Percentage of Shares Outstanding           0.0067 0.0050  
Repurchase of common stock           $ 12,374 $ 9,217 9,528
Subsequent Event                
Class of Stock [Line Items]                
Distributions paid     $ 7,775   $ 7,782      
Cash     5,733   5,729      
Issuance of common stock under the distribution reinvestment plan     2,042   2,053      
Common Stock                
Class of Stock [Line Items]                
Issuance of common stock under the distribution reinvestment plan           $ 30 $ 30 $ 33
Repurchase of common stock (in shares) | shares           1,513,997 1,123,183 1,133,901
Repurchase of common stock           $ 15 $ 11 $ 11
Class A, I and T Shares | Common Stock                
Class of Stock [Line Items]                
Repurchase of common stock (in shares) | shares           1,513,997 1,123,183  
Repurchase of common stock           $ 12,374 $ 9,217  
Repurchase of common stock, average price per share (in dollars per share) | $ / shares           $ 8.17 $ 8.21  
Class A | Subsequent Event                
Class of Stock [Line Items]                
Distributions declared per common share (in dollars per share) | $ / shares $ 0.00109290 $ 0.00109290   $ 0.00109290        
Distributions paid     5,781   5,787      
Cash     4,600   4,597      
Issuance of common stock under the distribution reinvestment plan     1,181   1,190      
Class A | Common Stock                
Class of Stock [Line Items]                
Repurchase of common stock (in shares) | shares           1,182,006 981,772  
Class I | Subsequent Event                
Class of Stock [Line Items]                
Distributions declared per common share (in dollars per share) | $ / shares 0.00109290 0.00109290   0.00109290        
Distributions paid     576   576      
Cash     347   347      
Issuance of common stock under the distribution reinvestment plan     229   229      
Class I | Common Stock                
Class of Stock [Line Items]                
Repurchase of common stock (in shares) | shares           105,660 31,666  
Class T | Subsequent Event                
Class of Stock [Line Items]                
Distributions declared per common share (in dollars per share) | $ / shares $ 0.00109290 $ 0.00109290   $ 0.00109290        
Distributions paid     1,418   1,419      
Cash     786   785      
Issuance of common stock under the distribution reinvestment plan     $ 632   $ 634      
Class T | Common Stock                
Class of Stock [Line Items]                
Repurchase of common stock (in shares) | shares           226,331 109,745  
v3.24.0.1
Stockholders' Equity (Amounts Recognized in AOCI) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance beginning $ 1,555,095 $ 1,601,130 $ 1,653,873
Other comprehensive income (loss) (11,387) 32,837 15,597
Balance ending 1,494,435 1,555,095 1,601,130
Unrealized Income (Loss) on Derivative Instruments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance beginning 27,990 (4,847) (20,444)
Other comprehensive income before reclassification 5,293 32,317 5,919
Amount of loss reclassified from accumulated other comprehensive loss to net income (loss) (16,680) 520 9,678
Other comprehensive income (loss) (11,387) 32,837 15,597
Balance ending $ 16,603 $ 27,990 $ (4,847)
v3.24.0.1
Stockholders' Equity (Reclassifications Out of AOCI) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest rate swap contracts - continuing operations $ 23,110 $ 24,077  
Interest rate swap contracts - discontinued operations 0 0 $ (401,444)
Interest rate swap contracts (24,042) 7,978 (402,660)
Interest rate swaps | (Income) Loss Amounts Reclassified from Accumulated Other Comprehensive Income to Net Income (Loss) | Reclassification out of Accumulated Other Comprehensive Income (Loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest rate swap contracts - continuing operations (16,680) 520 8,031
Interest rate swap contracts - discontinued operations 0 0 1,647
Interest rate swap contracts $ (16,680) $ 520 $ 9,678
v3.24.0.1
Earnings Per Share (Details) - shares
shares in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Diluted earnings per share outstanding adjustment (in shares) 1,847   968
Anti-dilutive shares excluded from computation of earnings per share (in shares)   1,341  
v3.24.0.1
Stock-based Compensation (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Mar. 06, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation $ 6,284 $ 4,180 $ 2,379  
Class A        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of authorized and reserved shares of common stock under plan (in shares)       5,000,000
Restricted Class A Common Stock and Performance DSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation expense, weighted average period of recognition 1 year 11 months 8 days      
Restricted Class A Common Stock and Performance DSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 6,807 6,834    
Fair value of nonvested shares of restricted common stock $ 15,098 $ 11,703    
v3.24.0.1
Stock-based Compensation (Schedule of Nonvested Shares of Restricted Common Stock Activity) (Details) - Restricted Class A Common Stock and Performance DSUs
12 Months Ended
Dec. 31, 2023
shares
Summary of Restricted Common Stock Activity, Nonvested, Number of Shares [Roll Forward]  
Beginning balance (in shares) 1,423,690
Granted (in shares) 793,718
Vested (in shares) (160,453)
Forfeited (in shares) (38,451)
Ending balance (in shares) 2,018,504
v3.24.0.1
Income Taxes (Narrative) (Details) - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Impact related to uncertain tax positions from the results of operations $ 0 $ 0 $ 0
Interest expense or penalties related to unrecognized tax benefits $ 0    
v3.24.0.1
Income Taxes (Schedule of Characterization of Distributions Paid to Stockholders) (Details)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Common Class A, I, T and T2 Shares      
Income Taxes [Line Items]      
Ordinary dividends (as a percent) 61.41% 40.94% 27.91%
Capital gain distributions (as a percent) 0.00% 0.00% 0.00%
Nontaxable distributions (as a percent) 38.59% 59.06% 72.09%
Total (as a percent) 100.00% 100.00% 100.00%
Special Dividends      
Income Taxes [Line Items]      
Ordinary dividends (as a percent) 0.00% 0.00% 12.39%
Capital gain distributions (as a percent) 0.00% 0.00% 86.66%
Nontaxable distributions (as a percent) 0.00% 0.00% 0.95%
Total (as a percent) 0.00% 0.00% 100.00%
v3.24.0.1
Subsequent Events (Details) - USD ($)
1 Months Ended 12 Months Ended
Mar. 05, 2024
Feb. 26, 2024
Feb. 15, 2024
Feb. 07, 2024
Jan. 31, 2024
Jan. 15, 2024
Jan. 08, 2024
Apr. 30, 2024
Mar. 31, 2024
Feb. 29, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Subsequent Event [Line Items]                          
Common stock issued through distribution reinvestment plan                     $ 24,751,000 $ 24,834,000 $ 27,584,000
Distributions declared per common share (in dollars per share)                     $ 0.40 $ 0.40 $ 2.19
Proceeds from real estate dispositions and related notes receivable                     $ 270,306,000 $ 22,822,000 $ 1,338,709,000
Forecast | Class A, I and T shares                          
Subsequent Event [Line Items]                          
Number of days, distribution calculation               366 days          
Subsequent Event                          
Subsequent Event [Line Items]                          
Cash       $ 5,733,000     $ 5,729,000            
Common stock issued through distribution reinvestment plan       2,042,000     2,053,000            
Distributions paid       7,775,000     7,782,000            
Proceeds from real estate dispositions and related notes receivable         $ 1,407,000                
Subsequent Event | Brownsburg Healthcare Facility                          
Subsequent Event [Line Items]                          
Membership interests acquired percentage   100.00%                      
Cash paid in transaction   $ 39,063,000                      
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | New Bedford Healthcare Facility                          
Subsequent Event [Line Items]                          
Sale price of real estate dispositions         $ 1,500,000                
Subsequent Event | Class A                          
Subsequent Event [Line Items]                          
Cash       4,600,000     4,597,000            
Common stock issued through distribution reinvestment plan       1,181,000     1,190,000            
Distributions paid       5,781,000     5,787,000            
Distributions declared per common share (in dollars per share) $ 0.00109290   $ 0.00109290     $ 0.00109290              
Annualized distribution per share (in dollars per share) 0.40   0.40     0.40              
Subsequent Event | Class I                          
Subsequent Event [Line Items]                          
Cash       347,000     347,000            
Common stock issued through distribution reinvestment plan       229,000     229,000            
Distributions paid       576,000     576,000            
Distributions declared per common share (in dollars per share) 0.00109290   0.00109290     0.00109290              
Annualized distribution per share (in dollars per share) 0.40   0.40     0.40              
Subsequent Event | Class T                          
Subsequent Event [Line Items]                          
Cash       786,000     785,000            
Common stock issued through distribution reinvestment plan       632,000     634,000            
Distributions paid       $ 1,418,000     $ 1,419,000            
Distributions declared per common share (in dollars per share) 0.00109290   0.00109290     0.00109290              
Annualized distribution per share (in dollars per share) $ 0.40   $ 0.40     $ 0.40              
Subsequent Event | Class A, I and T shares                          
Subsequent Event [Line Items]                          
Number of days, distribution calculation                   366 days      
Subsequent Event | Forecast | Class A, I and T shares                          
Subsequent Event [Line Items]                          
Number of days, distribution calculation                 366 days        
v3.24.0.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost, Land 165,071      
Initial Cost, Buildings and Improvements 1,631,875      
Cost Capitalized Subsequent to Acquisition 58,862      
Gross Amount Carried at Close of Period, Land 157,821      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,697,987      
Gross Amount Carried at Close of Period, Total 1,855,808 $ 2,089,200 $ 2,015,330 $ 2,890,958
Accumulated Depreciation 227,156 $ 209,118 $ 165,784 $ 197,134
Houston Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 762      
Initial Cost, Buildings and Improvements 2,970      
Cost Capitalized Subsequent to Acquisition 106      
Gross Amount Carried at Close of Period, Land 762      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,076      
Gross Amount Carried at Close of Period, Total 3,838      
Accumulated Depreciation 960      
Cincinnati Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 356      
Initial Cost, Buildings and Improvements 3,167      
Cost Capitalized Subsequent to Acquisition 114      
Gross Amount Carried at Close of Period, Land 356      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,281      
Gross Amount Carried at Close of Period, Total 3,637      
Accumulated Depreciation 907      
Winston-Salem Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 684      
Initial Cost, Buildings and Improvements 4,903      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 684      
Gross Amount Carried at Close of Period, Buildings and Improvements 4,903      
Gross Amount Carried at Close of Period, Total 5,587      
Accumulated Depreciation 1,322      
Stoughton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 4,049      
Initial Cost, Buildings and Improvements 19,991      
Cost Capitalized Subsequent to Acquisition (13,054)      
Gross Amount Carried at Close of Period, Land 2,018      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,968      
Gross Amount Carried at Close of Period, Total 10,986      
Accumulated Depreciation 0      
Fort Worth Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 8,297      
Initial Cost, Buildings and Improvements 35,615      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 8,297      
Gross Amount Carried at Close of Period, Buildings and Improvements 35,615      
Gross Amount Carried at Close of Period, Total 43,912      
Accumulated Depreciation 8,443      
Fort Worth Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 367      
Initial Cost, Buildings and Improvements 1,587      
Cost Capitalized Subsequent to Acquisition 201      
Gross Amount Carried at Close of Period, Land 367      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,788      
Gross Amount Carried at Close of Period, Total 2,155      
Accumulated Depreciation 665      
Winter Haven Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 2,805      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,805      
Gross Amount Carried at Close of Period, Total 2,805      
Accumulated Depreciation 697      
Overland Park Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,558      
Initial Cost, Buildings and Improvements 20,549      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,558      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,549      
Gross Amount Carried at Close of Period, Total 22,107      
Accumulated Depreciation 4,794      
Clarion Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 462      
Initial Cost, Buildings and Improvements 5,377      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 462      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,377      
Gross Amount Carried at Close of Period, Total 5,839      
Accumulated Depreciation 1,553      
Webster Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,858      
Initial Cost, Buildings and Improvements 20,140      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,858      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,140      
Gross Amount Carried at Close of Period, Total 21,998      
Accumulated Depreciation 4,511      
Augusta Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 556      
Initial Cost, Buildings and Improvements 14,401      
Cost Capitalized Subsequent to Acquisition 103      
Gross Amount Carried at Close of Period, Land 556      
Gross Amount Carried at Close of Period, Buildings and Improvements 14,504      
Gross Amount Carried at Close of Period, Total 15,060      
Accumulated Depreciation 3,455      
Cincinnati Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 446      
Initial Cost, Buildings and Improvements 10,239      
Cost Capitalized Subsequent to Acquisition 4      
Gross Amount Carried at Close of Period, Land 446      
Gross Amount Carried at Close of Period, Buildings and Improvements 10,243      
Gross Amount Carried at Close of Period, Total 10,689      
Accumulated Depreciation 2,304      
Florence Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 650      
Initial Cost, Buildings and Improvements 9,919      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 650      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,919      
Gross Amount Carried at Close of Period, Total 10,569      
Accumulated Depreciation 2,223      
Oakland Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 229      
Initial Cost, Buildings and Improvements 5,416      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 229      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,416      
Gross Amount Carried at Close of Period, Total 5,645      
Accumulated Depreciation 1,400      
Wyomissing Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,504      
Initial Cost, Buildings and Improvements 20,193      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,504      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,193      
Gross Amount Carried at Close of Period, Total 21,697      
Accumulated Depreciation 4,615      
Luling Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 824      
Initial Cost, Buildings and Improvements 7,530      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 824      
Gross Amount Carried at Close of Period, Buildings and Improvements 7,530      
Gross Amount Carried at Close of Period, Total 8,354      
Accumulated Depreciation 1,712      
Omaha Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,259      
Initial Cost, Buildings and Improvements 9,796      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,259      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,796      
Gross Amount Carried at Close of Period, Total 11,055      
Accumulated Depreciation 2,113      
Sherman Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,679      
Initial Cost, Buildings and Improvements 23,926      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,679      
Gross Amount Carried at Close of Period, Buildings and Improvements 23,926      
Gross Amount Carried at Close of Period, Total 25,605      
Accumulated Depreciation 5,051      
Sherman Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 214      
Initial Cost, Buildings and Improvements 3,209      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 214      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,209      
Gross Amount Carried at Close of Period, Total 3,423      
Accumulated Depreciation 683      
Fort Worth Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,120      
Initial Cost, Buildings and Improvements 9,312      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 3,120      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,312      
Gross Amount Carried at Close of Period, Total 12,432      
Accumulated Depreciation 1,970      
Oklahoma City Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 4,626      
Initial Cost, Buildings and Improvements 30,509      
Cost Capitalized Subsequent to Acquisition 99      
Gross Amount Carried at Close of Period, Land 4,626      
Gross Amount Carried at Close of Period, Buildings and Improvements 30,608      
Gross Amount Carried at Close of Period, Total 35,234      
Accumulated Depreciation 6,663      
Oklahoma City Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 991      
Initial Cost, Buildings and Improvements 8,366      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 991      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,366      
Gross Amount Carried at Close of Period, Total 9,357      
Accumulated Depreciation 1,942      
Edmond Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 796      
Initial Cost, Buildings and Improvements 3,199      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 796      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,199      
Gross Amount Carried at Close of Period, Total 3,995      
Accumulated Depreciation 749      
Oklahoma City Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 452      
Initial Cost, Buildings and Improvements 1,081      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 452      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,081      
Gross Amount Carried at Close of Period, Total 1,533      
Accumulated Depreciation 260      
Oklahoma City Healthcare Facility IV        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 368      
Initial Cost, Buildings and Improvements 2,344      
Cost Capitalized Subsequent to Acquisition 28      
Gross Amount Carried at Close of Period, Land 368      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,372      
Gross Amount Carried at Close of Period, Total 2,740      
Accumulated Depreciation 549      
Newcastle Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 412      
Initial Cost, Buildings and Improvements 1,173      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 412      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,173      
Gross Amount Carried at Close of Period, Total 1,585      
Accumulated Depreciation 281      
Oklahoma City Healthcare Facility V        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 541      
Initial Cost, Buildings and Improvements 12,445      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 541      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,445      
Gross Amount Carried at Close of Period, Total 12,986      
Accumulated Depreciation 2,891      
Rancho Mirage Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,724      
Initial Cost, Buildings and Improvements 7,626      
Cost Capitalized Subsequent to Acquisition 29,843      
Gross Amount Carried at Close of Period, Land 2,725      
Gross Amount Carried at Close of Period, Buildings and Improvements 37,468      
Gross Amount Carried at Close of Period, Total 40,193      
Accumulated Depreciation 5,035      
Oklahoma City Healthcare Facility VI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 896      
Initial Cost, Buildings and Improvements 3,684      
Cost Capitalized Subsequent to Acquisition 84      
Gross Amount Carried at Close of Period, Land 896      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,768      
Gross Amount Carried at Close of Period, Total 4,664      
Accumulated Depreciation 873      
Oklahoma City Healthcare Facility VII        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,203      
Initial Cost, Buildings and Improvements 32,380      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 3,203      
Gross Amount Carried at Close of Period, Buildings and Improvements 32,380      
Gross Amount Carried at Close of Period, Total 35,583      
Accumulated Depreciation 6,408      
Las Vegas Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,614      
Initial Cost, Buildings and Improvements 639      
Cost Capitalized Subsequent to Acquisition 22,091      
Gross Amount Carried at Close of Period, Land 2,895      
Gross Amount Carried at Close of Period, Buildings and Improvements 22,449      
Gross Amount Carried at Close of Period, Total 25,344      
Accumulated Depreciation 3,577      
Oklahoma City Healthcare Facility VIII        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,002      
Initial Cost, Buildings and Improvements 15,384      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,002      
Gross Amount Carried at Close of Period, Buildings and Improvements 15,384      
Gross Amount Carried at Close of Period, Total 17,386      
Accumulated Depreciation 3,003      
Marlton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 57,154      
Cost Capitalized Subsequent to Acquisition 5      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 57,159      
Gross Amount Carried at Close of Period, Total 57,159      
Accumulated Depreciation 10,185      
Grand Rapids Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,533      
Initial Cost, Buildings and Improvements 39,487      
Cost Capitalized Subsequent to Acquisition 1,554      
Gross Amount Carried at Close of Period, Land 2,533      
Gross Amount Carried at Close of Period, Buildings and Improvements 41,041      
Gross Amount Carried at Close of Period, Total 43,574      
Accumulated Depreciation 8,282      
Corpus Christi Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 975      
Initial Cost, Buildings and Improvements 4,963      
Cost Capitalized Subsequent to Acquisition 793      
Gross Amount Carried at Close of Period, Land 1,002      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,729      
Gross Amount Carried at Close of Period, Total 6,731      
Accumulated Depreciation 1,150      
Aurora Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 973      
Initial Cost, Buildings and Improvements 9,632      
Cost Capitalized Subsequent to Acquisition 19      
Gross Amount Carried at Close of Period, Land 973      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,651      
Gross Amount Carried at Close of Period, Total 10,624      
Accumulated Depreciation 1,768      
Allen Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 857      
Initial Cost, Buildings and Improvements 20,582      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 857      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,582      
Gross Amount Carried at Close of Period, Total 21,439      
Accumulated Depreciation 3,763      
Austin Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,368      
Initial Cost, Buildings and Improvements 32,039      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,368      
Gross Amount Carried at Close of Period, Buildings and Improvements 32,039      
Gross Amount Carried at Close of Period, Total 33,407      
Accumulated Depreciation 5,858      
Beaumont Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 946      
Initial Cost, Buildings and Improvements 8,372      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 946      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,372      
Gross Amount Carried at Close of Period, Total 9,318      
Accumulated Depreciation 1,539      
San Antonio Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,813      
Initial Cost, Buildings and Improvements 11,706      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,813      
Gross Amount Carried at Close of Period, Buildings and Improvements 11,706      
Gross Amount Carried at Close of Period, Total 13,519      
Accumulated Depreciation 2,076      
Silverdale Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,530      
Initial Cost, Buildings and Improvements 7,506      
Cost Capitalized Subsequent to Acquisition 48      
Gross Amount Carried at Close of Period, Land 1,530      
Gross Amount Carried at Close of Period, Buildings and Improvements 7,554      
Gross Amount Carried at Close of Period, Total 9,084      
Accumulated Depreciation 1,469      
Silverdale Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,542      
Initial Cost, Buildings and Improvements 4,981      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,542      
Gross Amount Carried at Close of Period, Buildings and Improvements 4,981      
Gross Amount Carried at Close of Period, Total 6,523      
Accumulated Depreciation 1,052      
Saginaw Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,251      
Initial Cost, Buildings and Improvements 15,878      
Cost Capitalized Subsequent to Acquisition 235      
Gross Amount Carried at Close of Period, Land 1,251      
Gross Amount Carried at Close of Period, Buildings and Improvements 16,113      
Gross Amount Carried at Close of Period, Total 17,364      
Accumulated Depreciation 3,519      
Carrollton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,995      
Initial Cost, Buildings and Improvements 5,870      
Cost Capitalized Subsequent to Acquisition 39      
Gross Amount Carried at Close of Period, Land 1,995      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,909      
Gross Amount Carried at Close of Period, Total 7,904      
Accumulated Depreciation 943      
Katy Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,443      
Initial Cost, Buildings and Improvements 12,114      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,443      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,114      
Gross Amount Carried at Close of Period, Total 13,557      
Accumulated Depreciation 1,742      
Indianola Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 330      
Initial Cost, Buildings and Improvements 5,698      
Cost Capitalized Subsequent to Acquisition 67      
Gross Amount Carried at Close of Period, Land 330      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,765      
Gross Amount Carried at Close of Period, Total 6,095      
Accumulated Depreciation 828      
Indianola Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 709      
Initial Cost, Buildings and Improvements 6,061      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 709      
Gross Amount Carried at Close of Period, Buildings and Improvements 6,061      
Gross Amount Carried at Close of Period, Total 6,770      
Accumulated Depreciation 904      
Benton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 19,048      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 19,048      
Gross Amount Carried at Close of Period, Total 19,048      
Accumulated Depreciation 2,694      
Benton Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 1,647      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,647      
Gross Amount Carried at Close of Period, Total 1,647      
Accumulated Depreciation 259      
Bryant Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 930      
Initial Cost, Buildings and Improvements 3,539      
Cost Capitalized Subsequent to Acquisition 57      
Gross Amount Carried at Close of Period, Land 930      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,596      
Gross Amount Carried at Close of Period, Total 4,526      
Accumulated Depreciation 554      
Hot Springs Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 384      
Initial Cost, Buildings and Improvements 2,077      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 384      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,077      
Gross Amount Carried at Close of Period, Total 2,461      
Accumulated Depreciation 334      
Clive Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 336      
Initial Cost, Buildings and Improvements 22,332      
Cost Capitalized Subsequent to Acquisition 158      
Gross Amount Carried at Close of Period, Land 336      
Gross Amount Carried at Close of Period, Buildings and Improvements 22,490      
Gross Amount Carried at Close of Period, Total 22,826      
Accumulated Depreciation 3,637      
Valdosta Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 659      
Initial Cost, Buildings and Improvements 5,626      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 659      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,626      
Gross Amount Carried at Close of Period, Total 6,285      
Accumulated Depreciation 907      
Valdosta Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 471      
Initial Cost, Buildings and Improvements 2,780      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 471      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,780      
Gross Amount Carried at Close of Period, Total 3,251      
Accumulated Depreciation 455      
Bryant Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 647      
Initial Cost, Buildings and Improvements 3,364      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 647      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,364      
Gross Amount Carried at Close of Period, Total 4,011      
Accumulated Depreciation 419      
Laredo Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 12,137      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,137      
Gross Amount Carried at Close of Period, Total 12,137      
Accumulated Depreciation 1,412      
Laredo Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 23,677      
Cost Capitalized Subsequent to Acquisition 83      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 23,760      
Gross Amount Carried at Close of Period, Total 23,760      
Accumulated Depreciation 2,816      
Poplar Bluff Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 13,515      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 13,515      
Gross Amount Carried at Close of Period, Total 13,515      
Accumulated Depreciation 1,579      
Tucson Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 5,998      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,998      
Gross Amount Carried at Close of Period, Total 5,998      
Accumulated Depreciation 704      
Akron Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,503      
Initial Cost, Buildings and Improvements 38,512      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 3,503      
Gross Amount Carried at Close of Period, Buildings and Improvements 38,512      
Gross Amount Carried at Close of Period, Total 42,015      
Accumulated Depreciation 4,320      
Akron Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,085      
Initial Cost, Buildings and Improvements 10,277      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,085      
Gross Amount Carried at Close of Period, Buildings and Improvements 10,277      
Gross Amount Carried at Close of Period, Total 11,362      
Accumulated Depreciation 1,385      
Akron Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,206      
Initial Cost, Buildings and Improvements 26,044      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,206      
Gross Amount Carried at Close of Period, Buildings and Improvements 26,044      
Gross Amount Carried at Close of Period, Total 28,250      
Accumulated Depreciation 2,823      
Alexandria Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 5,076      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,076      
Gross Amount Carried at Close of Period, Total 5,076      
Accumulated Depreciation 550      
Appleton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 414      
Initial Cost, Buildings and Improvements 1,900      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 414      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,900      
Gross Amount Carried at Close of Period, Total 2,314      
Accumulated Depreciation 274      
Austin Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,229      
Initial Cost, Buildings and Improvements 7,534      
Cost Capitalized Subsequent to Acquisition (2,807)      
Gross Amount Carried at Close of Period, Land 2,195      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,761      
Gross Amount Carried at Close of Period, Total 7,956      
Accumulated Depreciation 641      
Bellevue Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 567      
Initial Cost, Buildings and Improvements 1,269      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 567      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,269      
Gross Amount Carried at Close of Period, Total 1,836      
Accumulated Depreciation 190      
Bonita Springs Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,199      
Initial Cost, Buildings and Improvements 4,373      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,199      
Gross Amount Carried at Close of Period, Buildings and Improvements 4,373      
Gross Amount Carried at Close of Period, Total 5,572      
Accumulated Depreciation 487      
Bridgeton Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 39,740      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 39,740      
Gross Amount Carried at Close of Period, Total 39,740      
Accumulated Depreciation 4,289      
Covington Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,238      
Initial Cost, Buildings and Improvements 16,635      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,238      
Gross Amount Carried at Close of Period, Buildings and Improvements 16,635      
Gross Amount Carried at Close of Period, Total 18,873      
Accumulated Depreciation 1,786      
Crestview Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 400      
Initial Cost, Buildings and Improvements 1,536      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 400      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,536      
Gross Amount Carried at Close of Period, Total 1,936      
Accumulated Depreciation 191      
Dallas Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 6,072      
Initial Cost, Buildings and Improvements 27,457      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 6,072      
Gross Amount Carried at Close of Period, Buildings and Improvements 27,457      
Gross Amount Carried at Close of Period, Total 33,529      
Accumulated Depreciation 2,900      
De Pere Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 615      
Initial Cost, Buildings and Improvements 1,596      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 615      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,596      
Gross Amount Carried at Close of Period, Total 2,211      
Accumulated Depreciation 231      
Denver Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,586      
Initial Cost, Buildings and Improvements 32,363      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 3,586      
Gross Amount Carried at Close of Period, Buildings and Improvements 32,363      
Gross Amount Carried at Close of Period, Total 35,949      
Accumulated Depreciation 3,525      
El Segundo Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,659      
Initial Cost, Buildings and Improvements 9,016      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,659      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,016      
Gross Amount Carried at Close of Period, Total 11,675      
Accumulated Depreciation 981      
Fairlea Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 139      
Initial Cost, Buildings and Improvements 1,910      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 139      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,910      
Gross Amount Carried at Close of Period, Total 2,049      
Accumulated Depreciation 220      
Fayetteville Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 485      
Initial Cost, Buildings and Improvements 24,855      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 485      
Gross Amount Carried at Close of Period, Buildings and Improvements 24,855      
Gross Amount Carried at Close of Period, Total 25,340      
Accumulated Depreciation 2,669      
Fort Myers Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,153      
Initial Cost, Buildings and Improvements 2,387      
Cost Capitalized Subsequent to Acquisition (562)      
Gross Amount Carried at Close of Period, Land 2,012      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,966      
Gross Amount Carried at Close of Period, Total 3,978      
Accumulated Depreciation 36      
Fort Myers Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,557      
Initial Cost, Buildings and Improvements 11,064      
Cost Capitalized Subsequent to Acquisition (2,304)      
Gross Amount Carried at Close of Period, Land 3,272      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,045      
Gross Amount Carried at Close of Period, Total 12,317      
Accumulated Depreciation 152      
Fort Walton Beach Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 385      
Initial Cost, Buildings and Improvements 3,182      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 385      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,182      
Gross Amount Carried at Close of Period, Total 3,567      
Accumulated Depreciation 363      
Frankfort Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 342      
Initial Cost, Buildings and Improvements 950      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 342      
Gross Amount Carried at Close of Period, Buildings and Improvements 950      
Gross Amount Carried at Close of Period, Total 1,292      
Accumulated Depreciation 122      
Frisco Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 22,114      
Cost Capitalized Subsequent to Acquisition 4,790      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 26,904      
Gross Amount Carried at Close of Period, Total 26,904      
Accumulated Depreciation 3,884      
Goshen Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 383      
Initial Cost, Buildings and Improvements 5,355      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 383      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,355      
Gross Amount Carried at Close of Period, Total 5,738      
Accumulated Depreciation 636      
Hammond Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,693      
Initial Cost, Buildings and Improvements 23,750      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,693      
Gross Amount Carried at Close of Period, Buildings and Improvements 23,750      
Gross Amount Carried at Close of Period, Total 26,443      
Accumulated Depreciation 2,648      
Hammond Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 950      
Initial Cost, Buildings and Improvements 12,147      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 950      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,147      
Gross Amount Carried at Close of Period, Total 13,097      
Accumulated Depreciation 1,339      
Henderson Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 839      
Initial Cost, Buildings and Improvements 2,390      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 839      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,390      
Gross Amount Carried at Close of Period, Total 3,229      
Accumulated Depreciation 285      
Houston Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 752      
Initial Cost, Buildings and Improvements 5,832      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 752      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,832      
Gross Amount Carried at Close of Period, Total 6,584      
Accumulated Depreciation 631      
Howard Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 529      
Initial Cost, Buildings and Improvements 1,818      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 529      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,818      
Gross Amount Carried at Close of Period, Total 2,347      
Accumulated Depreciation 264      
Jacksonville Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,233      
Initial Cost, Buildings and Improvements 6,173      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,233      
Gross Amount Carried at Close of Period, Buildings and Improvements 6,173      
Gross Amount Carried at Close of Period, Total 7,406      
Accumulated Depreciation 708      
Lafayette Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 4,819      
Initial Cost, Buildings and Improvements 35,424      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 4,819      
Gross Amount Carried at Close of Period, Buildings and Improvements 35,424      
Gross Amount Carried at Close of Period, Total 40,243      
Accumulated Depreciation 3,866      
Lakewood Ranch Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 636      
Initial Cost, Buildings and Improvements 1,784      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 636      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,784      
Gross Amount Carried at Close of Period, Total 2,420      
Accumulated Depreciation 259      
Las Vegas Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 651      
Initial Cost, Buildings and Improvements 5,323      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 651      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,323      
Gross Amount Carried at Close of Period, Total 5,974      
Accumulated Depreciation 603      
Lehigh Acres Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 441      
Initial Cost, Buildings and Improvements 2,956      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 441      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,956      
Gross Amount Carried at Close of Period, Total 3,397      
Accumulated Depreciation 351      
Lubbock Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 5,210      
Initial Cost, Buildings and Improvements 39,939      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 5,210      
Gross Amount Carried at Close of Period, Buildings and Improvements 39,939      
Gross Amount Carried at Close of Period, Total 45,149      
Accumulated Depreciation 4,282      
Manitowoc Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 257      
Initial Cost, Buildings and Improvements 1,733      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 257      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,733      
Gross Amount Carried at Close of Period, Total 1,990      
Accumulated Depreciation 242      
Manitowoc Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 250      
Initial Cost, Buildings and Improvements 11,231      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 250      
Gross Amount Carried at Close of Period, Buildings and Improvements 11,231      
Gross Amount Carried at Close of Period, Total 11,481      
Accumulated Depreciation 1,328      
Marinette Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 208      
Initial Cost, Buildings and Improvements 1,002      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 208      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,002      
Gross Amount Carried at Close of Period, Total 1,210      
Accumulated Depreciation 144      
New Bedford Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,464      
Initial Cost, Buildings and Improvements 26,297      
Cost Capitalized Subsequent to Acquisition (27,522)      
Gross Amount Carried at Close of Period, Land 115      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,124      
Gross Amount Carried at Close of Period, Total 1,239      
Accumulated Depreciation 32      
New Braunfels Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,568      
Initial Cost, Buildings and Improvements 11,386      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,568      
Gross Amount Carried at Close of Period, Buildings and Improvements 11,386      
Gross Amount Carried at Close of Period, Total 13,954      
Accumulated Depreciation 1,239      
North Smithfield Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,309      
Initial Cost, Buildings and Improvements 14,024      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,309      
Gross Amount Carried at Close of Period, Buildings and Improvements 14,024      
Gross Amount Carried at Close of Period, Total 15,333      
Accumulated Depreciation 1,611      
Oklahoma City Healthcare Facility IX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,316      
Initial Cost, Buildings and Improvements 9,822      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,316      
Gross Amount Carried at Close of Period, Buildings and Improvements 9,822      
Gross Amount Carried at Close of Period, Total 11,138      
Accumulated Depreciation 1,220      
Oshkosh Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 414      
Initial Cost, Buildings and Improvements 2,043      
Cost Capitalized Subsequent to Acquisition (1)      
Gross Amount Carried at Close of Period, Land 413      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,043      
Gross Amount Carried at Close of Period, Total 2,456      
Accumulated Depreciation 275      
Palm Desert Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 582      
Initial Cost, Buildings and Improvements 5,927      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 582      
Gross Amount Carried at Close of Period, Buildings and Improvements 5,927      
Gross Amount Carried at Close of Period, Total 6,509      
Accumulated Depreciation 718      
Rancho Mirage Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,286      
Initial Cost, Buildings and Improvements 5,481      
Cost Capitalized Subsequent to Acquisition (3,767)      
Gross Amount Carried at Close of Period, Land 1,227      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,773      
Gross Amount Carried at Close of Period, Total 4,000      
Accumulated Depreciation 0      
San Antonio Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,824      
Initial Cost, Buildings and Improvements 22,809      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,824      
Gross Amount Carried at Close of Period, Buildings and Improvements 22,809      
Gross Amount Carried at Close of Period, Total 24,633      
Accumulated Depreciation 2,432      
San Antonio Healthcare Facility IV        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 31,694      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 31,694      
Gross Amount Carried at Close of Period, Total 31,694      
Accumulated Depreciation 3,379      
San Antonio Healthcare Facility V        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 3,273      
Initial Cost, Buildings and Improvements 19,697      
Cost Capitalized Subsequent to Acquisition 1,023      
Gross Amount Carried at Close of Period, Land 3,273      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,720      
Gross Amount Carried at Close of Period, Total 23,993      
Accumulated Depreciation 2,469      
Santa Rosa Beach Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 741      
Initial Cost, Buildings and Improvements 3,049      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 741      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,049      
Gross Amount Carried at Close of Period, Total 3,790      
Accumulated Depreciation 326      
Savannah Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,300      
Initial Cost, Buildings and Improvements 20,186      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 2,300      
Gross Amount Carried at Close of Period, Buildings and Improvements 20,186      
Gross Amount Carried at Close of Period, Total 22,486      
Accumulated Depreciation 2,168      
Sturgeon Bay Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 248      
Initial Cost, Buildings and Improvements 700      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 248      
Gross Amount Carried at Close of Period, Buildings and Improvements 700      
Gross Amount Carried at Close of Period, Total 948      
Accumulated Depreciation 111      
Victoria Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 328      
Initial Cost, Buildings and Improvements 12,908      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 328      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,908      
Gross Amount Carried at Close of Period, Total 13,236      
Accumulated Depreciation 1,414      
Victoria Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 446      
Initial Cost, Buildings and Improvements 12,986      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 446      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,986      
Gross Amount Carried at Close of Period, Total 13,432      
Accumulated Depreciation 1,409      
Wilkes-Barre Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 821      
Initial Cost, Buildings and Improvements 4,139      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 821      
Gross Amount Carried at Close of Period, Buildings and Improvements 4,139      
Gross Amount Carried at Close of Period, Total 4,960      
Accumulated Depreciation 509      
Yucca Valley Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 901      
Initial Cost, Buildings and Improvements 4,788      
Cost Capitalized Subsequent to Acquisition (4,310)      
Gross Amount Carried at Close of Period, Land 241      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,138      
Gross Amount Carried at Close of Period, Total 1,379      
Accumulated Depreciation 19      
Tucson Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 0      
Cost Capitalized Subsequent to Acquisition 25,324      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 25,324      
Gross Amount Carried at Close of Period, Total 25,324      
Accumulated Depreciation 1,735      
Tucson Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,763      
Initial Cost, Buildings and Improvements 0      
Cost Capitalized Subsequent to Acquisition 8,177      
Gross Amount Carried at Close of Period, Land 1,763      
Gross Amount Carried at Close of Period, Buildings and Improvements 8,177      
Gross Amount Carried at Close of Period, Total 9,940      
Accumulated Depreciation 983      
Grimes Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 831      
Initial Cost, Buildings and Improvements 3,690      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 831      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,690      
Gross Amount Carried at Close of Period, Total 4,521      
Accumulated Depreciation 417      
Tampa Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 10,297      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 10,297      
Gross Amount Carried at Close of Period, Total 10,297      
Accumulated Depreciation 1,140      
Tucson Healthcare Facility IV        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 58      
Cost Capitalized Subsequent to Acquisition 18,057      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 18,115      
Gross Amount Carried at Close of Period, Total 18,115      
Accumulated Depreciation 1,289      
Greenwood Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,603      
Initial Cost, Buildings and Improvements 22,588      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,603      
Gross Amount Carried at Close of Period, Buildings and Improvements 22,588      
Gross Amount Carried at Close of Period, Total 24,191      
Accumulated Depreciation 1,591      
Clive Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,555      
Initial Cost, Buildings and Improvements 17,898      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,555      
Gross Amount Carried at Close of Period, Buildings and Improvements 17,898      
Gross Amount Carried at Close of Period, Total 19,453      
Accumulated Depreciation 1,073      
Clive Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 843      
Initial Cost, Buildings and Improvements 12,299      
Cost Capitalized Subsequent to Acquisition 57      
Gross Amount Carried at Close of Period, Land 843      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,356      
Gross Amount Carried at Close of Period, Total 13,199      
Accumulated Depreciation 634      
Clive Healthcare Facility IV        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 720      
Initial Cost, Buildings and Improvements 7,863      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 720      
Gross Amount Carried at Close of Period, Buildings and Improvements 7,863      
Gross Amount Carried at Close of Period, Total 8,583      
Accumulated Depreciation 499      
Clive Undeveloped Land        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,061      
Initial Cost, Buildings and Improvements 0      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,061      
Gross Amount Carried at Close of Period, Buildings and Improvements 0      
Gross Amount Carried at Close of Period, Total 1,061      
Accumulated Depreciation 0      
Clive Undeveloped Land II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 460      
Initial Cost, Buildings and Improvements 0      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 460      
Gross Amount Carried at Close of Period, Buildings and Improvements 0      
Gross Amount Carried at Close of Period, Total 460      
Accumulated Depreciation 0      
Yukon Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 1,288      
Initial Cost, Buildings and Improvements 16,779      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 1,288      
Gross Amount Carried at Close of Period, Buildings and Improvements 16,779      
Gross Amount Carried at Close of Period, Total 18,067      
Accumulated Depreciation 835      
Burr Ridge Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 922      
Initial Cost, Buildings and Improvements 12,905      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 922      
Gross Amount Carried at Close of Period, Buildings and Improvements 12,905      
Gross Amount Carried at Close of Period, Total 13,827      
Accumulated Depreciation 701      
Prosser Healthcare Facility I        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 282      
Initial Cost, Buildings and Improvements 1,933      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 282      
Gross Amount Carried at Close of Period, Buildings and Improvements 1,933      
Gross Amount Carried at Close of Period, Total 2,215      
Accumulated Depreciation 105      
Prosser Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 95      
Initial Cost, Buildings and Improvements 3,374      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 95      
Gross Amount Carried at Close of Period, Buildings and Improvements 3,374      
Gross Amount Carried at Close of Period, Total 3,469      
Accumulated Depreciation 176      
Prosser Healthcare Facility III        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 59      
Initial Cost, Buildings and Improvements 2,070      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 59      
Gross Amount Carried at Close of Period, Buildings and Improvements 2,070      
Gross Amount Carried at Close of Period, Total 2,129      
Accumulated Depreciation 107      
Tampa Healthcare Facility II        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 47,042      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 47,042      
Gross Amount Carried at Close of Period, Total 47,042      
Accumulated Depreciation 1,821      
Escondido Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 0      
Initial Cost, Buildings and Improvements 57,675      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 0      
Gross Amount Carried at Close of Period, Buildings and Improvements 57,675      
Gross Amount Carried at Close of Period, Total 57,675      
Accumulated Depreciation 2,163      
West Palm Beach Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 2,064      
Initial Cost, Buildings and Improvements 7,011      
Cost Capitalized Subsequent to Acquisition 30      
Gross Amount Carried at Close of Period, Land 2,065      
Gross Amount Carried at Close of Period, Buildings and Improvements 7,040      
Gross Amount Carried at Close of Period, Total 9,105      
Accumulated Depreciation 107      
Burr Ridge Healthcare Facility        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost, Land 4,828      
Initial Cost, Buildings and Improvements 46,152      
Cost Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period, Land 4,828      
Gross Amount Carried at Close of Period, Buildings and Improvements 46,152      
Gross Amount Carried at Close of Period, Total 50,980      
Accumulated Depreciation $ 387      
v3.24.0.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - NARRATIVE) (Details)
Dec. 31, 2023
USD ($)
property
Dec. 31, 2022
USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]    
Number of properties collateralized under line of credit facility | property 111  
Total credit facility, principal amount outstanding $ 525,000,000 $ 583,000,000
Aggregated cost for federal income tax purposes $ 2,011,524,000  
Minimum    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]    
Life used for depreciation 15 years  
Maximum    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]    
Life used for depreciation 40 years  
v3.24.0.1
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - ROLLFORWARD) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at beginning of year $ 2,089,200 $ 2,015,330 $ 2,890,958
Acquisitions 60,055 144,424 66,890
Improvements 1,727 4,735 23,288
Other adjustments 0 182 978
Impairment (28,651) (53,230) (29,673)
Dispositions (266,523) (22,241) (936,594)
Other adjustments 0 0 (517)
Balance at end of year 1,855,808 2,089,200 2,015,330
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]      
Balance at beginning of year (209,118) (165,784) (197,134)
Depreciation (52,404) (51,584) (56,999)
Impairment 8,409 8,250 2,507
Dispositions 25,957 0 85,325
Other adjustments 0 0 517
Balance at end of year $ (227,156) $ (209,118) $ (165,784)