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Real Estate Investments, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Real Estate [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following table presents the allocation of the assets acquired and liabilities assumed, as well as development costs during the years ended December 31, 2021, 2020 and 2019:
Year Ended December 31,
(In thousands)202120202019
Real estate investments, at cost:
Land$12,848 $7,665 $6,356 
Buildings, fixtures and improvements121,376 90,699 68,903 
Development costs— — 5,721 
Total tangible assets134,224 98,364 80,980 
Acquired intangibles:
In-place leases and other intangible assets (1)
28,499 10,369 11,777 
Market lease and other intangible assets (1)
794 496 724 
Market lease liabilities (1)
(1,639)(362)(1,483)
Total intangible assets and liabilities
27,654 10,503 11,018 
Mortgage notes payable, net— (13,883)— 
Issuance of Series A Preferred OP Units(2,578)— — 
Cash paid for real estate investments, including acquisitions$159,300 $94,984 $91,998 
Number of properties purchased17 9 9 
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(1) Weighted-average remaining amortization periods for in-place leases, above-market leases and below market leases acquired were 11.2, 10.2 years and 8.5 years, respectively, as of December 31, 2021. Weighted-average remaining amortization periods for in-place leases and above-market leases acquired were 1.7 years, 7.7 years and 7.4 years, respectively, as of December 31, 2020.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2021, 2020 and 2019:
December 31,
State202120202019
Florida (1)
17.7%20.6%25.2%
Michigan (2)
**10.9%
Pennsylvania*10.4*
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*    State’s annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified.
(1)In May 2021, the Company’s skilled nursing facility in Wellington, Florida, and the Company’s development property in Jupiter, Florida were sold. In December 2020, the Company’s skilled nursing facility in Lutz, Florida was sold.
(2)During the year ended December 31, 2020, the Company sold 11 SHOPs located in Michigan, seven of which were transferred to the buyer during the fourth quarter of 2020 and four of which were transferred to the buyer during the first quarter of 2021.
Schedule of Acquired Finite-Lived Intangible Assets by Major Class
Acquired intangible assets and liabilities consisted of the following as of the periods presented:
December 31, 2021December 31, 2020
(In thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets:
In-place leases$264,741 $183,073 $81,668 $241,097 $172,648 $68,449 
Market lease assets14,164 11,212 2,952 14,116 10,845 3,271 
Other intangible assets9,467 1,006 8,461 20,802 1,171 19,631 
Total acquired intangible assets
$288,372 $195,291 $93,081 $276,015 $184,664 $91,351 
Intangible liabilities:
Market lease liabilities $23,472 $12,529 $10,943 $22,109 $11,306 $10,803 
Schedule of Finite-Lived Intangible Assets
The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangible assets, amortization and accretion of above-and below-market lease assets and liabilities, net and the amortization of above-and below-market ground leases, for the periods presented:
Year Ended December 31,
(In thousands)202120202019
Amortization of in-place leases and other intangible assets (1)
$15,071 $15,121 $15,559 
Accretion of above-and below-market leases, net (2)
$(422)$(257)$(247)
Amortization of above-and below-market ground leases, net (3)
$214 $178 $86 
________
(1)    Reflected within depreciation and amortization expense.
(2)    Reflected within revenue from tenants.
(3)    Reflected within property operating and maintenance expense. Upon adoption of ASC 842 effective January 1, 2019, intangible balances related to ground leases were reclassified to be included as part of the Operating lease right-of-use assets presented on the consolidated balance sheet with no change to placement of the amortization expense of such balances. Refer to Note 2 — Summary of Significant Accounting Policies for additional details.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table provides the projected amortization and adjustments to revenue from tenants for the next five years:
(In thousands)20222023202420252026
In-place lease assets$14,324 $12,227 $10,691 $9,103 $8,052 
Other intangible assets10 10 10 10 10 
Total to be added to amortization expense$14,334 $12,237 $10,701 $9,113 $8,062 
Above-market lease assets$(814)$(468)$(389)$(336)$(302)
Below-market lease liabilities1,625 1,512 1,294 1,103 941 
Total to be added to revenue from tenants$811 $1,044 $905 $767 $639 
Real Estate Sales
The following table summarizes the properties sold during the years ended December 31, 2021, 2020 and 2019:
(In thousands)Disposition DateContract Sale PriceGain (Loss)
on Sale, of Real Estate Investments
2021 Dispositions:
Hampton River Portfolio (two properties)
December 21, 2021$37,800 $1,323 
NuVista Jupiter (1)
May 14, 202165,000 2,383 
Wellington Green (2)
May 14, 202130,750 114 
Michigan SHOPs (four properties) (3)
January 15, 2021— (172)
Totals$133,550 $3,648 
2020 Dispositions:
Lutz (4)
December 15, 2020$20,000 $3,832 
Michigan SHOPs (seven properties) (3)
November 2, 202011,750 (908)
Cape GirardeauMarch 19, 20208,600 2,306 
Totals$40,350 $5,230 
2019 Dispositions:
New York Six MOBs (one property)
August 22, 2019$13,600 $2,883 
Ocean Park (5)
August 1, 20193,600 (152)
New York Six MOBs (five properties)
February 6, 201945,000 6,059 
Totals$62,200 $8,790 
______
(1)Impairment charges of $14.6 million and $19.8 million were recorded during the years ended December 31, 2020 and 2019, respectively.
(2)Impairment charges of $0.9 million, $2.3 million and $9.9 million were recorded during the years ended December 31, 2021, 2020 and 2019, respectively.
(3)Impairment charges of $19.6 million and $22.6 million were recorded during the years ended December 31, 2020 and 2019, respectively. The contract sales price for all 11 properties was received in November of 2020. Loss on sale amounts relate to the properties transferred at the respective dates.
(4)Impairment charges of $3.6 million were recorded during the year ended December 31, 2019.
(5)Impairment charges of $19,000 were recorded during the year ended December 31, 2019.
The following is a summary of impairments taken during the years ended December 31, 2021, 2020 and 2019:
Year Ended December 31,
(In thousands)202120202019
Assets held for sale$— $19,570 $22,634 
Assets held for use40,951 16,876 33,335 
Total$40,951 $36,446 $55,969 
Schedule of Assets Held for Sale The following table details the major classes of assets associated with the properties that have been classified as held for sale as of December 31, 2020:
December 31,
(In thousands)
2020 (1)
   Land$145 
   Buildings, fixtures and improvements(55)
Assets held for sale$90 
_____
(1) Assets held for sale as of December 31, 2020 relates to four Michigan SHOPs.